Reason: The rotation cooled from Wednesday's overbought extremes without breaking anything. OKTA's RSI fell from 71.3 to 62.1 (+7.03% week, +45.21% month) — the Permiso Security acquisition already on file remains the only dated cause, and the name now reads as a pullback rather than extended. ZS also cooled, RSI 70.5 to 53.6, and is still deeply negative on the year (-32.66%, alpha -49.87) even after a September 24 item flagged it trading above the average analyst target price. DDOG (+16.62%) is now the group's strongest mover. CRWD (+6.09%) stays the cleanest structure. INTU keeps breaking — RSI fell into oversold (29.6) but the trend itself is worse, not better: -60.19% on the year, -31.6% against its 200-day. Roster unchanged.

Price/RSI Table

Status reads the 200-day trend first and RSI second; Action is a trend-hold lens — an extended name is never an entry, and a name below its 200-day with a negative year is not a dip.

What Changed Since 2026-09-23

• OKTA: RSI moved from 71.3 to 62.1, +7.03% week, +45.21% month, +78.8% against its 200-day. Its pull (refreshed September 22) still carries the same September 21 Permiso Security acquisition as the only dated cause — no new item this week.
• ZS: RSI moved from 70.5 to 53.6, +13.35% month, still -32.66% on the year at alpha -49.87. Its pull (refreshed September 25) carries a dated item: on September 24 Zscaler traded above the average analyst 12-month target of $188.70; a separate September 24 item recaps an insider sale and a valuation debate. Neither is a new catalyst, just a momentum marker.
• CRWD: +6.09% week, +33.28% month, +68% against its 200-day. Its pull (refreshed September 25) still only recaps the August 26-27 earnings beat already on file — no new dated cause.
• DDOG: +16.62% week, the group's biggest mover; its pull remains stale since September 11 — no news pulled for this week's move.
• INTU: RSI fell to 29.6 (oversold) but the trend deepened: -9.04% week, -20.26% month, -60.19% year, -31.6% against its 200-day — the thesis stays flagged broken. Its pull (refreshed September 25) carries only the already-known September 21 Investor Day reaffirmation of fiscal 2027 guidance; the stock is falling despite management holding its numbers.
• Roster unchanged since September 23: no entrants, no dropouts.

Sources

• Tape data (price, RSI, returns, one-year change and alpha, distance to the 200-day): pre-computed summaries as of the 2026-09-25 close — cloud-saas (Schwab).
• Prior edition (format and roster only): 2026-09-23-cloud-saas.
• News checks: latest, .../CRWD/news/latest.json, .../INTU/news/latest.json (all pulled 2026-09-25), .../OKTA/news/latest.json (pulled 2026-09-22), .../DDOG/news/latest.json (pulled 2026-09-11, stale).