This is a reversal-of-a-reversal week: the bond complex, which had climbed out of oversold last cycle, round-tripped straight back down — TLT alone fell from RSI 47.5 to 31.6 — while the growth names that cracked hardest two cycles ago (XLY, along with broad tech) mostly recovered, and the defensive/value sectors that had pushed into overbought cooled across the board. Every ticker on this board carries a fresh 2026-07-31 close (market-pulse) — no staleness caveat this cycle.

FROTH READ: vs VWAP = how far current price sits above/below the volume-weighted average buyer across the full history. Names far above VWAP are extended relative to their own average buyer's cost basis; names below VWAP have traded back through it.

Broad indices firmed almost across the board. SPY's RSI climbed to 53.2 and VTI's to 52.2, both clean improvements off last cycle's weak-down flip; DIA (54.6) and RSP (56.1) cooled somewhat from their prior highs but stayed in clean uptrends with no death cross anywhere in the group. QQQ remains the one laggard — RSI 45.2, still the weakest of the six even after improving from 36.7, and its 30-day change is still the deepest drawdown at -5.13%.

Sector rotation flipped shape entirely. The defensive/value bid that dominated last cycle — XLF pushed into outright overbought, XLV into a breakout regime — cooled across the board: XLF's RSI fell back to 62.2, XLV's to 55.2, and XLB/XLP/XLI/XLRE all pulled back with them. XLE reheated off its own cool-down, RSI climbing from 54.1 back to 63.5. The two previously death-crossed laggards moved the other way: XLY's RSI jumped from 43.0 to 54.3 (7-day change flipping from -2.08% to +6.11%), the sharpest sector-level RSI recovery on the board, while XLC held roughly flat at 46.2. XLK's RSI climbed off its fresh cycle low (38.5→46.5), though the sector's own trend stays weak-down — the recovery is a bounce, not yet a repair.

The real reversal-of-a-reversal sits in the bond complex. Last cycle's broad RSI recovery across TLT, IEF, BND, LQD, and HYG gave back hard this cycle: TLT fell straight from 47.5 to 31.6 — a full round-trip back into oversold — and LQD (40.3→36.3) and BND (47.1→38.6) both slid back under 40. IEF held closer to flat (48.8→40.7). HYG was the lone name to hang onto its prior gain, ticking up slightly to 49.3 and still carrying no death cross — the cleanest chart in the complex, same as last cycle.

International and commodities both firmed. FXI pushed into outright overbought (RSI 66.9→72.0) while still death-crossed, and EFA, VWO, EWJ, and EEM all recovered off weaker prior reads. USO's rally, which had reversed hard last cycle, re-accelerated on a 30-day basis (+12.52%→+25.08%) even as the week itself stayed negative (-6.49%→-5.5%). UNG ticked up off its oversold floor (31.2→37.5) but its structure — strong-down trend, death-crossed — is still damaged. GLD and SLV both sat roughly flat, still death-crossed.

1. TLT round-tripped straight back into oversold: RSI 47.5→31.6, 30D -3.32%→-3.82% — the entire prior-cycle recovery erased, the sharpest reversal on the board.
2. BND and LQD gave back most of their prior recovery: BND RSI 47.1→38.6; LQD RSI 40.3→36.3 — both back under the RSI-40 line.
3. HYG was the lone bond name to hold its gain: RSI 46.2→49.3, still no death cross.
4. XLF and XLV both cooled from their prior extremes: XLF RSI 72.0→62.2 (off outright overbought); XLV RSI 68.3→55.2 (off its breakout regime).
5. XLE reheated: RSI 54.1→63.5, 7D -1.59%→-0.12%, 30D +7.45%→+12.76%.
6. XLY posted the sharpest sector-level RSI recovery: 43.0→54.3, 7D -2.08%→+6.11%.
7. XLK's RSI climbed off its fresh cycle low: 38.5→46.5, though trend stays weak-down (no repair yet).
8. FXI extended further into overbought: RSI 66.9→72.0, 30D +12.43%→+14.17%, still the group's only death-crossed international name.
9. EFA, VWO, EWJ, and EEM all recovered: EFA 52.1→57.8; VWO 42.3→50.7; EWJ 41.6→51.2; EEM 38.6→47.3.
10. USO's 30-day change re-accelerated despite a negative week: 30D +12.52%→+25.08%, 7D -6.49%→-5.5%.
11. UNG ticked up off oversold's floor: RSI 31.2→37.5, 30D -14.26%→-12.67%.
12. MTUM and VUG both recovered off their cracks: MTUM RSI 37.6→44.4 (30D -13.0%→-8.69%); VUG RSI 39.8→50.6.
13. XHB gave back its golden-cross RSI gain: RSI 53.2→39.5, back under the oversold line even though the golden cross itself is intact.
14. VTV cooled from its steadiest-leader status: RSI 68.4→54.8.

