{"schema_version":"1.0","name":"EX61 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"5a209105-4464-4a1b-aa29-4fb39bf9b419","symbol":"EX61","name":"ISHARES MDAX UCITS ETF","exchange":"VIE","country":"AT","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. Price structure remains rotational.","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, Range position and boundary pressure, Directional strength and control, 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":"2026-08-21","observations":60,"displayedObservations":60,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics eased this week but remains positive. 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support lags price","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":8.2,"sample":1},"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 is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. 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. 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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 2.0 weeks on average.","approach":"Avoid adding simply because price is rising. 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12.5,12.5,37.5,37.5],"assessmentRisk":[21.5493,24.1487,24.6535,20.3047,12.8212,11.8517,5.9691,4.9681,7.9865,17.3592,10.5917,31.2846,15.6582,7.7321,40.2278,27.1729,24.4901,11.7016,15.5307,15.3232,36.8863,28.0697,17.3907,49.9739,25.8378,17.4191,25.1984,14.6614,17.2581,17.6766,31.9062,36.0508,25.5503,20.3892,55.3922,37.5402,15.5115,32.705,19.1975,14.5983,40.9012,18.3639,6.0615,30.3018,14.2238,6.4546,11.1864,21.3845,34.341,17.5504,19.3122,17.3979],"volumeParticipation":false,"latest":{"consensus":15.0,"control":19.8,"force":33.8,"direction":4.0,"confirmation":51.5,"persistence":37.5,"assessmentRisk":17.4,"intensity":36.5,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+15.0","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+19.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+33.8","detail":"Upward 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envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[4.2875,4.443,4.4075,4.463,4.3045,4.4785,4.3895,4.395,4.287,4.2515,4.2745,4.2325,4.206,4.33,4.2435,4.2,4.236,4.1755,4.0335,4.099,3.951,4.191,4.152,4.194,4.2515,4.252,4.3285,4.5045,4.4585,4.4345,4.3605,4.4155,4.372,4.448,4.419,4.129,4.0295,3.8945,3.8805,3.99,4.246,4.462,4.2375,4.2535,4.347,4.389,4.477,4.656,4.55,4.469,4.4425,4.3705,4.5925,4.4435,4.431,4.436,4.454,4.514,4.5235,4.4565],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,4.2155,4.204,4.1839,4.1616,4.1673,4.16,4.1453,4.1405,4.1255,4.0773,4.0563,3.9969,3.9943,3.9872,3.9934,3.9929,4.0107,4.0163,3.9975,3.9842,3.9774,3.9766,3.9752,3.9794,3.9748,3.9762,3.9676,3.9397,3.8894,3.8581,3.8419,3.8786,3.8817,3.8891,3.8934,3.8967,3.9004,3.8986,3.8843,3.8797,3.879,3.8793,3.8789,3.8723,3.8723,3.8723,3.8932,3.9341,4.0164,4.1257,4.2244],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"relative","eyebrow":"Relative 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 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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,1.6949,1.7986,1.8379,1.7739,1.7857,2.0194,2.1335,2.3537,2.4694,2.4642,2.4186,2.3524,2.2395,2.2021,2.2693,2.278,2.4094,2.4219,2.3519,2.4107,2.3335,2.2958,2.8265,2.9438,3.3611,3.6256,3.6985,3.684,3.6963,3.9925,3.8227,3.8709,3.6919,3.5706,3.4918,3.4844,3.4619,3.4019,3.3286,3.2867,3.4082,3.2318,3.0966,2.9913,2.8712,2.7584,2.765],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,7.0999,7.2416,7.6895,8.2202,7.9261,7.9795,8.2932,8.2833,8.6251,10.214,10.7584,12.7933,12.361,12.1328,11.2417,11.1468,9.7937,9.3905,10.5291,11.5433,12.2735,12.5018,12.9699,13.1355,13.6101,13.9276,14.1775,15.0358,16.7906,17.9386,18.472,17.372,17.8074,17.6443,17.568,17.6162,17.7369,18.1355,19.1239,19.5279,19.6353,19.793,19.716,20.4853,20.4739,20.4989,20.17,19.1689,16.6876,13.0717,9.6058],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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":"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,53.1915,2.1277,18.0743,25.8446,11.6554,8.134,47.6874,20.0957,6.3694,17.8344,2.0,0.0,14.2237,2.4259,45.5526,38.5445,46.0916,56.4241,56.5139,70.2606,97.2556,87.9325,83.8819,71.3924,80.6751,73.3333,86.1603,81.2658,32.3207,15.5274,0.0,14.8755,29.2267,62.7785,91.0878,61.6645,63.7615,76.0157,81.5203,93.0537,97.9075,86.2335,77.3128,74.3943,66.4648,90.9141,74.5044,73.1278,73.6784,75.6608,82.2687,83.315,75.9361],"stroke":"#10243b","width":2.0},{"label":"From 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