This 14-name equipment book kept most of last cycle's gains — 9 of 14 names extended their RSI advance, led by FORM (+9.0), KLIC (+8.4), and AMKR (+8.2). Every single name in the book still carries a positive alpha1y — the cleanest long-horizon read of any book in this batch — and the below-200-day group shrank from five names to four as MKSI crossed back above. This remains the textbook deep-pullback-in-an-intact-trend case, not a broken group.

Data as-of the 2026-09-11 close for all 14 names. Comparison baseline is the September 4 scan.

This book extended last cycle's clean-sweep bounce rather than reversing it: 9 of 14 names gained RSI ground, led by FORM at +9.0 points (44.9 → 53.9), KLIC at +8.4 (40.2 → 48.6), and AMKR at +8.2 (41.3 → 49.5). Five names cooled slightly — LRCX (-3.7), KLAC (-2.6), BESIY (-2.1), ASML (-1.5), ACLS (-0.1) — but none of those declines is sharp, and the book's overall reading continues to climb off last cycle's ordinary-volume bounce.

The trailing-year check remains unambiguous: all 14 names in this book carry a positive alpha1y, ranging from ACLS's +15.13 to FORM's +259.8, and all 14 carry a positive change1y. The below-200-day group shrank this cycle — CAMT, AMKR, ACLS, and BESIY (research-only) remain below their 200-day, down from five last cycle as MKSI crossed back above (vs 200-day now +0.9%). Every one of those four below-200-day names still carries a strongly positive trailing-year return and alpha, which continues to argue for "trend under test" rather than "breakdown" language across the whole book.

AMAT remains the name to watch for a named catalyst: its next earnings print is still scheduled for November 12, 2026, per the desk's calendar — roughly two months out, unchanged from last cycle, and still the gate the desk is watching for read-through across the wafer-fab-equipment complex.

• FORM: RSI 44.9 → 53.9 (+9.0), the largest gain in the book.
• KLIC: RSI 40.2 → 48.6 (+8.4); AMKR: RSI 41.3 → 49.5 (+8.2) — both still below their 200-day but with strongly positive alpha.
• TER: RSI 46.9 → 53.1 (+6.2); ONTO: RSI 44.3 → 49.5 (+5.2); MKSI: RSI 39.7 → 44.3 (+4.6), crossing back above its 200-day.
• AMAT: RSI 39.8 → 41.7 (+1.9); CAMT: RSI 49.6 → 51.2 (+1.6); ENTG: RSI 48.7 → 50.0 (+1.3).
• LRCX: RSI 48.9 → 45.2 (-3.7), the largest decline; KLAC: RSI 47.4 → 44.8 (-2.6); BESIY: RSI 40.7 → 38.6 (-2.1).
• The below-200-day group narrowed from five names to four as MKSI's vs-200-day flipped from -3.3% to +0.9%.
• AMAT's scheduled November 12 earnings print is unchanged.

Treat this cycle's continued gains as a genuine extension of the prior bounce rather than a reversal to worry about — the book is climbing off ordinary-volume digestion, and every single name remains strongly positive on the trailing year and alpha. The four names still below their 200-day (CAMT, AMKR, ACLS, BESIY) deserve the "trend under test" framing, not "breakdown" — their own trailing-year numbers argue against the stronger label, and MKSI's move back above its 200-day this cycle is exactly the kind of resolution that framing anticipates. AMAT's scheduled November earnings print is still the next confirmed catalyst on the calendar for this book.

Tier A — RSI 45+ (7): FORM, TER, CAMT (below 200-day), ENTG, ONTO, AMKR (below 200-day), KLIC (thesis intact-but-priced).

Tier B — Mid-book, RSI 40-45 (4): ASML, LRCX, KLAC, MKSI (back above 200-day).

Tier C — Weakest, RSI <40 (3): AMAT (scheduled print in November), ACLS (below 200-day), BESIY (research-only, below 200-day).

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