{"schema_version":"1.0","name":"XEMU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"81690432-752d-4683-b426-36895b6817d2","symbol":"XEMU","name":"Xtrackers MSCI EMU UCITS ETF 4C","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has 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 pressure and compression, Directional strength and control, Range position and boundary pressure, Directional pressure and rotation."},{"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":36,"displayedObservations":36,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[1.139731,1.51593,1.477396,1.432836,1.367788,1.292112,1.293801,1.207958],"opens":[10.308,10.358,10.3,10.214,10.384,10.458,10.622,10.656],"highs":[10.308,10.358,10.3,10.294,10.384,10.46,10.666,10.656],"lows":[10.308,10.358,10.3,10.206,10.282,10.458,10.622,10.498],"closes":[10.308,10.358,10.3,10.294,10.284,10.46,10.656,10.498],"hoverRows":[[{"label":"Open","value":"10.3","className":"is-ohlc","compact":true},{"label":"High","value":"10.3","className":"is-ohlc","compact":true},{"label":"Low","value":"10.3","className":"is-ohlc","compact":true},{"label":"Close","value":"10.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.14","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.4","className":"is-ohlc","compact":true},{"label":"High","value":"10.4","className":"is-ohlc","compact":true},{"label":"Low","value":"10.4","className":"is-ohlc","compact":true},{"label":"Close","value":"10.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.52","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Positioning recovery","className":"is-positive","wide":true}],[{"label":"Open","value":"10.3","className":"is-ohlc","compact":true},{"label":"High","value":"10.3","className":"is-ohlc","compact":true},{"label":"Low","value":"10.3","className":"is-ohlc","compact":true},{"label":"Close","value":"10.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.48","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.2","className":"is-ohlc","compact":true},{"label":"High","value":"10.3","className":"is-ohlc","compact":true},{"label":"Low","value":"10.2","className":"is-ohlc","compact":true},{"label":"Close","value":"10.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.43","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.4","className":"is-ohlc","compact":true},{"label":"High","value":"10.4","className":"is-ohlc","compact":true},{"label":"Low","value":"10.3","className":"is-ohlc","compact":true},{"label":"Close","value":"10.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.37","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.5","className":"is-ohlc","compact":true},{"label":"High","value":"10.5","className":"is-ohlc","compact":true},{"label":"Low","value":"10.5","className":"is-ohlc","compact":true},{"label":"Close","value":"10.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.29","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"Positioning recovery","className":"is-positive","wide":true}],[{"label":"Open","value":"10.6","className":"is-ohlc","compact":true},{"label":"High","value":"10.7","className":"is-ohlc","compact":true},{"label":"Low","value":"10.6","className":"is-ohlc","compact":true},{"label":"Close","value":"10.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.29","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.7","className":"is-ohlc","compact":true},{"label":"High","value":"10.7","className":"is-ohlc","compact":true},{"label":"Low","value":"10.5","className":"is-ohlc","compact":true},{"label":"Close","value":"10.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.21","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[10.26168,10.67832],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":1.207958,"state":"Positive but weakening over four weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Positive support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics eased this week but remains positive.