{"schema_version":"1.0","name":"NAQS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"820ad96a-238a-48e1-9a95-4c00af818507","symbol":"NAQS","name":"iSh NASDAQ 100 Swap UCITS ETF U","exchange":"AMS","country":"NL","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Directional strength and control, Range pressure and compression, Range position and boundary 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":34,"displayedObservations":34,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[0.009978,-0.044502,-0.135497,-0.212635,-0.257813,-0.273257],"opens":[6.278,6.302,6.299,6.21,6.487,6.554],"highs":[6.28,6.425,6.302,6.5,6.567,6.554],"lows":[6.248,6.233,6.011,6.187,6.45,6.294],"closes":[6.28,6.262,6.126,6.466,6.51,6.31],"hoverRows":[[{"label":"Open","value":"6.28","className":"is-ohlc","compact":true},{"label":"High","value":"6.28","className":"is-ohlc","compact":true},{"label":"Low","value":"6.25","className":"is-ohlc","compact":true},{"label":"Close","value":"6.28","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.30","className":"is-ohlc","compact":true},{"label":"High","value":"6.42","className":"is-ohlc","compact":true},{"label":"Low","value":"6.23","className":"is-ohlc","compact":true},{"label":"Close","value":"6.26","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.30","className":"is-ohlc","compact":true},{"label":"High","value":"6.30","className":"is-ohlc","compact":true},{"label":"Low","value":"6.01","className":"is-ohlc","compact":true},{"label":"Close","value":"6.13","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.21","className":"is-ohlc","compact":true},{"label":"High","value":"6.50","className":"is-ohlc","compact":true},{"label":"Low","value":"6.19","className":"is-ohlc","compact":true},{"label":"Close","value":"6.47","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"6.49","className":"is-ohlc","compact":true},{"label":"High","value":"6.57","className":"is-ohlc","compact":true},{"label":"Low","value":"6.45","className":"is-ohlc","compact":true},{"label":"Close","value":"6.51","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.55","className":"is-ohlc","compact":true},{"label":"High","value":"6.55","className":"is-ohlc","compact":true},{"label":"Low","value":"6.29","className":"is-ohlc","compact":true},{"label":"Close","value":"6.31","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[6.10296,6.53304],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"slight easing","fourWeekDirection":"weakening","now":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics weakened this week and remains below zero.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly 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 no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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tape 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":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-34.5","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-36.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-79.6","detail":"Downward 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envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[5.384,5.544,5.531,5.474,5.427,5.295,5.242,5.311,5.297,5.375,5.365,5.238,5.079,5.224,5.394,5.68,5.835,5.847,6.207,6.324,6.419,6.53,6.463,6.454,6.662,6.46,6.521,6.548,6.28,6.262,6.126,6.466,6.51,6.31],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,5.439,5.4128,5.3818,5.3689,5.3558,5.3593,5.3604,5.3381,5.291,5.2788,5.2998,5.3689,5.4536,5.5252,5.6491,5.7718,5.8895,6.006,6.0891,6.1554,6.2475,6.2861,6.3288,6.3687,6.3526,6.3361,6.2979,6.3285,6.3615,6.3521],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,5.3459,5.3369,5.3411,5.3662,5.401,5.434,5.4913,5.5529,5.6171,5.6847,5.7424,5.7951,5.8593,5.9038,5.9495,5.9938,6.015,6.0333,6.0402,6.0717,6.1042,6.1195],"stroke":"#07865c","width":1.8},{"label":"Upper 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}