{"schema_version":"1.0","name":"FEGI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b641ae17-79c3-48b4-9614-b2f5316e271c","symbol":"FEGI","name":"REX Tech Innovation Income & Gr","exchange":"MIL","country":"IT","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. The upward price structure is leading its underlying support.","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, Strength versus the research benchmark, Range position and boundary pressure, Directional strength and control, 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":60,"displayedObservations":60,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.31646,-0.473584,-0.62339,-0.860008,-1.064404,-1.256879,-1.289468,-1.312655,-1.294183,-1.266592,-1.373728,-1.350493,-1.21163,-0.789943,-0.273238,0.169686,0.601576,0.775611,0.896277,1.007236,0.962366,0.793435,0.647399,0.459284,0.349028,0.300895,0.105755,0.002916,-0.169667,-0.27804,-0.206837,-0.2085],"opens":[21.81876,22.064976,21.557305,20.547179,20.011001,19.656635,19.956958,19.913362,20.683544,20.979027,20.202358,19.492214,20.344386,20.643137,21.718883,22.242169,22.992096,23.973423,24.113023,24.711032,25.244791,23.85655,24.555833,23.349305,24.031685,24.214643,23.086498,23.195373,22.814309,22.893491,23.903061,24.43],"highs":[22.481657,22.064976,21.796669,21.557304,20.518458,20.082898,20.300876,21.119498,21.221222,21.216378,20.780268,20.324796,21.118197,21.982757,22.2275,22.496479,23.857948,24.237512,24.646782,25.511667,25.333749,23.880988,24.595392,23.576765,24.031685,24.298703,23.195372,23.462611,22.952879,24.08617,24.445044,24.43],"lows":[21.780881,21.070636,20.786546,19.628015,19.628015,19.491941,19.458033,19.72445,20.344469,20.550083,19.702808,19.374673,20.143587,20.525595,21.528153,22.026988,22.987147,23.562616,23.865913,24.582535,24.913662,23.753908,24.49155,23.022948,23.952568,24.165194,22.502531,22.532224,21.661222,22.675741,23.799135,23.495001],"closes":[22.064978,21.78088,21.179108,19.910467,19.766848,20.039305,19.976334,20.906366,20.916056,20.535391,19.693012,20.261127,20.599058,21.992653,22.14436,22.134579,23.907425,24.14459,24.577591,25.506725,24.913662,23.871212,24.49155,23.512482,24.031685,24.165194,23.007317,22.745026,22.413451,23.893163,24.445,23.74],"hoverRows":[[{"label":"Open","value":"21.8","className":"is-ohlc","compact":true},{"label":"High","value":"22.5","className":"is-ohlc","compact":true},{"label":"Low","value":"21.8","className":"is-ohlc","compact":true},{"label":"Close","value":"22.1","className":"is-ohlc","compact":true},{"label":"Market 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support","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":15.9,"sample":2},"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 is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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 15.9% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"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 2.5 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 3.2% across 2 completed cases, with the largest move arriving after 2.5 