Full Scan Market Brief — April 10, 2026

1. The Big Picture

Snowflake is trading at RSI 21. ServiceNow at RSI 22. Veeva at RSI 22. Intuit at RSI 25. These are not busted SPACs. These are the companies that run Fortune 500 back offices, and they are printing readings you'd normally see on a biotech after a failed drug trial.

Act 1 — The SaaS Massacre Has No Precedent in Our Data. We have never tracked this many quality enterprise software names at RSI below 25 simultaneously. SNOW at $121, down 31% in a month, sitting 43% below its 200-day moving average. NOW at $82, down 29% in a month, 48% below SMA200. These aren't speculative cloud plays — Snowflake is the default data warehouse for most of the Fortune 500. ServiceNow automates IT workflows for every major enterprise on Earth. The market isn't selling them because they're broken. It's selling them because oil went parabolic, inflation expectations climbed, and duration-sensitive assets got repriced as a category. This is sector death, not stock death.

Act 2 — The Market Split a Week Ago and Nobody Told the Index. SPY is at $679, up 3.3% in a week, RSI 60, strong-up trend. That number is a lie. Inside the S&P 500, AMZN just exploded 10% in seven days to $238 while NET crashed 20% to $170. NVDA confirmed a golden cross at $188 while TSLA confirmed a death cross at $344. GOOGL surged 7% to $317 while NOW fell 8% to $82. The index is averaging a bull market and a bear market into a flat line and calling it "strong-up." The real story is that the market has violently split between things with physical revenue streams (cloud infrastructure, semiconductors, energy, defense) and things with subscription revenue streams (enterprise SaaS, consumer discretionary, fintech). If you own the wrong half, you're in a bear market regardless of what SPY says.

Act 3 — Oil Blinked, and Everything Changed. USO pulled back from $138 to $128 — a 7.4% decline, the first real correction since the war rally began. RSI cooled from 72 to 59. That single move changed the entire market's complexion. Broad indices surged to strong-up. VIXY crashed to RSI 44. AMZN broke out. Crypto bounced. The message is clear: the market was being held hostage by oil. The moment crude exhaled, everything else inhaled. The question is whether this is a healthy pause before $150 or the beginning of a peak. Producer stocks (COP, OXY) already cooled two weeks ago — producers led the way down before crude followed. That's usually a meaningful signal.

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2. Focus List

• MSFT — The most frustrating name in the focus list. RSI 38, death cross, -33% from its high. Insider buying is confirmed but the stock simply cannot bounce. GOOGL and AMZN are proving that the mega-cap tech story isn't dead — it's just not Microsoft's story right now. Azure/Copilot are real, but the market wants to see margin expansion, and AI capex is compressing margins instead.
• TSLA — The death cross we've been watching finally confirmed. The golden cross that held since late 2025 is gone. RSI 34, -31% from high, -7.2% below SMA20. Musk's political overhang isn't going away. We removed TSLA from the war-ends playbook because the structural problems go beyond oil prices.
• NET — This hurts. NET was our star holding a week ago — up 19% from entry, reclaimed its uptrend, approaching our $231 target. Then it fell 20% in seven days. From RSI 55 to RSI 34. From up trend to death cross. The SaaS massacre is indiscriminate, and NET got swept into the same selling despite being a fundamentally different business (edge computing infrastructure, not subscription SaaS). The $151 stop is now 12.6% away. Hold, but this position went from hero to problem child overnight.
• AMZN — The breakout of the scan. +10% in seven days, RSI 71 (first overbought reading on a focus name in weeks). AWS revenue growth re-accelerated, and the market is treating AMZN as cloud infrastructure, not cloud software. That's the distinction that matters right now. The move is +16.4% off the April low; above RSI 75 the risk/reward inverts.
• NVDA — Golden cross confirmed at $188. Strong-up trend. The Blackwell AI chip cycle is driving real revenue, and the market is paying for it. +4% on the week. This is the cleanest large-cap AI trade available. Not cheap at RSI 61, but trend is decisively bullish.

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3. Sector Scorecard

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4. Market Vibe

This is the week the market stopped pretending it was one market.

The SPY is up 3.3% and showing "strong-up" and it means approximately nothing. Inside that number, AMZN gained 10% and NOW lost 8%. NVDA confirmed a golden cross and TSLA confirmed a death cross. Gold is flat, oil is pulling back, crypto is bouncing, and enterprise SaaS is experiencing a category-wide capitulation event that has no historical precedent in our tracking data.

