{"schema_version":"1.0","name":"XLRI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0030cd75-1fc7-4dd9-95da-787d2c2e234f","symbol":"XLRI","name":"STATE STREET REAL ESTATE SELECT SECTOR SPDR PREMIUM INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","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, Activity pressure and cumulative balance, Range position and boundary pressure, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover."},{"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":56,"displayedObservations":56,"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. 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aligned","tone":"positive","headline":"Price and Market Dynamics remain aligned upward","use":"The advance retains underlying support while price structure and Market Dynamics remain intact.","confirm":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"distribution","zoneContext":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":100.0,"averageReturn":1.9,"sample":3},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":"Trend participation","title":"Let confirmation support the position, then manage extension","tone":"positive","approach":"This is most useful for holding or selectively adding to an established upward case. Risk should still tighten as price becomes extended; confirmation is support, not immunity from reversal.","finding":"In this ticker's completed record, 100.0% of comparable cases moved higher after 12 weeks, with an average move of 1.9% across 3 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 1.9% across 2 completed cases, with the largest move arriving after 4.0 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":"2026-05-01","price":23.171219}],"reversal_warnings":[{"date":"2026-04-10","price":22.864872}],"reversal_dangers":[{"date":"2026-05-15","price":22.620977}]}},"smTape":{"available":true,"dates":["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":[21.9428,21.961,21.9851,22.2609,22.3183,22.3359,22.4707,22.3955,22.5731,22.7164,22.0162,22.702,22.9622,22.321,22.4898,22.3454,22.1844,22.5655,22.3457,22.2996,22.1151,22.3974,22.362,22.4683,22.9811,22.7643,22.881,23.0562,23.2613,23.1769,23.3539,22.9451,22.6553,21.8624,21.6905,22.5019,22.8649,23.393,23.2592,23.1712,23.26,22.621,23.2773,23.0614,23.434,23.6944,23.0225,23.8148,23.4706,23.4246,23.6651,23.8682,23.7867,23.7247,23.9002,23.7719],"consensus":[-85.5932,-100.0,72.137,58.0,40.6364,31.066,40.1905,0.0,41.7155,46.5573,-58.7625,57.0947,49.9324,-43.9754,35.8137,-23.7522,-27.3976,40.6829,-19.8476,0.0,-37.3432,21.1858,0.0,20.9109,66.6624,10.152,40.2376,51.5935,54.2864,21.0264,56.3626,-29.0622,-38.633,-67.2235,-65.8288,24.8574,37.8108,60.8536,21.4253,29.6597,34.1247,-54.0578,42.4051,-16.336,43.3814,53.3276,-37.7645,61.4548,0.0,0.0,31.8728,34.6184,10.7156,0.0,34.5778,2.6511],"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,31.0302,40.8441,0.0,42.468,43.684,-50.2129,56.2482,50.1148,-36.6908,28.0726,-19.6652,-18.8034,43.8566,-19.4032,0.0,-43.7617,36.6535,0.0,20.2098,63.6046,7.7759,41.6158,47.9601,56.9172,16.9186,56.8553,-26.8488,-30.8772,-63.2336,-66.5809,36.7873,39.9162,67.4719,14.9838,30.8793,35.6206,-47.0956,54.0156,-21.8818,46.2272,52.8776,-40.3967,63.1275,0.0,0.0,27.3028,39.9688,6.5909,0.0,37.2779,8.4646],"force":[21.887,21.1446,28.8379,0.0,38.2614,41.019,-94.4193,73.4646,38.2037,-81.9549,60.7536,-32.6584,-32.268,65.6405,-32.2329,0.0,-47.1246,35.0039,0.0,30.9971,93.7325,21.1667,34.7242,61.7394,59.0179,8.0793,61.0825,-78.4848,-60.0274,-84.8357,-69.1305,72.7393,56.5656,62.9316,5.1627,12.7867,24.8163,-93.3205,50.4829,-36.9731,54.9218,57.2199,-69.3689,76.9577,0.0,0.0,31.5568,34.3369,12.4303,0.0,37.271,15.9394],"direction":[54.0288,38.1938,47.5524,0.0,43.3229,53.7969,-43.0643,46.3693,58.1016,-25.1724,26.8465,-22.0615,-33.7405,19.2289,-11.5089,0.