{"schema_version":"1.0","name":"HQWA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"35fb458e-be4b-4faf-9615-731dd628fbdd","symbol":"HQWA","name":"HSBC Plus World Equity Quant Active UCITS ETF USD Acc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has 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, Directional strength and control, Range position and boundary pressure, Range pressure and compression, 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":58,"displayedObservations":58,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover 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weakening","tone":"caution","headline":"Market Dynamics remains positive but has weakened over four weeks","use":"The upward structure still has positive support, but renewed strength is needed to restore full confirmation.","confirm":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is upward","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":"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 2 cases. Distinct visits lasted 1.5 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 0.2% 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":[],"reversal_warnings":[{"date":"2026-05-08","price":10.692}],"reversal_dangers":[{"date":"2026-06-19","price":11.056}]}},"smTape":{"available":true,"dates":["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":[8.996,9.042,9.042,9.042,9.286,9.237,9.371,9.371,9.371,9.479,9.479,9.479,9.748,9.748,9.748,9.748,9.607,9.607,9.607,9.86,9.831,9.916,9.755,9.755,9.912,9.912,10.236,10.08,10.026,10.11,10.022,10.14,10.182,10.04,10.04,9.97,9.727,9.855,9.806,9.806,10.444,10.464,10.692,10.63,10.936,11.006,11.034,10.948,11.056,11.132,11.132,11.056,11.12,11.176,11.074,11.438,11.534,11.256],"consensus":[-26.3158,84.0,0.0,0.0,99.9997,27.5676,82.9865,49.4936,48.4954,85.5668,49.5528,48.982,94.5756,51.5157,50.9419,50.3452,-17.2792,13.9352,10.0218,71.6368,19.2623,39.9855,-13.1058,9.9177,73.62,26.911,75.8962,0.0,10.6382,63.0177,-21.6449,65.6918,53.0914,-25.2425,8.6331,-49.1247,-77.2706,0.0,-54.5419,-32.7347,63.5115,56.8576,76.7586,11.051,87.5515,64.2903,48.414,46.5201,51.2333,49.42,39.3862,27.3546,30.9109,60.2999,-19.0065,75.5696,74.6979,15.471],"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":[93.2132,39.364,38.8584,81.5861,39.539,39.0348,97.015,41.0052,40.5395,40.0554,-23.5725,29.1354,28.0872,87.5428,0.693,31.0378,-26.1154,24.3999,76.9158,34.4472,90.8954,0.0,10.7321,56.0885,-9.1564,71.1387,49.7833,-29.5601,10.6357,-40.8611,-72.7686,0.0,-58.7656,-24.995,59.1816,63.0765,90.7449,0.9717,91.6713,70.1555,42.3028,50.0756,51.0311,48.2277,36.2658,21.3063,23.2434,63.6001,-15.7859,87.7985,80.9324,23.6413],"force":[56.5887,10.44,10.1112,84.9425,10.3033,10.3469,91.5901,10.4393,10.4397,10.4399,-57.3378,10.2906,17.8233,54.5368,15.9527,13.8602,-78.5226,9.4382,94.055,0.5777,57.5213,0.0,49.4431,81.0632,-80.596,85.3986,57.7735,-53.6534,1.7336,-84.2567,-98.9719,0.0,-40.9518,-9.6061,76.6953,38.0825,62.8187,52.1256,97.2256,35.767,16.3959,3.3827,27.5051,23.6026,6.9412,9.6535,8.5296,66.2573,-84.6263,69.0995,73.2394,81.5765],"direction":[90.1543,88.9657,86.9265,90.562,89.0324,87.9467,93.9203,92.868,91.7605,90.6089,-18.5264,13.8677,9.265,65.6728,65.638,68.8725,-48.4885,7.1922,55.257,37.933,71.8792,0.0,53.446,58.0472,-6.1904,45.3903,53.5279,-0.0145,11.2724,-33.4745