RSI < 30 = capitulation/oversold zone (context-dependent — check trend and death-cross flags before treating as a buy signal). RSI 30-50 = neutral-to-recovering. RSI 50-70 = healthy uptrend. RSI > 70 = overbought/extended. "vs VWAP" shows distance from the average buyer's cost basis across the instrument's full history — a rough measure of how "paid up" the current price is. A death cross (50-day average below the 200-day) flags a structurally damaged trend even when short-term RSI looks fine.

Read: No death crosses anywhere in this group. SPY, VTI, and QQQ all improved off last cycle's weaker reads while DIA and RSP cooled from their prior highs — QQQ remains the one name still trailing the pack.

Read: The defensive/value bid that dominated last cycle cooled across the board — XLF and XLV both stepped back from overbought/breakout territory. XLE reheated off its own cool-down, and XLY posted the sharpest RSI recovery in the group even though it remains death-crossed. XLK's climb off a fresh cycle low is a bounce, not yet a repair.

Read: FXI is the standout — pushing into outright overbought while remaining the group's only death-crossed name. The rest of the international group broadly recovered off last cycle's weaker reads.

Read: The bond complex's whole prior-cycle recovery unwound this cycle, TLT the sharpest single move — a full round-trip from RSI 47.5 back to 31.6. HYG is the exception: it never carried a death cross and is the only name in the complex still holding its RSI gain.

Read: USO's rally, which reversed hard last cycle, re-accelerated on a 30-day basis even with another negative week — worth flagging that the weekly and monthly reads are now pulling in opposite directions. UNG ticked up off its low but remains structurally damaged.

Read: Both products ticked down slightly from last cycle, still deep in "collapse" regime and roughly a third below their own VWAP — no vol bid showed up in these two names this cycle.

Read: Value's run cooled from last cycle's steadiest-leader status while Growth and Momentum both recovered off their cracks — Momentum's 30-day drawdown improved from -13.0% to -8.69% but remains the group's weakest read.

Read: XHB gave back the golden-cross RSI improvement flagged last cycle — the cross itself is intact, but the RSI dropped back under 40. ITB weakened further and stays death-crossed. SMH ticked up modestly off its own cycle low.

None on this board.

TLT (31.6), LQD (36.3), UNG (37.5), BND (38.6), XHB (39.5) — five names, all bond-complex or bond-adjacent. This is a full composition flip from last cycle's oversold group (UNG, SMH, MTUM, QQQ, XLK, EEM, VUG — all growth/tech or commodity/EM), which has now entirely recovered above RSI 40.

The remaining 37 names, led by FXI (72.0, overbought), XLE (63.5), XLF (62.2), XLV (55.2), and XLY (54.3).

• Whether TLT's round-trip back into oversold (RSI 31.6) is a one-cycle whipsaw or a real re-test of the bond complex's lows.
• Whether XLE and XLF's cooldown from overbought/near-overbought territory settles into a base or extends into a deeper pullback.
• Whether XLY's sharp RSI recovery (43.0→54.3) turns into an actual death-cross repair or fades the way prior bounces have on this board.
• Whether FXI's push into outright overbought (RSI 72.0) exhausts soon, given it remains death-crossed.
• Whether XLK and SMH's RSI recovery off their cycle lows holds, or gives back the way XHB's golden-cross RSI gain did this cycle.

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-07-31 close — market-pulse.