{"schema_version":"1.0","name":"XDEF Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d74f8f2e-5eb9-41da-892d-cb148176278c","symbol":"XDEF","name":"XEUROPDEFTECH 1C","exchange":"EBS","country":"CH","asset_type":"etf","currency":"CHF","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Directional strength and control."},{"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":50,"displayedObservations":50,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure retains strong Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","take":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure 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A slight weekly pause does not yet change the broader constructive reading.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains positive and has strengthened across the recent completed path. A slight weekly pause does not yet change the broader constructive reading.","annotations":[{"label":"Current tape relationship","value":"Sustained positive support","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":22,"summary":"More completed weekly history is needed for a dependable ticker-level 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":25.0,"assessmentRisk":51.6,"intensity":77.6,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+8.4","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+22.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+75.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+55.8","detail":"Upward 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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,-0.3826,-0.3862,-0.3723,-0.3572,-0.3412,-0.0205,0.2836,0.456,0.5173,0.4917,0.4831,0.5774,0.6032,0.5304,0.4968,0.4098,0.1969,0.2082,0.2418,0.2562,0.0743,-0.0858,-0.1991,-0.3726,-0.4372,-0.3652,-0.3824,-0.368,-0.3042,-0.3613,-0.2164,-0.1958,-0.2368,-0.1773,-0.0537,0.2177,0.5064,0.5896],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.3693,-0.2995,-0.1829,-0.0551,0.0594,0.1458,0.2133,0.2861,0.3495,0.3857,0.4079,0.4083,0.366,0.3345,0.3159,0.304,0.2581,0.1893,0.1116,0.0148,-0.0756,-0.1335,-0.1833,-0.2202,-0.237,-0.2619,-0.2528,-0.2414,-0.2405,-0.2279,-0.193,-0.1109,0.0126,0.128],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0281,0.279,0.4665,0.5112,0.458,0.3458,0.2698,0.2913,0.2537,0.1447,0.0889,0.0015,-0.1691,-0.1262,-0.0741,-0.0478,-0.1837,-0.2751,-0.3107,-0.3873,-0.3616,-0.2317,-0.1991,-0.1477,-0.0672,-0.0994,0.0364,0.0456,0.0037,0.0505,0.1393,0.3286,0.4938,0.4616],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"participation","eyebrow":"Participation","title":"Activity 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,75.5712,202.7409,60.764,38.6081,20.1711,123.696,9.4553,0.0,0.0,0.0,216.3715,1032.7546,54.2305,22.485,21.063,60.4398,111.9359,36.8804,42.6462,47.2409,63.571,52.1434,56.8221,9.3739,10.7253,66.6628,1.9338,78.3724,31.8157,235.9203,56.175,12.975,374.3545,0.5748,0.0,4.3808,0.0,26.1954,36.4286,72.1787,32.6651,32.551,66.3947],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,109.6038,91.6437,86.4857,83.398,84.902,94.3112,94.9836,94.9836,94.9836,94.9836,108.5863,135.0,133.3129,132.6054,131.9357,133.9112,135.0,133.9568,132.8001,134.1089,132.3338,130.949,132.4676,132.716,132.4322,130.6814,130.6307,132.7687,131.8867,135.0,135.0,134.8296,135.0,135.0,135.0,135.0,135.0,134.7207,135.0,135.0,135.0,135.0,134.4125],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"volatility","eyebrow":"Risk 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,4.0512,3.8415,3.5671,3.319,3.695,3.5095,3.669,3.7136,3.7827,3.6468,3.5743,3.6074,3.7659,3.831,3.8907,4.3221,4.2584,4.0928,3.8474,4.5294,4.2958,4.389,4.568,4.5425,4.3729,4.4667,4.259,4.0242,4.3074,4.2578,4.4353,4.4316,4.2361,4.0381,3.9881,3.8615,4.2196],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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,43.6923,28.4615,21.8461,0.0,12.7934,24.0561,34.52,37.8641,37.8641,37.8641,92.4481,100.0,85.278,71.8089,58.4965,61.8638,82.7721,74.628,57.7134,63.5082,52.7016,25.2154,60.6108,65.9358,64.1347,26.7815,23.4926,25.6852,8.6139,24.3754,46.707,31.9455,36.4118,45.5715,24.6026,59.8032,41.7108,30.4315,54.4425,70.8188,100.0,100.0,75.1193],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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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