{"schema_version":"1.0","name":"XNGI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"617026f5-739e-4557-84bd-a7f3b529798c","symbol":"XNGI","name":"Xtrackers MSCI Next Generation Internet Innovation UCITS ETF 1C USD Acc","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 has moved below the distribution zone after Market Dynamics 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, Range position and boundary pressure, Range pressure and compression, 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":54,"displayedObservations":54,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. 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Further price weakness would confirm the downside transition; a recovery in both readings would remove the 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positive, Market Dynamics cautious","kind":"disagreement","expectedDirection":"lower","episodes":2,"completedEpisodes":1,"activeEpisodes":1,"medianExpectedMove":1.8,"averageExpectedMove":1.8,"averageWeeksToLargestMove":1.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":9.8,"medianReturn":9.8,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":16.6,"medianReturn":16.6,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.5,"sample":2},{"week":2,"averageReturn":2.0,"sample":1},{"week":3,"averageReturn":8.6,"sample":1},{"week":4,"averageReturn":9.8,"sample":1},{"week":5,"averageReturn":12.8,"sample":1},{"week":6,"averageReturn":16.9,"sample":1},{"week":7,"averageReturn":14.8,"sample":1},{"week":8,"averageReturn":13.6,"sample":1},{"week":9,"averageReturn":18.1,"sample":1},{"week":10,"averageReturn":14.0,"sample":1},{"week":11,"averageReturn":15.3,"sample":1},{"week":12,"averageReturn":16.6,"sample":1},{"week":13,"averageReturn":10.3,"sample":1},{"week":14,"averageReturn":10.9,"sample":1},{"week":15,"averageReturn":9.8,"sample":1},{"week":16,"averageReturn":15.6,"sample":1},{"week":17,"averageReturn":17.0,"sample":1},{"week":18,"averageReturn":13.8,"sample":1},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":2,"completedEpisodes":0,"activeEpisodes":2,"horizons":[{"weeks":4,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":1.7,"medianReturn":1.7,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical record"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.9,"sample":2},{"week":2,"averageReturn":0.9,"sample":2},{"week":3,"averageReturn":0.8,"sample":2},{"week":4,"averageReturn":1.7,"sample":2},{"week":5,"averageReturn":-0.2,"sample":2},{"week":6,"averageReturn":1.5,"sample":1},{"week":7,"averageReturn":2.7,"sample":1},{"week":8,"averageReturn":-0.2,"sample":1},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":1,"activeEpisodes":1,"medianExpectedMove":2.6,"averageExpectedMove":2.6,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":4.7,"medianReturn":4.7,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":3.7,"medianReturn":3.7,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.4,"sample":2},{"week":2,"averageReturn":0.0,"sample":2},{"week":3,"averageReturn":0.7,"sample":1},{"week":4,"averageReturn":4.7,"sample":1},{"week":5,"averageReturn":1.0,"sample":1},{"week":6,"averageReturn":2.2,"sample":1},{"week":7,"averageReturn":3.3,"sample":1},{"week":8,"averageReturn":-2.3,"sample":1},{"week":9,"averageReturn":-1.7,"sample":1},{"week":10,"averageReturn":-2.6,"sample":1},{"week":11,"averageReturn":2.5,"sample":1},{"week":12,"averageReturn":3.7,"sample":1},{"week":13,"averageReturn":0.8,"sample":1},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Rollover warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":16.6,"sample":1},"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 has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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 16.6% across 1 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"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 1.8% 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":[{"date":"2026-05-01","price":58.41}],"reversal_warnings":[{"date":"2026-05-22","price":64.610001},{"date":"2026-08-07","price":66.220001}],"reversal_dangers":[{"date":"2026-06-26","price":65.269997},{"date":"2026-08-14","price":67.0}]}},"smTape":{"available":true,"dates":["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":[55.48,54.83,54.93,55.06,57.05,58.27,58.05,59.24,59.18,58.37,59.82,61.27,57.91,58.3,56.22,58.3,58.89,57.33,57.62,57.71,57.19,58.23,57.69,56.89,56.24,53.19,52.15,52.02,52.12,53.89,53.36,52.15,49.93,51.62,52.98,57.26,58.28,58.41,62.19,62.9,64.61,66.95,65.71,65.04,67.62,65.27,66.04,66.75,63.14,63.48,62.9,66.22,67.0,65.15],"consensus":[62.6669,-49.4808,-58.5363,0.0,72.9843,70.0556,29.2904,76.0999,26.1941,