The board carries a Friday 2026-09-11 settled close, and this cycle's story is a full oversold-band rotation layered under broad cooling: Constellation Energy (CEG) posted the sharpest RSI drop on the board (-13.0) and crossed back below its 200-day on the heels of a fresh $3.09B equity raise, while the oversold band completely turned over — AVGO, DDOG, and QBTS all recovered above RSI 40, and five new names (PATH, OKLO, RUN, SOUN, NEE) fell in from four different corners of the complex. QCOM was the clear positive standout, RSI +13.2 to 66.3 with its 1-year gain more than doubling. All 67 tickers carry a fresh 2026-09-11 close (ai-scan).

LONG-HORIZON READ: a name whose short-window trend flag reads "down" but sits ABOVE its 200-day with a positive 1-year change is a deep pullback in an intact trend, never a breakdown. Only price below the 200-day paired with a weak or negative year is real structural damage — that distinction is called out explicitly below wherever a trend flag might otherwise mislead.

CEG posted the board's sharpest move by a wide margin. Its RSI fell 13.0 points (66.7→53.7) and it crossed back below its 200-day (+0.9%→-3.6%), reversing the early-August earnings re-rate the desk has tracked as repaired for two straight cycles; its 1-year change deepened further negative (-3.27%→-10.46%). News pulled 2026-09-11 surfaces a fresh item (Yahoo Finance, dated 2026-09-10) describing a $3.09 billion equity raise tied to AI-power agreements that "materially changed its investment case" — a real, dated corporate action that plausibly explains dilution-driven weakness, though the news summary on file doesn't state the market's reaction directly, so this is reported as a likely driver rather than a confirmed one. CRM cooled the second-hardest (RSI -11.7, 76.6→64.9) out of deep overbought, with its 1-year change nearly erased (+6.24%→+0.58%) even as its 30-day return stays enormous (+28.14%). SMR fell the third-hardest (RSI -10.9, 53.9→43.0) on a -15.67% single-day drop; the news on file (last meaningfully updated 2026-09-09) describes an earlier 15%+ intraday pop on reactor-safety and nuclear-sector news, not this reversal, so this week's drop has no sourced cause — cause unknown, and the stock remains -75.53% on the year regardless.

The oversold band fully turned over this cycle. Three names that anchored it last cycle — AVGO, DDOG, and QBTS — all recovered above RSI 40 (AVGO to 42.2, DDOG to 44.3, QBTS to 42.5). In their place, five new names fell into the 25-40 band from four different corners of the complex: PATH (38.9, continuing its post-earnings slide), OKLO (38.7), RUN (38.7), SOUN (36.7), and NEE (36.4). PATH's slide is sourced — the news on file (pulled 2026-09-09) shows continued analyst-desk pressure (a BofA call) following the Sept 3 earnings beat that already triggered a sharp sell-off two cycles ago; its RSI has now fallen in three straight cycles (76.3→45.3→38.9) and its trend flag flipped to weak-down this cycle even though its 1-year change (+17.62%) and 200-day cushion (+6.6%) both stay positive — still a deep pullback, not yet a breakdown. OKLO's continued deterioration (RSI -8.7, 7D -12.24%, 30D -19.74%) has no fresh cause on file — its news was last meaningfully updated 2026-08-25 (an earnings-beat transcript), well before this week's slide.

