{"schema_version":"1.0","name":"XCEL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"274f62b1-6765-4343-b024-8dc2aecb28db","symbol":"XCEL","name":"Xcel Energy Inc.","exchange":"VIE","country":"AT","asset_type":"equity","currency":"EUR","sector":"Utilities","industry":"Utilities - Regulated Electric"},"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, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover, 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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","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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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":4,"completedEpisodes":2,"activeEpisodes":2,"medianExpectedMove":13.8,"averageExpectedMove":13.8,"averageWeeksToLargestMove":7.0,"horizons":[{"weeks":4,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":-5.9,"medianReturn":-1.4,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-4.5,"medianReturn":-4.5,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-3.8,"sample":4},{"week":2,"averageReturn":-5.3,"sample":4},{"week":3,"averageReturn":-4.5,"sample":4},{"week":4,"averageReturn":-5.9,"sample":3},{"week":5,"averageReturn":-6.5,"sample":3},{"week":6,"averageReturn":-3.7,"sample":3},{"week":7,"averageReturn":-5.5,"sample":3},{"week":8,"averageReturn":-6.9,"sample":2},{"week":9,"averageReturn":-3.5,"sample":2},{"week":10,"averageReturn":-6.9,"sample":2},{"week":11,"averageReturn":-5.2,"sample":2},{"week":12,"averageReturn":-4.5,"sample":2},{"week":13,"averageReturn":-4.1,"sample":2},{"week":14,"averageReturn":-6.1,"sample":2},{"week":15,"averageReturn":-3.3,"sample":2},{"week":16,"averageReturn":-2.6,"sample":2},{"week":17,"averageReturn":-2.1,"sample":1},{"week":18,"averageReturn":-2.1,"sample":1},{"week":19,"averageReturn":-0.0,"sample":1},{"week":20,"averageReturn":-4.2,"sample":1},{"week":21,"averageReturn":-5.6,"sample":1},{"week":22,"averageReturn":-4.2,"sample":1},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Rollover 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":"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":52.9,"averageReturn":0.5,"sample":17},"nowContext":{"label":"Slightly 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, 52.9% of comparable cases moved lower after 12 weeks, with an average move of 0.5% across 17 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"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 2 cases. Distinct visits lasted 1.2 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 4.8% across 17 completed cases, with the largest move arriving after 6.5 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":[],"distribution_rollovers":[{"date":"2026-05-01","price":69.390076},{"date":"2026-07-31","price":68.5}],"price_pressure_gaps":[{"date":"2026-03-13","price":71.529999},{"date":"2026-04-24","price":73.355217},{"date":"2026-06-26","price":72.5},{"date":"2026-07-24","price":71.5}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","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"],"close":[50.7476,51.9208,53.6196,54.4555,54.9103,54.9672,54.4081,54.1144,56.2369,56.9002,58.9563,58.9184,62.2822,64.9922,65.2954,62.7465,61.8464,61.3915,62.0548,61.9695,58.6801,61.9194,60.7058,61.5754,61.9194,62.8749,63.8496,65.732,59.9032,61.2561,61.6225,62.4325,62.1625,58.161,59.858,58.2092,60.0509,60.2437,62.2107,58.6142,59.347,57.8235,57.5245,56.5997,56.4537,55.9669,57.0962,58.9361,60.2114,61.9832,61.3699,59.0821,61.1168,60.5716,59.9778,60.3282,60.4461,65.9091,67.3436,69.3971,68.1296,68.6013,68.9255,68.8469,67.9626,68.1395,69.3284,65.3883,63.1187,61.6154,61.4287,62.9161,63.511,64.6414,63.0152,62.8169,62.7376,68.1021,68.35,70.4819,69.9266,71.53,67.53,68.56,69.79,70.5,67.4075,73.3552,69.3901,67.4075,67.4075,62.4511,67.4075,68.3988,67.4075,67.5,72.5,72.5,70.0,70.0,71.5,68.5,67.5,68.5],"consensus":[23.2002,61.6511,75.5952,69.1448,59.1314,54.8089,11.5381,0.0,75.1729,61.7933,73.4568,52.7554,84.3973,82.2655,56.8477,0.0,0.0,9.2119,31.0025,13.1345,-60.4664,50.5033,-24.3661,21.2961,24.7367,44.037,55.9694,64.6927,-57.5283,13.4095,-11.0673,12.226,9.1964,-46.7401,0.0,-44.5459,0.0,0.0,41.9778,-39.4417,-11.4244,-42.3134,-42.5123,-33.121,-33.4216,-37.1529,8.4332,43.8132,45.641,50.9463,12.2018,-32.5268,42.1206,-9.0524,-20.3807,22.6419,0.0,74.8005,64.956,75.0301,22.6665,50.3291,44.5489,15.5126,0.0,15.4067,53.4901,-54.8112,-60.134,-64.2153,-25.8151,0.0,0.0,28.9495,-30.6132,-21.4387,-28.268,67.4564,43.8499,70.4402,27.6092,67.3744,-25.8384,23.5044,37.1407,17.2479,-20.4902,61.7082,0.0,-36.268,0.0,-47.98,0.0,22.2293,0.0,0.0,54.3228,11.6214,16.0074,0.0,12.9393,-32.8289,-18.9505,-9.7881],"supportDates":["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"],"control":[43.8261,-3.945,-19.7144,20.18,0.0,70.2172,65.8678,76.818,8.5716,47.9979,43.1526,17.7701,0.0,19.3762,63.6464,-48.9741,-57.7945,-64.2177,-10.3127,0.0,0.0,24.0541,-40.8499,-23.5815,-25.7634,64.3411,42.1411,72.4051,15.8397,71.2456,-36.7103,38.7387,52.499,16.3535,-22.3424,57.5515,0.0,-35.4644,0.0,-40.6543,0.0,27.2824,0.0,0.0,61.1834,2.6679,15.571,0.0,16.9007,-30.0495,-16.4181,-18.6082],"force":[55.3793,-35.3551,-41.7654,29.2509,0.0,98.4946,59.8504,76.8138,18.413,33.444,26.7681,20.3788,0.0,7.937,55.1177,-95.1095,-73.4537,-68.4092,-1.3513,0.0,0.0,57.342,-40.1823,-11.4739,-28.8214,96.7251,33.2264,80.797,4.3593,71.2937,-48.2315,24.6605,28.6919,17.768,-38.9364,89.2525,0.0,-59.1574,0.0,-59.7014,0.0,37.4015,0.0,0.0,64.8632,7.8806,15.7219,0.0,11.865,-57.2418,-20.4138,-24.8252],"direction":[30.7009,-3.8983,-5.8673,20.7348,0.0,63.1142,67.5609,71.7126,68.1176,65.0542,58.8452,38.5692,0.0,27.5442,40.7203,-32.6977,-53.2936,-61.2171,-62.9368,0.0,0.0,14.2639,-12.0789,-26.1075,-30.7351,50.1105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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":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-9.8","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-18.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-24.8","detail":"Downward 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