Cloud and software's two-week reversal cooled this session — every fund in that group lost momentum and cushion at once — while the core kept extending and two of last week's newly-oversold income names climbed back out. The broad market notched a positive Friday (the S&P 500 proxy up 0.54%, the Nasdaq-100 proxy up 0.46%, per the desk's summaries), and the growth core rode it higher, but the picture underneath is mixed: bonds sank deeper into oversold territory even as dividend funds partly repaired.

Data as of the settled 2026-09-25 close, per the desk's summaries. Prior comparison numbers are from the September 23 edition of this scan.

The core extended again through a positive Friday. The S&P 500 proxy closed up 0.54% and the Nasdaq-100 proxy up 0.46% today, per the desk's summaries. QQQM closed $306.54 (RSI 64.7, 200-day cushion +11.9% from +11.5% a week ago, 1-year return +25.46% from +23.91%), QQQ $744.50 (same shape). VOO ($710.79, RSI 57.1) and VTI ($379.77, RSI 55.1) kept improving too, cushions widening to +7.6%/+7.2% from +7.2%/+6.8% and one-year returns rising to +17.18%/+16.80%. IWM's momentum is still stuck in the mid-30s — RSI 34.9 this week versus 34.4 last — with its 200-day cushion essentially unchanged at +2.3% (from +2.4%); the one-year return, now +17.84%, keeps this a deep-pullback read rather than a breakdown, but the cushion remains thin enough that it stays a name to watch.

Cloud and software's reversal — which had held for two straight weeks — lost ground across every name in the group this session. WCLD closed $40.28, RSI 49.8 (down from 57.5), its 200-day cushion compressing to +23.8% from +28.0% and its one-year return slipping to +13.11% from +14.54%. CLOU ($28.39, RSI 54.0 from 61.6, cushion +24.7% from +28.3%), SKYY ($164.68, RSI 55.7 from 61.6, cushion +24.8% from +27.3%) and IGV ($106.01, RSI 53.7 from 59.0, cushion +13.2% from +15.4%, one-year deficit still -6.93%) all moved the same direction. None of these names broke their 200-day averages — the cushions are still double digits across the board — but the question flagged last scan, whether a third week would confirm the bounce, reads no this week. Chips did not follow the same pattern: SMH closed $606.56 (RSI 62.7, cushion +23.0% from +22.5%, one-year return +89.51% from +86.95%), still extending and still the strongest long trend on this board.

The income sleeve partially repaired even as bonds sank further. VYM closed $157.68, RSI 31.8 — back above the 30 line it crossed below last week (28.5) — with its cushion essentially unchanged at +1.4%. SCHD closed $33.21, RSI 33.6, also climbing back from last week's 32.8 after three straight weeks of deepening; its one-year return improved to +23.05% from +21.46%. JEPI's one-year return crossed back to positive territory, +0.19% from -0.46%, on a price essentially flat at $56.76. The bond proxies moved the opposite way: HYG closed $77.86, RSI 26.5 — deeper into oversold than last week's 29.5 and the lowest reading in this entire universe — while LQD closed $103.21, RSI 30.3, sitting right at the oversold line after last week's 34.2. Neither bond fund shows any price repair; both remain below their 200-day averages with negative one-year returns.

Gold held roughly flat while a thematic fund's one-year edge nearly vanished. GLD closed $393.41, RSI 45.2, still 5.5% below its 200-day (from -5.6%) with its one-year return ticking up slightly to +14.11% from +13.4% — no meaningful change from last week's flagged deterioration. TAN is the more notable mover: its one-year return fell to +0.80% from +6.33%, the sharpest year-over-year decline on this board, while its 200-day gap widened to -19.9% from -18.1%. URA held roughly flat on structure (1-year -16.80% from -16.62%, cushion -15.4% from -13.3%). JETS crossed back above its 200-day average this week, +1.5% from -1.0%, with its one-year return improving to +17.04% from +10.05%.

International names mostly cooled. EWZ closed $36.82, RSI 48.0 (from 53.0), its cushion compressing to +1.5% from +3.2%. FXI ($33.96, RSI 39.9, one-year deficit deepening to -16.50% from -14.31%) and KWEB ($24.58, RSI 39.1, one-year deficit deepening to -41.03% from -38.82%) both worsened, KWEB remaining the most structurally broken name on this board. INDA held roughly steady (-8.82% year from -9.44%, -4.3% cushion from -4.0%).

No membership changes this week — the universe holds at 50 names.

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 recent tape, 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, TAN, LQD, HYG, FXI). DRAM, RONB, CQTM, DISK and LAZR still don't have enough price history for a full 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): HYG (26.5), LQD (30.3), VYM (31.8), SCHD (33.6), TNA (33.9, leveraged), IWM (34.9), SOXS (34.9, inverse), DOGG (34.7), TAN (36.3), KWEB (39.1), FXI (39.9). Eleven names, up from nine last week. Of these, the same four names as last week — VYM, SCHD, TNA, IWM — still carry positive one-year returns and sit above their 200-day averages, so they remain oversold inside an intact trend rather than damage. The rest (HYG, LQD, DOGG, TAN, KWEB, FXI, SOXS) sit below their 200-day averages or carry structural decay by design.

Neutral / Strong (RSI 40+): The remaining 39 funds, topped by IGPT (66.8), XLK (65.4), FTEC (65.2), VGT (65.0) and TECL (64.6, leveraged). Nothing on this board is overbought — the highest reading in the universe is 66.8, and no fund reached 70.

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

• Does cloud/software's stall extend into a genuine pullback, or was this one soft session inside a still-intact reversal? All four names — WCLD, CLOU, SKYY, IGV — lost RSI and cushion together; none broke their 200-day.
• HYG's $79.97 (its 200-day) and LQD's $108.62. Both bond proxies are now deeper into oversold than last week with no price repair — the deepest reading in this entire universe belongs to HYG at RSI 26.5.
• IWM still holding just above its 200-day at $275.68. A third straight week with momentum stuck in the mid-30s and a cushion near 2%.
• TAN's vanished one-year edge. The return fell from +6.33% to +0.80% in one week; nothing on this board explains the size of that move.
• Whether VYM and SCHD's bounce back above RSI 30 holds, or reverses like cloud/software did this week.

Sources: etf-ideas (all 50 rows, latest bar 2026-09-25); market-pulse (today's broad-market reference); 2026-09-23-etf-universe (prior-edition comparison values); avoid-instruments (leveraged/inverse policy).