{"schema_version":"1.0","name":"ASWL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6fbad540-29fd-4c11-b435-47d986d4ca68","symbol":"ASWL","name":"REX Tech Innovation Income & Growth UCITS ETF Distributing","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. 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, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, Drawdown and recovery pressure, Acceleration, deceleration and rollover."},{"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":56,"displayedObservations":56,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.7,"sample":2},{"week":2,"averageReturn":-0.3,"sample":2},{"week":3,"averageReturn":-2.4,"sample":2},{"week":4,"averageReturn":-1.3,"sample":2},{"week":5,"averageReturn":0.4,"sample":2},{"week":6,"averageReturn":-2.3,"sample":2},{"week":7,"averageReturn":-0.9,"sample":1},{"week":8,"averageReturn":-0.2,"sample":1},{"week":9,"averageReturn":-5.1,"sample":1},{"week":10,"averageReturn":-6.1,"sample":1},{"week":11,"averageReturn":-7.9,"sample":1},{"week":12,"averageReturn":-1.2,"sample":1},{"week":13,"averageReturn":-0.5,"sample":1},{"week":14,"averageReturn":-2.0,"sample":1},{"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":"Price ahead of underlying support","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":"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 correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","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":14.5,"sample":2},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but 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":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 14.5% 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 3 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 3.3% across 2 completed cases, with the largest move arriving after 1.5 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":[],"reversal_warnings":[{"date":"2026-05-15","price":24.216637},{"date":"2026-07-10","price":24.180157}],"reversal_dangers":[{"date":"2026-05-22","price":24.57995},{"date":"2026-07-17","price":22.991674}]}},"smTape":{"available":true,"dates":["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":[20.1077,20.6699,20.6926,20.3661,20.4153,20.484,21.2863,21.7952,21.671,21.9861,22.102,22.4125,22.5793,23.5663,22.3862,22.5922,21.4448,22.4544,22.7576,22.1179,22.279,22.3765,22.2615,22.6449,22.3526,22.0316,21.4053,20.267,20.0151,20.1362,19.9909,20.95,20.9694,20.5504,19.7129,20.2664,20.5847,21.9591,22.0894,22.1578,23.664,24.2166,24.58,25.5337,24.916,23.8248,24.4867,23.567,23.9923,24.1802,22.9917,22.7393,22.3137,23.9319,24.0952,23.74],"consensus":[-100.0,68.116,-85.4167,0.0,11.7804,0.0,46.2066,60.8714,20.8325,48.1132,24.8226,46.1095,41.5765,60.8469,-19.2164,19.8752,-48.0076,27.6596,32.0062,-28.3948,14.5173,0.0,-9.5094,31.9908,0.0,-18.5195,-42.4044,-65.1099,-48.6259,-21.1927,-32.3135,28.1647,0.0,-31.147,-47.9352,0.0,0.0,60.6071,39.2763,22.8203,76.8667,64.3673,63.2443,72.8029,14.6685,0.0,44.8668,0.0,12.0639,13.8611,-29.1032,-37.5593,-42.4787,43.5312,25.5164,6.0471],"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,0.0,50.7425,59.7743,7.1332,38.874,9.6252,38.8792,34.7964,46.3083,-27.4947,16.6462,-39.5941,39.9027,37.358,-27.9706,9.8137,0.0,-5.8662,34.9254,0.0,-12.