All four cloud-software funds gave back last week's breakout — SKYY -9.37%, IGV -7.39%, CLOU -6.78% and WCLD -5.12% over seven sessions, each down between 4.8% and 4.93% on Friday alone — and every one closed back under the base high it had cleared on October 9. The long trends are still intact for WCLD, CLOU and SKYY (1Y +18.49% to +21.99%, 17.7% to 25.7% above their 200-days); IGV is a repair whose trailing year has slipped to -7.5%.

Data as of the 2026-10-16 close (settled, Friday). The previous edition closed October 9; the seven-day column runs from that close to this one, so it is the change since then.

Friday finished the reversal. The four funds fell 4.8% to 4.93% on October 16, on 3.43 times average volume for CLOU, 2.2 for WCLD, 2.18 for IGV and 1.03 for SKYY. Each now sits under the base high it cleared a week earlier: WCLD $41.50 against $43.54, IGV $104.34 against $112.34, CLOU $28.07 against $29.77, SKYY $158.51 against $173.15. The October 9 scan called that close a breakout attempt that needed a second close above the high; there was not one, so it reads as a false start. IGV (1.5% under), CLOU (1% under) and SKYY (3.3% under) also closed beneath their 50-day averages; WCLD holds its 50-day by 1.1%.

The long view outranks the week. WCLD (1Y +21.59%, 25.7% above its 200-day), CLOU (+21.99%, 20.9% above) and SKYY (+18.49%, 17.7% above) are deep pullbacks in intact trends, 6.49% to 9.84% below their 52-week highs. Their 30-day changes (WCLD +1.57%, CLOU +0.18%, IGV -0.59%, SKYY -2.09%) show the funds back near where they stood on September 16. IGV is the weaker case: 11.3% above its 200-day but -7.5% on the year (October 9: -2.59%) and 11.4% below its high, a repair that has lost ground.

Cause not on file. The fund news pulls date from April to July (WCLD and SKYY failed and are stale), so they do not cover the move; the stock-event records for October 13-16 hold no cloud-software entries; and the October 13-16 article, X and filing captures carry no item on cloud software. Context only: Bloomberg's Friday captures describe the S&P 500's biggest weekly loss since June, with AI-trade worries pressuring chipmakers, and oil at $110 a barrel; the captured text names no software fund. The October 16 market conditions snapshot has equal-weight RSP +0.49% on the week against QQQ -5.52%. The October 15 market brief had its separate Cloud SaaS basket up on Thursday (+3.3% median, 11 of 16).

Four of four up on October 9 became four of four down. RSI fell from 65.6-69.3 to 39.9-49.6, and SKYY (the most heavily traded fund a week ago, 3.32 times average) went from third-best to worst. All four stayed above their 200-day averages both weeks. IGV's trailing year went from -2.59% to -7.5%; the other three stayed near +20%. The failed hold is the change: a week ago all four closed above their base highs, WCLD at a 52-week high; now WCLD is 6.49% under it.

This is a price-and-momentum screen built from pre-computed price summaries: it shows where each name sits on the tape, not why it moved. RSI under 30 is a washout and 70 or above is extended; neither is a recommendation on its own. The structure label carries the long view and outranks the week: trend intact is above the 200-day average with a positive trailing year (a bad week here is a pullback); repair is above the 200-day but down on the year; trend under test is below the 200-day with a positive year (the 200-day is the line to retake); trend broken is below the 200-day and down on the year. A raw reading becomes a setup only when an intact trend pulls back, holds a level and turns up. No insider, fundamentals or options data is included.

As of 2026-10-16. Price and SMA20 in dollars; RSI is a 14-day reading; all other columns in percent.

No names in this tier.

Levels are the 20-, 50- and 200-day averages from the summaries, in dollars. Each row is a condition, not an order.

• Tape data (price, RSI, averages, returns, long-horizon fields, Friday volume): pre-computed summary, 2026-10-16 close — cloud-etfs.
• Prior-week closes, base highs and RSI range — the October 9 cloud ETFs scan, 2026-10-09-cloud-etfs.
• Friday market context — Bloomberg, "S&P 500 Suffers Worst Week Since June as AI Fears Hit Chipmakers" (https://www.bloomberg.com/news/articles/2026-10-16/s-p-500-steady-as-warsh-boosts-expectations-of-rate-hold), capture 2026-10-16-bloomberg-s-p-500-suffers-worst-week-since-june-as-ai-fears-hit-chipma-tmzzr4t96osi00; Bloomberg, "Wall Street Anxiety Spreads as AI Rout Meets $110 Oil Shock" (https://www.bloomberg.com/news/articles/2026-10-16/wall-street-anxiety-spreads-as-ai-rout-meets-110-oil-shock), capture 2026-10-16-bloomberg-wall-street-anxiety-spreads-as-ai-rout-meets-110-oil-shock-tn05dbkk3ny800.
• Equal-weight versus Nasdaq-100 fund returns — October 16 market conditions snapshot, 2026-10-16-market-conditions; Cloud SaaS basket on Thursday — October 15 market brief, 2026-10-15-market-brief.
• News check (stocks<SYM>/news/latest.json, pull dates): WCLD 2026-04-29 (failed, stale); IGV 2026-06-21; CLOU 2026-07-07; SKYY 2026-04-29 (failed, stale). Event records (research/stock-events/`) checked for October 13-16: earnings records for DPZ, JPM, GS, C, WFC, JNJ, UNH, ABT, ASML, BAC, MS, TSM, IBKR and others, none a cloud-software name. Article, X and filing captures for October 13-16 (articles, tweets, filings) were searched by company and sector name; nothing on cloud software. A news pull dated before a move does not cover it, and a pull with no item on the move is not proof of no cause.