{"schema_version":"1.0","name":"SPQA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b99f894c-3c54-4980-940f-7a0bfcceab3a","symbol":"SPQA","name":"Invesco Markets II plc - Invesco S&P 500 Quality UCITS ETF Acc","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. 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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Directional strength and control, Range pressure and compression, Activity pressure and cumulative balance."},{"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":61,"displayedObservations":61,"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":15.8,"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 15.8% 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, 66.7% of completed 12-week outcomes were higher across 3 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 1.8% across 1 completed cases, with the largest move arriving after 1.0 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":"2026-02-06","price":4.8265},{"date":"2026-04-24","price":5.003}],"reversal_warnings":[{"date":"2026-06-05","price":5.43},{"date":"2026-08-07","price":5.484}],"reversal_dangers":[{"date":"2026-06-26","price":5.648},{"date":"2026-07-03","price":5.641},{"date":"2026-08-21","price":5.363}]}},"smTape":{"available":true,"dates":["2025-06-27","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":[4.3755,4.399,4.4,4.4,4.4765,4.5085,4.439,4.46,4.46,4.46,4.4295,4.4475,4.4935,4.4935,4.5025,4.603,4.603,4.631,4.631,4.631,4.5985,4.4535,4.596,4.67,4.642,4.6875,4.6875,4.6865,4.761,4.85,4.7565,4.7285,4.8265,4.865,4.8825,4.951,4.951,4.827,4.7365,4.7095,4.7095,4.872,4.9575,5.003,5.012,5.098,5.098,5.309,5.339,5.43,5.38,5.671,5.648,5.641,5.53,5.455,5.457,5.338,5.484,5.502,5.363],"consensus":[100.0,49.2063,-100.0,0.0,77.3297,36.7956,0.0,54.7355,14.4374,0.0,-32.3581,25.6359,65.1771,33.1521,54.2883,76.7992,41.1842,68.0977,41.6065,38.0157,0.0,-69.987,46.4309,73.0003,0.0,65.8436,36.1835,17.0745,68.0959,80.7014,0.0,0.0,69.4109,54.9319,62.328,74.8965,41.2185,-20.2,-60.6745,-52.7266,-33.0141,59.1479,75.6056,63.0475,55.4768,73.6075,28.3215,88.8035,55.4592,59.9078,34.5585,59.1381,42.2463,30.2635,25.9461,0.0,18.2811,-53.5265,41.6287,38.6269,-52.4423],"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":[0.0,-34.4871,42.1151,55.0173,27.2752,48.2862,70.4045,35.945,60.5988,35.5344,34.9874,0.0,-62.9781,69.1384,79.0643,0.0,72.2377,32.2832,8.2269,76.4995,81.128,0.0,0.0,78.4409,71.613,63.6621,72.8766,35.9505,-11.5454,-49.4542,-40.0352,-26.4256,59.3378,80.5175,70.61,60.0527,78.0463,13.5332,93.6547,41.8504,57.3076,24.0895,38.0744,32.9859,13.1122,14.786,0.0,34.5995,-44.1714,46.4451,44.0574,-44.9121],"force":[0.0,-60.2032,25.8463,90.0441,7.461,46.4249,79.5296,10.3774,76.5633,10.419,6.9898,0.0,-99.7299,54.8545,92.2683,0.0,63.2015,10.0401,9.3826,57.8878,92.8077,0.0,0.0,69.7855,34.4334,55.4556,85.3752,10.2722,-67.3873,-96.3306,-69.8887,-10.4339,90.0649,94.8418,53.791,38.8537,75.2234,1.4494,99.5736,46.5219,35.8797,7.5684,60.9592,2.3995,11.6988,16.6697,0.0,3.1369,-94.3955,71.1684,38.3343,-93.038],"direction":[0.0,-10.0358,6.6522,59.0263,58.2193,66.7645,82.1572,69.1768,70.6208,70.8227,63.6381,0.0,-56.7521,14.4625,52.3072,0.0,60.4232,59.3148,46.084,65.7833,71.5667,0.0,0.0,58.8233,50.5095,65.7121,69.7203,69.3435,-3.6141,-48.029,-54.9725,-56.