{"schema_version":"1.0","name":"EXS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"8f6ea9c3-7606-4619-ad5d-b17d1f2d898e","symbol":"EXS","name":"Exane Funds 2 - Exane Equity Se","exchange":"PAR","country":"FR","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, Completed returns and cumulative progression, Range expansion and closing direction, Range position and boundary pressure, Acceleration, deceleration and rollover, 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":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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":["2026-04-03","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"],"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],"opens":[100.0,101.839996,105.809998,107.07,104.610001,105.339996,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,117.120003],"highs":[103.139999,105.900002,107.970001,107.07,105.150002,105.480003,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,117.120003],"lows":[100.0,101.839996,105.809998,104.879997,103.599998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,116.540001],"closes":[103.019997,105.900002,107.970001,104.879997,105.150002,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,104.739998,117.040001],"hoverRows":[[{"label":"Open","value":"100.0","className":"is-ohlc","compact":true},{"label":"High","value":"103.1","className":"is-ohlc","compact":true},{"label":"Low","value":"100.0","className":"is-ohlc","compact":true},{"label":"Close","value":"103.0","className":"is-ohlc","compact":true},{"label":"Market 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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":"104.7","className":"is-ohlc","compact":true},{"label":"High","value":"104.7","className":"is-ohlc","compact":true},{"label":"Low","value":"104.7","className":"is-ohlc","compact":true},{"label":"Close","value":"104.7","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":"104.7","className":"is-ohlc","compact":true},{"label":"High","value":"104.7","className":"is-ohlc","compact":true},{"label":"Low","value":"104.7","className":"is-ohlc","compact":true},{"label":"Close","value":"104.7","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":"104.7","className":"is-ohlc","compact":true},{"label":"High","value":"104.7","className":"is-ohlc","compact":true},{"label":"Low","value":"104.7","className":"is-ohlc","compact":true},{"label":"Close","value":"104.7","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":"104.7","className":"is-ohlc","compact":true},{"label":"High","value":"104.7","className":"is-ohlc","compact":true},{"label":"Low","value":"104.7","className":"is-ohlc","compact":true},{"label":"Close","value":"104.7","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":"104.7","className":"is-ohlc","compact":true},{"label":"High","value":"104.7","className":"is-ohlc","compact":true},{"label":"Low","value":"104.7","className":"is-ohlc","compact":true},{"label":"Close","value":"104.7","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":"117.1","className":"is-ohlc","compact":true},{"label":"High","value":"117.1","className":"is-ohlc","compact":true},{"label":"Low","value":"116.5","className":"is-ohlc","compact":true},{"label":"Close","value":"117.0","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}]],"pressureRange":[-2.3,2.3],"priceRange":[102.178797,117.881201],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","tone":"neutral"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Upper positioning zone","detail":"Price is in the area labelled as the distribution zone on the chart. With limited Market Dynamics history, the label describes location and extension only.","tone":"caution"},{"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 read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-03","price":103.019997},{"date":"2026-08-21","price":117.040001}],"reversal_dangers":[{"date":"2026-04-10","price":105.900002}]}},"smTape":{"available":true,"dates":["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":[103.02,105.9,107.97,104.88,105.15,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,117.04],"consensus":[92.3566,100.0,100.0,-100.0,39.5612,-18.9947,-8.3467,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,75.8199],"supportDates":["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,-20.0334,-3.656,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,77.8677],"force":[92.3566,100.0,100.0,-100.0,38.5975,-37.3391,-15.11,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,69.4299],"direction":[null,null,null,null,40.2496,-4.7046,-17.2331,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,78.0439],"intensity":[null,null,null,null,25.0,20.0,16.6667,14.2857,25.0,33.3333,40.0,45.4545,50.0,53.8462,57.1429,60.0,62.5,64.7059,66.6667,68.4211,100.0],"confirmation":[52.2208,54.6667,54.6667,54.6667,57.9489,51.9549,49.1732,0.8152,0.71,0.7401,0.6834,0.631,0.5826,0.5379,0.4966,0.4585,0.2466,0.1966,0.1508,0.1676,55.0],"persistence":[null,null,100.0,50.0,60.0,33.3333,14.2857,12.5,0.0,12.5,25.0,12.5,25.0,12.5,0.0,0.0,0.0,0.0,0.0,0.0,12.5],"assessmentRisk":[null,null,null,null,16.7059,15.7467,42.5443,5.06,12.281,1.2862,1.1877,1.0966,1.0125,0.9348,0.8631,0.7968,0.4457,0.3605,null,null,12.0351],"volumeParticipation":false,"latest":{"consensus":75.8,"control":77.9,"force":69.4,"direction":78.0,"confirmation":55.0,"persistence":12.5,"assessmentRisk":12.0,"intensity":100.0,"evidenceDepth":81},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+75.8","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+77.9","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+69.4","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+78.0","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"95.8","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"1.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"100%","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":[103.02,105.9,107.97,104.88,105.15,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,104.74,117.04],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,104.5732,104.6036,104.6284,104.6487,104.6653,104.6789,104.69,104.6991,104.7065,104.7126,104.7176,104.7217,104.725,104.7277,104.73,104.7318,106.9696],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,104.2262,104.2643,104.2995,104.3322,104.3624,104.3903,104.4162,104.4402,105.3735],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,107.4189,107.2876,107.1732,107.0726,106.9831,106.9029,106.8305,106.7647,106.7045,106.6493,106.5984,111.0498],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,102.7051,102.7779,102.8434,102.9028,102.9569,103.0064,103.052,103.0942,103.1332,103.1696,103.2036,100.1541],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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