The VIX story is the most telling. VIXY crashed to RSI 44 — the lowest fear reading since before the Iran conflict escalated. But fear for whom? If you own NVDA, AMZN, and GOOGL, this is a perfectly comfortable market. If you own SNOW, NOW, NET, and CRM, this is a blood bath, and the VIX isn't even pretending to notice. Volatility indices measure systemic risk, not sector risk. The SaaS sector is having its own private crash while the broad market celebrates.

Oil pulling back from $138 to $128 is the catalyst that unlocked everything else. It's also a test: if oil resumes its uptrend, the SaaS relief rally (if one comes) will be short-lived. If oil genuinely peaks here, the interest rate expectations that crushed duration assets will start to unwind, and these RSI 21 SaaS names could produce the most violent bounce of 2026. We're betting on the second scenario, but we're sizing for the first.

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5. Scan Dashboard — Every Scan at a Glance

5a. The Dashboard Table

5b. Expanded Dispatches

Bargain Bin / Cloud ETFs — The SaaS Capitulation Event NOW at $82 (RSI 22) is -61% from its 52-week high. SNOW at $122 (RSI 21). WCLD at $24 (RSI 28). IGV at $74 (RSI 29). All four cloud ETFs are in death crosses simultaneously — this has never happened in the tracked history of the sector. The last time cloud ETFs were this oversold was a major buying opportunity.

AI Scan — The Bifurcation Within AI INTC added 21.5% in a single week — the resurrection trade is real, and the stock is now +73% above SMA200. MRVL hit RSI 79, the most overbought name in our entire universe. Meanwhile, PLTR collapsed -12.6% 7D to RSI 34, proving that even "AI" isn't a monolithic trade. The line is between companies that sell silicon (winning) and companies that sell AI software subscriptions (losing).

Consumer Scan — NKE at RSI 23 and Nobody Cares NKE $43, RSI 23, -46% from high. CROX RSI 77 at the other extreme — up 22% in a month. The consumer space has split between brands that benefit from the "value trade" (CROX, TJX, WMT) and brands that depend on discretionary aspiration spending (NKE, LULU, HIMS). Gas at $4.50+ is killing the aspiration trade. Our NKE position from 04/03 is already -2.7%.

Monster Scan — 103 Monsters, and They're All Hardware 43 stocks are 60%+ above their SMA200. The theme is unmistakable: semiconductor equipment (AMAT, LRCX, KLAC, AMKR), optical/networking (LITE +181%, CIEN +144%), memory (WDC +107%, MU +66%), energy (USO +60%, BE +71%). Every monster is something physical. Not one SaaS name made the list.

Geopolitical Risk — Oil Pulling Back Doesn't Mean the Risk Is Gone USO $128 (RSI 59) is down from $138 but still +78% over 3 months and +60% above SMA200. Defense contractors (RTX, LMT, LHX) are consolidating with golden crosses intact. Gold correcting -8.5% 30D. The geopolitical premium is compressing on the surface, but the Gulf Infrastructure Strike scenario argues the tail risk actually increases when oil dips.

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6. The Front Page — Deep Research Teasers

6a. Perspective Dispatches

Iran War & Oil Crisis — Oil's first real pullback: USO dropped from $138 to $128 (-7.4% 7D), with RSI cooling from 72 to 59. The producer/commodity divergence resolved to the downside — crude corrected toward where COP, OXY, CVX had already been consolidating. The rest of the market is treating this as a regime change: AMZN +10%, GOOGL +7%, SaaS capitulating to RSI 21-22. The question remains whether $138 was the peak.

War Ends Playbook — AMZN ripping 10% while oil pulls back 7.4% is EXACTLY the rotation the playbook predicted. Quality tech laggards re-rating as the energy premium cools. TSLA removed from the playbook — death cross confirmed, structural problems beyond oil. AMZN upgraded to primary tech play. The 19-trade ranked playbook is being validated in real-time, even without an actual ceasefire.

Gulf Infrastructure Strike — Oil's pullback doesn't reduce the tail risk — it may increase it. If the US interprets the correction as "pressure is working" and doubles down on sanctions/strikes, Iran's incentive to retaliate against Ras Laffan (30% of global helium, ~2 weeks of fab buffer) grows. This scenario is counter-cyclical: MORE likely when oil dips. No price changes needed — this is a contingency perspective, not a momentum trade.

Crypto-Geopolitics Correlation — BTC surged from $67K to $72.5K (+8.5% 7D), RSI recovering from 44 to 60 — first positive trend reading in months. This CONFIRMS the "crypto is a risk asset" thesis: BTC bounces when tech rallies, not as a safe haven. Key level: $75K with RSI >65 would confirm a real trend change. Below $65K, the bear resumes.

