Broad market in strong-up trend across core ETFs; leveraged semis/tech leading with SOXL +49% 30d and DRAM +38% 30d; gold and clean energy lagging; all inverse ETFs in freefall.

SOXL, DRAM, TECL, TQQQ — the monster performers of the tape. SOXL +311% 3m / +49% 30d leads all ETFs; DRAM +145% 3m / +38% 30d (memory semi AI build-out); TECL +117% 3m / +17% 30d. All RSI in the 53-62 range — surprisingly not stretched given the magnitude of the move, suggesting the rally has been methodical rather than parabolic. These are hold positions; new entries require a pullback to vs20 neutral or below, as chasing at these levels risks catching a mean-reversion. TQQQ at -9.3% from 52wk high still has room to reclaim if QQQ continues.

TNA (+51% 3m, RSI 57, vs20 +4.6%) — small-cap levered join the bull tier, IWM underlying at RSI 58 with +6% 30d. Small-cap momentum confirmation is a breadth positive for the broader tape.

VOO, QQQ, QQQM, VTI, IWM — RSI 56-58, vs20 +0.5% to +1.9%, all within 1-2% of 52wk highs. The template of a healthy uptrend: not overbought, not lagging, grinding higher. No action needed beyond holding existing positions. JEPQ/JEPI/SCHD/VYM/QYLD/XYLD all RSI 57-63, income layer functioning as expected. HYG and LQD adding credit-spread confirmation — high-yield and investment-grade bonds both strong-up signals that credit stress is absent.

JETS is the surprise standout in this tier: +20% 30d, RSI 66.5, vs20 +8.3%. Travel demand driving a sector rotation nobody expected this late in the cycle. Approaching overbought; watch for fade.

SMH (+55% 3m, RSI 57) — the unleveraged semi ETF confirming SOXL's move is real, not just leverage drift. +12.8% 30d with RSI still in healthy mid-50s = room to continue.

Gold complex (GLD, GDX, NUGT): GLD -13.4% 3m, RSI 43.5, vs20 -1.6% — gold is in a confirmed down trend despite a +7.7% 1w bounce in GDX. The weekly bounce looks like a relief rally within a downtrend rather than a reversal. NUGT at -50.6% from 52wk high is in freefall; DUST (inverse) also destroyed, suggesting the gold levered complex is whipsawing badly. Avoid both sides until a trend establishes.

Clean energy (TAN, ICLN): RSI 42-45, both below SMA20 by 5-8%, 3m gains masked by recent weakness. Policy uncertainty and rate sensitivity weighing. No setup here.

China (KWEB, FXI): KWEB -14.9% 3m, RSI 36.4, -40% from 52wk high. FXI -5.6% 3m, RSI 40.8. Both below SMA20. Geopolitical/macro headwinds unresolved. KWEB is nearest to a contrarian watch given RSI proximity to oversold territory, but trend confirmation absent.

URA: RSI 47, -23% from 52wk high, -5.3% 3m. Nuclear thesis intact long-term but ETF underperforming; the +6.5% 1w could be an early signal or a head-fake. Needs follow-through.

Inverse ETFs (all): SOXS -87.8% 3m, SOXS only 3% from literal zero. SQQQ -46.4% 3m. TECS -63% 3m. Bear bets have been systematically destroyed across every category. The tape is not set up for inverse plays in any time frame evident in the data.

No ETFs are currently RSI<30 (oversold). The nearest watch setups:

Best risk/reward if triggered: URA (nuclear thesis, -23% from high, RSI approaching reset) and IGV (software, -22.6% from high, RSI 46 within a broad tech uptrend). Neither is a buy today without the trigger.

• SOXL +28% this week — the most significant single-week move in the ETF universe. AI infrastructure spending thesis playing out in the leveraged semi. DRAM +16% week / +38% 30d confirms this is a memory/compute build-out, not a single-name event.
• JETS +6.5% week, +20% 30d — travel demand breakout emerging as a sector rotation story. RSI 66.5 is the highest in the core ETF universe outside RONB; watching for overbought fade.
• TECL +13% week / +17% 30d — 3x tech levered catching up to semis. The TECL vs SOXL convergence suggests tech breadth is broadening beyond just semis.
• Gold complex reversing intraweek but downtrend intact — GDX +7.7% and NUGT +14.8% this week look like a dead-cat bounce within GLD's -13.4% 3m decline. Trend is still down; the bounce does not change the weekly structure.
• SOXS hit -30% in a single week — the inverse semi ETF is approaching structural zero (-97.7% from 52wk high). Cautionary data point for anyone holding leveraged inverse positions through AI-driven sector rallies.
• Income/credit layer quiet and healthy — HYG, LQD, JEPQ all +0.4-2.6% week, RSI 58-61. No credit stress signals; rates environment supportive of carry.
• Cloud ETFs (WCLD, CLOU, IGV) lagging tech — all negative 7d while QQQ gained 3.9%. Software underperforming semis/hardware in the AI rebound cycle. IGV at -22.6% from 52wk high is the widest software-to-index gap in the scan.