{"schema_version":"1.0","name":"HEQQ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"03681733-0698-45e3-ac34-6ecd7ab2e3f3","symbol":"HEQQ","name":"JPM Nasdaq Hedged Equity Laddered Overlay Active UCITS ETF - USD (acc)","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","sections":[{"name":"Executive technical read","description":"Completed-week price state, Market Dynamics alignment, current price and the principal technical KPIs."},{"name":"Market Dynamics","description":"The proprietary relationship between completed price, underlying support, positioning zones and confirmation."},{"name":"Ticker evidence record","description":"Current application, comparable historical conditions, zone outcomes and practical review conditions."},{"name":"Adaptive technical evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Directional strength and control, Directional pressure and rotation."},{"name":"SM Tape Intelligence","description":"Resolved consensus with Control, Force, Direction and Confirmation gauges against completed price."},{"name":"Research boundary","description":"Dated scope, interpretation limits, methodology version and source references."}],"research":{"available":true,"asOf":"2026-08-21","observations":40,"displayedObservations":40,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover 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Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 10.6% across 1 completed cases, with the largest move arriving after 12.0 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[21.125,21.265,21.245,21.105,21.105,21.13,21.13,21.13,21.13,21.195,21.25,21.25,20.73,20.73,20.89,21.235,21.235,21.235,21.235,20.675,20.615,20.615,20.615,21.815,22.015,22.195,22.195,22.48,22.655,22.445,22.7,22.85,22.775,22.935,22.95,22.625,22.295,22.83,23.035,22.695],"consensus":[0.0,100.0,100.0,-100.0,-46.2991,-25.0535,-20.0608,0.0,0.0,55.1409,73.4268,39.1743,-82.035,-48.1807,0.0,60.6897,34.8231,34.9692,34.7608,-70.1092,-75.0775,-41.4734,-41.5363,63.939,80.9077,82.228,46.744,90.6669,60.5424,38.1866,59.7906,74.7817,34.1656,56.182,44.4537,-12.2061,-56.0937,60.4234,69.1517,24.2676],"supportDates":["2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,-12.3244,-9.1418,0.0,0.0,37.1599,66.6656,30.2807,-65.9129,-38.2959,0.0,59.3813,31.0697,30.1586,29.178,-58.5909,-77.3843,-35.7906,-35.2553,64.2397,80.6065,80.4396,38.4525,92.1216,55.6095,47.8737,56.3343,69.7619,28.2379,52.386,38.6217,-18.7986,-50.1773,74.7221,78.7795,29.3162],"force":[0.0,100.0,100.0,-100.0,-9.8454,-23.7769,-10.3933,0.0,0.0,84.0081,87.2367,10.2317,-99.9978,-10.4398,0.0,87.9563,10.4395,10.4398,10.4354,-96.933,-81.2337,-10.4394,-10.4397,57.7133,88.5545,87.5072,10.44,96.7259,32.8016,30.8061,36.2681,75.0764,5.6062,31.4255,11.1885,-48.3007,-97.1485,83.0942,83.3241,82.8243],"direction":[null,null,null,null,-72.3374,-40.5129,-39.4449,0.0,0.0,55.0712,71.2896,70.0118,-87.6298,-86.4355,0.0,42.7089,56.5296,57.988,58.5164,-64.1131,-68.0438,-70.1351,-70.9264,68.0422,75.7899,80.5011,82.1513,84.6766,85.9947,76.3962,80.5423,80.3081,69.3486,78.2036,74.8797,-21.11,-33.5306,27.8886,48.0252,23.3283],"intensity":[null,null,null,null,100.0,60.0,33.3333,14.2857,25.0,88.8889,90.0,27.2727,100.0,100.0,57.1429,86.6667,87.5,17.6471,22.2222,100.0,85.0,61.9048,22.7273,100.0,95.8333,56.0,50.0,66.6667,82.1429,68.9655,76.6667,38.7097,25.0,39.3939,17.6471,82.8571,66.6667,91.8919,63.1579,69.2308],"confirmation":[0.0,54.6667,54.6667,54.6667,58.4826,76.1722,74.2912,24.7229,2.215,86.7989,92.0205,79.7892,95.0443,82.4183,41.0272,88.2716,78.4575,78.5159,78.4672,91.4279,92.1773,80.4123,80.4396,88.2662,94.1281,94.5011,81.978,97.1759,86.6033,39.2081,86.4688,92.0156,56.3406,85.2816,81.3003,32.0757,87.2913,87.8085,90.4137,45.1167],"persistence":[null,null,66.6667,25.0,0.0,16.6667,28.5714,25.0,25.0,25.0,25.0,0.0,0.0,0.0,12.5,25.0,37.5,37.5,37.5,12.5,12.5,12.5,0.0,0.0,0.0,0.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0,50.0,25.0],"assessmentRisk":[null,null,null,null,13.2202,32.7776,34.2868,16.0396,16.577,8.9741,10.4726,28.0216,8.3257,25.6774,50.3013,34.4008,32.2231,32.1501,30.4996,14.0955,11.9507,28.7528,28.7393,17.6656,9.4411,8.865,26.6071,1.846,16.6609,9.7797,13.5185,0.1521,0.2806,17.2357,10.1397,22.31,21.045,50.6915,17.7236,25.0348],"volumeParticipation":true,"latest":{"consensus":24.3,"control":29.3,"force":82.8,"direction":23.3,"confirmation":45.1,"persistence":25.0,"assessmentRisk":25.0,"intensity":69.2,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+24.3","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+29.3","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+82.