{"schema_version":"1.0","name":"MRK Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0036f99a-ac5b-4225-a40f-6d1111861d09","symbol":"MRK","name":"Merck & Co., Inc.","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Range pressure and compression, 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":33,"displayedObservations":33,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[0.639378,0.956054,1.074219,1.202377,1.205718],"opens":[28.59,29.469999,28.639999,28.91,30.299999],"highs":[29.370001,29.879999,29.129999,30.24,34.360001],"lows":[27.73,28.440001,28.24,28.91,30.15],"closes":[29.309999,29.200001,28.67,30.24,34.049999],"hoverRows":[[{"label":"Open","value":"28.6","className":"is-ohlc","compact":true},{"label":"High","value":"29.4","className":"is-ohlc","compact":true},{"label":"Low","value":"27.7","className":"is-ohlc","compact":true},{"label":"Close","value":"29.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"29.5","className":"is-ohlc","compact":true},{"label":"High","value":"29.9","className":"is-ohlc","compact":true},{"label":"Low","value":"28.4","className":"is-ohlc","compact":true},{"label":"Close","value":"29.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.6","className":"is-ohlc","compact":true},{"label":"High","value":"29.1","className":"is-ohlc","compact":true},{"label":"Low","value":"28.2","className":"is-ohlc","compact":true},{"label":"Close","value":"28.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.9","className":"is-ohlc","compact":true},{"label":"High","value":"30.2","className":"is-ohlc","compact":true},{"label":"Low","value":"28.9","className":"is-ohlc","compact":true},{"label":"Close","value":"30.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.3","className":"is-ohlc","compact":true},{"label":"High","value":"34.4","className":"is-ohlc","compact":true},{"label":"Low","value":"30.1","className":"is-ohlc","compact":true},{"label":"Close","value":"34.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[28.3472,34.372799],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"slight strengthening","fourWeekDirection":"strengthening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","tone":"neutral"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics strengthened this week and remains positive.","tone":"neutral"},{"label":"Price location","value":"Upper positioning zone","detail":"Price is in the area labelled as the distribution zone on the chart. With limited Market Dynamics history, the label describes location and extension only.","tone":"caution"},{"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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-08-21","price":34.049999}],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[25.17,24.53,24.25,24.65,27.51,27.37,27.61,27.83,26.04,26.48,25.59,26.9,26.95,27.32,26.441,24.9119,24.9715,24.9715,24.8424,27.2055,26.3318,26.9077,26.441,25.68,28.66,29.83,27.63,28.44,29.31,29.2,28.67,30.24,34.05],"consensus":[40.3509,-54.4301,-100.0,58.0,81.8218,46.3821,52.7758,55.8576,-49.2896,17.6612,-53.9575,39.0865,27.9449,38.6039,0.0,-73.0348,-24.1976,-32.6206,-37.4191,61.785,-13.624,26.0049,0.0,-16.7801,71.9966,57.2915,-8.1111,26.1142,58.0659,13.1003,10.5271,71.7205,82.3568],"supportDates":["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,null,40.1352,50.7596,50.6244,-39.4542,31.9426,-50.2898,52.6377,19.5107,33.0355,0.0,-64.8222,-15.9366,-28.5867,-36.0673,59.2163,-26.1827,18.5323,0.0,-4.3297,80.5037,60.819,-28.8779,13.2489,57.1465,20.0407,7.1283,73.2312,83.1936],"force":[40.3509,-54.4301,-100.0,58.0,57.1118,12.7649,21.4038,35.7177,-92.9406,27.6282,-66.2125,60.1119,15.0541,28.3243,0.0,-95.3339,-0.0321,-14.35,-22.3881,88.5016,-47.3827,18.8266,0.0,-14.9452,78.3015,41.6196,-33.4942,14.2726,76.9114,13.7066,19.0381,91.505,97.7236],"direction":[null,null,null,null,99.4718,77.5337,77.4887,76.2241,-29.3507,5.7795,-49.3954,8.5812,46.7917,52.3105,0.0,-66.4927,-50.9456,-50.281,-49.7005,45.6373,-24.8423,39.6724,0.0,-32.3198,57.7707,64.4542,-33.7532,49.2759,45.6556,24.3163,35.5294,55.8622,70.4242],"intensity":[null,null,null,null,100.0,80.0,66.6667,28.5714,87.5,66.6667,50.0,81.8182,33.3333,15.3846,64.2857,86.6667,56.25,35.2941,5.5556,94.7368,70.0,33.3333,27.2727,73.913,100.0,84.0,92.3077,81.4815,39.2857,37.931,40.0,80.6452,100.0],"confirmation":[35.5789,40.0843,54.6667,41.2267,70.3867,81.9129,83.9629,85.3404,85.2529,52.304,85.6958,80.942,76.678,80.1248,29.022,92.1759,52.4709,77.9432,79.5366,88.6246,33.1635,76.2167,30.3833,50.8368,91.1014,85.8019,32.92,76.1917,87.1694,28.8601,6.5809,91.5305,55.0],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,25.0,50.0,50.0,50.0,50.0,50.0,37.