The board carries a Friday 2026-09-04 settled close, and the dashboard just grew from 42 to 56 names as a new 14-ETF industry tier joins the board (software, cybersecurity, cloud, defense, retail, banks, transports, and more) — but the tape's real headline is the bond complex breaking down hard: HYG's RSI collapsed 13.8 points and flipped the whole high-yield chart to death-crossed and strong-down, the sharpest single move on the entire board this cycle. The broad benchmarks held a tight, steady RSI band while sector damage widened — Consumer Discretionary (XLY) and Communication Services (XLC) both flipped to a negative 1-year change and dropped below their 200-day this week, joining Utilities (XLU) as the third and fourth sectors with real structural damage. Oil was the board's one violent positive mover, USO's RSI jumping 12.4 points on a 23.57% 30-day return. All 56 names in this dashboard carry a fresh 2026-09-04 close (market-pulse) — no staleness caveat.

LONG-HORIZON READ: this dashboard applies the desk's binding rule — a name whose short-window trend flag reads "down" but sits ABOVE its 200-day with a positive 1-year change is called a deep pullback in an intact trend, never a breakdown. Only a name trading BELOW its 200-day with a weak or negative year is called genuinely broken.

The bond complex delivered the board's most consequential move. HYG — last cycle's least-damaged bond chart — saw its RSI collapse from 52.7 to 38.9 (-13.8) and its trend flip from weak-up to strong-down with a fresh death cross, the sharpest reversal anywhere on this board. TLT, LQD, BND, and IEF all deepened further below their 200-day and further negative on the year, reversing the prior cycle's early signs of stabilizing — this reads as a real leg down for the complex, not a pause. Sector damage widened in step: Consumer Discretionary (XLY) and Communication Services (XLC) both flipped this cycle from "borderline, watch" to genuinely broken by the long-horizon check — XLY's 1-year change turned negative (-2.27%) and its price dropped below its 200-day (-1.8%), while XLC's year deepened further negative (-1.8%) with its 200-day gap widening (-1.7%). That puts four names on the "real structural damage" list now: XLU, XLY, XLC, and — in the new industry tier — KWEB.

Sector rotation otherwise held its established leadership: XLE (RSI 63.1, +43.83% 1-year, +16.8% above its 200-day) and XLK (RSI 55.3, +42.61% 1-year, +16.8% above its 200-day) remain the board's cleanest long-horizon winners, both still comfortably below overbought. XLV cooled slightly but keeps a strong year (+24.75%). XLI stayed in the oversold band for a second straight cycle (RSI 38.9) with its cushion above the 200-day thinning to 2.6% (from 4.1%) — still a deep pullback by the numbers, but worth watching if that margin keeps shrinking. XLU's RSI recovered sharply out of oversold (35.8→43.9) even as its long-horizon picture stayed unchanged — still below its 200-day, still barely positive on the year, still the sector's standing structural problem regardless of the week's bounce.

Commodities and international names carried the board's clearest bright spots. USO's breakout was the single largest positive move in the dashboard — RSI +12.4 to 66.2, 30-day return +23.57% (from +0.30% last cycle), now 32.1% above its 200-day. COPX cooled hard from near-overbought (RSI 64.7→54.3) but keeps a massive year (+80.81%). GLD and SLV both continued cooling and drifted further below their 200-day (GLD now -2.1%, crossing below for the first time this stretch; SLV -8.4%, deepening from -7.7%) — the desk's flagged "volatile round trip" pattern extending rather than resolving. Internationally, EWJ posted the group's sharpest RSI gain (54.4→63.7, +9.3) and EEM extended its lead (RSI 62.4, +37.81% 1-year, the group's best alpha); FXI stays the one real laggard by the long-horizon check but both its 200-day gap and 1-year change improved this cycle (-2.3% and -6.39%, both narrowing).

