{"schema_version":"1.0","name":"SPQD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"5d87de8a-e6f1-48eb-9dc0-e682a6b9f4fa","symbol":"SPQD","name":"Invesco Markets II plc - Invesco S&P 500 Quality UCITS ETF Dist","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. 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, Directional strength and control, Range pressure and compression, Acceleration, deceleration and rollover, Strength versus the research benchmark, Range position and boundary 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":61,"displayedObservations":61,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the 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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":"negative","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","sample":0},"nowContext":{"label":"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 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. The disagreement is a warning condition, not an automatic exit.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","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."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-29","price":5.296975}],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[4.3015,4.3993,4.3909,4.3909,4.3909,4.3909,4.4058,4.456,4.4416,4.4416,4.4416,4.4467,4.4467,4.4467,4.4467,4.4467,4.4467,4.6004,4.6287,4.6287,4.6287,4.6287,4.6287,4.6287,4.641,4.641,4.641,4.641,4.641,4.7846,4.7846,4.7846,4.7766,4.7766,4.7766,4.7766,4.7766,4.7905,4.7905,4.7905,4.7805,4.7805,4.7805,4.8978,4.8978,4.8978,4.8978,5.0824,5.297,5.3808,5.392,5.392,5.598,5.586,5.5,5.519,5.394,5.356,5.426,5.419,5.379],"consensus":[100.0,100.0,-47.8421,0.0,65.6786,26.1044,56.8577,79.6501,9.6046,44.4276,43.4535,45.0168,35.1008,34.682,34.9041,29.2702,23.1336,73.5616,66.4441,51.3276,51.2754,49.9668,38.6333,37.6672,78.4312,44.062,42.8554,41.3171,30.2745,87.7516,50.1001,50.2082,54.646,28.963,27.5072,25.8137,28.5484,68.1469,34.877,33.7559,13.8501,12.657,10.6175,73.5905,43.522,43.6711,43.2859,44.5456,57.4003,77.0302,54.5172,51.0415,65.8412,47.8982,33.9644,54.7729,-15.6999,-17.3742,43.4494,14.1092,-18.6004],"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":[35.271,34.7099,66.3125,34.1932,33.556,32.8641,32.1097,31.2872,78.8128,60.3735,41.0143,40.5491,40.0652,39.5686,39.0648,84.2083,38.6912,38.1844,37.6788,37.1746,88.4131,41.3812,40.9358,40.9813,37.0081,36.5018,35.9884,35.4607,79.6164,35.6795,35.1394,19.1573,30.7971,29.8643,70.9076,39.1392,38.6327,38.1259,31.482,46.9392,86.1688,46.7892,41.2869,63.9859,36.4509,18.3694,45.9755,-23.5854,-19.432,72.8749,32.8627,-24.3026],"force":[10.3106,10.009,19.2607,3.2021,3.4309,6.3332,0.0,0.0,57.9999,50.6772,18.0,18.0,16.6301,0.0,0.0,74.1658,12.7788,13.359,13.9214,0.0,98.0194,18.0,18.0,50.3428,5.9115,6.3291,6.7703,0.0,71.0713,12.0879,12.6807,17.0987,10.8163,11.4111,91.5358,17.9994,17.9997,17.9999,16.3724,33.7485,44.4633,15.5286,10.44,32.4522,5.4941,10.1492,30.9074,-56.8646,-43.1838,32.84,9.3542,-40.4454],"direction":[79.2617,77.335,39.0759,58.9227,58.2911,57.6433,46.9322,30.3392,78.6757,84.6439,86.9197,87.3022,85.0949,65.1596,62.9751,74.8755,72.5452,69.2626,65.0435,44.0132,79.6615,82.9933,83.811,73.3367,44.6788,41.3964,37.4598,41.0405,52.9501,50.2379,47.2284,29.8911,8.692,4.3558,63.8387,66.7614,67.766,67.2445,79.5991,86.2502,89.8483,91.1981,91.1907,91.8108,91.2696,83.297,81.8738,-22.7153,-3.4131,17.3984,9.4363,-3.52],"intensity":[55.5556,30.0,36.3636,41.6667,30.7692,35.7143,40.0,43.75,100.0,100.0,42.1053,45.0,47.619,50.0,52.1739,66.6667,68.0,50.0,51.8519,53.5714,93.1034,90.0,51.6129,87.5,84.8485,50.0,51.4286,52.7778,67.5676,68.4211,51.2821,60.0,51.2195,52.381,93.0233,88.6364,51.1111,52.1739,100.0,97.9167,77.551,66.0,49.0196,96.1538,57.6923,78.8462,67.3077,84.6154,82.6923,71.1538,69.2308,69.2308],"confirmation":[81.3166,81.0191,81.2959,55.6073,55.4963,55.663,53.7645,51.9068,90.9854,88.8741,83.5663,83.5575,83.1243,56.5043,56.2176,92.88,81.2283,80.886,80.442,53.9934,96.3834,83.1866,83.2263,85.5638,54.6772,54.3176,53.89,53.4935,89.7214,78.4539,78.1385,29.7224,28.0326,4.8673,92.1368,81.216,81.2692,81.1595,81.595,85.8067,91.5179,84.375,83.2445,88.0799,59.5429,34.5937,84.934,33.671,52.3764,81.1321,28.1763,52.6152],"persistence":[62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0,50.0,25.0],"assessmentRisk":[22.948,18.2413,36.8901,9.0375,8.5412,0.7206,14.6351,11.5668,13.1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