{"schema_version":"1.0","name":"XNDX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f6afb81c-29da-4edb-9824-0263a75bb431","symbol":"XNDX","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, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range position and boundary pressure, Directional strength and control, Range pressure and compression."},{"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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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.0,"sample":2},{"week":2,"averageReturn":0.5,"sample":2},{"week":3,"averageReturn":2.1,"sample":1},{"week":4,"averageReturn":1.9,"sample":1},{"week":5,"averageReturn":5.2,"sample":1},{"week":6,"averageReturn":2.1,"sample":1},{"week":7,"averageReturn":3.0,"sample":1},{"week":8,"averageReturn":3.4,"sample":1},{"week":9,"averageReturn":-0.9,"sample":1},{"week":10,"averageReturn":-1.2,"sample":1},{"week":11,"averageReturn":-3.3,"sample":1},{"week":12,"averageReturn":2.0,"sample":1},{"week":13,"averageReturn":2.6,"sample":1},{"week":14,"averageReturn":-0.3,"sample":1},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Rollover warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. 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 1 cases. Distinct visits lasted 1.0 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 5.4% across 2 completed cases, with the largest move arriving after 2.0 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":"2026-04-17","price":33.875}],"reversal_warnings":[{"date":"2026-05-15","price":37.705002},{"date":"2026-08-07","price":38.45578}],"reversal_dangers":[{"date":"2026-06-26","price":38.514999},{"date":"2026-08-14","price":38.690208}]}},"smTape":{"available":true,"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"],"close":[34.4138,34.7209,33.9654,35.2295,35.386,35.0774,34.9558,29.9985,30.6725,31.1419,31.1419,31.7111,31.5813,31.3916,37.8741,33.5286,31.8609,32.3253,31.4015,32.6648,32.9394,32.0506,32.3003,32.3802,32.0806,32.9993,32.9594,32.5899,32.3502,31.5713,31.2118,31.725,31.575,31.97,31.98,31.16,30.265,31.11,32.13,33.875,34.78,34.795,36.985,37.705,38.255,38.92,38.49,38.425,39.67,38.515,38.84,38.99,37.3585,37.2388,36.4706,38.4558,38.6902,37.59],"consensus":[85.9886,100.0,-100.0,100.0,75.3073,10.8737,10.24,-64.6967,-17.0858,-17.2448,-52.9112,12.6098,-28.4981,-35.1025,71.5101,0.0,-36.8524,0.0,-53.571,26.6985,25.0799,-42.8241,16.8246,0.0,-34.7692,48.126,16.4467,0.0,-9.2335,-38.0719,-43.0058,0.0,-21.1928,14.5555,10.2332,-44.0577,-62.3691,16.6852,41.3619,72.2427,74.9781,40.0195,78.3314,61.0395,75.248,72.5201,21.9338,50.7119,67.8334,23.0426,47.9929,50.232,-32.99,-20.7487,-40.8504,46.3813,29.7821,-26.7948],"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":[6.9075,-54.5597,-5.8356,-4.6896,-45.3044,4.4592,-47.6633,-48.6798,67.3587,0.0,-53.9687,0.0,-46.2434,32.1163,21.832,-44.6182,13.5006,0.0,-36.8242,45.4454,15.7105,0.0,-10.582,-33.8544,-44.8894,0.0,-18.3849,13.9011,6.7779,-49.5884,-60.2996,23.942,40.749,69.7655,76.1338,35.673,88.4845,62.5586,74.6436,66.3229,2.5097,59.1099,70.9077,34.1042,60.4612,57.8834,-22.4065,-16.3883,-36.4826,54.3649,29.1119,-33.4838],"force":[12.868,-46.6076,-40.4705,-35.2425,-29.6425,66.2017,-10.3987,-15.4463,57.9977,0.0,-38.7472,0.0,-78.4423,70.2184,38.7555,-76.4403,38.4849,0.0,-48.2058,81.96,9.1127,0.0,-19.5394,-44.5056,-37.5831,0.0,-15.0699,31.5146,16.4407,-52.1789,-82.1323,70.9165,78.0403,96.7619,88.2072,12.4783,69.7174,39.1477,75.6859,76.2906,16.6911,19.3235,57.7093,14.5922,25.1801,34.937,-72.7568,-28.2148,-44.4341,79.104,16.0485,-56.7853],"direction":[46.343,-89.2026,-84.3932,-79.8036,-78.225,16.3552,-19.5231,-33.6257,85.9063,0.0,-15.9375,0.0,-44.1801,10.5789,19.0235,-16.7622,5.1518,0.0,-22.823,27.0224,22.5266,0.0,-0.331,-38.2963,-44.7265,0.0,-28.7754,3.1897,9.7483,-31.9359,-50.6177,30.3449,15.8633,57.5602,64.208,64.6592,72.8808,74.9403,75.6258,76.9093,71.7221,63.5346,71.5515,37.2828,50.0381,52.4124,-16.6805,-20.3992,-43.2824,13.8839,40.3577,-2.2716],"intensity":