{"schema_version":"1.0","name":"FEPG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a2cc8e19-bac8-42e0-b63b-0e7c79037866","symbol":"FEPG","name":"REX Tech Innovation Premium Income UCITS ETF Distributing","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price structure remains downward.","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, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Range pressure and compression, Activity pressure and cumulative balance, Range position and boundary pressure."},{"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":56,"displayedObservations":56,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. 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Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"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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A positive price response is needed to confirm the repair.","confirm":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price remains in a downward structure","detail":"Improving Market Dynamics has not yet produced a positive price response."}},"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":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 3.9% across 2 completed cases, with the largest move arriving after 6.0 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":"2026-05-08","price":1743.826416}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[1923.6216,1953.6628,1952.8643,1930.1089,1894.203,1903.5868,1950.5051,2000.2684,1945.0353,1955.4196,1967.3015,1981.4298,2710.3091,2067.2869,1972.212,2008.1147,1900.0066,1929.5155,1957.6851,1928.1169,1926.219,1881.6852,1846.8151,1878.088,1853.8091,1827.6315,1728.4923,1657.0381,1652.1412,1638.7499,1644.746,1698.1117,1701.6094,1643.9036,1587.3276,1638.606,1636.7067,1649.4478,1685.952,1685.0526,1743.8264,1787.8069,1760.6951,1809.8839,1736.2428,1644.0373,1694.953,1632.4415,1642.7133,1656.1158,1564.8671,1563.6917,1539.7946,1634.5995,1647.5275,1623.8],"consensus":[-69.8361,0.0,0.0,0.0,-22.9623,-9.0531,16.8127,47.8465,-14.456,13.9909,9.4566,9.1883,84.0069,-18.7241,-33.3801,9.2185,-46.4003,-10.3107,0.0,-27.1037,0.0,-24.3032,-38.7577,0.0,-26.0036,-20.845,-54.7051,-50.7004,-39.0491,-27.2904,-22.4306,9.9418,0.0,-33.7419,-43.4155,0.0,-24.2743,0.0,22.8575,0.0,41.9595,45.48,14.3457,46.4995,-14.8376,-33.401,0.0,-23.2923,-19.4973,0.0,-39.2636,-32.109,-41.7016,25.1232,15.8782,-12.4056],"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":[null,-3.5465,22.8401,40.5424,-15.44,8.3132,5.4172,11.2726,71.5139,-23.4842,-38.8701,11.0561,-41.4487,-3.0662,0.0,-29.3963,0.0,-24.3577,-42.0818,0.0,-23.5835,-15.0673,-52.2357,-47.0258,-37.387,-16.3274,-17.1126,11.7954,0.0,-43.7112,-50.2672,0.0,-25.6977,0.0,17.0781,0.0,34.8308,44.717,9.9731,47.3814,-24.0779,-32.3793,0.0,-14.2171,-15.9249,0.0,-35.2732,-33.8152,-35.4224,32.3551,10.3189,-23.7394],"force":[-15.9991,-2.3865,17.2031,69.2104,-54.3362,15.8815,8.6644,6.1233,98.8387,-59.7055,-47.549,25.2948,-58.3017,-7.3174,0.0,-25.3135,0.0,-18.7958,-33.1823,0.0,-22.211,-15.0211,-66.4273,-47.1235,-17.9955,-6.0108,-1.7915,43.4975,0.0,-29.1371,-35.8681,0.0,-15.2174,0.0,45.0271,0.0,64.2773,45.8057,5.232