{"schema_version":"1.0","name":"FEGI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"76da807f-c38b-4210-8014-80412152fcde","symbol":"FEGI","name":"REX Tech Innovation Income & Growth UCITS ETF Distributing","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","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, Range position and boundary pressure, Directional strength and control, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range pressure and compression."},{"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":57,"displayedObservations":57,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","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.","take":"Treat the gap as an early-downside risk watch. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":-0.0,"medianReturn":-0.0,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":9.7,"averageExpectedMove":9.7,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-2.3,"medianReturn":-2.3,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-1.9,"medianReturn":-1.9,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":5.7,"sample":1},{"week":2,"averageReturn":0.8,"sample":1},{"week":3,"averageReturn":-3.7,"sample":1},{"week":4,"averageReturn":-2.3,"sample":1},{"week":5,"averageReturn":-5.9,"sample":1},{"week":6,"averageReturn":-3.8,"sample":1},{"week":7,"averageReturn":-3.7,"sample":1},{"week":8,"averageReturn":-8.1,"sample":1},{"week":9,"averageReturn":-9.3,"sample":1},{"week":10,"averageReturn":-9.7,"sample":1},{"week":11,"averageReturn":-3.0,"sample":1},{"week":12,"averageReturn":-1.9,"sample":1},{"week":13,"averageReturn":-2.9,"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":"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":19.0,"sample":2},"nowContext":{"label":"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 19.0% 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 6.5% across 2 completed cases, with the largest move arriving after 2.0 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":26.356419}],"reversal_warnings":[{"date":"2026-05-22","price":28.536268}],"reversal_dangers":[{"date":"2026-06-12","price":27.493038}]}},"smTape":{"available":true,"dates":["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":[23.5944,23.2048,24.0814,24.2173,23.8459,23.874,24.0275,24.9254,25.5508,25.3436,25.772,25.7025,26.1217,26.5522,27.1049,25.8927,26.2554,24.4581,25.8584,26.4078,25.9768,26.0478,26.3739,26.0027,26.0554,25.8231,25.8327,25.4193,23.8454,23.7631,23.5888,23.5936,24.2668,23.9447,23.7032,22.6579,23.4094,24.1561,25.6791,25.9212,26.3564,28.1638,27.9458,28.5363,30.1575,28.776,27.493,27.8887,26.8577,27.4487,27.4882,26.229,25.8949,25.7786,27.6938,28.0081,27.695],"consensus":[61.9831,-100.0,78.4319,-16.2573,8.8466,20.1133,13.0319,63.6104,65.0418,21.0703,53.9923,33.6967,53.4643,70.1021,52.8218,-24.703,16.3018,-60.4617,26.0465,32.5361,-15.699,15.4015,22.1656,-23.488,0.0,-17.7447,0.0,-33.0573,-58.3926,-38.2765,-35.1559,-29.8052,19.8629,-17.3322,-28.9071,-56.7542,0.0,16.5498,62.531,48.4749,49.629,72.5465,36.3616,62.1658,74.5504,0.0,-9.3291,0.0,-15.4296,11.7431,0.0,-36.6117,-45.0318,-29.7429,48.3986,32.712,4.3255],"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":[13.3988,15.8527,63.5433,68.0408,4.8462,34.9627,26.4564,44.0531,65.4465,34.2397,-30.2283,15.8298,-51.7187,37.5163,38.4862,-18.2269,8.2344,22.7385,-21.959,0.0,-18.3384,0.0,-25.0975,-49.5004,-35.0195,-25.5217,-22.0416,15.5943,-20.9126,-37.3512,-64.9495,0.0,22.2915,57.1631,54.1255,52.2129,84.0745,30.8236,67.1449,85.5187,0.0,-14.412,0.0,-5.838,24.7618,0.0,-31.5163,-43.6834,-21.7631,50.6625,32.9659,3.745],"force":[17.9426,7.6201,64.0458,46.1517,19.2463,60.5692,8.6906,60.3312,77.1242,55.4052,-83.0868,5.4845,-94.9012,53.7467,28.1779,-38.1952,10.997,17.4306,-53.7444,0.0,-30.275,0.0,-56.0731,-74.3099,-17.8508,-19.6153,-8.3485,72.6433,-6.3406,-21.523,-51.1559,0.0,29.567,94.1602,36.1697,37.2515,62.7048,5.0949,46.7419,59.0431,0.0,-32.8855,0.0,-19.3994,15.6834,0.0,-39.241,-51.8273,-19.1203,84.2896,22.5526,22.008],"direction":[29.3376,13.6737,63.3762,75.1073,68.4098,71.0426,59.8328,59.3149,70.4071,72.2133,-23.3142,24.568,-45.8539,6.8477,28.8489,-3.2587,26.7384,24.893,-3.6236,0.0,-8.1159,0.0,-25.7144,-57.1856,-56.5884,-57.2668,-54.0042,12.959,-21.0913,-24.531,-51.3868,0.0,0.69,46.0734,50.8063,55.517,66.4013,65.0239,67.4923,73.0917,0.0,-13.3059,0.0,-23.5559,5.9499,0.0,-40.557