Gold Recovery — The dog that hasn't barked. While oil pulled back 7.4%, BTC surged 8.5%, and SaaS capitulated, gold just sat there. GLD ~$437, RSI mid-40s, stuck between SMA20 and SMA200. The dollar (UUP) remains firm — that's the headwind. Recovery from March's RSI 16 capitulation is real but painfully slow. Base-building phase that could last weeks.

Oil $200 Scenario — Downgraded to monitoring. Oil pulling back from $138 to $128 means the $200 scenario requires a major new escalation that hasn't materialized. The immediate story is consolidation, not further parabolic extension. Watching for USO > $150, Iran nuclear timeline, or OPEC emergency meeting as re-escalation triggers.

6b. Monster Watch

103 monsters found across 551 stocks scanned. The dominant themes are semis + oil + infrastructure — hardware over software, real assets over digital subscriptions. Not a single SaaS name qualifies as a monster.

6c. Deep Dive Spotlight

NET — From Hero to Crisis. NET at $169.96 (RSI 34) just experienced the worst single-week reversal in portfolio history — from $212 (+19.3% on position) to $170 (-4.2%) in seven days. Death cross confirmed and widening. The fundamental thesis (edge compute, Workers AI, R2 storage) hasn't changed, but the market doesn't care about fundamentals during sector capitulation. Stop at $151 is 12.6% away. Verdict: Hold, watch the stop.

NVDA — The Cleanest Setup in Mag7. NVDA at $188.36 (RSI 61) is the healthiest large-cap chart we track. Strong-up trend, golden cross intact and widening, +4.2% vs SMA200. Blackwell ramp driving real revenue. +69.8% 1Y with +41.1% alpha vs SPY. Not cheap, but decisively bullish. Verdict: Hold / accumulate on SMA20 pullback ($177).

TSLA — Death Cross Confirmed. TSLA at $343.96 (RSI 34) is the only Mag7 name declining for the second consecutive week. The golden cross that survived through March has flipped. -31% from 52wk high, -13.4% vs SMA200. Musk distraction, tariff headwinds, China EV competition all compressing. Removed from war-ends playbook. Verdict: Avoid until stabilization.

6d. Sector Rotation Radar

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7. Key Signals

The SaaS Capitulation Index

We've never tracked a week like this. Here's the damage in enterprise SaaS:

The common thread: all of these are subscription-revenue businesses with high customer retention. The market isn't selling them because they're losing customers. It's selling them because higher oil = higher inflation expectations = higher discount rates = lower present value of future recurring revenue. It's a mechanical repricing, not a fundamental reassessment. That's what makes it interesting as a buy signal — the businesses haven't changed, just the discount rate applied to their cash flows.

Insider Buying

ASAN at RSI 23 (-71% from high) is where you'd expect insider buying to show up. CRM at RSI 27 is notable for a mega-cap SaaS name. The insider universe is bifurcated exactly like everything else: semis (AMD, AVGO) at RSI 70+ while SaaS names capitulate below RSI 30. MSFT insider buying confirmed but the stock won't respond — the market is ignoring micro signals during a macro repricing event.

Crypto

BTC at $72.5K, RSI 60, weak-up trend. The first positive trend reading for crypto in months. Mining equities (RIOT +23% 7D) are leading — they always front-run the crypto cycle. The bounce CONFIRMS crypto = risk asset: it rallied alongside AMZN/GOOGL/NVDA, not as a safe haven. Key level: $75K with RSI >65 would confirm a real trend change. Below $65K, the bear resumes.

Gold & Commodities

Gold is the dog that didn't bark. GLD $437, RSI 50, flat while everything else moved. Dollar (UUP) firm = headwind. Miners (GDX) bounced +9.5% 7D but weak monthly. Copper (COPX) quietly strong at +30% vs SMA200, confirming the real-asset rotation. Oil pulling back from parabolic territory (USO -7.4% 7D) but still +78% 3M — the 3-month move dwarfs the weekly correction.