,-66.9148,0.0,-59.4221,-58.1005,59.0429,63.1609,70.7314,69.9174,75.933,77.9611,78.2682,73.2693,68.4132,69.2236,66.1273,60.7012,55.6604,52.2729,-24.1841,66.2151,68.6146,41.0849],"intensity":[66.6667,71.4286,25.0,55.5556,50.0,27.2727,100.0,100.0,28.5714,33.3333,75.0,100.0,33.3333,94.7368,70.0,38.0952,77.2727,78.2609,79.1667,68.0,100.0,62.963,78.5714,55.1724,30.0,41.9355,25.0,54.5455,55.8824,22.8571,83.3333,43.2432,23.6842,20.5128,100.0,19.5122,85.7143,74.4186,95.4545,84.4444,15.2174,55.3191,70.8333,24.4898,14.0,27.451,23.0769,21.1538,40.3846,98.0769,78.8462,90.3846],"confirmation":[93.5953,82.8021,82.4956,95.423,82.8133,82.6484,98.136,83.3933,83.2256,83.0511,33.2732,28.3513,28.5521,90.1603,8.7769,80.1355,39.0002,4.3766,92.131,53.1155,91.4982,14.9846,34.7863,88.8212,55.5672,89.539,85.1824,54.211,47.8551,84.9165,93.4566,34.7033,84.9749,77.8882,88.7914,85.5275,91.9248,13.1216,96.2485,87.6142,82.6098,58.8509,83.6746,83.0458,56.9957,32.4438,77.3262,87.4272,35.9569,91.7987,91.7639,46.2723],"persistence":[42.8571,50.0,75.0,75.0,87.5,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,75.0,75.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,37.5,37.5,25.0,0.0,12.5,12.5,37.5,37.5,12.5,12.5,12.5,37.5,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0],"assessmentRisk":[8.3788,25.1618,12.6767,6.8402,18.1496,18.9791,2.6609,23.8516,24.1113,24.4097,34.1039,52.1384,50.4774,3.1612,38.7963,29.6718,48.8646,40.3216,8.1497,15.3786,11.9806,48.0571,27.6801,13.2739,34.6447,12.8795,15.4023,11.1901,2.3762,19.0351,11.181,43.4099,19.1007,29.2833,18.1602,21.3371,11.6011,44.4405,5.1599,17.1816,22.1262,21.939,0.287,4.6692,4.1344,11.9504,0.8552,10.8674,13.6113,11.8505,12.4629,33.1443],"volumeParticipation":true,"latest":{"consensus":15.5,"control":23.6,"force":81.6,"direction":41.1,"confirmation":46.3,"persistence":50.0,"assessmentRisk":33.1,"intensity":90.4,"evidenceDepth":100},"analysis":{"status":"Joint 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Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+15.5","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+23.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+81.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+41.1","detail":"Upward 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upward.","series":[{"label":"Close","values":[8.996,9.042,9.042,9.042,9.286,9.237,9.371,9.371,9.371,9.479,9.479,9.479,9.748,9.748,9.748,9.748,9.607,9.607,9.607,9.86,9.831,9.916,9.755,9.755,9.912,9.912,10.236,10.08,10.026,10.11,10.022,10.14,10.182,10.04,10.04,9.97,9.727,9.855,9.806,9.806,10.444,10.464,10.692,10.63,10.936,11.006,11.034,10.948,11.056,11.132,11.132,11.056,11.12,11.176,11.074,11.438,11.534,11.256],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9.0657,9.0969,9.1467,9.1875,9.2209,9.2678,9.3062,9.3376,9.4122,9.4733,9.5232,9.5641,9.5719,9.5783,9.5835,9.6338,9.6696,9.7144,9.7218,9.7278,9.7613,9.7887,9.87,9.9082,9.9296,9.9624,9.9733,10.0036,10.036,10.0367,10.0373,10.0251,9.9709,9.9498,9.9237,9.9023,10.0008,10.085,10.1954,10.2744,10.3947,10.5058,10.6019,10.6648,10.7359,10.8079,10.8669,10.9012,10.941,10.9837,11.0002,11.0798,11.1624,11.1794],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,0.0,0.0,27.1873,0.0,0.0,7.2319,0.0,0.0,0.0,89.9262,0.0,0.0,463.6555,200.9611,248.361,160.4711,0.0,1.5736,0.0,164.9372,64.5957,652.7157,10.6716,412.3061,258.6585,151.4303,4.9736,0.0,373.598,651.9118,0.3157,14.4465,0.0,756.6978,43.131,1.9434,131.7652,122.1288,0.272,0.0,17.7407,0.0,0.0,0.0,0.0,0.023,34.1789,21.2885,0.6225,1.7345,305.5351],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend 