All four cloud/software ETFs are in pullback-to-downtrend with RSI in the 34-42 band — IGV is the most oversold (RSI 34.3, -9.9% 30D, strong-down, -13.1% vs SMA200, -28% from high). But this is NOT a clean capitulation: WCLD and IGV are strong-down/death-crossed below SMA200, while CLOU and SKYY hold golden crosses and sit right at SMA200 (CLOU -3% vs SMA200, SKYY flat at 0%). The 3M numbers are still positive across the board (+5.8% to +15.1%), so this is a sharp pullback inside a recovered medium-term trend, not a fresh breakdown. SKYY (golden cross, sitting on SMA200, +15.1% 3M) is the most constructive base; IGV is the deepest pullback. No name is a confirmed breakout — this is a watch-for-the-turn group.

Latest bar Thursday 2026-06-25 (intraday/EOD snapshot). All names fresh (latestDate 2026-06-25).

Constructive base / Watch (golden cross at SMA200): SKYY (RSI 38.5, golden cross, weak-down, +15.1% 3M, 0.0% vs SMA200 — sitting exactly on it, -8.1% vs SMA20) is the most constructive of the four: best 3M, golden cross, and basing right on the 200-day. CLOU (RSI 37.6, golden cross, down regime, +8.6% 3M, -3.0% vs SMA200) is similar but slightly below SMA200 and very illiquid ($1.3M dollar-volume). These two carry the golden cross — the medium-term trend recovered and is now pulling back into it.

Deeper pullback below SMA200 / Watch (strong-down): IGV (RSI 34.3, strong-down, death cross, -9.9% 30D, -13.1% vs SMA200, -28.2% from high) is the most oversold and the weakest structure — the big software ETF leading the pullback down. WCLD (RSI 41.9, strong-down, death cross, -8.5% vs SMA200, -21.6% from high) is the pure-cloud SaaS ETF, also death-crossed. Both are strong-down below SMA200; the +6% 3M is the lagging signal, not the leading one. Watch for RSI to turn AND a reclaim of SMA20, not the RSI level alone.

• Broad cloud-ETF pullback — all four RSI 34-42, all below SMA20, IGV leading down (-9.9% 30D, RSI 34.3)
• Not the sector-rotation trigger — the "all 4 cloud ETFs RSI <30" capitulation signal is NOT firing; closest is IGV at 34.3
• Structure split — WCLD/IGV strong-down below SMA200 (death cross); CLOU/SKYY golden-cross at/near SMA200
• 3M still positive — +5.8% to +15.1% across the board; the pullback is inside a recovered medium-term trend
• SKYY the constructive base — golden cross, +15.1% 3M, sitting exactly on SMA200

• Does the software/cloud pullback track a broader growth-multiple compression, or is it idiosyncratic to the ETF holdings? (cross-check vs cybersec/web-cloud scans this cycle)
• If IGV reclaims SMA20, is that the confirmation, or does it need to clear SMA200 (-13.1% away) to flip strong-down?