[33.3333,100.0,50.0,33.3333,50.0,45.4545,58.3333,15.3846,100.0,86.6667,81.25,52.9412,72.2222,73.6842,65.0,66.6667,50.0,52.1739,4.1667,72.0,3.8462,40.7407,7.1429,79.3103,76.6667,25.8065,15.625,18.1818,2.9412,68.5714,80.5556,67.5676,84.2105,92.3077,92.5,39.0244,92.8571,83.7209,27.2727,82.2222,21.7391,34.0426,85.4167,83.6735,38.0,3.9216,86.5385,46.1538,78.8462,92.3077,80.7692,69.2308],"confirmation":[7.0526,88.3061,13.9413,12.7718,84.3383,9.2817,76.2757,78.4269,90.5347,27.2814,79.5897,27.0292,86.0124,34.7108,76.4918,82.7009,51.428,23.9513,79.5043,84.4723,73.0506,25.7179,48.5816,80.4433,81.5679,31.653,74.6379,50.5179,48.8498,82.2617,88.592,36.0217,82.363,91.9027,92.3786,80.0331,92.6488,86.8423,92.1019,91.4158,9.6984,83.1432,89.3513,31.8378,82.4725,83.4915,79.93,74.9336,81.2479,83.7176,77.1219,55.2043],"persistence":[71.4286,50.0,25.0,0.0,0.0,0.0,25.0,50.0,50.0,37.5,37.5,25.0,25.0,25.0,0.0,0.0,0.0,0.0,0.0,12.5,37.5,25.0,0.0,0.0,25.0,25.0,25.0,25.0,25.0,37.5,37.5,12.5,12.5,25.0,50.0,50.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,25.0,25.0,0.0],"assessmentRisk":[40.8331,17.2934,40.9412,40.3731,22.6241,33.4836,41.1822,26.0775,13.9538,26.6554,23.7618,14.4123,22.5024,29.071,9.6009,15.4227,10.3393,5.3301,0.6256,4.4491,5.7963,8.5131,21.7589,29.8223,28.1104,48.3718,35.6014,26.4023,42.2082,19.6406,18.2069,53.506,8.2595,13.7971,12.51,29.9828,10.8326,19.4668,12.3452,13.7346,35.8673,8.2617,13.0652,33.5676,4.6394,3.8278,32.7288,33.4287,28.813,48.8804,29.7844,30.8487],"volumeParticipation":true,"latest":{"consensus":-26.8,"control":-33.5,"force":-56.8,"direction":-2.3,"confirmation":55.2,"persistence":0.0,"assessmentRisk":30.8,"intensity":69.2,"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":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-26.8","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-33.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force 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its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[34.4138,34.7209,33.9654,35.2295,35.386,35.0774,34.9558,29.9985,30.6725,31.1419,31.1419,31.7111,31.5813,31.3916,37.8741,33.5286,31.8609,32.3253,31.4015,32.6648,32.9394,32.0506,32.3003,32.3802,32.0806,32.9993,32.9594,32.5899,32.3502,31.5713,31.2118,31.725,31.575,31.97,31.98,31.16,30.265,31.11,32.13,33.875,34.78,34.795,36.985,37.705,38.255,38.92,38.49,38.425,39.67,38.515,38.84,38.99,37.3585,37.2388,36.4706,38.4558,38.6902,37.59],"stroke":"#10243b","width":2.1},{"label":"Fast 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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,1000.0,172.7273,925.0,116.5517,21.3922,1160.0616,75.1008,295.6074,720.2617,150.9702,147.7924,183.7366,392.7643,120.085,1.911,867.7045,793.8959,232.6714,453.3835,124.5006,20.2355,21.5319,34.8377,24.651,23.0887,4.2956,13.9847,1063.9496,658.1473,344.4662,144.4224,52.9145,21.7885,12.1774,8.8431,82.7533,83.5502,1.2635,25.1907,9.0414,0.6438,0.0248,529.0393,36.3917,37.3774,12.9546,66.309,0.3024,25.816],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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 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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,8.4274,19.4731,27.1641,27.1641,36.4916,34.3643,31.2551,100.0,48.2057,28.3283,33.863,22.8531,37.9099,41.1831,30.5898,33.5655,34.5176,30.9469,41.8973,41.4212,37.0172,34.1606,24.8765,20.5916,26.7084,24.9206,23.0826,20.5246,2.2979,0.5879,12.9359,26.0649,48.5257,100.0,94.0822,100.0,95.2978,100.0,98.272,93.4783,92.7536,99.7913,87.7413,91.132,92.697,75.6752,74.4264,66.4126,87.1234,89.5692,78.0908],"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,20.4881,19.1889,18.0203,17.4591,16.9381,16.4779,15.6063,14.5356,13.5414,12.9546,13.4141,13.9513,13.0897,13.6176,14.7345,15.9694,18.1103,20.5347,22.8513,25.2975,27.5689,28.9361,30.7252,30.7587,30.9544,31.2139,29.9967,29.3053,27.5358,26.611,25.9682,24.6877],"stroke":"#10243b","width":2.0},{"label":"Positive 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