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5,37.5,37.5,12.5,12.5,12.5,12.5,37.5,37.5,50.0,75.0,75.0],"assessmentRisk":[null,null,null,null,5.9436,25.7368,23.3254,21.8166,16.994,41.0508,20.1641,52.9564,19.9186,13.6602,36.314,10.3103,34.7173,33.3603,29.2829,17.7685,49.251,35.0792,49.0752,37.3657,11.8409,20.4265,38.4996,35.0704,6.1654,28.7611,27.3115,7.3699,8.5831],"volumeParticipation":true,"latest":{"consensus":82.4,"control":83.2,"force":97.7,"direction":70.4,"confirmation":55.0,"persistence":75.0,"assessmentRisk":8.6,"intensity":100.0,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+82.4","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+83.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+97.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+70.4","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"68.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.5%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"26.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"97%","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 and its trend references are aligned upward.","series":[{"label":"Close","values":[25.17,24.53,24.25,24.65,27.51,27.37,27.61,27.83,26.04,26.48,25.59,26.9,26.95,27.32,26.441,24.9119,24.9715,24.9715,24.8424,27.2055,26.3318,26.9077,26.441,25.68,28.66,29.83,27.63,28.44,29.31,29.2,28.67,30.24,34.05],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.3424,25.711,26.0563,26.3788,26.3172,26.3468,26.2092,26.3348,26.4467,26.6054,26.5755,26.2731,26.0364,25.8428,25.6609,25.9418,26.0127,26.1754,26.2237,26.1248,26.5858,27.1756,27.2582,27.4731,27.8071,28.0603,28.1712,28.5473,29.5478],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.9371,26.0396,26.0693,25.9836,25.9086,25.8392,25.7654,25.872,25.9061,25.9803,26.0144,25.9896,26.1874,26.4573,26.5441,26.6846,26.879,27.051,27.1709,27.3982,27.891],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,28.8166,28.6617,28.6597,28.6589,28.7159,28.6444,28.582,28.5124,28.4428,28.3805,28.4375,28.4604,28.4798,28.3908,28.3138,28.5607,29.124,29.1266,29.2295,29.6254,29.9439,30.1235,30.5849,32.0602],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,23.4714,23.5255,23.662,23.7842,23.8841,23.9744,23.8621,23.7846,23.7234,23.6551,23.7169,23.8102,24.0285,24.3366,24.5166,24.3848,24.0674,24.0668,24.0249,23.956,23.9096,24.0379,23.9105,23.1452],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,78.5855,153.0978,51.5464,65.0824,74.2493,239.3467,44.7718,55.0363,183.8235,143.0976,23.4284,20.8162,72.8424,68.7987,24.458,25.0998,2.9002,63.8524,8.6988,5.1058,30.3951,195.3307,140.7603,99.7001,240.4448,546.2313],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,116.1446,122.1687,114.8193,123.012,135.0,135.0,131.1634,117.5905,128.4488,128.4488,127.001,131.9959,127.363,128.9555,127.363,127.182,130.4395,130.8738,130.6205,132.0683,135.0,129.2436,125.1495,135.0,135.0],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"impulse","eyebrow":"Price 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,0.4238,0.4689,0.4288,0.2705,0.1481,0.0506,-0.0367,0.0838,0.1076,0.1709,0.1814,0.1268,0.3203,0.5616,0.5688,0.6325,0.7446,0.8152,0.819,0.9378,1.3241],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.3494,0.2896,0.2244,0.1963,0.1785,0.177,0.1779,0.1677,0.1982,0.2709,0.3305,0.3909,0.4616,0.5323,0.5897,0.6593,0.7923],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.2012,-0.239,-0.2611,-0.1124,-0.0709,-0.0061,0.0035,-0.0409,0.1221,0.2907,0.2383,0.2416,0.283,0.2829,0.2293,0.2785,0.5319],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"range","eyebrow":"Acceptance 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,92.8934,47.4619,58.6294,36.0406,69.2893,70.5584,79.9492,57.6396,18.8307,20.5982,20.5982,17.3327,77.1177,55.0123,69.5817,57.7754,38.5227,100.0,93.7218,57.3742,70.7568,85.1305,83.3132,74.5567,100.0,96.9616],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.9961,-7.3639,-5.7987,-8.9648,-4.3045,-4.1266,-2.8104,-5.9374,-11.377,-11.1651,-11.1651,-11.6242,-3.2176,-6.3259,-4.2773,-5.9374,-8.6446,0.0,-1.2579,-8.5402,-5.859,-2.9791,-3.3433,-5.0976,0.0,-0.9022],"stroke":"#c13f3f","width":1.5},{"label":"From 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