{"schema_version":"1.0","name":"QSPD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1a222392-eaa1-415d-957a-c2e85c3c2cfc","symbol":"QSPD","name":"Invesco Markets II plc - Invesco S&P 500 Quality UCITS ETF Dist","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics 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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, 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":61,"displayedObservations":61,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the 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Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":15.3,"sample":1},"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 has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 15.3% across 1 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 50.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 5.0 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 1.2% across 1 completed cases, with the largest move arriving after 1.0 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":[{"date":"2026-02-20","price":4.884075},{"date":"2026-05-01","price":4.972955}],"reversal_warnings":[{"date":"2026-06-05","price":5.379592},{"date":"2026-08-07","price":5.371}],"reversal_dangers":[{"date":"2026-06-26","price":5.557},{"date":"2026-07-17","price":5.344},{"date":"2026-08-21","price":5.319}]}},"smTape":{"available":true,"dates":["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":[4.3381,4.3599,4.3619,4.3971,4.4367,4.3916,4.3936,4.4174,4.4357,4.4179,4.3946,4.435,4.4494,4.4499,4.5327,4.4995,4.4975,4.5933,4.6022,4.5184,4.5516,4.5213,4.6171,4.6265,4.6388,4.6269,4.6343,4.6035,4.7627,4.8099,4.696,4.6891,4.8328,4.8199,4.8841,4.9124,4.8756,4.7859,4.6965,4.6676,4.728,4.8582,4.9146,4.957,4.973,5.0543,5.1311,5.2668,5.2778,5.3796,5.428,5.618,5.557,5.6,5.544,5.344,5.406,5.3,5.371,5.449,5.319],"consensus":[-87.1651,9.2228,-100.0,77.3744,19.5559,-13.4962,0.0,0.0,0.0,-9.4412,-11.4182,15.6105,13.6052,0.0,30.2243,0.0,0.0,33.4011,9.6132,-15.4004,8.7402,0.0,29.4662,27.279,18.9559,14.3845,9.0019,-16.269,53.3731,45.2406,0.0,14.831,51.0533,13.8373,50.2686,42.954,0.0,0.0,-49.4033,-33.8402,0.0,43.7189,47.6967,47.1484,44.7215,61.4582,65.5676,74.1885,31.5409,57.9217,68.6172,61.3379,19.3835,64.402,33.2016,-8.4072,30.8571,-46.9314,12.9669,46.9659,-43.9731],"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":[-19.5754,-18.4624,20.7155,20.6491,0.0,36.3477,0.0,0.0,30.7096,5.2097,-23.9835,3.071,0.0,40.0887,33.8677,19.3794,12.753,8.536,-20.0279,62.7474,46.6673,0.0,13.5273,59.4294,17.104,54.6784,45.3813,0.0,0.0,-41.7259,-26.7992,0.0,47.4102,54.7152,52.8374,48.9796,57.1709,71.5887,81.9778,16.352,60.7227,71.6959,62.259,15.5981,66.7586,46.198,-2.9245,40.2717,-36.4705,16.1677,43.1161,-38.683],"force":[-12.8194,-16.7452,21.1661,11.9475,0.0,26.6607,0.0,0.0,48.3872,0.226,-32.1497,11.9831,0.0,30.007,19.2651,10.5782,4.6329,1.2665,-37.9903,56.1201,39.7478,0.0,8.772,55.7158,10.9803,44.7541,27.4265,0.0,0.0,-84.1446,-36.891,0.0,58.1631,40.5038,34.3761,30.3927,77.23,64.0024,73.5505,7.5728,37.7407,61.2919,41.3656,47.0976,51.5418,28.2499,-24.4179,54.8687,-87.0134,42.6868,73.03,-79.7171],"direction":[-4.5539,-0.4372,5.8078,6.739,0.0,25.7716,0.0,0.0,25.7727,21.3509,-6.3725,12.9029,0.0,16.9399,25.4733,24.4559,23.2144,15.0598,-3.542,40.6977,47.5335,0.0,20.6487,38.1504,27.8308,49.1677,51.2711,0.0,0.0,-33.3621,-39.7079,0.0,29.1828,44.8132,49.7698,50.0899,55.0923,59.8045,65.7422,66.0196,69.1356,70.331,74.5512,71.1962,70.8947,62.2426,-9.9217,2.9463,-30.2566,11.9197,32.7485,-24.4876],"intensity":[11.1111,30.0,54.5455,8.3333,92.3077,92.8571,60.0,50.0,94.1176,44.4444,89.4737,30.0,71.4286,90.9091,39.1304,41.6667,16.0,46.1538,22.2222,96.4286,86.2069,93.3333,48.3871,93.75,90.9091,61.7647,25.7143,27.7778,94.5946,76.3158,35.8974,65.0,95.122,85.7143,62.7907,4.5455,84.4444,65.2174,87.234,97.9167,77.551,36.0,98.0392,50.0,40.3846,40.3846,100.0,59.6154,76.9231,55.7692,61.5385,82.6923],"confirmation":[49.2745,49.1354,50.4202,49.5291,49.2536,77.4699,28.5414,24.177,79.1861,25.5239,52.0006,48.3154,25.0103,77.2838,76.3847,73.8041,49.664,47.9853,51.8998,85.0203,82.2878,29.8524,72.5811,84.3515,28.6309,83.8507,81.2351,6.0607,24.9626,84.9848,79.0291,30.3703,82.374,82.9368,82.6115,81.8093,88.2126,88.8422,91.6022,54.9274,85.8772,89.6873,87.0054,36.9485,88.1808,37.247,49.3082,55.7959,84.399,30.2159,83.8821,83.2414],"persistence":[12.5,12.5,12.5,12.5,0.0,12.5,12.5,12.5,37.5,62.5,37.5,37.5,37.5,37.5,50.0,62.5,62.5,62.5,62.5,62.5,75.0,62.5,62.5,62.5,62.5,62.5,87.5,75.0,62.5,50.0,25.0,12.5,12.5,12.5,12.5,25.0,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,1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Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-44.0","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-38.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-79.7","detail":"Downward 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impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of 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