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+23.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"60.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"31.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"86%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price and its trend references are aligned upward.","series":[{"label":"Close","values":[21.125,21.265,21.245,21.105,21.105,21.13,21.13,21.13,21.13,21.195,21.25,21.25,20.73,20.73,20.89,21.235,21.235,21.235,21.235,20.675,20.615,20.615,20.615,21.815,22.015,22.195,22.195,22.48,22.655,22.445,22.7,22.85,22.775,22.935,22.95,22.625,22.295,22.83,23.035,22.695],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,21.1469,21.1439,21.1413,21.1393,21.1376,21.148,21.1666,21.1817,21.0996,21.0324,21.0065,21.0481,21.082,21.1099,21.1326,21.0494,20.9704,20.9058,20.8529,21.0279,21.2073,21.3869,21.5338,21.7059,21.8784,21.9814,22.1121,22.2463,22.3424,22.4501,22.541,22.5563,22.5088,22.5672,22.6522,22.66],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,21.1244,21.0952,21.08,21.0914,21.1021,21.1119,21.121,21.088,21.053,21.0205,20.9905,21.0516,21.1229,21.2023,21.2759,21.3651,21.4606,21.5335,21.6199,21.7111,21.7899,21.8747,21.9543,22.004,22.0256,22.0852,22.1555,22.1955],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,21.2659,21.2824,21.294,21.4008,21.4378,21.4302,21.4354,21.4392,21.4419,21.4438,21.4695,21.5002,21.5029,21.4973,21.6456,21.8252,22.0222,22.1874,22.4005,22.6251,22.7718,22.9531,23.1443,23.2831,23.4249,23.5521,23.6252,23.6523,23.7314,23.8244,23.7906],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,21.0461,21.0466,21.0493,20.8746,20.7794,20.7578,20.7702,20.782,20.7931,20.8036,20.733,20.6513,20.5836,20.5262,20.4489,20.3603,20.2698,20.2111,20.133,20.0609,20.0392,20.0029,19.9717,20.0374,20.1161,20.1949,20.2608,20.3397,20.4201,20.5071,20.7429],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,0.0,0.0,347.2741,258.3429,0.0,110.1464,0.0,109.1174,108.4991,0.0,0.0,0.0,127.011,225.3944,0.0,0.0,397.878,108.6957,119.1422,0.0,547.8662,0.0,235.0867,0.0,182.26,0.0,0.0,0.0,692.8406,66.9643,236.2205,145.9854,302.5478],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,66.5273,66.5273,96.1182,122.2727,122.2727,111.9636,111.9636,121.5091,131.0545,131.0545,131.0545,131.0545,121.5091,102.4182,102.4182,102.4182,131.0545,135.0,135.0,135.0,135.0,135.0,126.851,126.851,132.9627,132.9627,132.9627,132.9627,102.404,99.3481,111.5716,119.7206,100.3667],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.3835,0.4081,0.4821,0.4477,0.4157,0.386,0.591,0.6197,0.5754,0.5343,0.8667,0.8737,0.8707,0.8085,0.8318,0.8216,0.8782,0.8866,0.8679,0.8321,0.8171,0.7629,0.8527,0.9093,0.9919,0.9764,1.0273],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,1.0389,1.1141,1.1559,2.4895,3.1192,3.1878,3.1524,3.1134,3.0725,3.0307,3.4901,4.0279,4.3682,4.6221,5.6861,6.9447,8.2875,9.3227,10.6621,12.0144,12.7656,13.7361,14.7169,14.9849,15.1985,15.3485,15.3327,15.0596,14.9993,14.9663,13.687],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,8.0642,8.0642,51.6483,63.7362,63.7362,0.0,0.0,23.3575,73.7227,73.7227,73.7227,73.7227,10.3029,3.0303,3.0303,3.0303,98.7904,97.6027,98.4663,98.4663,100.0,100.0,89.8305,100.0,99.5594,96.2555,100.0,100.0,86.2288,72.2457,94.9152,100.0,86.0941],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-1.3309,-1.3309,-1.0273,-0.7705,-0.7705,-3.1987,-3.1987,-2.4516,-0.8405,-0.8405,-0.8405,-0.8405,-3.4555,-3.7357,-3.7357,-3.7357,-0.0687,-0.1587,-0.1125,-0.1125,0.0,0.0,-0.927,0.0,-0.0437,-0.3718,0.0,0.0,-1.4161,-2.854,-0.5229,0.0,-1.476],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,0.1185,0.1185,1.1212,1.3836,1.3836,0.0,0.0,0.7718,2.4361,2.4361,2.4361,2.4361,0.4128,0.1214,0.1214,0.1214,5.9495,6.9208,7.795,7.795,9.1792,10.0291,9.0092,10.2477,10.9762,10.6119,11.389,11.4619,9.8834,8.2807,10.8791,11.8747,10.2234],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-11-21","2025-11-28","2025-12-05","2025-12-12","2025-12-19","2025-12-26","2026-01-02","2026-01-09","2026-01-16","2026-01-23","2026-01-30","2026-02-06","2026-02-13","2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains 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