2888,-35.8696,-56.5253,-48.2482,-9.7273,-23.8091,29.3782,0.0,-36.205,-54.9951,0.0,0.0,58.3014,39.6075,12.0658,80.1291,69.197,66.0106,79.1097,5.2341,0.0,49.3846,0.0,22.3189,7.7725,-19.5595,-34.4894,-32.7046,49.4923,19.6683,12.1375],"force":[0.6586,0.0,34.9051,55.5899,11.162,40.6351,3.1031,42.2305,23.492,65.5,-75.3853,10.3543,-85.7197,49.4643,31.8027,-56.5347,18.9479,0.0,-17.3364,41.2748,0.0,-31.5191,-56.3895,-87.3621,-32.4729,-11.0361,-13.2567,67.8084,0.0,-49.0841,-48.4179,0.0,0.0,87.5572,26.3363,3.9612,90.4605,53.2436,51.1725,63.0893,24.6117,0.0,50.8907,0.0,4.7619,1.0862,-36.8434,-44.2616,-49.7093,80.942,24.1209,34.7389],"direction":[20.6654,0.0,49.0951,65.8977,59.3419,64.0137,57.705,57.1434,62.2425,74.1388,-30.3652,30.3661,-30.6859,1.9073,26.0352,-8.7797,16.7281,0.0,-8.0822,22.0055,0.0,-16.3548,-39.8834,-59.0263,-60.5953,-57.3167,-55.6448,1.539,0.0,-12.5542,-39.5221,0.0,0.0,43.9922,48.1408,48.5821,63.4283,66.793,68.7054,72.5336,65.4716,0.0,35.4009,0.0,5.5597,29.9444,-34.4817,-36.2804,-48.4844,9.9966,33.1968,21.4075],"intensity":[25.0,20.0,83.3333,57.1429,37.5,33.3333,80.0,27.2727,41.6667,100.0,92.8571,66.6667,87.5,82.3529,66.6667,57.8947,70.0,80.9524,13.6364,30.4348,16.6667,68.0,53.8462,92.5926,85.7143,31.0345,6.6667,80.6452,50.0,30.303,76.4706,42.8571,69.4444,100.0,84.2105,43.5897,100.0,73.1707,19.0476,79.0698,45.4545,97.7778,60.8696,85.1064,66.6667,10.2041,100.0,11.7647,76.9231,98.0769,88.4615,25.0],"confirmation":[26.0785,1.0321,82.3726,87.3346,8.2813,83.3091,52.8462,82.747,80.8566,87.8344,36.8795,74.1191,84.64,55.0693,78.1542,77.9504,72.8522,1.0042,48.6704,78.4753,25.5037,74.4174,82.0952,89.6441,83.0738,30.9952,77.8891,55.8641,25.4092,78.4366,83.2464,31.0217,3.8028,88.2507,80.169,52.225,92.9619,88.1849,87.8281,90.9048,10.1672,28.179,82.4721,48.7273,26.1483,26.8057,77.6944,80.27,81.9625,82.9793,76.2118,21.5642],"persistence":[0.0,0.0,14.2857,25.0,50.0,50.0,75.0,87.5,87.5,100.0,75.0,75.0,50.0,50.0,50.0,25.0,25.0,12.5,12.5,12.5,25.0,0.0,25.0,25.0,50.0,62.5,62.5,62.5,62.5,62.5,62.5,50.0,37.5,12.5,12.5,12.5,25.0,50.0,75.0,87.5,100.0,87.5,87.5,75.0,75.0,75.0,50.0,25.0,0.0,12.5,12.5,12.5],"assessmentRisk":[31.5522,30.1592,22.8629,19.5257,39.4885,25.9279,36.921,25.0557,28.9803,19.5629,34.8163,6.9433,23.6637,60.5783,9.6254,16.5231,35.5891,6.2575,27.5266,17.3988,8.3285,14.829,23.3366,17.4112,25.6529,39.3338,33.7393,29.8088,44.4198,50.4037,0.8523,43.6702,30.4068,18.1548,30.2757,38.2979,11.5583,17.7277,18.3362,13.5958,40.2315,25.9252,28.5578,47.5912,47.8415,14.7597,33.2649,20.2375,27.2693,36.4962,31.1947,45.4117],"volumeParticipation":true,"latest":{"consensus":6.0,"control":12.1,"force":34.7,"direction":21.4,"confirmation":21.6,"persistence":12.5,"assessmentRisk":45.4,"intensity":25.0,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+6.0","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+12.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+34.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+21.4","detail":"Upward follow-through","tone":"positive"},{"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":"55.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.3%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"19.