Semis and memory mostly held up or improved against the broader cooldown. QCOM was the clear standout (RSI +13.2 to 66.3, 1-year change more than doubling to +12.67%), and NET, AMD, INTC, and CSCO all posted meaningful RSI gains (+8.8, +8.3, +5.8, +9.9 respectively) with trend flags flipping positive for NET and AMD specifically — AMD's 1-year change accelerated further to +231.55% and NET's 200-day cushion widened from +25.4% to +36.5%. NVDA cooled the hardest in the group (RSI -10.6 to 49.8) with its 1-year change decelerating (34.20%→23.21%) though its cushion above the 200-day (+10.5%) stays solid. MU's headline 1-year figure dropped sharply (718.44%→547.71%) — a base-effect deceleration rather than new weakness, since its 30-day return stayed positive (+7.02%) and its 200-day cushion remains enormous (+56.8%). ADBE's Q3 earnings beat (EPS $6.13 vs. $6.09 consensus, reported 2026-09-10 per the stock-event on file) barely moved the stock (change1d +1.37%) because billings came in slightly light and operating margin declined year over year per the same news pull — the stock stayed in a weak, strong-down trend (RSI 42.5, -5.4% below its 200-day). IONQ raised its full-year revenue guidance to $450-460M on 2026-09-08 (tied to the SkyWater acquisition, news pulled fresh 2026-09-11) but the stock kept deteriorating regardless — RSI -5.3 to 41.1, 1-year change worsening to -21.89% — a real divergence between a positive corporate update and continued cohort-wide weakness across Quantum/Speculative (SOUN, RGTI, BBAI all also declined this cycle).

AI Power/Energy broadly cooled after last cycle's full relief rally — CEG (discussed above), VST (-3.0 RSI), NEE (-4.7, newly oversold), and SMR (discussed above) all gave back ground, while BE was the one clean holdout, extending further (RSI +1.9 to 65.0, vs 20-day now +21%, still digesting its Sept 4 Brookfield/Oracle AI-infrastructure and S&P 500-inclusion news rather than reacting to anything new this week). AI Healthcare cooled broadly too — VEEV's 1-year change flipped negative for the first time (+1.86%→-6.11%) even as it stays 32.2% above its 200-day, and TEM's cushion above its 200-day thinned sharply (14.6%→4.9%). ISRG remains the group's clear, unchanged breakdown. Telecom and the AI ETF bucket were comparatively quiet — AIQ and SMH both cooled modestly while holding their long-horizon leadership, and META posted the group's most notable positive surprise, crossing back above its 200-day for the first time this stretch (-0.9%→+4.0%) even as its 1-year change stays deeply negative (-13.7%, improved from -17.62%) — a breakdown that's healing but not yet repaired.

1. CEG posted the board's sharpest move and crossed back below its 200-day: RSI 66.7→53.7 (-13.0), vs SMA200 +0.9%→-3.6%; news pulled 2026-09-11 flags a fresh $3.09B equity raise as a plausible driver.
2. The oversold band fully turned over: AVGO, DDOG, and QBTS all recovered above RSI 40; PATH, OKLO, RUN, SOUN, and NEE fell newly into the 25-40 band.
3. CRM cooled hard out of deep overbought: RSI 76.6→64.9 (-11.7), 1-year change nearly erased (+6.24%→+0.58%).
4. SMR dropped sharply with no sourced cause: RSI -10.9 (53.9→43.0) on a -15.67% single day; news on file predates this move.
5. QCOM posted the board's sharpest positive move: RSI 53.1→66.3 (+13.2), 1-year change more than doubled to +12.67%.
6. AMD and NET both flipped trend flags to strong-up: AMD RSI +8.3 (1-year now +231.55%); NET RSI +8.8 (200-day cushion 25.4%→36.5%).
7. META crossed back above its 200-day: vs SMA200 -0.9%→+4.0%, 1-year change improved to -13.7% (from -17.62%) — healing, not yet repaired.
8. PATH's trend flag flipped to weak-down for the first time: RSI fell a third straight cycle (45.3→38.9), still a positive year and 200-day cushion.
9. ADBE's earnings beat barely moved the stock: EPS beat ($6.13 vs $6.09 est., reported 2026-09-10) but billings light, RSI continued falling (48.9→42.5), stayed below its 200-day.
10. IONQ raised guidance but kept deteriorating: full-year revenue guidance raised to $450-460M (2026-09-08) against RSI -5.3 (46.4→41.1), 1-year change worsening to -21.89%.
11. VEEV's 1-year change flipped negative for the first time: +1.86%→-6.11%, still 32.2% above its 200-day.
12. NVDA cooled the hardest in Semis: RSI -10.6 (60.4→49.8), 1-year deceleration to +23.21% (from +34.20%), cushion above the 200-day still solid at +10.5%.

