Growth bought the rate hike and income sold it. Cloud and software, which were cooling off an extension a week ago, turned and ran — WCLD went from -4.76% on the week to +3.76%, IGV from -2.92% to +2.79% — while the dividend and income sleeve took the damage: VYM's momentum reading fell to 32.9 from 45.0 and SCHD's to 38.3 from 44.7, both in a single week. Small caps kept cracking (IWM at 34.4, down from 38.7), and uranium turned negative on the year for the first time in this tracked window. The broad-market core is unbroken: every core fund is still above its 200-day average with a double-digit or high-teens one-year gain.

Data as of the settled Friday 2026-09-18 close. Prior comparison numbers are from the September 11 edition of this scan and are labelled as such.

The core held and quietly improved. QQQM closed $296.91 with momentum at 55.6, up from 50.8 a week ago, and its 30-day return turned positive (+0.7%, from -1.2%). QQQ tells the same story ($721.45, 55.9). VOO ($701.78, 50.7) and VTI ($375.43, 49.0) are flatter — both sit a shade under their 20-day averages — but all four remain 6.3% to 8.9% above their 200-day averages with one-year gains of +14.7% to +21.2%. That is the shape of digestion inside an intact trend, not deterioration.

The Federal Reserve raised rates on Wednesday — its first hike in three years, per CNBC's September 16 coverage — and the ten-year Treasury yield climbed back to 5%. This universe priced that split. The income and dividend sleeve sold hardest: VYM fell to $159.26 with momentum at 32.9 (was 45.0) and is down 2.25% on the week; SCHD $33.68 at 38.3 (was 44.7); JEPI $56.24 at 37.9, now negative on the year at -1.2% and below its 200-day. The two bond proxies did something different — HYG and LQD barely moved on price (-0.09% and +0.36% on the week) but their momentum readings jumped off oversold (HYG 28.3 → 34.5, LQD 29.8 → 39.9). That is a decline that stopped, not a recovery; both are still below their 200-day averages with negative one-year returns.

Cloud and software reversed hard off last week's cooldown. WCLD $40.24 (+3.76% on the week, from -4.76%), CLOU $27.82 (+2.54%), SKYY $162.02 (+2.24%), IGV $104.35 (+2.79%) — all four up after all four were down. Their 200-day cushions are wide (WCLD +24.3%, SKYY +23.6%, CLOU +23.0%) and their three-month gains run +17% to +36%. IGV remains the group's split case: a short-window uptrend label sitting on a one-year return of -9.6%, with the year's excess return at -24.6. Chips rose with them — SMH $573.00, up 0.79% on the week and 2.15% on the month, 17.6% above its 200-day with a one-year gain of +80.8%.

Small caps, uranium and clean energy are where the genuine damage is. IWM $284.10, momentum 34.4 (was 38.7), down 5.84% on the month, its 200-day cushion compressed to +3.4% from +5.5% a week ago — but its one-year return is still +16.0%, so this reads as a deep pullback inside an intact long trend, not a breakdown. URA is different: $41.65, down 4.32% on the week and 7.47% on the month, 14.1% below its 200-day and now -8.9% on the year — a long trend genuinely under test, and the first negative one-year print for the fund in this tracked window. TAN ($45.66, 17.1% below its 200-day, 39.6% off its 52-week high) and ICLN ($17.56, 6.6% below) remain the deepest structural holes in the thematic sleeve.

Gold cooled, China stayed broken, Brazil gave back its extension. GLD $401.17 held below its 200-day for a fourth straight week (-3.6%, from -4.1%) with momentum recovering to 50.6 from 47.5; its one-year gain of +19.5% is intact. GDX $95.48 slipped to 51.6 from 54.0 and is down 1.67% on the week, still +5.3% above its 200-day and +38.8% on the year. KWEB's momentum bounced to 40.0 from 32.4 on a +0.93% week, but its one-year deficit widened again to -40.8% from -39.6% — the most structurally broken name in this universe for a third straight week. EWZ gave back its near-overbought reading (56.8, was 65.1) on a -1.75% week while holding a +9.52% month.

Same 48 funds as last week — no entrants, no dropouts. Prior-week readings are from the September 11 edition.

Everything here is raw screen evidence: price, momentum, moving-average position and return windows, nothing else. A low momentum reading inside this universe is a description of the last two weeks, not a recommendation — the question is always whether the long trend underneath it is intact, under test, or broken, and the 1Y and vs-200-day columns are how this board answers that. A fund above its 200-day with a large positive one-year return is in a deep pullback (IWM, XBI, SMH); a fund below its 200-day with a negative one-year return has a real trend problem (KWEB, URA, JEPI, TAN, LQD, HYG). Three funds — DRAM, RONB, DISK, LAZR and CQTM — do not yet have enough price history for a 200-day or one-year reading and are marked as such; no structural verdict is available on them. The leveraged and inverse block is legacy coverage carried for transparency only and is never proposed. No cause is attached to any move in this scan beyond the dated Federal Reserve decision cited above.

Capitulation (RSI below 25): None this week.

Oversold (RSI 25-40): VYM (32.9), TNA (33.6, leveraged), IWM (34.4), HYG (34.5), DOGG (36.2), JEPI (37.9), SCHD (38.3), TAN (38.5), INDA (39.0), LQD (39.9). The tier has changed character from a week ago: it was small caps and bonds, and it is now small caps, bonds and the entire dividend/income sleeve. Of the ten, four (VYM, IWM, SCHD, TNA) still carry double-digit positive one-year returns and sit above their 200-day averages — oversold inside an intact trend. Six (HYG, DOGG, JEPI, TAN, INDA, LQD) sit below their 200-day averages, and four of those are also negative on the year.

Neutral / Strong (RSI 40+): The remaining 38 funds, topped by QYLD (64.0), VGT (58.6), FTEC (58.4) and XLK (58.2). Nothing on this board is overbought — the highest reading in the universe is 64.0, and no fund reached 70.

Conditions, not advice. Each line states what would have to be true, not what to do.

• Does the income sleeve keep paying for the rate path? VYM at 32.9 and SCHD at 38.3 are one week old. A second week down puts both near their 200-days ($155.11 and $31.45), which is where the "pullback" read would have to be revisited.
• IWM's 200-day at $274.83. Three straight weeks of deterioration with a +16.0% year behind it. Hold that line and this stays a pullback; lose it and small caps join the under-test list.
• URA below $48.47 (its 200-day). The one-year return went negative this week for the first time in this tracked window. Whether that is a rate move or something specific to the fuel cycle is not answered by this board.
• GLD's $416.22. Four weeks below the 200-day with the year intact. The reclaim is the trigger; there is no evidence either way in these numbers.
• Cloud's follow-through. WCLD, CLOU, SKYY and IGV all turned in one week. One week is a bounce; the question is whether the second week confirms.

Sources: etf-ideas (all 48 rows, latest bar 2026-09-18); 2026-09-11-etf-universe (prior-week comparison values); 2026-09-16-cnbc-fed-delivers-its-first-hike-in-3-years-plus-what-s-moving-st-108363844 and 2026-09-16-cnbc-10-year-treasury-yield-climbs-back-to-5-after-fed-hikes-rate-108363494 (the dated Federal Reserve decision and the ten-year yield); avoid-instruments (leveraged/inverse policy).