{"schema_version":"1.0","name":"XNAS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"fb946612-c2e0-4285-b35e-97328b5edb94","symbol":"XNAS","name":"Xtrackers NASDAQ 100 UCITS ETF 1C","exchange":"STO","country":"SE","asset_type":"etf","currency":"SEK","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, Directional strength and control, Range position and boundary pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, 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":53,"displayedObservations":53,"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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The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"17 Apr 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-04-17","price":563.5}],"reversal_warnings":[{"date":"2026-05-15","price":637.099976},{"date":"2026-08-07","price":652.0}],"reversal_dangers":[{"date":"2026-06-26","price":657.5},{"date":"2026-08-14","price":661.400024}]}},"smTape":{"available":true,"dates":["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":[518.8,513.8,515.8,519.0,533.4,531.7,538.8,553.8,537.6,58.6523,570.2,545.5,547.9,533.3,555.0,559.6,542.1,543.5,541.2,536.2,548.2,545.2,535.9,527.8,520.6,512.8,525.5,520.8,534.2,533.0,521.8,511.2,520.0,539.9,563.5,581.9,584.4,620.5,637.1,642.5,648.1,650.0,647.7,671.5,657.5,663.7,664.3,637.6,638.1,622.0,652.0,661.4,642.1],"consensus":[36.1704,-93.9397,70.1492,50.9693,79.5436,27.2934,60.2208,88.6432,0.0,-86.7533,67.3296,0.0,18.8742,0.0,29.9239,31.1597,-11.5159,18.7901,0.0,-12.3545,32.7885,0.0,0.0,-13.0315,-21.6128,-26.1307,15.0875,-16.2532,27.3736,17.6351,-27.5711,-34.0274,0.0,36.4434,58.7956,60.3839,40.0841,79.3382,66.3312,59.5373,51.8254,31.6578,41.3228,73.1641,28.6376,43.3361,40.0763,-24.7227,0.0,-45.9937,40.4259,38.816,-23.7557],"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":[null,null,null,null,10.1824,59.7664,87.9897,0.0,-69.3493,72.9443,0.0,17.0385,0.0,32.2993,37.0605,-16.5942,23.6292,0.0,-16.0037,39.4633,0.0,0.0,-12.2572,-16.6676,-25.7346,25.5296,-16.4928,29.5308,19.4399,-33.4807,-32.7932,0.0,44.5547,63.047,68.4881,37.4171,82.1822,64.7437,63.0772,47.233,19.6572,47.4517,76.2159,30.7099,47.71,43.2173,-24.819,0.0,-33.8624,49.239,38.955,-29.5093],"force":[-93.9397,70.1492,50.9693,54.9295,6.6345,38.1737,97.1032,0.0,-100.0,82.0706,0.0,1.7845,0.0,36.882,17.0349,-38.9216,10.5725,0.0,-23.6887,42.5343,0.0,0.0,-22.7212,-30.4915,-23.3837,32.0445,-22.6496,43.3991,17.9624,-42.8566,-51.2674,0.0,47.8811,66.8042,51.9401,19.2938,92.9036,64.5645,39.7077,33.6938,1.942,10.9046,76.3721,6.7739,20.5157,14.6355,-49.1063,0.0,-78.7168,69.1753,35.8422,-54.3285],"direction":[null,null,null,97.1251,71.083,76.488,83.3471,0.0,-97.1816,50.3835,0.0,33.1792,0.0,22.239,34.5052,-13.8633,19.1295,0.0,-0.0881,18.1989,0.0,0.0,-6.9951,-20.9224,-28.5457,8.9585,-11.4107,13.4614,15.3387,-9.8989,-23.1238,0.0,19.0034,48.2164,57.1534,57.9823,66.3983,69.4074,69.6557,70.0252,66.5983,56.0456,67.3848,51.5632,54.6376,54.6587,-7.1959,0.0,-36.4844,9.8185,40.7812,-4.6575],"intensity":[null,null,null,100.0,80.0,33.3333,85.7143,100.0,100.0,100.0,81.8182,41.6667,53.8462,78.5714,46.6667,75.0,58.8235,22.2222,10.5263,45.0,4.7619,68.1818,21.7391,37.5,56.0,53.8462,18.5185,60.7143,3.4483,43.3333,58.0645,31.25,87.8788,91.1765,88.5714,80.5556,94.5946,92.1053,12.8205,70.0,34.1463,16.6667,88.3721,56.8182,42.2222,2.1739,91.4894,35.4167,81.6327,94.0,88.2353,73.0769],"confirmation":[52.7274,45.1144,38.9768,69.6621,54.7093,86.6057,96.6336,35.9589,96.43,89.9092,8.7636,50.8802,8.2946,77.7515,77.4507,30.0671,73.6887,49.4251,49.5766,78.6876,48.0416,25.4409,49.8105,75.262,76.2842,29.7635,73.3923,77.2151,73.6257,77.1985,79.433,28.7482,79.8869,86.9939,86.942,80.234,93.7583,89.1963,86.3937,84.1015,54.7411,80.2029,91.4638,54.8317,81.1054,80.0012,53.9863,25.1343,83.9001,81.6782,80.3284,54.7728],"persistence":[null,33.3333,50.0,60.0,66.6667,71.4286,75.0,62.5,62.5,62.5,50.0,50.0,37.5,37.5,37.5,25.0,50.0,37.5,25.0,25.0,25.0,12.5,12.5,12.5,37.5,25.0,25.0,25.0,12.5,25.0,25.0,12.5,12.5,12.5,37.5,37.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,62.5,37.5,37.5,37.5,12.5],"assessmentRisk":[null,null,null,8.7513,35.923,19.8272,5.6731,23.3486,6.4295,26.6307,0.5374,6.8969,45.3248,18.8567,11.966,4.2698,6.7792,0.0985,0.1993,14.8288,3.2605,0.2279,23.9771,38.7437,36.7549,45.632,26.5638,31.5647,40.5909,7.0735,23.1557,48.9126,11.3083,20.5065,19.807,29.9559,10.3298,16.8326,20.2187,24.0819,33.0821,12.7039,12.5181,16.9183,17.6767,22.8864,36.4275,39.6421,26.4676,53.9008,26.865,24.4038],"volumeParticipation":true,"latest":{"consensus":-23.8,"control":-29.5,"force":-54.3,"direction":-4.7,"confirmation":54.8,"persistence":12.5,"assessmentRisk":24.4,"intensity":73.1,"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":"-23.8","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-29.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-54.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-4.7","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"56.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.5%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"29.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"81%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[518.8,513.8,515.8,519.0,533.4,531.7,538.8,553.8,537.6,58.6523,570.2,545.5,547.9,533.3,555.0,559.6,542.1,543.5,541.2,536.2,548.2,545.2,535.9,527.8,520.6,512.8,525.5,520.8,534.2,533.0,521.8,511.2,520.0,539.9,563.5,581.9,584.4,620.5,637.1,642.5,648.1,650.0,647.7,671.5,657.5,663.7,664.3,637.6,638.1,622.0,652.0,661.4,642.1],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,198.8086,215.2955,229.8365,242.7465,253.8861,264.3589,273.9147,282.3455,290.0909,297.1534,303.5339,304.5042,305.7053,306.5679,306.9719,306.4289,305.5567,305.0772,304.0852,303.9815,511.7006,512.4058,508.6961,507.2706,507.4475,506.283,502.1279,497.9632,487.6699,478.0917,471.6901,466.2526,462.9097,462.4678,462.0012,466.1306,472.8179,479.1155,488.9104,497.4713,507.1702,520.8159,539.9144,560.8171],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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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