{"schema_version":"1.0","name":"QJUN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"20d420f8-cb2a-4eb0-a38c-e07e42e40891","symbol":"QJUN","name":"First Trust Vest Nasdaq-100 Moderate Buffer UCITS ETF - June Class A ACC","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened 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, Activity pressure and cumulative balance, Strength versus the research benchmark, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover."},{"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 improved this week but remains below zero. Underlying support has strengthened 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 improved this week but remains below zero. Underlying support has strengthened 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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warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. 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":"strengthening","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":2.9,"sample":2},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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 2.9% across 2 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, 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 1.6% 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":[],"reversal_warnings":[{"date":"2026-04-03","price":21.530001},{"date":"2026-08-07","price":23.334999}],"reversal_dangers":[{"date":"2026-04-10","price":22.0},{"date":"2026-08-14","price":22.610001}]}},"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":[20.3625,20.38,20.4175,20.5475,20.6575,20.505,20.78,20.8925,20.82,20.845,20.8675,21.0325,21.1675,21.0675,21.2625,21.0775,21.055,21.255,21.38,21.12,21.265,21.065,21.405,21.465,21.4825,21.5375,21.6425,21.62,21.78,21.7175,21.8275,21.755,21.6225,21.6075,21.665,21.635,21.655,21.54,21.46,21.115,21.53,22.0,22.2775,22.34,22.4175,22.495,22.5,22.505,22.5625,22.5825,22.595,22.6625,22.1625,22.3325,22.4175,21.935,21.85,21.83,23.335,22.61,22.38],"consensus":[100.0,-31.9166,12.5025,0.0,56.3894,-11.7105,56.5645,45.9228,14.6676,41.4021,28.8047,45.6012,63.2827,0.0,62.562,0.0,0.0,33.2659,21.9594,-27.3039,26.8622,-31.151,51.2539,45.1347,17.6861,50.7778,51.5921,14.7687,61.3491,18.9173,58.9623,12.3347,-21.9191,0.0,17.4669,0.0,11.1993,-36.6664,-44.9408,-72.5869,31.2437,68.8525,67.0414,56.3803,58.243,64.1699,46.0702,32.1486,46.5138,34.7857,20.8953,42.9184,-46.3552,0.0,29.8811,-72.5823,-54.6979,-25.8382,73.0733,0.0,-22.9382],"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":[39.6915,32.0333,50.2856,55.3709,0.0,68.5603,0.0,0.0,26.0918,15.2482,-30.4565,23.8423,-21.4029,67.5571,44.1382,7.0423,51.8199,62.7049,3.4191,71.5709,20.9981,56.4292,3.6007,-18.4954,0.0,25.6762,0.0,11.2846,-30.3198,-37.9526,-65.6375,39.7211,67.611,80.4547,65.2804,66.7871,66.2275,50.5947,25.9833,52.0253,35.5659,10.354,42.6471,-36.023,0.0,44.3071,-74.0193,-55.119,-8.3323,67.2472,0.0,-30.9292],"force":[30.1218,11.8038,29.4817,72.4864,0.0,46.1065,0.0,0.0,32.0807,3.2034,-79.9968,18.311,-69.8664,54.6567,42.5682,2.6601,49.2228,34.732,9.618,52.1009,24.8378,74.4661,14.344,-54.8618,0.0,31.3682,0.0,14.2716,-71.6907,-66.1991,-97.273,79.6871,97.3166,56.4238,34.1428,36.1083,58.9728,17.6363,5.4875,22.1093,7.94,6.5846,22.7968,-69.9726,0.0,52.3519,-85.9659,-43.809,-2.1496,99.9191,0.0,-67.3125],"direction":[51.4144,37.2585,51.7615,65.7507,0.0,67.4608,0.0,0.0,42.3114,43.0266,-13.9369,36.4215,-14.6379,30.1912,48.1068,44.3834,50.6974,50.9345,45.1589,56.273,47.7927,50.7831,41.3726,-2.3015,0.0,1.8445,0.0,8.9072,-18.9024,-37.7427,-62.896,13.0472,49.94,59.2961,62.0927,64.2888,65.5306,61.2093,58.2383,57.6468,53.0697,52.571,57.6011,-41.2939,0.0,2.6564,-61.3803,-61.9944,-62.7653,60.5562,0.0,-17.8902],"intensity":[22.2222,10.0,81.8182,50.0,46.1538,78.5714,66.6667,31.25,88.2353,55.5556,89.4737,35.0,95.2381,95.4545,52.1739,16.6667,28.0,76.9231,7.4074,53.5714,17.2414,33.3333,32.2581,59.375,18.1818,17.6471,8.5714,2.7778,43.2432,26.3158,97.4359,100.0,100.0,100.0,79.0698,18.1818,42.2222,4.3478,4.2553,16.6667,22.449,16.0,25.4902,100.0,84.6154,32.6923,96.1538,63.4615,86.5385,100.0,98.0769,69.2308],"confirmation":[80.931,76.6502,82.0297,88.6515,11.3692,87.4269,31.7107,3.5984,78.7183,51.891,35.935,76.3813,79.2968,84.2565,82.3801,28.4358,84.1856,83.8263,6.2076,87.1941,32.6537,87.379,6.3272,53.4036,25.5419,51.6148,25.7243,71.6761,80.8974,83.1354,92.086,36.7952,90.9192,88.9253,85.2284,85.833,88.3446,81.807,54.9023,82.0567,55.6347,52.7477,81.1248,83.7109,27.6782,55.927,91.6123,85.1651,53.1464,92.2904,9.5414,35.0541],"persistence":[62.5,62.5,75.0,75.0,87.5,87.5,75.0,62.5,62.5,62.5,37.5,37.5,25.0,25.0,37.5,50.0,50.0,50.0,75.0,75.0,100.0,100.0,100.0,75.0,62.5,62.5,50.0,50.0,25.0,0.0,25.0,0.0,12.5,12.5,25.