The one-week reversal flagged last scan is now a two-week rally: all four funds posted a second straight green week, every RSI climbed further, and the Global X and First Trust cloud funds are sitting within about 1% of their 52-week highs. The software fund's trailing year kept healing — from -9.55% to -7.13% — though it remains the group's only negative long-horizon print. Nothing on this board is oversold or overbought; the whole cluster simply moved up together for a second consecutive week.

Data as-of the 2026-09-23 close. Prior scan: the September 18 cloud ETF scan (data as-of the 2026-09-18 close). The 7-day window here runs September 16 to September 23.

The reversal that started two weeks ago held for a second week running. CLOU rose 4.00% and took RSI from 52.5 to 61.6, SKYY rose 3.49% to RSI 61.6, IGV rose 2.99% to RSI 59.0, and WCLD rose 1.79% to RSI 57.5 — the smallest gain on the board, but still positive for a second straight week. Both CLOU and SKYY are now within about 1% of their 52-week highs, at -0.78% and -1.10% respectively; WCLD (-4.48%) and IGV (-8.38%) sit a bit further back.

The software fund's laggard status is narrowing rather than closing. Its trailing year has now moved from -9.68% two scans ago to -9.55% last scan to -7.13% this scan — a steady, if incomplete, repair. It remains the only fund on this board with a negative trailing year and negative excess return over the market, even as its 30-day window (+5.51%) and 200-day cushion (+15.4%) both improved again this week.

None of the four is close to either extreme. The highest print, CLOU and SKYY tied at 61.6, is still well short of the 70 line where extension typically becomes the concern, and nothing has approached oversold since this stretch began. All four funds remain well above both their 50-day and 200-day averages, with 200-day cushions now running from 15.4% (IGV) to 28.3% (CLOU).

• CLOU extended the reversal: RSI 52.5→61.6, price $27.82→$29.14, 7D +2.54%→+4.00%, 30D -0.11%→+5.2%.
• SKYY extended: RSI 54.9→61.6, price $162.02→$167.54, 7D +2.24%→+3.49%, 30D +0.53%→+5.39%.
• IGV extended, and its trailing-year repair continued: RSI 52.2→59.0, price $104.35→$108.10, 7D +2.79%→+2.99%, 30D +1.50%→+5.51%; trailing year -9.55%→-7.13%.
• WCLD extended, though it decelerated on the week: RSI 51.5→57.5, price $40.24→$41.59, 7D +3.76%→+1.79%, 30D -0.69%→+2.92% — its 30-day window turned positive for the first time in this stretch.
• No entrants, no dropouts, no regime change: all four remain intact uptrends above their 200-day averages, and none reached oversold or overbought.

Everything here is tape. The news layer remains unavailable for this board — the pulls checked return quote and overview pages only, with nothing dated inside this week's window — so no move below is explained, and the absence of a headline is not evidence that nothing happened.

On structure, all four funds are comfortably above both their 50-day and 200-day averages, and the two-week rally has taken CLOU and SKYY to within roughly 1% of their 52-week highs. Three funds carry positive trailing years and positive alpha; the software fund carries neither, though the gap is closing scan over scan. These are baskets, not single names — a rising RSI here says the group's average moved, not any one holding inside it.

The relevant cross-read holds again this week: the cybersecurity board this desk tracks was green across all eleven of its rows over the same seven days, with two of its names (Zscaler and Okta) crossing into near-overbought territory. Software and security continue to move as one complex.

Capitulation (RSI below 25): None.

Oversold (RSI 25-40): None.

Neutral/Strong (RSI 40 and up): All four, now spanning 57.5 to 61.6 — up from last scan's 51.5 to 54.9, and the second straight scan the range has moved higher rather than lower.

Conditions, not advice.

• Does the software fund's trailing year cross into positive territory next scan, or does the repair stall?
• Do CLOU and SKYY push to fresh 52-week highs, or does the two-week run pause here?
• Does the cybersecurity cross-read hold for a third straight week, or does one complex diverge from the other?

• Tape data (price, RSI, moving averages, returns, long-horizon): pre-computed summaries as of the 2026-09-23 close — cloud-etfs.
• Prior-scan comparison values: 2026-09-18-cloud-etfs.
• Cross-read to the security complex: cybersec as of the 2026-09-23 close.