,42.6528,-29.577,-29.4944,0.0,-14.4787,-6.2963,0.0,-32.2376,-13.9218,-41.9031,59.5272,21.488,-22.0152],"direction":[-27.936,-20.1081,9.6455,40.9339,-15.1544,19.1294,14.639,8.9956,87.6905,-15.9886,-16.985,4.3647,-43.5583,-31.1817,0.0,-25.7623,0.0,-28.1746,-38.9411,0.0,-31.4784,-31.608,-49.1543,-57.4549,-55.9869,-55.0192,-45.8099,16.1451,0.0,-25.6376,-40.9761,0.0,-29.1167,0.0,13.6272,0.0,34.1655,46.1192,33.327,48.2392,-6.2508,-37.3591,0.0,-39.9594,-33.0094,0.0,-48.8425,-43.15,-48.7339,7.7162,18.2247,-7.4114],"intensity":[100.0,40.0,100.0,100.0,100.0,33.3333,50.0,18.1818,100.0,92.3077,85.7143,80.0,87.5,70.5882,55.5556,26.3158,65.0,42.8571,31.8182,26.087,16.6667,84.0,88.4615,85.1852,67.8571,62.069,16.6667,64.5161,25.0,72.7273,76.4706,57.1429,75.0,5.4054,36.8421,7.6923,72.5,39.0244,19.0476,51.1628,81.8182,95.5556,71.7391,80.8511,27.0833,6.1224,96.0,37.2549,46.1538,84.6154,75.0,11.5385],"confirmation":[52.363,25.4444,73.3001,84.0733,31.7259,72.6212,48.3969,48.1484,95.5246,33.2457,79.0298,49.6763,83.2863,27.1003,3.202,76.5837,25.0707,75.6083,80.1819,5.6019,76.2424,74.581,85.9005,84.1711,79.8794,53.5848,52.2362,30.2867,2.8895,78.5052,81.5585,29.8364,75.4701,48.3346,76.0781,24.3878,82.2158,82.5751,50.5101,82.7492,51.7233,78.5848,27.0794,75.3232,51.2246,2.305,80.411,77.6946,81.4463,55.9572,73.3367,59.0044],"persistence":[40.0,50.0,28.5714,12.5,12.5,0.0,12.5,25.0,50.0,50.0,25.0,25.0,25.0,0.0,12.5,37.5,50.0,50.0,50.0,62.5,62.5,62.5,75.0,75.0,87.5,87.5,87.5,75.0,62.5,62.5,62.5,50.0,50.0,37.5,12.5,25.0,12.5,12.5,37.5,50.0,50.0,37.5,25.0,12.5,12.5,25.0,50.0,75.0,75.0,50.0,37.5,37.5],"assessmentRisk":[29.8631,44.129,12.5334,25.0384,51.5511,38.4037,19.0123,31.6181,7.945,28.9097,17.5916,0.2725,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downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-12.4","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-23.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-22.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-7.4","detail":"Follow-through is 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trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,1996.9431,2002.1537,1999.9358,2000.5417,1993.0946,1988.3851,1986.111,1981.8151,1977.6969,1970.5849,1961.4168,1955.2443,1947.7306,1938.8343,1923.2534,1903.5338,1884.9121,1866.6779,1850.2385,1838.9698,1828.795,1815.0993,1798.2273,1786.4035,1775.3149,1765.9914,1760.0625,1754.5063,1753.7152,1756.2405,1756.5704,1760.5196,1758.7213,1750.2262,1746.1319,1737.7104,1730.6736,1725.1508,1713.2779,1702.1974,1690.1676,1686.0514,1683.1978,1678.798],"stroke":"#07865c","width":1.8},{"label":"Upper 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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,271.5576,204.2775,161.5943,156.1275,82.995,100.826,109.613,129.0245,97.719,122.0692,87.8627,115.7159,84.9607,102.0326,71.5416,95.1536,230.8027,135.5658,141.3297,144.7691,106.9927,58.7451,117.2154,72.8296,103.5518,99.1703,34.1956,59.5525,40.4124,103.6197,75.0898,174.0336,103.5304,192.9412,96.0113,89.2538,54.607,13.5813,29.2825,8.5053,14.7751,3.3771,20.2527,36.7934,88.5411,247.7765,80.6232,112.148,83.738],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}