The new 14-name industry tier debuts with a mixed picture that echoes the broader tape: XOP, XME, IGV, CIBR, SKYY, and ARKK all read clean on the long-horizon check, KWEB is a genuine breakdown (-14.2% below its 200-day, -31.34% on the year, worst alpha in the new group at -49.99), and TAN, ITA, and URA sit in the same ambiguous middle ground as AVGO in the AI scan — testing their 200-day from just below with a still-positive year, worth a watch rather than a call either way. Housing (XHB, ITB) continued deteriorating rather than stabilizing — both deeper below their 200-day and more negative on the year than last cycle. Volatility stayed essentially pinned in collapse regime (VIXY RSI 31.5, VXX 32.4) even through this cycle's bond breakdown and sector-damage widening — still no hedging bid anywhere on this board.

1. HYG's RSI collapsed and its trend flipped: 52.7→38.9 (-13.8), weak-up→strong-down, golden cross lost to a fresh death cross — the sharpest move on the entire board, and the bond complex's last "least-damaged" name just joined the rest.
2. The whole bond complex deepened rather than stabilized: TLT -4.2 RSI, LQD -7.3, BND -5.4, IEF -5.9 — all five names further below their 200-day and further negative on the year, reversing last cycle's early firming.
3. XLY flipped to genuinely damaged: 1-year change turned negative (+0.11%→-2.27%), price dropped below its 200-day (+0.2%→-1.8%) — no longer a borderline case.
4. XLC deepened its existing damage: 1-year change fell further negative (+1.24%→-1.8%), 200-day gap widened (-0.9%→-1.7%).
5. USO broke out: RSI 53.8→66.2 (+12.4), 30-day return +0.30%→+23.57% — the board's single largest positive move.
6. XLU's RSI recovered sharply while its long-horizon damage held: 35.8→43.9 (+8.1), still below its 200-day, still barely positive on the year.
7. COPX cooled hard from near-overbought: RSI 64.7→54.3 (-10.4), still a huge year (+80.81%).
8. MTUM and SMH both recovered out of last cycle's weak-window flags: MTUM 42.2→49.6 (+7.4); SMH 45.0→51.2 (+6.2) — both still pass the long-horizon check cleanly.
9. EWJ posted the sharpest positive move in International: RSI 54.4→63.7 (+9.3).
10. GLD crossed below its 200-day for the first time this stretch: vs SMA200 -1.4%→-2.1%, RSI continuing to cool (54.6→52.4).
11. FXI improved on both long-horizon measures despite remaining the group's laggard: 200-day gap -3.6%→-2.3%; 1-year change -7.91%→-6.39%.
12. A 14-name industry tier joined the dashboard: IGV, CIBR, SKYY, ARKK, KWEB, JETS, XOP, XME, TAN, ITA, URA, KRE, XRT, IYT — first appearance, no prior-cycle comparison.

RSI < 25 = capitulation. RSI 25-40 = oversold (check trend/death-cross before treating as a buy signal). RSI 40-70 = neutral-to-healthy. RSI > 70 = overbought/extended. "vs SMA" = distance from the 20-day average (short-term positioning). "vs SMA200" and "1Y%" are the long-horizon check: a name with a red short-window trend flag but a positive 1Y change and price above its 200-day is a deep pullback in an intact trend, not a breakdown — the reverse (below the 200-day, flat-or-negative year) is real structural weakness regardless of how the current week looks.

Read: All five broad benchmarks stayed in a tight, steady RSI band this cycle. IWM continues to run the group's weakest short-window trend flag, but its long-horizon numbers still say deep pullback, not breakdown.

Read: XLE and XLK remain the board's cleanest leaders on every long-horizon window. XLY and XLC both flipped this cycle into genuine structural damage, joining XLU — three of eleven sectors now carry a negative-or-flat year paired with price below the 200-day.

Read: EEM and EWJ both extend their leadership on the long-horizon check. FXI remains the group's one real laggard, though its numbers moved in the right direction this cycle.