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,62.5,62.5,37.5,12.5,12.5,12.5,25.0,25.0],"assessmentRisk":[29.0072,18.4761,19.8004,18.198,46.342,18.5934,18.7199,33.6282,26.8201,24.9328,28.2004,31.4721,26.5887,18.5866,25.474,33.67,24.2179,18.6539,29.694,17.2928,31.5623,12.629,29.416,30.0759,30.1489,53.0365,42.8959,13.8624,14.3686,26.6067,13.6894,46.8241,14.3453,16.4218,21.8085,20.8514,17.0348,16.332,16.7541,6.8727,2.4842,11.4863,11.7776,24.0306,44.4102,53.9592,13.6325,18.3434,36.4453,11.6519,42.965,50.3601],"volumeParticipation":true,"latest":{"consensus":-22.9,"control":-30.9,"force":-67.3,"direction":-17.9,"confirmation":35.1,"persistence":25.0,"assessmentRisk":50.4,"intensity":69.2,"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":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-22.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-30.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-67.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-17.9","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"35/100","detail":"Limited support","tone":"caution"}]},"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":"1.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"24.3","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"58%","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":[20.3625,20.38,20.4175,20.5475,20.6575,20.505,20.78,20.8925,20.82,20.845,20.8675,21.0325,21.1675,21.0675,21.2625,21.0775,21.055,21.255,21.38,21.12,21.265,21.065,21.405,21.465,21.4825,21.5375,21.6425,21.62,21.78,21.7175,21.8275,21.755,21.6225,21.6075,21.665,21.635,21.655,21.54,21.46,21.115,21.53,22.0,22.2775,22.34,22.4175,22.495,22.5,22.505,22.5625,22.5825,22.595,22.6625,22.1625,22.3325,22.4175,21.935,21.85,21.83,23.335,22.61,22.38],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,21.0082,21.0389,21.1113,21.2074,21.2485,21.3311,21.3521,21.3647,21.4113,21.4754,21.4833,21.5031,21.4846,21.5083,21.5468,21.5881,21.5986,21.6593,21.7117,21.7805,21.8207,21.8725,21.9127,21.933,21.9394,21.9606,21.9593,21.9473,21.943,21.9422,21.943,21.9355,21.9582,22.0957,22.2229,22.3469,22.4703,22.5765,22.6694,22.7616,22.8479,22.9262,23.0084,23.0175,23.0363,23.0611,23.0522,23.0441,23.026,23.1927,23.1085,23.0524],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,20.2333,20.2475,20.2399,20.2195,20.229,20.2162,20.2332,20.2515,20.2546,20.248,20.266,20.3364,20.4234,20.4985,20.5517,20.5929,20.6857,20.7112,20.7316,20.7587,20.8058,20.85,20.882,20.9072,20.9549,20.9739,21.0309,21.1029,21.1358,21.1446,21.1433,21.1772,21.2481,21.1978,21.1581,21.1276,21.1,21.0795,21.0751,21.0612,21.0614,21.0598,21.0684,21.1133,21.167,21.2174,21.2563,21.2839,21.331,21.3518,21.5855,21.7266],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"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"]},{"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,7.6766,44.2856,183.4616,0.0,0.0,654.5997,410.667,0.0,0.0,359.6549,3.7016,0.0521,181.9451,1.2703,222.205,3.0508,174.1596,0.0,113.1044,0.0,0.0,1.0826,5.6137,142.1345,0.2897,4.4035,143.7611,50.6468,20.4057,35.5712,73.9072,123.1249,330.4386,58.8074,770.7466,0.0,5.5894,0.0,203.1943,0.0,79.2326,4.7806,0.0,5.3294,10.6046,489.7692,0.0,190.9171,73.2135,14.2115,694.6077,228.105,319.8205,169.7314],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.061,-3.4377,-4.0705,-1.9105,-4.7737,-6.1516,-7.1676,-0.9412,-2.5121,-3.9562],"stroke":"#176fa3","width":2.0,"fill":"rgba(23,111,163,.08)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"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"]},{"key":"volatility","eyebrow":"Risk 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