Every single name in this 14-name equipment book gained RSI this cycle — a clean sweep, led by KLAC (+11.5 points) and CAMT (+10.0) — but the advance came on ordinary volume across the board, and RSI still tops out at 49.6. This is the honest read: a one-session bounce in a group that's still 26-51% off its 52-week highs, not a breakout. The trailing-year check is unambiguous in the other direction, though — all 14 names carry a strongly positive 1-year return and a strongly positive alpha, five of them even while sitting below their 200-day. That combination is the textbook deep-pullback-in-an-intact-trend case, not a broken group.

Data as-of the 2026-09-04 close for all 14 names. Comparison baseline is the August 28 scan.

Every name in this book — all 14 — gained RSI ground on September 4, the cleanest same-direction move of any book in this batch. KLAC led at +11.5 points (35.9 → 47.4), followed by CAMT at +10.0 (39.6 → 49.6). But volume tells the more cautious half of the story: relative volume across the book ran between 0.44x (BESIY) and 1.55x (ACLS), with most names clustered near 1.0x — LRCX 1.13x, ASML 1.12x, KLAC 1.44x, TER 0.93x, AMAT 0.82x. None of that is the volume signature of a conviction breakout; it's a one-session bounce on ordinary participation. No name in the book cleared RSI 50, and the book remains 26% to 51% below its 52-week high (CAMT -32.53%, AMKR -50.5%, ACLS -40.61%, MKSI -41.85%).

The trailing-year check, though, argues strongly against reading this as a broken group. All 14 names carry a positive alpha1y, ranging from ACLS's +27.41 to FORM's +240.24, and all 14 carry a positive change1y, from ACLS's +46.06% to FORM's +258.89%. Five names — CAMT (-4.2%), AMKR (-14.6%), BESIY (-4.7%), ACLS (-1.4%), MKSI (-0.8%) — sit below their 200-day even after this cycle's bounce, but every one of those five still shows a strongly positive trailing-year return and alpha. That's the textbook case for reading a name below its 200-day as a trend genuinely under test rather than a verdict already rendered — the horizon evidence doesn't support "breakdown" language for any of these five.

AMAT is the name to watch for a named catalyst: its next earnings print is scheduled for November 12, 2026, per the desk's calendar (a provider-estimated date, not yet confirmed reported). That is roughly two months out — not an imminent print, but the gate the desk is watching for this specific name and, by extension, read-through for the broader wafer-fab-equipment complex.

• KLAC: RSI 35.9 → 47.4 (+11.5), the largest move in the book; regime held pullback.
• CAMT: RSI 39.6 → 49.6 (+10.0), the highest reading in the book; still death-cross and below its 200-day.
• MKSI: RSI 33.9 → 39.7 (+5.8).
• BESIY: RSI 35.6 → 40.7 (+5.1); ASML: RSI 43.4 → 48.3 (+4.9); ENTG: RSI 43.8 → 48.7 (+4.9); FORM: RSI 40.2 → 44.9 (+4.7).
• LRCX: RSI 44.4 → 48.9 (+4.5); KLIC: RSI 36.1 → 40.2 (+4.1); ACLS: RSI 36.8 → 39.7 (+2.9).
• AMAT: RSI 37.6 → 39.8 (+2.2); AMKR: RSI 39.3 → 41.3 (+2.0); TER: RSI 43.8 → 46.9 (+3.1); ONTO: RSI 42.7 → 44.3 (+1.6).
• Every name in the book gained RSI ground this cycle — no exceptions.

Treat this cycle's clean sweep as a bounce, not a breakout — every gain came on ordinary volume, and the whole book remains a quarter to half off its highs. The trailing-year and alpha checks are what actually matter for this group: with all 14 names strongly positive on both, this reads as a genuinely intact multi-year trend digesting a rough quarter, not a group breaking down. The five names below their 200-day (CAMT, AMKR, BESIY, ACLS, MKSI) deserve the "trend under test" framing, not "breakdown" — their own trailing-year numbers argue against the stronger label. AMAT's scheduled November earnings print is the next confirmed catalyst on the calendar for this book; nothing sooner is on file.

Tier A — RSI 45+, cooling but leading (7): CAMT, LRCX, ENTG, ASML, KLAC, TER, FORM.

Tier B — Mid-book, RSI 40-45 (3): ONTO, AMKR (below 200-day), BESIY (below 200-day, thesis intact).

Tier C — Weakest, RSI <40 (4): KLIC (thesis intact-but-priced), AMAT (scheduled print in November), ACLS (below 200-day), MKSI (below 200-day).

• Tape data (price/RSI/SMA/returns/1-year, SMA200, volume): full-scan pre-computed summaries as of the 2026-09-04 close — wfe-test-metrology.
• AMAT scheduled earnings: 2026-11-12-amat-earnings.