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,89.3756,88.5174,87.613,87.0196,86.4686,85.993,85.677,84.7748,83.9372,82.1313,77.7667,73.7138,69.9758,66.5048,65.9364,65.375,65.3479,65.3957,65.7453,66.1833,66.6297,65.8458,65.3518,65.0484,64.7667,63.8391,63.1596,62.6995,61.8491,61.7573,61.8304,60.404],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,72.6958,72.6958,72.6958,65.7767,65.7767,65.7767,75.5026,72.662,71.9833,61.0469,61.0469,67.3082,67.3082,75.8113,64.1574,61.0409,61.3755,55.9281,52.7089,52.6349,47.8238,47.8238,45.5405,38.643,35.5856,34.6301,34.6301,56.7533,55.5145,61.5413,60.4272,61.0439,62.864,63.4029,58.7467,61.0874,62.6916,62.6916,59.8309,61.5227,62.9841,58.8638,61.8772,62.9133,53.6996],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.0,0.0,0.0,0.0,0.7496,0.7496,0.5366,0.5164,0.4609,15.5839,15.5839,13.0789,13.0789,9.6771,8.1895,8.3805,7.0835,6.4548,5.9185,5.3432,7.4487,7.4487,11.8675,25.2159,23.2208,22.4295,22.4295,14.8387,14.7227,13.0566,12.369,10.65,10.2859,10.1366,16.736,15.7865,15.1357,15.1357,19.008,18.2075,17.3953,19.2076,15.1977,14.385,22.0075],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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":"range","eyebrow":"Acceptance 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,98.3645,98.3645,98.8785,98.8785,98.8785,100.0,100.0,100.0,100.0,69.9681,69.9681,69.9681,96.9116,93.8232,98.0711,81.7259,81.7259,97.665,97.665,99.5356,86.5,82.0,89.0,78.9272,89.8507,93.1114,76.8083,76.5661,64.3512,32.5033,49.2792,31.3386,31.3386,94.5763,96.8362,100.0,90.772,100.8058,100.0,100.0,93.42,100.0,100.0,100.0,94.5907,99.1459,99.0431,92.0711,98.9589,100.0,84.6154],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.0746,-0.0746,-0.0633,-0.0633,-0.0633,0.0,0.0,0.0,0.0,-2.8517,-2.8517,-2.8517,-0.2933,-0.5865,-0.1912,-1.8118,-1.8118,-0.2315,-0.2315,-0.0586,-1.5817,-2.109,-1.2888,-2.148,-0.9959,-0.5858,-1.9723,-1.9723,-2.6557,-5.0283,-3.7786,-4.257,-4.257,-0.4575,-0.2669,0.0,-0.9689,0.0915,0.0,0.0,-0.7794,0.0,0.0,0.0,-0.6827,-0.1078,-0.1251,-1.0366,-0.1571,0.0,-2.4103],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,4.7039,4.7039,5.9106,5.9106,5.9106,8.9162,8.9162,8.9162,8.9162,7.3408,7.3408,7.3408,10.1676,9.8436,10.7933,8.9944,8.9944,10.7486,10.7486,14.3687,11.4798,10.8825,11.8115,8.9585,9.7759,8.6544,7.139,7.0362,5.1799,2.6163,3.9667,2.0714,2.0714,8.7124,8.9206,11.2938,10.6485,12.9169,13.149,13.4368,12.5527,13.663,14.4443,14.4443,13.663,14.321,14.8967,13.8481,17.5902,18.5772,15.7191],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range 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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,0.5363,0.498,0.4624,0.6409,0.5951,0.5526,0.6985,0.6759,0.6972,0.7759,0.7205,0.7846,0.7285,0.8854,0.9865,0.968,1.0546,1.0841,1.0851,1.1114,1.1519,1.0697,1.0504,1.1782,1.1726,1.1329,1.0519,1.3863,1.3135,1.346,1.327,1.3911,1.3289,1.249,1.2615,1.2298,1.1829,1.0984,1.0761,1.0371,1.003,1.0057,1.1427,1.1117,1.2393],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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