Cloud's reversal held for a second straight week and chips extended further, while the income sleeve's damage went from a momentum dip to a genuine oversold cross, and gold's edge over the market flipped negative. Every fund in this universe closed lower on Wednesday after a strong five-day run — a red session capping a positive week, not a reversal of it. Two new funds joined coverage this week.

Data as of the settled 2026-09-23 close, per the desk's summaries. Prior comparison numbers are from the September 18 edition of this scan.

The core widened its cushion even through a red session today. QQQM closed $305.14 (RSI 63.1, -0.86% on the day, +5.15% on the week), QQQ $741.21 (RSI 63.2, similar shape). Both pushed their 200-day cushion out to +11.5%/+11.6% from +8.8%/+8.9% a week ago, and their one-year returns rose to 23.91% from roughly 21.1–21.2%. VOO ($707.60, RSI 54.4) and VTI ($378.23, RSI 52.5) are flatter but improving the same way — cushions widened to +7.2%/+6.8% from +6.5%/+6.3%. Today's across-the-board decline (SPY -0.72%, QQQ -0.84%, IWM -1.84%, per the desk's broad-market read) sits inside a positive week, not against one.

Cloud and software's reversal — flagged last scan as one week old — held for a second week. WCLD $41.59 (RSI 57.5, 200-day cushion 28.0% from 24.3%), CLOU $29.14 (RSI 61.6, cushion 28.3%), SKYY $167.54 (RSI 61.6, cushion 27.3%), IGV $108.10 (RSI 59.0, its one-year deficit narrowing to -7.13% from -9.55%, still the split case where the short trend and the year disagree). Chips extended alongside them: SMH $601.41, RSI 61.4, still the strongest long trend on the board at +86.95% on the year and 22.5% above its 200-day.

The income and bond sleeve did not stop deteriorating — it crossed into genuinely oversold territory. SCHD's momentum fell further to 32.8 from 38.3; VYM crossed the line entirely to RSI 28.5 (from 32.9), the tier's first sub-30 reading in this tracked window; the bond proxies HYG (RSI 29.5, also newly sub-30) and LQD (34.2) still show no price repair, with one-year deficits widening slightly (HYG -3.89%, LQD -7.00%). JEPI is the exception, drifting back toward flat (RSI 44.8, one-year -0.46% from -1.21%).

Gold and uranium both got worse on the long-horizon read, not better. GLD closed $392.88, RSI 44.4, now more than five weeks below its 200-day at -5.6% (from -3.6%), and its one-year return compressed hard to +13.4% from +19.53% — its excess return over the market turned negative for the first time in this tracked window. URA held roughly flat on price ($41.99) but its one-year return deepened further to -16.62% from -8.90%, still 13.3% below its 200-day; the fund flagged last week as "newly under test" is more broken this week, not less. TAN and KWEB remain the deepest structural holes — TAN 18.1% below its 200-day, KWEB still -38.82% on the year though that deficit narrowed slightly from -40.82%.

Two funds joined this coverage this week — IGPT ($102.65, RSI 65.6, +88.04% on the year, 30.7% above its 200-day) and AIS ($75.11, RSI 59.6, +114.66% on the year, 29.9% above its 200-day) — both reading as intact uptrends from their first appearance here.

IWM's momentum is stuck. Its RSI read exactly 34.4 both this week and last, while its 200-day cushion compressed further to 2.4% from 3.4% and price drifted down to $281.92. The one-year return, still +15.62%, keeps this a deep-pullback read rather than a breakdown, but the cushion is thinning toward the line that would change that call. Leveraged sibling TNA shows the identical stuck-momentum pattern at RSI 33.6 both weeks.

Two funds joined coverage this week (added 2026-09-22 per the desk's coverage log); the rest of the universe is unchanged.

Everything here is raw screen evidence: price, momentum, moving-average position and return windows, nothing else. A low momentum reading inside this universe describes 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 one-year and 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). DRAM, RONB, CQTM, WQTM, DISK and LAZR still don't have enough price history for a full 200-day or one-year read and are marked as such. 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 what is dated on the record.

Capitulation (RSI below 25): None this week.

Oversold (RSI 25-40): VYM (28.5), HYG (29.5), SCHD (32.8), TNA (33.6, leveraged), LQD (34.2), IWM (34.4), SOXS (36.1, inverse), DOGG (36.7), TAN (37.8). Nine names, and JEPI and INDA both graduated out of this tier since last week (JEPI to 44.8, INDA to 40.9). Of the nine, four (VYM, SCHD, TNA, IWM) still carry positive one-year returns and sit above their 200-day averages — oversold inside an intact trend. The rest (HYG, LQD, DOGG, TAN, SOXS) sit below their 200-day averages or carry structural decay by design.

Neutral / Strong (RSI 40+): The remaining 39 funds, topped by IGPT (65.6), XLK and FTEC (64.7), VGT (64.4) and TECL (63.7, leveraged). Nothing on this board is overbought — the highest reading in the universe is 65.6, and no fund reached 70.

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

• Does VYM and HYG's cross below RSI 30 mark a bottom or the start of deeper damage? Both are new to genuinely oversold territory this week; their 200-day lines ($155.32 for VYM, $80.00 for HYG) are the next things to watch, not a comfortable cushion.
• IWM is holding just above the $275.37 level, its 200-day average. A second straight week of a stuck 34.4 momentum reading with a cushion down to 2.4% — the gap is narrow enough now to decide the "pullback vs. break" question soon.
• URA below $48.41 (its 200-day). The one-year deficit deepened again this week to -16.62%; nothing in this board explains whether that's a rate-path story or something specific to the fuel cycle.
• GLD's $416.37 reclaim. More than five weeks below the 200-day, and the fund's edge over the market just went negative for the first time in this tracked window.
• Cloud's third week. WCLD, CLOU, SKYY and IGV all held their reversal for a second week; whether a third week confirms it remains open.

Sources: etf-ideas (all 50 rows, latest bar 2026-09-23); market-pulse (today's broad-market reference); 2026-09-18-etf-universe (prior-week comparison values); CHANGELOG (IGPT/AIS added 2026-09-22); avoid-instruments (leveraged/inverse policy).