RSI < 25 = capitulation. RSI 25-40 = oversold (check trend/death-cross and the long-horizon numbers before treating as a buy signal — several names here fell into this band on a rough week while remaining well above their 200-day). RSI 40-70 = neutral-to-healthy. RSI > 70 = extended. "vs SMA" = distance from the 20-day average. "1Y%" and "vs SMA200" are the long-horizon check: a red short-window trend flag paired with price above the 200-day and a positive year is a deep pullback, not a breakdown; the reverse (below the 200-day, weak or negative year) is real structural damage.

Read: QCOM is the group's clear standout this cycle. NVDA cooled the hardest but its long-horizon numbers stay solidly intact. AVGO climbed out of oversold but remains the group's one name below its 200-day.

Read: All three continue extending or holding historic 1-year gains — deep pullbacks inside intact uptrends.

Read: META's cross back above its 200-day is the group's clearest positive development this cycle, though its year stays negative. TSLA improved but the long-horizon check still calls it a breakdown healing rather than repaired.

Read: ZS remains the group's real breakdown. CRWD, PANW, and FTNT are all cooldowns inside intact, doubled trends.

Read: CEG's fresh cross below its 200-day is in the Power/Energy group below, but PATH's continued slide (now oversold and trend-flipped) is this group's clearest concern. ADBE's earnings beat did little for the stock given light billings.

Read: Last cycle's broad relief rally reversed almost entirely — only BE holds its gains cleanly. CEG's fresh cross below its 200-day on a dilutive equity raise is the group's headline event; SMR and OKLO both deteriorated further with no sourced catalyst on file.

Read: VEEV's flip to a negative year is new this cycle. ISRG stays the clear breakdown despite the desk's intact thesis rating.

Read: This cohort trades well below its 200-day regardless of RSI direction. IONQ's positive guidance update against continued price deterioration is the notable divergence this cycle.

Read: SKM remains the clean leader; TMUS is the group's real long-trend problem, unchanged.

Read: AIQ leads the bucket. BOTZ remains the one below-200-day name in the group.

Read: Still too young for a full long-horizon read; treat any short-window signal as provisional.

None on this board.

NEE (36.4), SOUN (36.7), RUN (38.7), OKLO (38.7), PATH (38.9) — five names, a full rotation from last cycle's three (AVGO, DDOG, QBTS, all now above 40). No overlap between last cycle's band and this one.

The remaining 62 names, led by META (67.2), QCOM (66.3), BE (65.0), CRM (64.9), and VZ (63.3).

• Whether CEG's cross back below its 200-day is a one-cycle reaction to the $3.09B equity raise or the start of a real trend break, given the raise itself was framed as supporting AI-power growth rather than distress.
• Whether the oversold band's full turnover (PATH, OKLO, RUN, SOUN, NEE in; AVGO, DDOG, QBTS out) marks a genuine rotation of weakness or a one-cycle noise event.
• Whether SMR's unexplained -15.67% single-day drop finds a sourced cause next cycle or stays an open question.
• Whether QCOM's sharp positive move (RSI +13.2, 1-year gain doubled) extends or was a one-cycle pop.
• Whether IONQ's raised guidance eventually shows up in the price action, or the Quantum/Speculative cohort's broader weakness keeps overriding company-level news.
• Whether META's cross back above its 200-day holds and starts repairing its still-deeply-negative year, or reverses like CEG's did this cycle.

• Tape data (price/RSI/SMA/returns): full-scan pre-computed summaries as of the 2026-09-11 close — ai-scan.
• News receipts checked for cause attribution: stocks{CEG,SMR,OKLO,ADBE,IONQ,PATH,BE}/news/latest.json`; stock-events: 2026-09-10-adbe-earnings.
• Prior cycle for comparison: 2026-09-04-ai-scan.