,-41.7188,-46.4503,20.1748,39.6785,32.3587],"intensity":[20.0,16.6667,85.7143,62.5,33.3333,30.0,18.1818,33.3333,46.1538,100.0,93.3333,50.0,100.0,88.8889,78.9474,30.0,52.381,18.1818,17.3913,16.6667,12.0,53.8462,40.7407,100.0,79.3103,63.3333,6.4516,62.5,39.3939,14.7059,80.0,63.8889,83.7838,92.1053,94.8718,45.0,97.561,71.4286,39.5349,90.9091,82.2222,93.4783,31.9149,89.5833,55.102,16.0,98.0392,19.2308,59.6154,96.1538,75.0,13.4615],"confirmation":[74.4724,49.2956,88.3696,88.192,9.8669,85.7679,78.1312,85.4613,90.7176,85.2649,37.2404,50.2274,88.5305,55.7985,78.188,51.6993,72.9034,74.94,53.7949,0.9645,74.0511,25.1228,79.4011,87.3062,79.6756,78.9231,77.0021,33.461,50.4901,76.8966,85.8658,33.2819,50.9385,89.0557,83.0508,83.4647,90.7393,56.1005,87.3471,91.2164,33.3128,29.131,3.0041,50.538,50.2821,24.7265,79.8735,82.6378,77.3156,84.5469,78.1543,4.463],"persistence":[33.3333,42.8571,50.0,50.0,75.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,50.0,50.0,25.0,25.0,25.0,25.0,12.5,12.5,0.0,25.0,25.0,50.0,75.0,75.0,62.5,62.5,75.0,75.0,62.5,37.5,12.5,12.5,12.5,37.5,62.5,87.5,100.0,87.5,62.5,50.0,25.0,25.0,12.5,12.5,37.5,50.0,25.0,12.5,0.0],"assessmentRisk":[34.7482,12.8723,13.0435,17.4006,39.2688,22.9588,30.3194,16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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":"Control support is limited","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+4.3","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+3.7","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+22.0","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+32.4","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"4/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"55.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.3%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"18.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"69%","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":[23.5944,23.2048,24.0814,24.2173,23.8459,23.874,24.0275,24.9254,25.5508,25.3436,25.772,25.7025,26.1217,26.5522,27.1049,25.8927,26.2554,24.4581,25.8584,26.4078,25.9768,26.0478,26.3739,26.0027,26.0554,25.8231,25.8327,25.4193,23.8454,23.7631,23.5888,23.5936,24.2668,23.9447,23.7032,22.6579,23.4094,24.1561,25.6791,25.9212,26.3564,28.1638,27.9458,28.5363,30.1575,28.776,27.493,27.8887,26.8577,27.4487,27.4882,26.229,25.8949,25.7786,27.6938,28.0081,27.695],"stroke":"#10243b","width":2.1},{"label":"Fast 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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,92.2242,98.2003,73.6626,77.0001,75.0343,86.8946,99.0774,80.4504,56.3944,63.5925,27.9265,55.7147,66.6165,58.0642,59.474,65.9446,58.5786,59.6241,55.0145,55.2046,47.0016,18.6543,17.0766,13.7355,13.8283,26.7285,20.5569,15.9288,-0.4073,20.7307,33.3764,59.1688,63.2685,77.1516,101.0453,95.2686,99.1513,100.3461,82.9566,66.8083,71.7891,58.8119,66.2496,66.7476,50.8975,46.6928,45.229,69.3359,73.2914,69.3504],"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,-1.6513,0.0,0.0,-1.534,-1.4179,-0.7841,0.0,0.0,-0.811,0.0,-0.2696,0.0,0.0,0.0,-4.4725,-3.1342,-9.7652,-4.5988,-2.572,-4.162,-3.8999,-2.6969,-4.0664,-3.872,-4.729,-4.6937,-6.2188,-12.0254,-12.3291,-12.9723,-12.9544,-10.471,-11.6591,-12.5501,-16.4068,-13.6339,-10.8791,-5.2603,-4.3672,-2.7615,0.0,-0.774,0.0,0.0,-4.5811,-8.8352,-7.523,-10.9417,-8.9823,-8.8511,-13.0267,-14.1343,-14.52,-8.1693,-7.1272,-8.1655],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,7.415,10.11,9.217,11.0632,10.7638,12.5701,14.4256,16.8073,11.5832,13.1464,5.4009,11.4356,13.8031,11.9458,12.2519,13.6572,12.0575,12.2846,11.2835,11.3248,6.5985,0.0,0.0,0.0,0.0205,2.8742,1.5089,0.4852,0.0,3.3171,6.6126,13.3342,14.4026,16.3235,24.3002,23.3381,25.9443,33.0995,27.0021,21.34,23.0864,18.5361,21.1441,21.3187,15.7611,14.2868,13.7735,22.2263,23.6132,22.2313],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,22.9464,10.5803,44.2695,118.2283,47.3073,146.0848,137.9836,119.4676,120.1525,12.3762,104.3824,66.3291,11.3434,38.0556,56.0469,32.958,136.4612,55.1324,87.0385,271.8743,185.7464,86.7898,45.2547,145.3315,159.9962,767.4228,10.449,34.8482,5.9678,49.5608,10.8456,83.4068,25.1368,28.7745,12.4702,7.3684,24.046,6.5775,0.8968,0.0221,0.4312,0.6498,9.6195,0.742,8.4825,398.3562,87.152,86.4168,12.9131,89.5649],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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