0,-23.0211,6.3617,0.0,14.5078,50.8212,35.2379,42.6007,48.499,47.9002,46.5109,52.4281,-3.71,-32.215,-59.2032,-62.6108,22.978,22.0084,51.8055,47.7783,40.318,39.0638,-33.9699,23.366,-4.7428,31.886,51.0616,-12.1818,48.4696,0.0,0.0,37.3212,28.7049,31.9623,0.0,29.5683,9.2861],"intensity":[100.0,20.0,16.6667,42.8571,37.5,44.4444,100.0,90.9091,91.6667,76.9231,71.4286,46.6667,68.75,64.7059,33.3333,15.7895,25.0,57.1429,4.5455,8.6957,79.1667,44.0,11.5385,22.2222,78.5714,3.4483,30.0,77.4194,62.5,100.0,100.0,97.1429,91.6667,78.3784,28.9474,41.0256,35.0,80.4878,80.9524,65.1163,70.4545,71.1111,82.6087,93.617,52.0833,26.5306,40.0,27.451,7.6923,28.8462,17.3077,48.0769],"confirmation":[57.4799,77.6393,80.505,29.4775,81.2322,82.7733,88.021,86.7821,83.6181,83.3406,80.3384,75.9344,77.0466,81.7308,74.7355,25.0902,80.1501,53.6554,1.1854,75.0096,90.2036,6.8459,80.687,84.8745,85.4758,30.2943,86.1724,56.9647,81.1328,90.1091,89.1544,36.8005,80.6389,87.4356,52.5786,76.9583,78.6134,86.6012,81.6389,52.1171,82.1904,85.1903,81.0077,88.1125,28.5434,24.4767,78.2593,78.9878,5.4382,3.8606,79.1058,34.2603],"persistence":[20.0,33.3333,42.8571,37.5,62.5,87.5,62.5,62.5,62.5,37.5,37.5,25.0,0.0,0.0,0.0,12.5,37.5,12.5,25.0,0.0,25.0,25.0,50.0,62.5,87.5,87.5,100.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,0.0,25.0,50.0,50.0,75.0,50.0,50.0,50.0,25.0,25.0,12.5,25.0,25.0,50.0,50.0,37.5,62.5,50.0],"assessmentRisk":[29.5975,34.413,29.9017,43.564,28.4082,26.6719,17.8951,9.2155,17.9396,18.6043,25.7837,26.3245,35.1383,8.904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envelope","values":[null,null,null,null,null,null,null,null,null,21.7936,21.7653,21.7671,21.7319,21.7518,21.7774,21.7948,21.7949,21.8137,21.8274,21.8371,21.8682,21.9263,21.9834,21.9986,21.969,21.9753,21.9651,21.947,21.8989,21.8719,21.9141,21.9154,21.9127,21.8247,21.6877,21.7013,21.7485,21.7296,21.754,21.7977,21.8789,21.9051,21.9568,22.0024,21.9959,21.9876,21.9953,21.9678,21.9646,21.9645,21.9536,21.9459,21.9845,22.2161,22.5742,22.7252],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"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,150.205,113.98,175.3231,180.6951,85.0883,63.1057,134.6765,234.9889,83.8423,124.1834,117.3391,92.0768,46.1734,138.8611,45.3774,91.3575,147.9191,163.8101,107.69,70.0776,185.5033,167.3634,129.3345,191.8468,167.4711,122.1881,82.1571,290.5879,108.7257,113.1049,56.9856,75.6644,118.3128,81.8053,216.2114,25.9764,43.9888,70.3212,106.1424,74.1633,76.089,127.3396,101.1595,78.1348,116.9209,147.0003,98.177,73.8733,140.1478],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,81.5485,94.5256,95.4287,29.1438,94.0607,94.872,46.3604,59.131,48.2007,36.0256,64.8584,48.2299,44.739,30.775,52.1424,49.461,57.4999,96.3055,79.8984,88.7319,100.0,96.3079,87.8411,99.656,70.271,49.4418,0.0,0.1042,48.6922,70.4289,97.8631,90.1748,85.1255,90.2245,53.5286,91.2161,78.8208,97.7292,100.0,63.2231,99.8471,83.6839,81.5196,92.0269,95.7291,88.6663,86.0469,93.4644,88.0418],"stroke":"#10243b","width":2.0},{"label":"From 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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,2.2025,2.1864,2.1899,2.1699,2.1053,2.0654,1.9942,1.9533,1.881,1.8229,1.805,1.8239,1.8169,1.7776,1.7949,1.7461,1.7364,1.6689,1.7316,1.8019,2.1208,2.1473,2.1796,2.1578,2.131,2.0915,2.0699,1.987,2.1327,2.1308,2.1095,2.1959,2.2027,2.35,2.3481,2.4096,2.3752,2.324,2.2674,2.235,2.2522,2.2597,2.2208],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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,21.4965,21.2669,21.784,22.3392,22.8943,22.1125,20.7848,21.3595,22.225,21.9342,20.3794,19.9149,19.4836,18.4697,17.796,17.0539,16.3649,15.3913,15.497,15.0177,14.3083,13.5978,12.9381,12.229,11.9159,11.9605,12.2306,11.82,11.0232,10.2525],"stroke":"#10243b","width":2.0},{"label":"Positive 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