{"schema_version":"1.0","name":"QSPA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"79631258-e6af-4057-9e03-cd97b2c1fd94","symbol":"QSPA","name":"Invesco Markets II plc - Invesco S&P 500 Quality UCITS ETF Acc","exchange":"GER","country":"DE","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, Activity pressure and cumulative balance, Strength versus the research benchmark, Acceleration, deceleration and rollover, Directional strength and control, 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":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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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":0,"activeEpisodes":2,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":4.1,"medianReturn":4.1,"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 evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.2,"sample":2},{"week":2,"averageReturn":1.7,"sample":2},{"week":3,"averageReturn":3.2,"sample":1},{"week":4,"averageReturn":4.1,"sample":1},{"week":5,"averageReturn":3.0,"sample":1},{"week":6,"averageReturn":-0.7,"sample":1},{"week":7,"averageReturn":0.5,"sample":1},{"week":8,"averageReturn":-1.4,"sample":1},{"week":9,"averageReturn":-0.2,"sample":1},{"week":10,"averageReturn":1.3,"sample":1},{"week":11,"averageReturn":-1.1,"sample":1},{"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}]},"currentApplication":{"status":"Underlying 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":"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","percent":0.0,"averageReturn":15.3,"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 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 15.3% across 1 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, 50.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 6.0 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 1.2% 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":"2026-02-20","price":4.9275},{"date":"2026-05-01","price":5.018}],"reversal_warnings":[{"date":"2026-06-05","price":5.429},{"date":"2026-08-07","price":5.419}],"reversal_dangers":[{"date":"2026-06-19","price":5.668}]}},"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":[4.3765,4.3985,4.4005,4.436,4.476,4.4195,4.434,4.4465,4.492,4.4565,4.431,4.4735,4.4885,4.4905,4.5735,4.5395,4.5385,4.6345,4.643,4.5575,4.592,4.5625,4.658,4.668,4.68,4.668,4.6755,4.643,4.805,4.8525,4.7375,4.73,4.8775,4.864,4.9275,4.951,4.9135,4.828,4.7365,4.709,4.77,4.9,4.96,5.001,5.018,5.099,5.175,5.31,5.325,5.429,5.48,5.668,5.605,5.65,5.593,5.39,5.454,5.351,5.419,5.5,5.369],"consensus":[-87.0429,9.2199,-100.0,79.8165,14.8099,-11.0352,0.0,-8.7245,16.0675,-9.8714,-11.4674,15.7628,12.9103,0.0,30.2081,0.0,0.0,31.446,14.876,-14.6217,10.0423,0.0,36.3723,27.4591,19.3281,13.8662,11.9172,-16.1266,57.9471,46.4242,-12.6695,13.9326,58.3694,14.6316,53.9143,44.6517,0.0,-13.9509,-47.4458,-31.088,8.6651,38.7518,50.2085,45.8726,43.6714,57.7273,59.5646,72.762,30.9646,68.6798,63.5284,70.8874,19.3632,64.3051,41.1793,-24.822,31.2563,-45.4868,13.0697,42.1848,-45.08],"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":[-20.5129,-19.5744,20.3439,19.8948,0.0,36.2126,0.0,0.0,27.477,14.957,-23.8077,5.3743,0.0,39.9586,34.197,19.2715,12.7957,13.5804,-19.4076,58.6089,45.3951,-16.8859,13.6218,59.0732,18.4481,51.6584,44.2259,0.0,-3.6434,-39.0461,-27.2415,24.054,45.2082,54.9241,51.1108,48.7688,56.0433,69.2423,81.0758,16.9951,75.145,72.0203,80.3553,0.9893,67.1891,46.2019,-11.032,40.6734,-34.6027,16.6383,43.9996,-38.3547],"force":[-13.8118,-14.4173,21.5832,12.2372,0.0,26.6039,0.0,0.0,45.989,5.9815,-28.9545,13.7902,0.0,58.0437,19.5033,12.4814,2.8178,5.1778,-37.6824,81.8445,47.3195,-52.1249,5.6462,85.8393,9.4506,65.5762,38.0335,0.0,-50.487,-81.5227,-26.5227,27.5642,42.9623,50.4838,32.5987,27.0194,64.6857,44.5725,70.0142,4.9152,58.108,40.7566,50.7907,20.757,50.3163,3.9336,-67.3154,55.6102,-85.5835,42.3105,51.4938,-85.7433],"direction":[-5.1048,-0.0953,6.3699,5.4089,0.0,25.9204,0.0,0.0,25.5941,21.1367,-6.