{"schema_version":"1.0","name":"FEPI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1d4bcdd2-27c9-46d5-933b-ecfdc7e531e2","symbol":"FEPI","name":"REX Tech Innovation Premium Income UCITS ETF Distributing","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. 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, Range pressure and compression, Range position and boundary pressure, Directional strength and control, Drawdown and recovery pressure."},{"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":57,"displayedObservations":57,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.3,"sample":3},{"week":2,"averageReturn":-1.4,"sample":2},{"week":3,"averageReturn":-0.2,"sample":2},{"week":4,"averageReturn":-1.8,"sample":2},{"week":5,"averageReturn":-1.8,"sample":2},{"week":6,"averageReturn":-0.4,"sample":2},{"week":7,"averageReturn":-2.3,"sample":2},{"week":8,"averageReturn":-3.0,"sample":1},{"week":9,"averageReturn":-2.3,"sample":1},{"week":10,"averageReturn":-7.2,"sample":1},{"week":11,"averageReturn":-8.2,"sample":1},{"week":12,"averageReturn":-8.6,"sample":1},{"week":13,"averageReturn":-3.7,"sample":1},{"week":14,"averageReturn":-2.4,"sample":1},{"week":15,"averageReturn":-2.6,"sample":1},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Negative pressure; price rotational","tone":"caution","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"The underlying condition is weak, but a negative price response is still required.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","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":0.0,"averageReturn":8.4,"sample":2},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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 8.4% 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 1.0 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 3.4% across 2 completed cases, with the largest move arriving after 7.0 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":"2026-05-08","price":22.730835}],"reversal_warnings":[{"date":"2026-05-08","price":22.730835},{"date":"2026-07-03","price":22.047197},{"date":"2026-08-14","price":22.1751}],"reversal_dangers":[{"date":"2026-05-15","price":22.785822},{"date":"2026-07-10","price":22.215925}]}},"smTape":{"available":true,"dates":["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":[21.245,20.9417,21.5852,21.7615,21.4582,21.491,21.6293,22.1973,22.6689,22.3639,22.6166,22.5459,22.7794,23.2588,23.6629,22.8136,23.1639,21.8024,23.0502,23.4065,23.104,23.1152,23.3128,22.6665,23.0973,22.6848,22.8315,22.3109,21.1488,21.1136,20.7622,20.7645,21.2074,21.1253,20.9961,20.2272,20.7901,21.1326,21.6741,21.7315,21.9706,22.7308,22.7858,23.0636,23.8429,23.2199,22.067,22.4189,21.5752,22.0472,22.2159,21.093,20.8654,20.7772,21.896,22.1751,22.14],"consensus":[53.1743,-76.7515,0.0,-9.0322,8.0953,11.9575,13.3115,47.066,56.6071,0.0,41.4179,17.0307,26.8135,61.5174,53.1334,-23.7896,24.6751,-54.775,35.6142,32.2987,-10.171,15.0404,19.5023,-33.6737,15.9857,-29.2798,0.0,-36.3641,-57.6285,-37.8532,-41.6586,-31.8829,0.0,-14.7934,0.0,-48.1837,0.0,0.0,29.4569,18.4672,25.2625,52.0766,33.9962,43.05,59.6468,0.0,-26.1233,0.0,-33.6312,0.0,0.0,-39.4482,-40.1258,-28.7886,24.6548,21.9893,-10.2573],"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":[2.5725,13.6456,47.7144,39.8939,0.0,31.4677,10.8986,23.6739,59.8239,42.5578,-29.4846,17.7258,-46.234,41.9991,34.1882,-14.5516,7.7513,17.3513,-35.5056,10.2814,-29.1149,0.0,-32.2083,-46.2197,-35.6751,-29.0277,-26.1959,0.0,-14.379,0.0,-50.4904,0.0,0.0,32.0608,13.0848,21.4418,52.2255,34.1257,41.5224,64.4014,0.0,-26.0046,0.0,-22.8117,0.0,0.0,-36.582,-42.1192,-19.8905,36.1261,15.7667,-2.0663],"force":[5.1738,7.7923,39.5285,67.576,0.0,35.6835,3.1814,20.6119,64.2197,51.9995,-78.5339,31.4383,-90.0981,69.9862,30.9308,-32.0111,9.503,22.9014,-50.2483,38.6351,-48.2034,0.0,-58.9409,-79.8792,-20.3748,-40.764,-11.2044,0.0,-4.13,0.0,-52.7242,0.0,0.0,40.6853,14.7935,22.0514,56.8033,16.2115,34.481,51.0715,0.0,-38.4069,0.0,-42.9427,0.0,0.0,-33.6617,-30.5316,-14.8154,46.9416,24.6226,-0.1019],"direction":[27.5286,16.8718,51.7089,67.8728,0.0,56.8854,38.4761,34.8312,61.5225,66.0297,-21.8221,27.7864,-39.3052,3.7656,31.1164,-10.4353,27.326,19.5326,-19.7409,6.3266,-15.9513,0.0,-24.9872,-54.7737,-52.8271,-56.733,-53.1527,0.0,-22.8838,0.0,-42.3044,0.0,0.0,18.4606,27.2424,31.9228,48.5304,46.5517,50.9166,60.3382,0.0,-17.4851,0.0,-39.3453,0.0,0.0,-46.857,