{"schema_version":"1.0","name":"HEUR Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"426358d1-da6b-4978-85df-7c21ccc096de","symbol":"HEUR","name":"HSBC Euro Liquidity Fund UCITS ETF EUR Acc","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Directional strength and control, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Directional pressure and rotation."},{"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":29,"displayedObservations":29,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-08-21"],"values":[1.161813],"opens":[101.542],"highs":[101.584999],"lows":[101.525002],"closes":[101.582],"hoverRows":[[{"label":"Open","value":"101.5","className":"is-ohlc","compact":true},{"label":"High","value":"101.6","className":"is-ohlc","compact":true},{"label":"Low","value":"101.5","className":"is-ohlc","compact":true},{"label":"Close","value":"101.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[100.462,102.702],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[100.439,100.464,100.509,100.548,100.585,100.638,100.669,100.707,100.744,100.786,100.825,100.865,100.895,100.946,100.981,101.021,101.059,101.098,101.142,101.182,101.225,101.272,101.314,101.363,101.404,101.447,101.49,101.533,101.582],"consensus":[100.0,47.0365,87.8867,47.7457,77.0253,71.6537,65.5421,72.0409,71.7859,75.0625,66.3355,62.7068,63.214,81.4476,76.1264,79.8009,79.5366,44.4896,69.8376,56.9102,78.8117,81.8722,60.148,79.6536,80.1754,82.2655,75.436,78.5654,82.3001],"supportDates":["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":[null,null,null,null,null,77.6865,68.1965,70.2633,75.7235,64.8873,61.5699,54.8813,61.0506,75.1912,81.2336,81.6414,78.8876,31.4616,77.6722,36.501,77.1965,81.4562,48.2278,76.8114,85.4352,82.2571,69.9686,76.0406,82.7721],"force":[100.0,47.0365,87.8867,47.7457,45.8432,47.1832,38.4548,59.9462,48.648,77.9176,47.7608,43.3379,35.5154,84.3775,53.0884,66.373,85.1071,18.967,44.7528,58.2934,79.8748,84.4548,50.361,82.2041,70.6504,87.1393,80.2415,83.3465,87.7404],"direction":[null,null,null,null,99.2982,82.2381,81.8566,82.7115,83.8129,84.6518,85.0496,85.4853,85.4713,86.5049,86.7454,87.2889,76.2994,77.6092,78.8015,79.247,79.8982,80.5028,80.7618,81.0801,80.9678,78.7937,78.252,78.0358,77.8749],"intensity":[null,null,null,null,50.0,100.0,66.6667,100.0,75.0,77.7778,60.0,45.4545,8.3333,69.2308,7.1429,66.6667,50.0,100.0,50.0,68.4211,45.0,61.9048,81.8182,65.2174,29.1667,56.0,100.0,74.0741,64.2857],"confirmation":[54.6667,37.7183,50.7904,37.9453,68.556,90.0915,88.1075,90.7116,90.2063,92.262,88.7339,87.5951,87.4173,94.2479,91.5805,93.099,93.6314,81.6574,89.4642,86.5644,93.2767,94.2841,87.1307,93.6102,93.2857,94.4736,92.3693,93.3251,55.0],"persistence":[null,null,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],"assessmentRisk":[null,null,null,null,11.4874,14.1731,17.2289,13.9795,14.1071,12.4688,16.8322,18.6466,18.393,9.2762,11.9368,10.0995,10.2317,27.7552,15.0812,21.5449,10.5942,9.0639,19.926,10.1732,9.9123,8.8673,12.282,10.7173,8.8499],"volumeParticipation":true,"latest":{"consensus":82.3,"control":82.8,"force":87.7,"direction":77.9,"confirmation":55.0,"persistence":100.0,"assessmentRisk":8.8,"intensity":64.3,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+82.3","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+82.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+87.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+77.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"100.0","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"0.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"100.0","detail":"Directional","tone":"positive"},{"label":"Range position","value":"100%","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 and its trend references are aligned upward.","series":[{"label":"Close","values":[100.439,100.464,100.509,100.548,100.585,100.638,100.669,100.707,100.744,100.786,100.825,100.865,100.895,100.946,100.981,101.021,101.059,101.098,101.142,101.182,101.225,101.272,101.314,101.363,101.404,101.447,101.49,101.533,101.582],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,100.4928,100.5192,100.5464,100.5756,100.6062,100.6389,100.6727,100.7077,100.7418,100.7789,100.8156,100.853,100.8904,100.9282,100.9671,101.0061,101.0459,101.087,101.1283,101.171,101.2133,101.2558,101.2984,101.3411,101.3849],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,100.6094,100.6344,100.6601,100.6868,100.7144,100.7428,100.7724,100.8027,100.834,100.8664,100.8996,100.9339,100.9687,101.0042,101.0401,101.0767,101.1141],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,100.835,100.8774,100.92,100.9596,101.0033,101.0455,101.088,101.1301,101.1722,101.2154,101.2586,101.3004,101.342,101.3845,101.4288,101.4726,101.5184,101.5635,101.6087,101.6549],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,100.3828,100.3797,100.3765,100.3749,100.371,100.3679,100.3648,100.3618,100.3588,100.3552,100.3517,100.3885,100.4277,100.4657,100.5029,100.541,100.5761,100.6131,100.6505,100.6881],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,100.0,100.0,100.0],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,49.1454,50.0662,53.0052,55.443,57.5035,60.1583,63.1359,64.0164,66.5644,68.792,70.887,71.7436,67.1642,69.2865,68.7913,69.292],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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,7.1329,2.9138,25.4582,6.2439,8.0016,1.346,26.6199,4.3246,10.0482,88.6941,0.0,0.0,74.0986,29.4215,21.4601,15.572,80.0304,15.1028,121.0458,353.6118,135.5876,195.2405],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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 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,0.0494,0.0487,0.0481,0.048,0.0474,0.0471,0.0472,0.0469,0.0468,0.0466,0.0468,0.0468,0.0513,0.052,0.0518,0.0523],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,0.4495,0.4946,0.54,0.5808,0.628,0.6729,0.718,0.7626,0.8072,0.8534,0.8996,0.9042,0.9062,0.9104,0.917,0.9224,0.9326,0.9403,0.9474,0.9556],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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,95.3419,99.4223,96.2594,94.8654,96.2723,97.4409,98.3778,100.0,100.0,99.3958,99.8571,100.0,98.7371,100.0,100.0,99.7818,99.7928,100.0,99.6197,98.2238,99.3405,99.7192],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.0149,-0.002,-0.0149,-0.0228,-0.0178,-0.0129,-0.0089,0.0,0.0,-0.004,-0.001,0.0,-0.0099,0.0,0.0,-0.002,-0.002,0.0,-0.0039,-0.0187,-0.0069,-0.003],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,0.3058,0.3426,0.3845,0.4233,0.4631,0.493,0.5438,0.5787,0.6185,0.6564,0.6952,0.739,0.7789,0.8217,0.8685,0.9104,0.9592,1.0,1.0428,1.0464,1.05,1.0595],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"momentum","eyebrow":"Momentum pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show 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