6725,36.8473,56.2517,61.0163,62.1208,67.3805,66.4874,75.5663,77.396,80.0425,76.6137,81.9101,81.2916,79.838,69.1403,0.0,10.4488,-35.0258,15.0243,32.6296,-32.0515],"intensity":[11.1111,40.0,27.2727,66.6667,92.3077,14.2857,100.0,43.75,64.7059,55.5556,10.5263,50.0,100.0,95.4545,73.913,58.3333,52.0,11.5385,11.1111,89.2857,89.6552,90.0,93.5484,87.5,93.9394,17.6471,68.5714,38.8889,100.0,71.0526,43.5897,90.0,100.0,80.9524,76.7442,11.3636,86.6667,63.0435,100.0,97.9167,81.6327,44.0,100.0,25.0,11.5385,84.6154,50.0,36.5385,80.7692,90.3846,46.1538,84.6154],"confirmation":[3.6723,79.1708,53.2921,89.7694,55.2486,85.2241,92.7564,80.3199,90.1635,80.4561,56.599,11.339,91.4091,82.7686,91.8549,33.7659,88.892,78.8414,29.4606,89.3515,94.1869,35.7477,32.5914,90.0853,84.6993,87.7152,92.317,80.3271,54.1383,88.6735,85.5889,77.9767,87.8667,92.7052,87.7779,85.1762,91.536,54.0235,96.6714,85.682,86.4778,56.8823,87.3007,57.7789,33.8292,33.3969,28.9399,50.4731,86.5166,82.148,80.2689,86.1335],"persistence":[37.5,37.5,50.0,50.0,50.0,62.5,62.5,62.5,75.0,100.0,100.0,87.5,62.5,62.5,62.5,50.0,50.0,50.0,50.0,62.5,87.5,75.0,62.5,75.0,75.0,75.0,75.0,75.0,50.0,37.5,25.0,0.0,0.0,0.0,0.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,62.5,62.5,62.5,37.5],"assessmentRisk":[47.3501,3.4592,29.9476,4.4087,21.2112,21.557,11.5435,28.8914,15.879,29.0879,17.3784,4.1804,14.8845,47.7371,10.0085,27.763,16.9833,25.7355,3.4699,13.4302,8.8106,36.7551,21.6083,0.6016,17.9196,17.2218,12.5259,28.5251,16.4007,18.2034,23.538,33.3943,4.0932,11.8063,18.4382,22.2353,13.0002,33.8049,5.4958,22.2096,19.9873,32.6279,20.3814,28.7292,33.6906,31.9037,49.0805,56.3321,22.718,39.2639,0.4656,7.6008],"volumeParticipation":true,"latest":{"consensus":-52.4,"control":-44.9,"force":-93.0,"direction":-32.1,"confirmation":86.1,"persistence":37.5,"assessmentRisk":7.6,"intensity":84.6,"evidenceDepth":100},"analysis":{"status":"Market 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":"-52.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-44.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-93.0","detail":"Downward 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.0236,0.0257,0.0278,0.0371,0.044,0.0511,0.0561,0.0594,0.0587,0.0459,0.0467,0.0527,0.0546,0.0591,0.0619,0.0634,0.0697,0.081,0.0814,0.0786,0.0834,0.0892,0.0941,0.1024,0.1077,0.1007,0.0869,0.0729,0.0612,0.0642,0.0727,0.0821,0.0893,0.1007,0.1086,0.1303,0.1482,0.1679,0.1773,0.206,0.2242,0.2354,0.2326,0.2218,0.2109,0.1905,0.184,0.1783,0.1607],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0306,0.0347,0.039,0.0431,0.0462,0.0461,0.0462,0.0475,0.0489,0.051,0.0532,0.0552,0.0581,0.0627,0.0664,0.0689,0.0718,0.0753,0.079,0.0837,0.0885,0.0909,0.0901,0.0867,0.0816,0.0781,0.077,0.078,0.0803,0.0844,0.0892,0.0974,0.1076,0.1197,0.1312,0.1461,0.1618,0.1765,0.1877,0.1945,0.1978,0.1963,0.1939,0.1908,0.1847],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0134,0.0164,0.0171,0.0163,0.0125,-0.0002,0.0005,0.0052,0.0057,0.0081,0.0088,0.0082,0.0116,0.0183,0.015,0.0098,0.0116,0.0139,0.0151,0.0187,0.0192,0.0098,-0.0032,-0.0138,-0.0204,-0.0139,-0.0044,0.0041,0.009,0.0164,0.0194,0.0329,0.0406,0.0482,0.0461,0.0598,0.0624,0.0589,0.0449,0.0273,0.0131,-0.0058,-0.0098,-0.0125,-0.0241],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-06-27","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}