{"schema_version":"1.0","name":"SPQP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"aece7063-9ca9-48e6-9dad-9501da2aa6a5","symbol":"SPQP","name":"INVESCO MARKETS II PLC IVZ S&P","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics 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, Acceleration, deceleration and rollover, Directional strength and control, Activity pressure and cumulative balance, Range pressure and compression, Strength versus the research benchmark."},{"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":60,"displayedObservations":60,"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 has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the 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Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":13.2,"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 has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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 13.2% across 1 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 2.0 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. 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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":"Control support is strengthening","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":"-43.2","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-38.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-81.5","detail":"Downward 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.0248,0.0325,0.0358,0.0375,0.0454,0.0543,0.0553,0.0592,0.0571,0.061,0.0632,0.0671,0.0675,0.0664,0.0617,0.0675,0.0738,0.0705,0.0657,0.0723,0.0772,0.0849,0.0939,0.094,0.0848,0.0719,0.0586,0.0541,0.0581,0.0646,0.0706,0.0742,0.0817,0.0953,0.1107,0.1238,0.1385,0.1518,0.1757,0.1856,0.191,0.1884,0.1693,0.1573,0.1393,0.1301,0.1258,0.1129],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0331,0.0374,0.0409,0.0446,0.0471,0.0499,0.0525,0.0554,0.0579,0.0596,0.06,0.0615,0.0639,0.0653,0.0653,0.0667,0.0688,0.072,0.0764,0.0799,0.0809,0.0791,0.075,0.0708,0.0683,0.0675,0.0682,0.0694,0.0718,0.0765,0.0834,0.0915,0.1009,0.1111,0.124,0.1363,0.1472,0.1555,0.1582,0.158,0.1543,0.1495,0.1447,0.1384],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0123,0.0169,0.0143,0.0146,0.01,0.0111,0.0107,0.0116,0.0096,0.0068,0.0017,0.006,0.0099,0.0053,0.0003,0.0056,0.0083,0.0129,0.0175,0.0141,0.0039,-0.0072,-0.0164,-0.0167,-0.0102,-0.003,0.0025,0.0049,0.0099,0.0188,0.0273,0.0324,0.0377,0.0408,0.0517,0.0492,0.0437,0.0329,0.0111,-0.0008,-0.015,-0.0193,-0.0189,-0.0255],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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 quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,59.9776,59.1713,58.937,57.7638,56.1306,55.8098,55.8135,56.0853,56.4838,56.9119,54.284,51.5423,48.3096,45.3078,43.9537,42.816,42.0402,41.0628,40.9221,41.3214,42.0336,43.0701,44.1603,45.3445,47.117,47.5847,47.8105,47.2619,44.638,42.7753,40.6101,38.8368,37.1901,35.1589],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,2.0645,2.4366,2.4227,3.145,4.2268,4.1768,4.1359,4.088,5.3462,5.3093,6.069,6.1231,6.1034,6.0291,8.3994,9.9758,9.6708,9.5973,13.7899,15.1338,16.2399,16.8096,16.6524,15.5299,14.6705,13.8852,13.3517,18.775,18.807,20.133,19.5889,23.3849,26.0422,27.6501,30.6845,30.9686,32.4193,40.0539,38.0381,37.3573,35.7079,31.2032,34.8325,31.6992,30.4167,28.7841,26.3016],"stroke":"#07865c","width":1.6},{"label":"Negative 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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,null,null,null,null,1200.0,0.802,0.0,194.847,0.0,314.4567,0.0,0.0,117.6823,0.0,61.1075,0.0,1602.5986,21.2582,0.8414,0.0,18.9712,10.2171,2.5405,9.0402,37.2447,211.3565,137.8487,135.287,0.4207,151.543,41.9469,164.9974,8.4004,133.2243,7.4872,147.6869,44.5109,80.3469,139.0809,90.1338,201.2058,0.174,0.1887,1.4574,0.0742,671.9925,0.1295,211.9366,366.5062,272.5827,76.7183,198.3781,145.0034],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,null,null,null,null,135.0,135.0,135.0,129.7748,129.7748,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,134.609,134.5935,134.5935,134.9459,135.0,134.9527,134.7836,135.0,135.0,135.0,135.0,134.9931,132.3744,131.634,128.4599,128.6208,131.3553,131.5089,134.7805,134.2867,135.0,135.0,135.0,135.0,135.0,135.0,135.0,134.9991,124.4535,124.4516,121.1747,128.1117,122.4917,124.1113,128.4614,125.0439],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current 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,13.9083,13.1192,12.2691,11.3012,10.5071,10.0378,9.3028,8.8651,8.2262,7.6935,7.198,6.8404,6.3852,6.0593,5.673,5.3693,5.2587,4.9421,4.6734,4.4468,4.2465,4.0192,3.9344,4.0148,4.0026,3.9553,3.7448,3.6501,3.468,3.2636,3.1173,3.042,2.9696,2.8986,2.7943,2.67,2.5289,2.5448,2.5327,2.3957,2.3556,2.6054,2.5206,2.6196,2.6652,2.5847,2.6849],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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