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"70%","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":[20.1077,20.6699,20.6926,20.3661,20.4153,20.484,21.2863,21.7952,21.671,21.9861,22.102,22.4125,22.5793,23.5663,22.3862,22.5922,21.4448,22.4544,22.7576,22.1179,22.279,22.3765,22.2615,22.6449,22.3526,22.0316,21.4053,20.267,20.0151,20.1362,19.9909,20.95,20.9694,20.5504,19.7129,20.2664,20.5847,21.9591,22.0894,22.1578,23.664,24.2166,24.58,25.5337,24.916,23.8248,24.4867,23.567,23.9923,24.1802,22.9917,22.7393,22.3137,23.9319,24.0952,23.74],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,19.6638,19.6601,19.6353,19.6223,19.4562,19.5291,19.5882,19.6391,19.6987,19.741,19.8022,20.0428,20.1918,20.3557,20.6236,20.9343,21.2791,21.3075,20.9049,20.521,20.2108,19.903,19.8029,19.7199,19.6865,19.4223,19.311,19.2418,19.2613,19.3061,19.3044,19.1467,18.9331,18.7074,18.381,18.2256,18.2081,18.2017,18.4028,18.6658,18.9445,19.2955,19.4856,19.6535,19.984,20.5924,21.1487],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"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,75.2358,106.8526,138.5077,90.7171,188.0735,112.9242,225.8972,107.8183,59.3871,301.4428,80.2319,73.2615,92.3678,81.2409,24.7282,79.8901,96.8407,101.6205,160.4028,130.1561,131.8055,69.884,135.9196,82.1207,84.4567,99.0904,184.8418,54.7601,37.3867,98.0137,115.0613,46.7203,34.4662,124.9524,86.6685,132.7257,61.8426,10.1193,15.1992,158.2536,21.3983,39.1253,9.1302,64.3738,184.2555,155.5148,202.486,217.3693,213.0732],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,96.5713,73.7795,86.6068,76.8298,87.4627,91.0095,86.2984,58.8313,63.6272,36.9231,60.4186,67.4761,52.5891,56.3384,58.6076,55.9312,64.8524,58.0501,50.5784,36.0035,11.4705,5.7352,13.9051,11.7082,32.0436,32.4544,23.572,5.815,18.1444,24.8454,53.7765,56.5178,60.7564,99.2028,99.1936,99.4304,99.1209,89.1316,71.4861,82.1899,67.3163,74.1933,77.2321,58.0124,53.931,47.0485,73.2179,75.8588,70.114],"stroke":"#10243b","width":2.0},{"label":"From 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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,33.8644,34.8547,35.7743,36.8781,37.9402,37.4366,36.5054,35.6213,35.6727,35.9249,34.7022,32.2368,30.2317,28.643,28.4661,28.7649,29.3146,30.4799,31.5619,30.6849,30.4308,29.0315,28.1872,27.5638,25.9387,24.1771,23.3493,21.731,20.5414,19.0905],"stroke":"#10243b","width":2.0},{"label":"Positive 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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,-1.5776,-1.3401,-1.0077,0.0,0.0,-0.5701,0.0,0.0,0.0,0.0,0.0,-5.008,-4.1335,-9.0024,-4.7186,-3.4318,-6.1461,-5.4625,-5.0487,-5.5367,-3.9102,-5.1504,-6.5127,-9.1701,-14.0003,-15.0692,-14.5553,-15.1719,-11.1022,-11.0199,-12.7976,-16.3514,-14.003,-12.6521,-6.8199,-6.2673,-5.9768,0.0,0.0,0.0,0.0,-2.4192,-6.6925,-4.1003,-7.7024,-6.0369,-5.301,-9.9555,-10.944,-12.6107,-6.2731,-5.6336,-7.0248],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,8.3925,7.7746,9.3419,9.9181,11.4623,12.2921,17.2007,11.3314,12.3562,6.6499,11.6705,13.1786,9.9975,10.7986,11.2835,10.7116,12.618,11.1644,9.5678,5.1025,0.0,0.0,0.605,0.0,4.7977,4.8946,2.799,0.0,2.8075,4.4224,11.3946,12.0552,12.4025,20.0432,22.8465,24.6895,29.5276,26.3941,20.859,24.2166,19.551,21.7082,22.6614,16.6325,15.3522,13.1932,21.4022,22.2306,20.4286],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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