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":"2026-05-01","price":22.134579}],"reversal_warnings":[{"date":"2026-05-15","price":24.14459},{"date":"2026-07-10","price":24.165194}],"reversal_dangers":[{"date":"2026-06-12","price":23.871212},{"date":"2026-07-17","price":23.007317}]}},"smTape":{"available":true,"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"],"close":[19.2112,19.5331,19.7432,19.8326,19.855,20.2887,20.4854,20.0785,20.1413,20.1774,20.9415,21.4479,21.3575,21.6963,21.8841,22.2687,22.7862,23.2428,22.0813,22.3266,20.9986,22.156,22.4416,21.861,22.0624,22.1218,21.9655,22.2544,22.065,21.7809,21.1791,19.9105,19.7668,20.0393,19.9763,20.9064,20.9161,20.5354,19.693,20.2611,20.5991,21.9927,22.1444,22.1346,23.9074,24.1446,24.5776,25.5067,24.9137,23.8712,24.4916,23.5125,24.0317,24.1652,23.0073,22.745,22.4135,23.8932,24.445,23.74],"consensus":[-27.6922,93.1811,14.0192,37.8263,36.4508,51.272,35.3559,0.0,11.7299,11.3829,64.4365,75.7462,14.9705,59.4476,40.3263,62.599,70.7613,59.7288,-22.93,19.0154,-55.2421,33.1574,34.2223,-25.9009,19.5413,0.0,-18.4897,22.1566,0.0,-15.3021,-41.3523,-66.5052,-48.0371,-14.4469,-29.3327,26.8616,9.7594,-24.0007,-47.1333,0.0,0.0,61.4193,44.7211,23.0772,78.4339,55.5076,62.9132,75.5772,14.3425,12.5508,20.9441,-9.4958,26.9318,9.4026,-34.2032,-38.7039,-39.8053,41.0661,57.6661,-16.2219],"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":[0.3001,13.2321,64.3658,71.0537,3.9731,51.1673,25.5065,53.4974,69.5257,48.863,-28.2614,12.6519,-46.4386,41.6105,39.7986,-25.5105,14.0358,0.0,-16.4104,18.3693,0.0,-9.7856,-35.9748,-58.8893,-48.3182,-0.9109,-21.0324,30.3338,5.5934,-36.3156,-56.2391,0.0,0.0,62.2548,47.3521,12.7537,84.6097,56.9417,66.5306,81.7174,4.8048,20.1475,18.0758,-0.3663,49.0681,0.6542,-27.0555,-34.4942,-28.6973,46.6342,56.6681,-20.5207],"force":[3.1481,0.2394,67.9902,83.0891,27.7264,55.9533,24.9095,67.4992,83.8179,72.0282,-83.4154,20.3908,-94.3054,67.9483,36.6513,-52.3578,25.8806,0.0,-35.6176,36.0817,0.0,-23.723,-53.5375,-86.8988,-28.9206,-19.5606,-9.7201,48.8737,15.6238,-27.9492,-44.2989,0.0,0.0,80.0563,31.5298,1.8132,86.6908,37.3682,48.6428,69.6332,25.1205,17.1919,4.1462,-23.1413,19.2065,4.0847,-44.3316,-48.0807,-46.298,77.9144,80.957,-60.4169],"direction":[36.1057,17.5711,61.9789,75.8642,67.118,71.4067,68.2754,69.5007,62.8472,63.3614,-26.3668,25.3056,-37.401,1.354,26.1145,-7.4494,21.3053,0.0,-8.6318,16.5384,0.0,-15.5918,-38.7943,-60.6423,-61.3704,-56.2897,-52.8278,7.1703,10.3316,-7.1061,-38.7512,0.0,0.0,47.1523,51.1366,50.0639,65.4781,66.8253,68.9722,72.8055,64.4131,25.1137,36.2207,-10.1828,7.1511,29.0346,-35.1373,-36.8173,-47.8625,8.3822,42.1704,-20.2588],"intensity":[75.0,22.2222,100.0,72.7273,100.0,92.3077,71.4286,33.3333,50.0,88.2353,83.3333,47.3684,85.0,76.1905,68.1818,73.913,75.0,20.0,30.7692,18.5185,7.1429,58.6207,46.6667,87.0968,75.0,36.3636,8.8235,74.2857,52.7778,24.3243,71.0526,41.0256,70.0,92.6829,76.1905,34.8837,95.4545,40.0,28.2609,72.3404,43.75,93.8776,58.0,94.1176,71.1538,7.6923,94.2308,7.6923,63.4615,92.3077,73.0769,44.2308],"confirmation":[26.8858,48.6445,88.7291,92.5341,10.5405,87.0429,80.6604,88.3197,91.0604,87.6536,37.3913,74.2238,87.0021,57.164,78.9402,54.4339,74.5303,1.2405,74.4704,75.5722,23.9276,73.2374,81.686,90.0192,82.785,8.1879,76.9152,54.547,48.6985,52.9462,82.8575,31.581,26.2119,88.2094,81.8686,52.2273,93.2564,85.1877,87.6422,91.91,10.0628,29.3283,51.5672,48.927,53.3787,26.2692,79.3626,80.7352,81.1048,82.1793,87.1782,24.0919],"persistence":[87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,75.0,75.0,50.0,50.0,50.0,25.0,25.0,12.5,12.5,12.5,25.0,0.0,25.0,25.0,50.0,62.5,62.5,62.5,50.0,50.0,50.0,37.5,25.0,0.0,25.0,25.0,25.0,50.0,75.0,87.5,100.0,100.0,100.0,75.0,75.