{"schema_version":"1.0","name":"XNDQ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"afcfabc4-e3e3-4b2b-a9c8-12637174dded","symbol":"XNDQ","name":"Xtr.IEXtr.NASDAQ 100 Swap ETF R","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","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, Range position and boundary pressure, Directional strength and control, Activity pressure and cumulative balance, Drawdown and recovery 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":58,"displayedObservations":58,"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":21.3,"sample":2},"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 21.3% across 2 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 5.0% across 2 completed cases, with the largest move arriving after 2.0 weeks on average.","approach":"Avoid adding simply because price is rising. 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impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,-0.8168,-0.8414,-0.3363,-0.284,-0.3727,-0.4012,-0.4948,-0.4591,-0.4032,-0.4271,-0.4205,-0.4042,-0.3884,-0.3201,-0.2666,-0.2516,-0.2556,-0.3185,-0.3925,-0.4057,-0.4234,-0.3997,-0.377,-0.4207,-0.5212,-0.5269,-0.4437,-0.2569,-0.0132,0.1804,0.5035,0.8087,1.0821,1.337,1.4876,1.5838,1.7405,1.7516,1.7704,1.7716,1.6292,1.4902,1.3041,1.2999,1.3004,1.1967],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.5837,-0.5472,-0.5367,-0.5212,-0.4976,-0.4835,-0.4709,-0.4576,-0.4437,-0.419,-0.3885,-0.3611,-0.34,-0.3357,-0.3471,-0.3588,-0.3717,-0.3773,-0.3773,-0.386,-0.413,-0.4358,-0.4374,-0.4013,-0.3237,-0.2228,-0.0776,0.0997,0.2961,0.5043,0.701,0.8775,1.0501,1.1904,1.3064,1.3995,1.4454,1.4544,1.4243,1.3994,1.3796,1.343],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.211,0.146,0.042,0.0621,0.0944,0.0565,0.0504,0.0534,0.0553,0.0989,0.1219,0.1096,0.0844,0.0172,-0.0454,-0.0469,-0.0517,-0.0224,0.0003,-0.0348,-0.1082,-0.0912,-0.0063,0.1443,0.3105,0.4032,0.581,0.709,0.7859,0.8327,0.7866,0.7063,0.6904,0.5612,0.4639,0.3722,0.1838,0.0359,-0.1202,-0.0996,-0.0792,-0.1463],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,4.5214,16.1235,24.0573,23.972,33.6973,31.3939,28.92,100.0,46.565,26.1353,31.7796,20.123,36.0127,39.5097,28.4053,31.5341,32.5157,32.2703,40.1845,39.6324,35.0311,32.1476,22.5156,18.1597,24.3561,22.5156,23.0622,20.297,2.884,0.4569,12.7333,25.9167,44.6951,100.0,94.1767,97.5142,96.076,100.0,97.1839,92.4903,91.8277,99.6871,87.6955,91.6058,92.4922,76.3816,75.2346,67.3618,87.7998,90.2502,78.5714],"stroke":"#10243b","width":2.0},{"label":"From 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centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,20.9583,19.8022,18.7617,18.0296,17.3498,16.8012,15.8532,14.7247,13.6768,13.0374,13.4478,13.9413,13.0295,13.3892,14.5723,15.8734,18.1338,20.569,22.918,25.4244,27.7518,29.19,31.0191,31.0869,31.3198,31.5824,30.2454,29.4495,27.5605,26.6153,25.873,24.5033],"stroke":"#10243b","width":2.0},{"label":"Positive 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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,800.0,828.3066,724.2332,416.2315,37.0537,120.4576,452.4992,370.2364,99.4115,162.3224,75.1924,22.2686,235.7466,351.338,67.404,15.224,229.2228,64.0189,166.1074,107.6531,308.462,73.3427,134.7906,152.6124,12.7912,62.4593,35.5422,13.3074,225.3626,799.2309,558.3058,366.0148,44.6904,49.5195,49.1646,170.2662,377.9399,319.5901,53.8483,6.52,27.358,3.6533,12.9268,7.5452,322.8542,4.5809,32.6557,32.0232,64.0416,14.2439,85.6939],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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