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"7 Aug 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"positive"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-07-10","price":10.358},{"date":"2026-08-07","price":10.46}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[9.143,9.143,9.143,9.143,9.143,9.334,9.334,9.334,9.553,9.553,9.817,9.817,9.161,9.161,9.064,9.171,9.212,9.619,9.619,9.619,9.849,9.849,9.83,9.968,9.923,9.915,10.252,10.404,10.308,10.358,10.3,10.294,10.284,10.46,10.656,10.498],"consensus":[0.0,0.0,0.0,0.0,0.0,86.7027,56.1633,55.8769,85.3007,54.0006,78.2503,52.5889,-67.0575,-44.1541,-71.2386,-9.9696,-23.5263,69.9325,37.7061,38.2251,70.702,42.3074,21.4296,77.7147,31.5415,36.1391,61.8195,61.2618,34.3471,54.5133,28.0449,38.426,0.0,73.945,75.6444,4.2895],"supportDates":["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,null,null,68.7004,43.2405,43.0083,78.3427,41.487,82.4832,41.8748,-61.4304,-34.8986,-77.2454,-17.9396,-36.605,63.2113,35.1204,34.5504,79.4729,36.6637,7.0496,88.1743,25.857,32.7606,60.6674,58.7557,21.6204,47.029,23.9679,61.0423,0.0,78.7081,73.9315,17.8565],"force":[0.0,0.0,0.0,0.0,0.0,98.7817,18.0,18.0,82.8706,17.9998,46.8633,10.44,-57.9962,-10.438,-46.8973,-32.0856,-2.882,99.3563,10.4398,10.439,57.2713,10.2159,24.8999,64.7281,6.6147,3.8522,40.7634,37.2751,5.1688,34.8829,11.7104,11.1592,0.0,82.1244,83.476,75.2498],"direction":[null,null,null,null,null,98.6487,98.1918,97.6388,94.9884,94.0166,95.8318,94.9399,-79.9607,-78.8148,-81.7604,-71.9053,-27.4422,56.597,60.1373,62.2721,70.2715,71.6798,70.9563,75.037,65.2925,63.0622,78.1762,81.2594,77.1176,77.0885,61.101,32.0549,0.0,62.6591,72.0081,61.9015],"intensity":[null,null,null,null,75.0,100.0,83.3333,57.1429,100.0,88.8889,90.0,54.5455,100.0,100.0,50.0,46.6667,56.25,88.2353,83.3333,26.3158,70.0,76.1905,31.8182,47.8261,37.5,24.0,76.9231,55.5556,39.2857,31.0345,33.3333,41.9355,37.5,63.6364,70.5882,60.0],"confirmation":[0.0,0.0,0.0,0.0,0.0,96.3873,85.0061,84.9224,95.3282,84.3737,92.019,83.7072,89.268,81.2428,89.963,35.6726,52.4725,91.3776,79.2744,79.4412,90.0817,80.6463,10.9766,92.3135,55.7615,55.9653,87.1581,86.9109,56.4167,84.96,32.9898,79.1207,6.9467,91.8391,92.471,47.2008],"persistence":[null,null,0.0,0.0,0.0,16.6667,28.5714,37.5,50.0,62.5,75.0,87.5,75.0,50.0,25.0,0.0,25.0,25.0,25.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,75.0],"assessmentRisk":[null,null,null,null,null,5.9794,21.4535,21.7332,7.3397,22.408,10.8654,23.6984,13.6858,25.5045,14.2939,44.7649,23.353,12.8464,30.2315,28.6589,14.1214,16.2308,24.7815,6.5415,0.2619,5.3762,18.7582,19.1796,32.2622,22.4857,4.8271,55.2018,13.2611,1.7137,11.8902,47.611],"volumeParticipation":true,"latest":{"consensus":4.3,"control":17.9,"force":75.2,"direction":61.9,"confirmation":47.2,"persistence":75.0,"assessmentRisk":47.6,"intensity":60.0,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+4.3","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+17.9","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+75.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+61.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"47/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"69.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"33.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"90%","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":[9.143,9.143,9.143,9.143,9.143,9.334,9.334,9.334,9.553,9.553,9.817,9.817,9.161,9.161,9.064,9.171,9.212,9.619,9.619,9.619,9.849,9.849,9.83,9.968,9.923,9.915,10.252,10.404,10.308,10.358,10.3,10.294,10.284,10.46,10.656,10.498],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9.143,9.1777,9.2061,9.2294,9.2882,9.3364,9.4238,9.4953,9.4345,9.3848,9.3264,9.2982,9.2825,9.3437,9.3937,9.4347,9.51,9.5717,9.6186,9.6822,9.7259,9.7603,9.8497,9.9505,10.0155,10.0778,10.1182,10.1501,10.1745,10.2264,10.3045,10.3397],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,9.3066,9.2958,9.2786,9.2707,9.2663,9.2924,9.3166,9.339,9.3768,9.4118,9.4428,9.4817,9.5144,9.544,9.5965,9.6563,9.7046,9.753,9.7935,9.8306,9.8642,9.9083,9.9637,10.0033],"stroke":"#07865c","width":1.8},{"label":"Upper 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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,0.0,49.0731,0.0,862.6216,0.0,57.5049,0.0,528.2203,56.3824,81.0969,12.4441,0.0,0.0,594.4936,0.0,442.2289,1.6966,0.0,0.0,0.0,0.0,0.0,0.0,0.0,961.8585,780.8752,0.4038,188.9358,171.4554],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,135.0,135.0,133.38,133.38,113.4734,115.5382,118.4734,118.9017,118.9017,118.9017,135.0,135.0,115.5804,115.655,115.655,115.655,115.655,115.655,115.655,115.655,115.655,65.0,65.0,65.0117,70.5633,65.0988],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.923,0.9592,0.9021,0.8735,1.0872,1.0095,0.9374,1.1119,1.0325,0.9744,0.9926,0.9583,0.8963,1.0397,1.0557,1.056,1.0103,0.9836,0.9791,0.9809,1.0157,1.0639,1.1103],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}