Read: All five names deepened this cycle rather than stabilized. HYG's flip is the headline — last cycle's "least-damaged" bond chart just posted the board's single largest RSI move and joined the rest as death-crossed and negative on the year.

Read: USO's breakout is the board's clearest positive move this cycle. GLD and SLV both continue the desk's flagged "volatile round trip" pattern — cooling further and drifting deeper below their own 200-day rather than settling into a clean trend.

Read: Both products stayed pinned in collapse regime through this cycle's bond breakdown and widening sector damage — still no hedging bid anywhere on this board.

Read: XBI remains the clean leader of this group. SMH's recovering RSI sits against a genuinely flat quarter — worth watching even though the trailing year is enormous.

Read: Both housing names continue to deteriorate rather than stabilize, tracking the bond complex's deepening weakness rather than the equity market's broader strength.

Read: This new tier debuts with the same split the rest of the board shows — XOP, ARKK, SKYY, XME, and CIBR all pass the long-horizon check cleanly; KWEB is a genuine breakdown; IGV and XRT carry the same "flat year, bad alpha" flag as XLC and XLY; TAN, URA, JETS, IYT, and ITA sit in the ambiguous middle, below or barely above their 200-day despite a still-positive year.

This cycle's dominant story is the bond complex breaking down while the broad equity benchmarks held steady. HYG's reversal — the sharpest move anywhere on the board — pulled the entire high-yield/Treasury/investment-grade complex further below its 200-day and further negative on the year, undoing last cycle's early signs of stabilization. That weakness is tracking straight through to housing (XHB, ITB), which deepened rather than stabilized. On the equity side, sector damage widened from one name (XLU) to three (adding XLY and XLC this cycle), and the new industry tier adds a fourth genuine breakdown (KWEB) plus several ambiguous "testing the 200-day" cases (TAN, URA, ITA) that echo the same pattern the desk already flags on AVGO in the AI scan. Against that, leadership stayed intact and in some cases extended: XLE and XLK remain the board's cleanest long-horizon winners, USO delivered the single largest positive move of the cycle, and EEM/EWJ both extended their international leadership. Volatility stayed pinned in collapse regime throughout — no hedging bid showed up anywhere on this board even as the bond complex cracked and sector damage spread, which is itself worth tracking: either the equity market genuinely doesn't see the bond move as a risk-off signal yet, or the vol products simply haven't caught up.

None on this board.

ITA (33.4), VIXY (31.5), VXX (32.4), XLI (38.9), IEF (38.9), HYG (38.9), IYT (39.9), JETS (40.0) — eight names, up from four last cycle. ITA, IYT, and JETS all still trade above or barely below their 200-day with a positive year (deep pullbacks); HYG's arrival in this band alongside IEF confirms the bond complex's real damage; XLI's second straight cycle here bears watching as its 200-day cushion thins.

The remaining 48 names, led by USO (66.2), EWJ (63.7), VWO (63.4), XLE (63.1), and EEM (62.4).

• Whether HYG's sharp reversal (RSI -13.8, fresh death cross) is the start of a genuine credit-stress episode or a one-cycle flush, given the rest of the bond complex deepened alongside it.
• Whether XLY and XLC's flip to negative-year, below-200-day status extends into a fourth or fifth sector, or the damage stays contained to Utilities/Discretionary/Comm Services.
• Whether USO's breakout (RSI 66.2, +23.57% 30-day) extends toward overbought or exhausts, given how sharply it accelerated this cycle.
• Whether GLD's fresh cross below its 200-day is the start of a real trend break or another leg of the desk's flagged round-trip pattern, alongside SLV's deepening gap.
• Whether the new industry tier's ambiguous middle names (TAN, URA, ITA) resolve up through their 200-day or confirm as real breakdowns like KWEB.
• Whether volatility staying pinned in collapse regime through a bond breakdown and widening sector damage is complacency that eventually gets tested.

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-09-04 close — market-pulse.
• Prior cycle for comparison: 2026-08-28-market-pulse.