Last cycle's uniform pullback regime broke — FORM, CAMT, and AMKR all crossed into collapse this cycle, with AMKR's single-day drop of -24.74% on 3.99x average volume (also visible in the supply-chain-traces book) the sharpest move in the whole list. TER's flagged reversal fully unwound (30-day loss deepened from -18.09% back to -30.78%), and ASML's near-flat monthly print round-tripped back to -15.94%. BESIY and ENTG both still carry bars dated 2026-07-24.

Data as-of the 2026-07-28 close for most of the book. ENTG and BESIY both carry bars still dated 2026-07-24 — their readings are unchanged from last cycle. Prior scan: 2026-07-25-wfe-test-metrology (data as-of the 2026-07-24 close). STX and WDC earnings are scheduled for July 28/29 — a nearline-storage catalyst window adjacent to this book's test/OSAT names (TER, KLIC, AMKR, AMAT), though neither ticker trades in this watchlist directly.

Last cycle's book-wide narrowing of losses reversed almost entirely this time. Three names crossed into a fresh collapse regime — none of the 14 carried that tag last cycle. AMKR is the standout: a single-day drop of -24.74% on nearly 4x average volume dragged its RSI from 42.4 to 27.4, the same event flagged in the supply-chain-traces book. FORM's RSI fell from 40.2 to 33.7 as its 30-day loss deepened to -38.8%, also crossing into collapse. CAMT's regime flipped to collapse too, though its price damage was comparatively mild (30-day roughly flat at -10.97%, versus -11.45% last cycle) — a case where the structural tag moved further than the price did. Outside those three, the rest of the book gave back last cycle's stabilization broadly: TER's flagged reversal fully unwound, RSI falling from 45.3 to 40.7 and its 30-day loss deepening from -18.09% back to -30.78%. ASML's near-flat monthly print from last cycle (-0.32%) round-tripped to -15.94%, with RSI down from 48.3 to 37.1. AMAT, KLAC, MKSI, KLIC, ONTO, ACLS, and LRCX all posted the same pattern — lower RSI and a deeper 30-day loss than last cycle, undoing most or all of the narrowing that had been the headline two cycles running. BESIY, the one thesis-intact name, and ENTG both still carry bars dated 2026-07-24 — neither has a fresh print this cycle.

• AMKR: regime downgraded to collapse (fresh); RSI 42.4 → 27.4, -24.74% single-day move on 3.99x average volume — the sharpest move in the book, shared with the supply-chain-traces read; 30-day deepened to -44.51% (was -21.51%).
• FORM: regime downgraded to collapse (fresh); RSI 40.2 → 33.7, 30-day deepened to -38.8% (was -26.43%).
• CAMT: regime downgraded to collapse (fresh); RSI 44.6 → 40.9, 30-day roughly flat at -10.97% (was -11.45%) — the structural tag moved further than the price did.
• TER: RSI 45.3 → 40.7; 30-day deepened to -30.78% (was -18.09%) — last cycle's flagged reversal fully unwound.
• ASML: RSI 48.3 → 37.1; 30-day deepened to -15.94% (was -0.32%) — round-tripped back into real damage after nearly flat last cycle.
• AMAT: RSI 45.4 → 37.9; 30-day deepened to -31.41% (was -8.95%).
• KLAC: RSI 43.9 → 37.7; 30-day deepened to -31.46% (was -12.46%).
• MKSI: RSI 43.1 → 33.8; 30-day deepened to -31.42% (was -13.74%).
• KLIC: RSI 43.0 → 36.5; 30-day deepened to -29.58% (was -17.80%); thesis still rated intact-but-priced.
• ONTO: RSI 42.3 → 36.5; 30-day deepened to -31.17% (was -15.40%).
• LRCX: RSI 41.2 → 34.2; 30-day deepened to -34.39% (was -18.57%).
• ENTG / BESIY: both still carry bars dated 2026-07-24 — no fresh print this cycle, readings unchanged.

Regime labels describe chart structure, not a buy/sell call. FORM, CAMT, and AMKR crossing into collapse this cycle is the most structurally significant change in the book — CAMT's case in particular shows a structural downgrade without matching price deterioration, worth watching for whether the tag or the price catches up next cycle. AMKR's move is the sharpest single event and is shared with the supply-chain-traces book — the same ticker, the same one-day, high-volume drop. TER's fully-unwound reversal and ASML's round trip both confirm last cycle's stabilization was fragile rather than a floor. BESIY and ENTG remain frozen on 2026-07-24 data and shouldn't be read as confirming or denying anything this cycle.

Tier A — Mildest damage, highest RSI, still pullback (6): TER, ENTG (stale), AMAT, KLAC, BESIY (stale, thesis intact), ASML.

Tier B — Broad deepening, structure still pullback (5): ONTO, KLIC (thesis intact-but-priced), ACLS, LRCX, MKSI.

Tier C — Freshly downgraded to collapse (3, up from zero last cycle): FORM, CAMT (structural downgrade without matching price damage), AMKR (sharpest single move, -24.74% one-day drop).

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-07-28 close — wfe-test-metrology.