1144,12.7001,0.0,16.7942,25.4413,24.2834,22.9814,14.8302,-3.0201,40.121,46.9608,-20.3317,20.2068,37.9437,27.4713,48.1625,49.8655,0.0,-0.3664,-32.7048,-38.7449,22.4217,28.3656,44.6227,49.3675,49.7401,54.6817,59.213,65.2234,65.5366,68.8422,70.0888,74.4217,71.2805,71.0012,62.0433,-10.2295,3.0982,-29.2853,11.8951,33.4615,-23.7209],"intensity":[22.2222,10.0,45.4545,8.3333,92.3077,85.7143,60.0,50.0,94.1176,22.2222,84.2105,25.0,71.4286,90.9091,39.1304,45.8333,8.0,23.0769,25.9259,96.4286,82.7586,93.3333,48.3871,93.75,90.9091,61.7647,37.1429,27.7778,94.5946,78.9474,61.5385,52.5,92.6829,85.7143,65.1163,2.2727,84.4444,63.0435,89.3617,97.9167,77.551,36.0,98.0392,50.0,30.7692,38.4615,98.0769,53.8462,75.0,55.7692,59.6154,84.6154],"confirmation":[49.5391,48.9693,50.485,49.3377,26.5807,77.4653,28.5589,24.3148,78.5664,49.8214,51.6135,48.7322,1.7132,80.245,76.4418,73.9772,49.4501,48.9161,51.7451,87.2613,82.8987,32.1965,49.544,87.5047,28.5728,85.6423,82.0933,6.2795,28.4797,84.3492,77.8676,30.5643,80.4305,84.0033,82.1949,81.3897,86.7105,86.4563,91.0734,54.661,89.5568,87.5057,89.9272,9.9229,88.1074,57.2991,77.4482,55.9341,83.9436,30.2233,81.7552,83.7673],"persistence":[12.5,12.5,12.5,12.5,0.0,12.5,25.0,12.5,37.5,62.5,37.5,37.5,37.5,37.5,50.0,62.5,62.5,62.5,62.5,62.5,75.0,50.0,50.0,50.0,50.0,50.0,75.0,62.5,37.5,37.5,12.5,12.5,12.5,12.5,12.5,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,50.0,50.0,25.0],"assessmentRisk":[45.6101,1.1375,25.954,11.9957,43.8824,34.8584,50.5934,40.6601,34.1384,39.7833,25.3135,35.1747,44.8328,4.1946,34.9893,37.3826,41.5023,10.5952,15.816,19.2749,26.5249,42.2783,35.6976,8.8934,0.483,22.5205,27.4979,22.2117,14.8945,25.3692,34.1861,51.3319,16.8902,24.5499,27.0378,28.0784,20.9563,20.095,13.6041,34.5018,15.652,18.232,14.5561,40.3085,17.7758,26.1826,37.2996,61.5653,26.9674,53.3559,18.5254,11.0127],"volumeParticipation":true,"latest":{"consensus":-45.1,"control":-38.4,"force":-85.7,"direction":-23.7,"confirmation":83.8,"persistence":25.0,"assessmentRisk":11.0,"intensity":84.6,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-45.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-38.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-85.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-23.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"84/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"56.2","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"34.0","detail":"Directional","tone":"positive"},{"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 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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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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.0245,0.0262,0.0339,0.0368,0.0386,0.0472,0.0541,0.052,0.0526,0.0501,0.0552,0.0593,0.0629,0.0639,0.0647,0.0619,0.072,0.0828,0.0812,0.0784,0.0871,0.0918,0.0995,0.1063,0.1075,0.1003,0.0862,0.0721,0.065,0.0691,0.0763,0.0843,0.091,0.1017,0.1149,0.1348,0.15,0.1685,0.1852,0.2111,0.224,0.2351,0.2366,0.2189,0.2076,0.1882,0.1763,0.1714,0.1551],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0307,0.034,0.038,0.0408,0.0432,0.0446,0.0467,0.0492,0.0519,0.0543,0.0564,0.0575,0.0604,0.0649,0.0681,0.0702,0.0736,0.0772,0.0817,0.0866,0.0908,0.0927,0.0914,0.0875,0.083,0.0802,0.0794,0.0804,0.0825,0.0864,0.0921,0.1006,0.1105,0.1221,0.1347,0.15,0.1648,0.1789,0.1904,0.1961,0.1984,0.1964,0.1923,0.1882,0.1816],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0079,0.0132,0.0161,0.0112,0.0094,0.0055,0.0085,0.0101,0.0109,0.0096,0.0083,0.0044,0.0116,0.0179,0.013,0.0082,0.0135,0.0146,0.0179,0.0197,0.0167,0.0076,-0.0052,-0.0155,-0.018,-0.0112,-0.0032,0.0039,0.0085,0.0153,0.0229,0.0342,0.0395,0.0464,0.0505,0.0611,0.0592,0.0563,0.0462,0.0228,0.0092,-0.0082,-0.0161,-0.0168,-0.0264],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"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"]},{"key":"directional","eyebrow":"Trend 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