The market is in a clear risk-off rotation: tech/growth ETFs are getting hit hard while defensives, dividend payers, and small-caps hold up — SCHD and VYM are ripping to multi-month highs as money flees QQQ. This is not a garden-variety dip; it's a regime shift.

Signal key: 🟢 Bullish | 🟡 Neutral/Watch | 🔴 Bearish vs SMA = % above/below 20-day SMA. 7D%/30D% where available (n/a = insufficient data).

QQQ/QQQM are sliding under SMA20 with RSI dipping to low 40s — still above oversold but trending down. Not a buy here unless you want to catch a falling knife. VOO/VTI have less tech concentration and holding up fractionally better.

TECL is in freefall — down 22% in a month, RSI 31.8 approaching oversold. That's your 3x tech ETF taking serious structural damage. LABU is the biotech 3x equivalent getting crushed too. SPXL/UPRO are holding the line better given their S&P500 base. TNA (3x small-cap) is the outlier bull — small-caps outperforming large-cap growth is a textbook risk-off rotation tell.

TECS is printing gains with RSI at 69 — tech bear play is working. SQQQ gaining steadily. FNGD numbers are wild — reverse split artifact, do NOT trade off this data. SOXS curiously dropping despite semiconductor weakness (stale data likely). TZA weakness confirms small-caps are actually holding up vs. big tech.

SMH is the carnage zone — down 6.7% in a week. That's not a Nasdaq dip, that's NVDA/chip stock contagion from the AI spend scrutiny. XBI/biotech getting punished too. VGT/XLK/FTEC are holding surprisingly OK — they're diversified enough to buffer single-stock blowups. IWM above SMA20 with RSI 62.6 is quietly bullish.

This is the most interesting divergence in the scan. Cloud/SaaS ETFs (WCLD +8.2%, IGV +7.2%) are ripping while hardware/semis crater. The narrative is shifting: software margins are safe, capex spend on semis is under question. Cloud is the "safe tech" trade right now.

Nothing screaming outright capitulation — but check back if TECL keeps sliding.

Closest: TECL at 31.8. Worth watching for a bounce if RSI pierces 25-28 — that's where 3x tech tends to flush and snap back violently.

SCHD at RSI 90 is the headline stat here. That's not normal for a dividend ETF. This is panic buying of yield for safety, and historically RSI-90 readings mean a short-term mean reversion is coming even in uptrends. Same for VYM at 87.

The most interesting sub-universe in this scan. Dividend/income ETFs are bifurcating sharply based on their underlying equity exposure.

Tier 1 — Running hot (trim candidates): SCHD and VYM are in full melt-up mode with RSI 87-90. This is panic-buying of quality dividends. Historically these RSI levels mean-revert within 1-2 weeks. Don't chase. If you own, consider trimming 20-30%.

Tier 2 — The sweet spot: JEPI (RSI 77) is the Goldilocks pick. S&P-based covered calls, 7% yield, above SMA, not overbought-extreme. XYLD (RSI 53) is the quieter version — same S&P exposure, higher yield (~9%), but flatter price action.

Tier 3 — Neutral/steady: QYLD ($17.67, RSI 51) and DOGG ($22.74, RSI 53) are both sitting mid-range. QYLD is surprisingly stable given QQQ weakness — the options premium is doing its job cushioning NAV. DOGG is drifting slightly below SMA (-0.3%) with a -2.4% week — the Dogs of Dow strategy is getting hit by the same value-to-dividend rotation that's lifting SCHD (the best Dow dividend names already moved).

Tier 4 — Hurting: JEPQ (RSI 38) is the clear loser. Nasdaq-linked covered calls = you get QQQ's downside and the premium only cushions ~30-40% of the drop. If QQQ keeps sliding, JEPQ will keep bleeding.

DOGG is the most expensive (0.75% ER) and lowest-volume of the group. Its RSI 53 and +1.3% 30D return are... fine. But JEPI does essentially the same thing (high-yield large-cap + options) at half the expense ratio with 800x the liquidity. DOGG isn't broken, it's just redundant. The only reason to own it is if you specifically want Dogs of Dow exposure, which is a bet on high-yielding Dow laggards reverting.

Actionable read: If you own JEPQ for yield, the income is real but NAV erosion is happening in real time. This is why some traders ladder out of JEPQ and into JEPI when tech starts rolling over. For new income money, XYLD (RSI 53, 9% yield, neutral) is the best entry point — not overbought like SCHD/VYM, not QQQ-exposed like JEPQ/QYLD.

1. The Great Income Bifurcation. SCHD (+9.6% 30D, RSI 90) and VYM (+5.8%, RSI 87) are in full melt-up mode while JEPQ (-2.6%, RSI 38) gets dragged down by QQQ. The deciding factor is the underlying: dividend growers vs. Nasdaq-linked covered calls. This is the clearest sector rotation signal in the entire scan.

2. Cloud/SaaS is staging a stealth recovery. WCLD +8.2% and IGV +7.2% over the past week while SMH is down 6.7%. The market is saying: "software yes, chips no." That's a meaningful shift in how investors are pricing AI exposure — moving from hardware beneficiaries toward recurring-revenue software.

3. TECL is approaching critical RSI support. At 31.8 RSI and down 22% in a month, it's one bad day from full capitulation territory. For traders, the setup to watch is a daily RSI < 28 + price stabilization = potential 10-15% bounce in a 3x vehicle. Not for the faint-hearted.

4. GDX vs. GLD divergence is extreme. GDX (gold miners) is down 14.4% in a week while GLD (gold spot) is down only 1.4%. That gap is historically unsustainable — either gold falls, or miners snap back violently. Miners have operating leverage, so if gold holds above $460, GDX is technically a recovery trade.

5. Small-caps are quietly the best-positioned index group. IWM is above SMA20, RSI 62.6, +0.3% over 30 days while QQQ is below SMA20 and deteriorating. TNA (3x IWM) is up +6% over 30 days. The small-cap rotation is real and it's being confirmed across multiple timeframes — this is not noise.

Scan generated: 2026-03-04 | Data freshness varies by ticker. Tickers with stale dates (02/05–02/09): TECL, TECS, LABU, LABD, NUGT, DUST, GDX, JEPQ — interpret % changes relative to their last available bar. QYLD, XYLD, DOGG updated with fresh 03/04 data.