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0],"assessmentRisk":[36.0398,28.6918,13.6765,12.1184,42.4911,20.274,29.7162,18.3815,14.6129,20.1327,31.112,3.455,22.1121,62.8365,7.4753,16.9739,36.3355,4.1045,21.6601,15.5676,1.2794,16.71,21.5881,16.6753,25.9078,42.5861,34.9681,34.62,44.2011,50.3128,1.1343,44.0455,26.9382,17.8182,27.5578,38.1035,10.7765,22.0762,18.4693,12.2065,37.2006,22.769,15.9407,44.5748,53.5741,12.9013,30.3623,17.365,28.1641,37.3202,18.6007,50.3636],"volumeParticipation":true,"latest":{"consensus":-16.2,"control":-20.5,"force":-60.4,"direction":-20.3,"confirmation":24.1,"persistence":0.0,"assessmentRisk":50.4,"intensity":44.2,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-16.2","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-20.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-60.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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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,35.4584,31.696,19.035,19.5194,63.1199,98.7689,66.3755,68.4764,550.7662,201.7273,274.4472,204.4317,89.5598,176.1622,76.7107,58.6675,47.3243,86.1684,51.1845,140.6074,163.7387,76.8322,106.6335,103.8664,144.1681,75.9121,76.6722,97.442,19.933,21.1776,52.98,30.945,53.4503,55.1534,83.6741,59.1569,39.4559,98.2526,133.1118,87.6009,80.9649,6.4923,15.2147,2.011,26.8077,6.9706,30.7236,57.3501,294.5713,230.2708,139.4076,243.1914,193.7196],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"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":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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,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,-5.081,-5.7272,-4.7275,-7.8425,-8.5774,-10.3084,-6.976,-4.4989,-5.5913],"stroke":"#176fa3","width":2.0,"fill":"rgba(23,111,163,.08)"}],"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":"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,59.214,62.6622,64.6498,92.0636,98.5433,50.9196,58.2421,62.2992,70.6112,81.7928,79.4571,57.7007,62.2947,37.4178,59.0992,64.4494,53.5736,57.3451,58.4584,54.2281,57.1762,52.2336,46.0646,33.3792,6.6359,3.6084,11.2916,10.6178,29.6703,29.8688,22.0706,4.8137,17.8548,24.6614,52.731,55.7867,64.4149,101.1036,98.0891,98.6876,99.9195,90.2557,73.2694,83.3776,67.424,75.8843,78.0597,59.1926,54.9186,49.5157,73.6271,82.6191,71.1314],"stroke":"#10243b","width":2.0},{"label":"From 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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,56.3874,55.3168,54.0205,51.4958,48.6861,45.8961,43.3055,41.0663,38.6465,36.4972,34.6274,32.8911,31.0418,29.7328,27.8114,26.9943,26.4789,26.264,27.1604,28.2409,29.4993,31.145,32.6731,32.3378,32.5229,30.9983,29.9344,29.1495,27.2867,25.3469,24.2299,22.7541,21.6566,20.3698],"stroke":"#10243b","width":2.0},{"label":"Positive 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