{"schema_version":"1.0","name":"MDAX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0f526f45-04d5-4cec-8ace-b14717c74dcd","symbol":"MDAX","name":"Invesco MDAX UCITS ETF 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. Price structure remains rotational.","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, Strength versus the research benchmark, Range position and boundary pressure, Directional strength and control, Range pressure and compression."},{"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":68,"displayedObservations":68,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the 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support lags price","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":50.0,"averageReturn":1.5,"sample":2},"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 is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 50.0% of comparable cases moved lower after 12 weeks, with an average move of 1.5% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 2.9% across 2 completed cases, with the largest move arriving after 7.5 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-01-09","price":53.27},{"date":"2026-04-17","price":52.77}],"reversal_dangers":[{"date":"2026-01-16","price":52.709999},{"date":"2026-04-24","price":51.040001}]}},"smTape":{"available":true,"dates":["2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","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":[49.34,49.49,50.44,50.84,51.35,49.24,48.64,50.11,50.04,51.83,51.37,52.15,50.18,51.8,51.53,51.31,50.15,49.32,49.945,50.02,49.635,51.26,50.12,48.895,49.5,49.315,47.64,48.72,46.655,48.82,49.07,49.58,50.22,50.26,51.18,53.27,52.71,52.41,51.69,52.33,51.7,52.62,52.29,49.03,47.605,46.065,45.875,47.73,50.25,52.77,51.04,50.54,51.45,51.69,53.05,55.07,53.47,52.9,53.81,52.07,54.38,52.65,52.73,52.66,52.77,53.49,53.53,52.9],"consensus":[82.5001,-23.0759,100.0,-27.2715,77.0043,-49.2723,-67.4864,40.5284,-16.7407,77.4554,9.8105,68.9331,-42.9897,57.7998,10.9005,0.0,-42.7136,-53.245,-19.6075,-24.5934,-39.2792,54.9443,-31.4119,-62.6492,0.0,-44.4013,-75.6879,0.0,-75.4751,23.9429,14.893,25.3604,47.4704,38.6835,67.7526,81.3066,20.0542,24.546,0.0,28.0115,-19.2246,49.8293,24.5251,-71.6767,-67.4907,-72.5211,-38.3608,11.2571,47.7477,69.2714,0.0,20.0042,35.1328,14.9261,55.1565,76.8311,0.0,0.0,55.4657,-34.25,55.7538,-16.587,0.0,11.114,-13.2148,31.192,21.242,16.957],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","2025-11-14","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":[-49.3362,-54.1688,-16.3922,-22.3799,-45.3266,55.3864,-34.7371,-62.603,0.0,-42.0374,-73.6886,0.0,-73.0391,36.2482,13.1318,22.2036,52.3537,44.0919,66.0025,83.0862,4.6097,17.4274,0.0,34.5432,-13.6882,51.5007,28.3326,-70.7806,-65.2202,-79.1657,-30.7695,21.1753,48.4273,66.1611,0.0,16.9465,30.7946,25.2219,59.2179,79.4112,0.0,0.0,58.9512,-41.0383,69.9202,-12.8411,0.0,12.8626,-12.7687,20.9761,21.9005,14.441],"force":[-63.8559,-52.3692,-1.6481,-14.8264,-35.2992,75.1361,-58.204,-78.6854,0.0,-48.9504,-97.1563,0.0,-95.1401,64.5137,20.606,34.2632,45.0168,25.1071,87.0026,96.9013,18.1213,10.6639,0.0,28.7881,-60.9793,69.5017,8.797,-98.1633,-78.2806,-67.9127,-9.5154,76.9476,71.7549,96.1863,0.0,13.7354,44.3397,1.077,52.6076,90.1625,0.0,0.0,67.9929,-47.3216,49.9238,-49.6106,0.0,9.0835,-15.8749,52.1483,12.3903,50.8184],"direction":[-20.0434,-52.8148,-38.4647,-34.0997,-35.2107,40.0163,-8.4744,-51.2477,0.0,-43.8535,-62.6383,0.0,-64.2127,19.0996,12.8251,22.609,43.6421,42.2,56.0025,68.1337,64.9731,57.8315,0.0,19.9919,-4.273,33.8675,31.4082,-53.7819,-62.3786,-68.2191,-67.6403,46.9997,29.823,53.6011,0.0,27.9764,33.5145,13.0517,52.3357,64.3601,0.0,0.0,42.5343,-17.155,43.728,-2.7202,0.0,10.566,-11.8245,27.8984,26.8121,4.3544],"intensity":[50.0,47.0588,38.8889,5.2632,15.0,80.9524,54.5455,82.6087,20.8333,4.0,80.7692,48.1481,92.8571,100.0,90.0,35.4839,25.0,33.3333,47.0588,97.1429,58.3333,75.6757,42.1053,23.0769,20.0,41.4634,26.1905,100.0,77.2727,66.6667,65.2174,78.7234,97.9167,95.9184,70.0,66.6667,76.9231,32.6923,55.7692,82.6923,57.6923,71.1538,30.7692,69.2308,94.2308,71.1538,7.6923,9.6154,11.5385,25.0,5.7692,19.2308],"confirmation":[82.2118,84.9976,51.3605,75.606,80.3559,86.1908,78.8176,88.5372,8.7726,82.3831,92.9049,9.5778,92.7885,35.4519,72.9667,76.4347,83.0414,79.8826,90.2942,94.4663,9.3551,31.8318,32.555,76.8878,53.7537,84.5195,75.3107,91.7574,89.9605,90.9651,79.512,38.1464,84.0005,91.0345,32.103,74.2569,79.5892,49.5307,85.5105,92.9529,35.3414,32.1763,86.0777,79.2549,85.4477,52.285,1.7022,71.468,72.3166,78.7758,74.5176,52.7588],"persistence":[37.5,12.5,12.5,37.5,37.5,37.5,62.5,75.0,62.5,62.5,62.5,50.0,50.0,50.0,25.0,0.0,12.5,37.5,62.5,75.0,100.0,100.0,87.5,87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Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+17.0","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+14.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+50.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+4.4","detail":"Follow-through is limited","tone":"positive"},{"label":"SM Confirmation Gauge","value":"53/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.6%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"14.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"79%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}