0.0,65.6439,52.0887,-48.929,0.0,-57.5504,17.5044,31.6123,-40.7562,13.7011,0.0,-30.4545,34.0114,-12.6607,-15.5157,-35.8516,-68.3275,-63.335,-48.8895,-33.6132,23.5681,-18.0269,-47.6212,-66.8302,0.0,11.6319,62.1977,57.1063,41.5603,76.3061,58.1439,80.7817,84.6127,13.28,39.6667,68.9316,11.0152,26.903,39.5306,-26.7829,-8.6222,-23.3185,44.3127,38.234,-9.9223],"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":[null,null,null,76.5816,11.8813,75.361,7.1752,0.0,64.7575,33.3979,-42.4044,0.0,-47.3851,34.1505,37.9914,-42.7894,9.5078,0.0,-28.5503,33.3983,-12.9383,-6.3544,-35.2004,-64.2463,-65.0684,-49.0238,-25.2627,25.1778,-24.5119,-58.1468,-75.0694,0.0,19.9743,62.5728,62.5077,39.7947,86.4956,51.5892,80.8111,85.6179,3.6325,47.2652,66.4153,33.9936,23.8095,37.9674,-25.541,-9.3025,-12.1657,55.2699,37.6848,-23.2519],"force":[-58.5363,0.0,48.9958,49.5379,4.7084,73.5967,10.3737,0.0,59.929,49.4725,-95.7961,0.0,-71.286,36.5569,34.002,-61.3568,33.1662,0.0,-34.0111,62.2695,-23.2494,-13.2312,-35.249,-81.349,-56.0099,-25.0502,-4.9932,79.1714,-9.3517,-49.2361,-63.1304,0.0,34.6679,72.8089,44.497,16.9726,67.8926,48.9597,88.9376,92.1638,43.8511,9.6206,68.9727,52.0736,4.884,17.2697,-39.4063,-4.1071,-38.3974,56.7808,24.1327,-34.2724],"direction":[null,null,90.119,77.2528,73.4712,78.7323,74.0498,0.0,70.739,75.3183,-22.9093,0.0,-59.3566,15.1287,22.6149,-23.7178,4.5899,0.0,-30.0904,14.5278,-4.7801,-27.6176,-37.0263,-63.6908,-66.5861,-65.7642,-63.5994,17.9882,-16.812,-34.4384,-60.0567,0.0,14.3566,54.1896,59.94,61.1407,70.6706,72.195,74.9224,78.0701,73.4165,66.1878,71.7779,29.8175,46.1663,57.2178,-19.1854,-11.0699,-25.294,22.8844,48.934,-22.7046],"intensity":[null,null,100.0,40.0,33.3333,42.8571,87.5,100.0,80.0,100.0,100.0,30.7692,85.7143,80.0,50.0,52.9412,50.0,15.7895,20.0,23.8095,9.0909,69.5652,12.5,100.0,88.4615,7.4074,35.7143,65.5172,56.6667,32.2581,87.5,60.6061,79.4118,100.0,97.2222,13.5135,94.7368,61.5385,55.0,87.8049,28.5714,62.7907,90.9091,84.4444,36.9565,10.6383,93.75,69.3878,86.0,86.2745,78.8462,53.8462],"confirmation":[41.3983,0.6676,67.5917,89.6931,54.9398,92.2869,9.7705,11.3721,88.8454,84.8735,85.185,1.4089,86.9896,31.8225,78.0915,81.6388,50.3748,24.3176,77.8829,79.7542,49.7032,50.3683,79.4641,90.3239,88.0175,82.9161,55.3446,35.716,73.4054,83.1276,89.1473,34.4677,30.0265,88.2209,85.8074,80.5769,92.0063,86.426,94.0983,95.2909,12.896,35.7945,90.0977,35.0277,53.3184,79.9952,76.9742,47.9445,76.0914,82.3931,79.8135,22.4816],"persistence":[33.3333,25.0,0.0,16.6667,28.5714,37.5,37.5,50.0,75.0,87.5,62.5,50.0,25.0,25.0,25.0,12.5,12.5,0.0,0.0,12.5,12.5,12.5,37.5,37.5,62.5,75.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,12.5,12.5,12.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,25.0,25.0,0.0],"assessmentRisk":[null,null,9.6822,14.9101,35.2584,11.9431,36.2768,8.5412,15.1931,22.7949,11.7557,1.8258,20.5265,56.6597,12.2231,7.5704,29.754,16.8264,25.8723,9.8972,8.6809,18.0922,12.393,15.7933,18.3136,25.5239,33.1666,15.5908,49.2401,29.6977,14.1603,47.4281,19.404,18.5088,21.4347,29.158,11.8429,20.7695,9.5396,7.6876,41.1611,21.0244,12.0852,41.8054,4.4957,16.9398,35.5874,31.9116,34.3857,35.6855,29.1526,39.7217],"volumeParticipation":true,"latest":{"consensus":-9.9,"control":-23.3,"force":-34.3,"direction":-22.7,"confirmation":22.5,"persistence":0.0,"assessmentRisk":39.7,"intensity":53.8,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-9.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-23.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-34.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-22.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"22/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"57.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"22.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"86%","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":[55.48,54.83,54.93,55.06,57.05,58.27,58.05,59.24,59.18,58.37,59.82,61.27,57.91,58.3,56.22,58.3,58.89,57.33,57.62,57.71,57.19,58.23,57.69,56.89,56.24,53.19,52.15,52.02,52.12,53.89,53.36,52.15,49.93,51.62,52.98,57.26,58.28,58.41,62.19,62.9,64.61,66.95,65.71,65.04,67.62,65.27,66.04,66.75,63.14,63.48,62.9,66.22,67.0,65.15],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,55.5713,56.062,56.4234,56.9355,57.3436,57.5302,57.9466,58.5508,58.4343,58.4099,58.0117,58.0641,58.2143,58.0535,57.9747,57.9266,57.7926,57.8722,57.839,57.6665,57.4071,56.6404,55.8239,55.1323,54.5846,54.4583,54.2586,53.8752,53.1579,52.8783,52.8968,53.6901,54.5246,55.2311,56.4963,57.6606,58.9242,60.3834,61.3519,62.0224,63.0402,63.4456,63.9173,64.4323,64.1974,64.0669,63.8548,64.2848,64.7785,64.846],"stroke":"#176fa3","width":1.7},{"label":"Slow 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