-44.7006,-48.9387,4.3744,27.2198,-27.0178],"intensity":[20.0,16.6667,71.4286,100.0,22.2222,90.0,9.0909,16.6667,53.8462,85.7143,86.6667,100.0,100.0,94.4444,36.8421,20.0,47.619,27.2727,56.5217,25.0,20.0,50.0,29.6296,100.0,72.4138,80.0,12.9032,28.125,24.2424,41.1765,74.2857,47.2222,91.8919,36.8421,92.3077,12.5,70.7317,21.4286,16.2791,75.0,55.5556,97.8261,29.7872,93.75,77.551,2.0,98.0392,5.7692,55.7692,88.4615,80.7692,1.9231],"confirmation":[26.4293,49.4197,82.8215,86.7032,9.5546,81.2306,50.9393,76.4392,87.7937,85.1293,36.5163,76.208,86.7346,57.6801,78.2651,28.7465,50.0886,74.3771,79.2528,51.2259,77.9488,27.0717,80.3879,87.2931,79.6135,81.496,77.659,30.1046,49.7486,3.4043,83.522,30.4206,24.2561,77.7287,73.8795,76.0444,84.8063,78.3348,81.5381,86.7532,31.4669,76.7356,25.2064,79.2106,26.3196,24.6268,80.4907,80.5175,76.9221,54.6605,75.2116,25.7798],"persistence":[16.6667,28.5714,37.5,37.5,50.0,62.5,87.5,87.5,87.5,87.5,62.5,62.5,50.0,50.0,50.0,25.0,25.0,25.0,25.0,25.0,25.0,12.5,12.5,12.5,37.5,62.5,62.5,75.0,75.0,75.0,75.0,62.5,50.0,25.0,0.0,12.5,37.5,50.0,75.0,87.5,87.5,62.5,50.0,25.0,12.5,0.0,25.0,50.0,62.5,37.5,25.0,0.0],"assessmentRisk":[39.8108,0.1411,18.9717,21.6107,45.5085,28.9861,30.6605,3.2976,18.8724,23.3474,42.1046,25.5352,22.1367,55.1296,20.3603,0.3877,41.0104,10.3084,24.0532,8.5039,13.9865,34.0946,6.8339,20.8651,30.1895,29.0975,33.9841,4.1541,8.7369,27.6025,17.5424,37.141,2.2737,29.1011,40.5356,36.6014,23.926,32.6138,28.3895,20.1669,38.5069,29.3288,42.2798,33.1408,46.1234,9.6862,28.6896,20.0215,33.7808,34.2573,34.9226,42.5811],"volumeParticipation":true,"latest":{"consensus":-10.3,"control":-2.1,"force":-0.1,"direction":-27.0,"confirmation":25.8,"persistence":0.0,"assessmentRisk":42.6,"intensity":1.9,"evidenceDepth":100},"analysis":{"status":"Market 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":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-10.3","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-2.1","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-0.1","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-27.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"26/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"51.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"18.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"57%","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 is rotating through its trend references.","series":[{"label":"Close","values":[21.245,20.9417,21.5852,21.7615,21.4582,21.491,21.6293,22.1973,22.6689,22.3639,22.6166,22.5459,22.7794,23.2588,23.6629,22.8136,23.1639,21.8024,23.0502,23.4065,23.104,23.1152,23.3128,22.6665,23.0973,22.6848,22.8315,22.3109,21.1488,21.1136,20.7622,20.7645,21.2074,21.1253,20.9961,20.2272,20.7901,21.1326,21.6741,21.7315,21.9706,22.7308,22.7858,23.0636,23.8429,23.2199,22.067,22.4189,21.5752,22.0472,22.2159,21.093,20.8654,20.7772,21.896,22.1751,22.14],"stroke":"#10243b","width":2.1},{"label":"Fast 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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,22.6631,171.6197,96.4023,112.5316,102.876,103.3552,129.8118,166.4518,146.4969,170.9874,219.4929,137.517,52.4778,70.8085,164.9678,200.5343,46.9142,263.719,127.6772,158.846,188.3316,147.3512,89.4244,393.1749,140.7865,66.5015,113.0371,58.5286,93.7061,46.6208,36.0429,37.5872,110.6596,66.6816,90.6642,57.4399,100.2645,46.2428,11.3446,40.3248,2.2718,92.8359,0.2937,24.724,35.3688,97.085,203.5534,48.5754,98.7421,242.2038],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,3.5014,3.5393,4.0236,4.0622,4.6444,4.5526,4.4899,4.433,4.4329,4.2696,4.3622,4.2373,4.2718,4.2308,4.3923,5.1068,5.132,5.1854,5.1965,5.0292,5.089,5.2695,5.5359,5.3765,5.3358,5.3004,5.0581,4.8338,4.6254,4.451,4.3375,4.161,4.1591,4.502,4.2456,4.536,4.3033,4.0552,4.5253,4.5178,4.5798,4.4467,4.2932,4.2235],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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,85.3591,72.2461,52.1953,60.5896,58.2419,65.9959,81.9138,87.4049,50.73,59.5184,25.3534,56.6673,65.608,58.0168,58.2981,63.2557,47.0367,57.8494,47.4968,51.1777,37.5365,18.4359,17.6458,13.656,13.7064,23.2304,21.4667,19.5785,3.2246,19.9948,26.8679,37.735,38.8863,43.6838,74.2097,75.599,82.6164,97.5859,82.5714,54.7866,63.2665,42.9349,54.3088,58.3751,31.3135,25.8265,23.7026,50.6653,57.3913,56.5453],"stroke":"#10243b","width":2.0},{"label":"From 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