{"schema_version":"1.0","name":"HQWS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"55debcfb-877c-4e73-bdfa-55529cee5c23","symbol":"HQWS","name":"HSBC Plus World Equity Quant Active UCITS ETF USD Acc","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","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 is leading its underlying support.","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, Range position and boundary pressure, Drawdown and recovery pressure, Range pressure and compression, Strength versus the research benchmark."},{"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":62,"displayedObservations":62,"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 is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through 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The gap is a downside-risk warning until support catches up or price resets."}},"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 6.5% 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 3.5% across 2 completed cases, with the largest move arriving after 5.0 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 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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":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+19.0","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+25.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+76.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+29.6","detail":"Upward 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upward.","series":[{"label":"Close","values":[7.422,7.536,7.6425,7.737,7.7995,7.9055,7.829,7.938,7.9805,8.0555,8.033,8.0515,8.172,8.26,8.284,8.404,8.322,8.268,11.333,8.6655,8.4505,8.606,8.405,8.6365,8.6585,8.631,8.6645,8.664,8.627,8.828,8.8715,8.734,8.68,8.748,8.7335,8.853,8.888,8.7695,8.616,8.4215,8.325,8.6095,8.8095,9.077,9.06,9.0915,9.2315,9.428,9.4425,9.5355,9.475,9.4465,9.638,9.4865,9.5685,9.5655,9.456,9.539,9.4575,9.8355,9.8095,9.6335],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,7.5757,7.6357,7.6708,7.7194,7.7669,7.8193,7.8582,7.8933,7.944,8.0015,8.0528,8.1167,8.154,8.1747,8.749,8.7338,8.6823,8.6684,8.6205,8.6234,8.6298,8.63,8.6363,8.6413,8.6387,8.6731,8.7092,8.7137,8.7076,8.7149,8.7183,8.7428,8.7692,8.7693,8.7414,8.6832,8.6181,8.6165,8.6516,8.729,8.7891,8.8441,8.9146,9.0079,9.0869,9.1685,9.2242,9.2646,9.3325,9.3605,9.3983,9.4287,9.4337,9.4528,9.4537,9.5231,9.5752,9.5858],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,7.7311,7.7703,7.8083,7.8524,7.8872,7.9154,8.1686,8.2054,8.2235,8.2519,8.2632,8.2909,8.3181,8.3413,8.3652,8.3873,8.4051,8.4364,8.4687,8.4883,8.5025,8.5207,8.5365,8.5599,8.5842,8.5979,8.5993,8.5861,8.5668,8.5699,8.5877,8.6239,8.6562,8.6885,8.7287,8.7805,8.8295,8.8818,8.9258,8.9643,9.0142,9.0492,9.0877,9.1231,9.1477,9.1767,9.1975,9.2448,9.2866,9.3123],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,8.1681,8.1998,8.227,8.2794,8.3432,8.3973,8.4699,8.507,8.5267,9.7456,9.7467,9.762,9.7888,9.798,9.8232,9.8468,9.8665,9.8817,9.8961,9.9056,9.9284,9.9491,9.9554,9.9599,9.9681,9.9741,9.9871,9.9987,9.9992,8.9296,8.9435,8.9624,8.9625,8.9625,9.0311,9.0842,9.137,9.2154,9.3328,9.432,9.5381,9.6158,9.681,9.7736,9.8275,9.8869,9.9406,9.9737,10.0088,10.014,10.0322,9.9846,9.9316],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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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,90.9174,89.5857,88.1694,86.9951,85.9628,84.433,82.4508,80.6292,79.0891,77.5929,76.3201,74.6425,71.6503,68.2672,64.9371,62.2532,60.3968,59.356,58.438,57.3587,56.7375,56.5558,56.417,56.4869,56.4263,56.1438,56.3172,55.3618,54.6962,54.0558,52.365,51.1984,49.8693,49.4015,48.9854,47.4282],"stroke":"#10243b","width":2.0},{"label":"Positive 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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,91.0959,98.3733,100.0,93.5821,92.9446,100.0,100.0,98.9853,100.0,86.0498,80.977,100.0,32.0728,26.5979,30.5577,25.4393,31.3344,31.8946,31.1943,31.7868,29.4102,26.8253,30.3005,30.8373,25.8276,22.6869,23.4868,23.0576,25.3012,26.3554,20.9406,15.411,5.0082,1.8597,11.1419,17.6672,23.7709,94.755,99.1028,98.4509,100.0,100.0,99.6997,94.5088,92.0635,100.0,88.019,94.5038,94.2665,85.607,92.1708,85.7256,99.5574,97.3559,85.4237],"stroke":"#10243b","width":2.0},{"label":"From 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,0.0,0.0,-0.9677,0.0,0.0,0.0,-0.2793,-0.0497,0.0,0.0,0.0,0.0,-0.9757,-1.6183,0.0,-23.5375,-25.4346,-24.0625,-25.8361,-23.7933,-23.5992,-23.8419,-23.5463,-23.5507,-23.8772,-22.1036,-21.7198,-22.933,-23.4095,-22.8095,-22.9374,-21.883,-21.5742,-22.6198,-23.9742,-25.6905,-26.542,-24.0316,-22.2668,-19.9065,-20.0565,-19.7785,-18.5432,-16.8093,-16.6814,-15.8608,-16.3946,-16.6461,-14.9563,-16.2931,-15.5696,-15.596,-16.5623,-15.8299,-16.549,-13.2136,-13.443,-14.996],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,6.9523,7.5249,8.5354,8.2323,8.4815,10.1051,11.2908,11.6141,13.2309,12.1261,11.3985,52.6947,16.7542,13.8575,15.9526,13.2444,16.3635,16.6599,16.2894,14.9748,13.366,11.5032,13.1867,13.3159,11.5596,9.3474,9.6172,8.7203,10.2079,10.3894,7.3116,4.3099,1.8566,0.6894,4.1304,6.5493,9.033,8.8288,9.2072,10.8889,13.2492,13.4234,14.5405,13.8138,13.4715,15.7718,13.952,14.9369,14.9009,13.5856,14.5826,13.6036,18.1441,17.8318,15.7177],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,1.1106,1.0567,1.0692,1.1301,1.1521,2.7123,5.5705,5.5041,5.2502,5.1626,4.8568,4.5599,4.2948,4.0691,3.7902,3.5871,3.4177,3.22,3.1626,3.0632,2.895,2.8145,2.7012,2.582,2.5505,2.6132,2.679,2.6093,2.5789,2.5365,2.5188,2.3804,2.2616,2.187,2.1373,2.1004,2.0036,1.918,1.8079,1.7873,1.8003,1.7185,1.5985,1.6175,1.5866,1.6067,1.7138,1.6262,1.6681],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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