{"schema_version":"1.0","name":"AM12 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"152d5055-6fdb-4dd3-9e76-f55839d25ee1","symbol":"AM12","name":"AMUNDI EURSTXX50 -2X UCITS ETF","exchange":"VIE","country":"AT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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 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the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":50.0,"averageReturn":-5.5,"sample":2},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is downward","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":"Capital protection","title":"Treat agreement on the downside as a defensive condition","tone":"negative","approach":"Reduce the burden of proof for risk control and raise it for new long exposure. A short position still needs a defined entry, exit and maximum loss.","finding":"In this ticker's completed record, 50.0% of comparable cases moved lower after 12 weeks, with an average move of -5.5% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 1 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 10.3% across 2 completed cases, with the largest move arriving after 7.0 weeks on average.","approach":"Avoid adding simply because price is rising. 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Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-5.8","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-6.1","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-31.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-45.9","detail":"Downward 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-3.2926,-2.602,-2.4735,0.0,-6.0434,-10.3029,-11.241,-6.5201,-6.4586,-7.5657,-9.98,-11.3025,-16.1003,-15.2545,-14.8547,-16.7615,-16.4078,-13.5783,-17.4227,-12.179,-16.823,-18.4376,-18.3915,-19.4833,-18.9451,-21.5285,-25.3421,-26.0034,-24.0504,-24.0351,-25.419,-25.296,-28.5868,-29.002,-18.4376,-18.5607,-11.733,-12.5788,-18.2531,-25.742,-28.9405,-24.9423,-25.2806,-26.7415,-25.1576,-30.4629,-31.1395,-31.4624,-33.9536,-36.5985,-34.4303,-38.5976,-36.0295,-35.2606,-36.2448,-37.6595,-41.1041,-41.427,-39.6279],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,5.3188,5.3881,4.1407,1.4207,0.0,0.0,1.0081,1.4846,0.0,0.4249,3.8241,0.0,6.3501,0.7263,0.0,0.0566,0.0,0.6684,0.0,0.0,0.0,2.6392,2.66,0.7897,0.9559,0.0,0.0,14.8798,14.7065,24.3232,23.1319,15.1397,4.5917,0.0866,5.718,5.2415,3.1839,5.4148,0.0,0.0,0.0,0.0,0.0,3.4198,0.0,4.1823,5.4345,3.8317,1.5277,0.0,0.0,3.0717],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,0.0,41.9973,42.5445,32.6949,11.2175,0.0,3.2348,8.3179,10.7209,3.0249,10.8605,26.2322,14.6837,40.3614,17.6205,9.7139,9.9398,4.5934,7.2289,0.8499,0.0,2.5922,9.9078,10.8874,5.7123,9.6817,0.0,4.8665,48.9186,50.0658,87.2556,82.5556,56.066,21.1055,6.1737,24.8385,23.2592,16.4393,23.8335,0.3544,6.6323,5.2801,0.0612,1.2042,8.9217,0.0,8.6305,11.2145,7.907,3.5015,0.991,0.935,6.4049],"stroke":"#10243b","width":2.0},{"label":"From 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