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8. Wild and Whacky

• TEAM (Atlassian) is 60% below its 200-day average. Sixty percent. A profitable enterprise software company with $4B+ revenue and 90%+ gross margins is trading as if it's about to go bankrupt. It's not. But the market is treating every SaaS name with the same discount rate chainsaw.
• AMZN gained more in one week (+10%) than MSFT has gained in an entire year (-4%). Both are cloud computing companies. Both have AI strategies. One is valued on infrastructure revenue, the other on subscription seats. The distinction matters more right now than at any point in the past decade.
• INTC added 21.5% in a single week. Intel. The stock everyone left for dead 18 months ago. It's now +73% above its 200-day moving average and RSI 75. The resurrection trade is the most surprising chart in our universe.
• NUGT (2x gold miners leveraged ETF) is the YOLO portfolio's best position at +17.3%. The gold play that everyone (including us) panicked about after the GDX stop-loss is now the portfolio's crown jewel. The difference: sizing and entry timing.
• MRVL (Marvell) RSI 79. The custom silicon leader is overbought for the first time in our tracking. When your thesis stock gets overbought, you don't add — you trail a stop and let it run.
• BE (Bloom Energy) is +857% over one year. A fuel cell company. In 2026. The data center energy play turned a forgotten cleantech name into the year's biggest winner.
• CROX (Crocs) RSI 77, +22% in 30 days. The ugly shoe brand is the best consumer name we track. The "value brand" thesis in action — when gas prices crush aspiration spending, consumers trade down to Crocs. Peak absurdity.
• Every single cloud ETF is in a death cross simultaneously. WCLD, IGV, CLOU, SKYY — all four. This has never happened in our data. Either this is the generational cloud buying opportunity, or SaaS as a category is being permanently re-rated lower.

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9. Paper Trade Report Card

All four strategies are in the black. YOLO is leading at +3.74%, proving that size and conviction matter more than diversification in a regime-change market.

Today's Trades (9 total): SNOW bought across all four strategies ($19K total — biggest cross-strategy bet since NKE on 04/03). NOW bought in claude-trader and bench-signals. VEEV, VZ, INTU added to bench-signals. Either this is the generational SaaS entry or we just caught a falling knife with both hands and our teeth.

Danger Zones: NKE at -2.7% across three strategies — our 04/03 capitulation buy hasn't worked yet. NET at -4.2% on claude-trader with the $151 stop 12.6% away. CRM in bench-signals at $164.53, just $2.53 above the $162 stop.

Lesson of the Week: NET taught us that sector-level events don't care about your individual stock thesis. NET was infrastructure, not SaaS. It was our best position. It crashed anyway. Position management > stock selection when the entire category is repricing.

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10. What I'd Tell a Friend

The market just split in two and the averages are hiding it. If someone showed you only the S&P 500 chart, you'd think everything is fine — broad indices surged to strong-up, fear is collapsing, oil pulled back from its parabolic peak. All constructive.

But inside that calm surface, enterprise software is experiencing a category-level capitulation that has no precedent in our tracking data. Snowflake, ServiceNow, Intuit, Veeva, HubSpot, Atlassian — these are the companies that run corporate America, and they're all printing RSI readings in the low 20s simultaneously. Not because they're broken. Because oil went to $138 and the market decided that every future recurring-revenue dollar is worth less in a high-inflation world.

The highest-conviction entries right now:

1. SNOW at $122 (RSI 21) — Data cloud monopoly at historic oversold. Entry zone $120-$135. Stop at $100.
2. NOW at $82 (RSI 22) — ServiceNow IT automation at extreme. Entry zone $80-$100. Stop at $65.
3. VZ at $46 (RSI 27) — Defensive telecom with 6%+ yield and golden cross still intact. The safe play in the oversold universe.
4. NVDA at $188 (RSI 61) — Not oversold, but the cleanest momentum setup in large-cap tech. Golden cross confirmed. Entry on SMA20 pullback ($177).
5. VEEV at $150 (RSI 22) — Healthcare IT leader at capitulation. Entry zone $145-$160. Only if you believe SaaS rebounds.

The single thing to watch: does oil resume its climb? USO above $140 kills the SaaS bounce thesis. USO below $120 confirms the peak and unlocks the most violent sector rotation of the year. Everything else is commentary.

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11. Active Perspectives

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12. Scan Summary

Full scan completed: 40+ watchlists fetched, 21 scans analyzed, 23 new monster discoveries. 6 active perspectives refreshed. 9 paper trades executed ($26K deployed). Status report, performance tracking, and targets updated.

Key shift since the prior close: market regime flipped from "down" to "strong-up" on broad indices, but this masks the most extreme sector bifurcation in tracking history. Energy cooling while SaaS capitulates. Infrastructure rallying while subscriptions collapse. Two markets wearing one index.

Also available: /deep-dive on any ticker, /monster-discover for new names, or perspective deep dives on the Gulf Infrastructure Strike thesis.

Sources

Price, RSI and trend figures read from the desk's validated daily scan summaries (research/market-engine/data/summaries/). No number in this note was computed in prose.

• Fundamentals figures: company-reported results (quarterly/annual filings) as available at the artifact date; predates the desk's EDGAR reconciliation gate — figures not re-verified after publication.