{"schema_version":"1.0","name":"MAXM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"065b54f7-20f4-4adc-8b0f-b5341b681eec","symbol":"MAXM","name":"iShares US Large Cap Max Buffer Mar ETF USD Acc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","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, Completed returns and cumulative progression, Range expansion and closing direction, Activity pressure and cumulative balance, Range position and boundary pressure, 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":20,"displayedObservations":20,"assetType":"ETF","state":"Rotational","stateTone":"caution","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":["2026-04-10","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"],"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],"opens":[5.163,4.4435,4.427,4.4555,4.4555,4.4495,4.5015,4.506,4.506,4.5195,4.566,4.618,4.601,4.615,4.618,4.6075,4.6325,4.6325,4.591,4.599],"highs":[5.163,4.4435,4.468,4.4555,4.4555,4.4495,4.536,4.506,4.534,4.542,4.569,4.618,4.601,4.615,4.618,4.642,4.6325,4.6325,4.599,4.599],"lows":[4.4335,4.4335,4.427,4.4555,4.4435,4.4495,4.4995,4.506,4.506,4.5125,4.5305,4.618,4.601,4.6115,4.618,4.6075,4.6325,4.5965,4.589,4.543],"closes":[4.4335,4.4335,4.4555,4.4555,4.4495,4.4495,4.525,4.506,4.5215,4.532,4.5645,4.618,4.601,4.6125,4.618,4.6325,4.6325,4.602,4.599,4.551],"hoverRows":[[{"label":"Open","value":"5.16","className":"is-ohlc","compact":true},{"label":"High","value":"5.16","className":"is-ohlc","compact":true},{"label":"Low","value":"4.43","className":"is-ohlc","compact":true},{"label":"Close","value":"4.43","className":"is-ohlc","compact":true},{"label":"Market 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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":"4.61","className":"is-ohlc","compact":true},{"label":"High","value":"4.64","className":"is-ohlc","compact":true},{"label":"Low","value":"4.61","className":"is-ohlc","compact":true},{"label":"Close","value":"4.63","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":"4.63","className":"is-ohlc","compact":true},{"label":"High","value":"4.63","className":"is-ohlc","compact":true},{"label":"Low","value":"4.63","className":"is-ohlc","compact":true},{"label":"Close","value":"4.63","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":"4.63","className":"is-ohlc","compact":true},{"label":"High","value":"4.63","className":"is-ohlc","compact":true},{"label":"Low","value":"4.60","className":"is-ohlc","compact":true},{"label":"Close","value":"4.60","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":"4.59","className":"is-ohlc","compact":true},{"label":"High","value":"4.60","className":"is-ohlc","compact":true},{"label":"Low","value":"4.59","className":"is-ohlc","compact":true},{"label":"Close","value":"4.60","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":"4.60","className":"is-ohlc","compact":true},{"label":"High","value":"4.60","className":"is-ohlc","compact":true},{"label":"Low","value":"4.54","className":"is-ohlc","compact":true},{"label":"Close","value":"4.55","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}]],"pressureRange":[-2.3,2.3],"priceRange":[4.42156,4.64444],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-10","price":4.4335}],"reversal_dangers":[{"date":"2026-04-17","price":4.4335}]}},"smTape":{"available":true,"dates":["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":[4.4335,4.4335,4.4555,4.4555,4.4495,4.4495,4.525,4.506,4.5215,4.532,4.5645,4.618,4.601,4.6125,4.618,4.6325,4.6325,4.602,4.599,4.551],"consensus":[-100.0,-100.0,39.0244,0.0,0.0,0.0,13.1213,0.0,0.0,11.0066,18.6923,15.3167,9.0901,0.0,9.9385,15.6454,0.0,-8.6492,13.0955,-19.7623],"supportDates":["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,0.0,17.1146,0.0,0.0,12.1181,24.0544,13.4568,6.696,0.0,8.6245,20.3831,0.0,-14.3004,24.6864,-24.489],"force":[-100.0,-100.0,39.0244,0.0,0.0,0.0,10.2608,0.0,0.0,8.0868,19.4505,8.0644,0.9334,0.0,2.6164,10.1481,0.0,-16.9136,10.3227,-22.8603],"direction":[null,null,null,null,0.0,0.0,10.6008,0.0,0.0,11.8218,12.0224,22.6226,17.6524,0.0,16.6703,14.1575,0.0,-3.7125,1.8293,-12.1476],"intensity":[null,null,null,null,25.0,20.0,83.3333,71.4286,50.0,22.2222,80.0,90.9091,33.3333,30.7692,14.2857,46.6667,56.25,82.3529,77.7778,84.2105],"confirmation":[54.6667,54.6667,35.1545,0.0,0.3547,0.2471,72.0508,1.0666,25.1601,71.4162,73.9229,72.7087,25.3634,24.8238,48.3105,72.7668,47.6573,49.0588,49.2628,55.0],"persistence":[null,null,33.3333,25.0,20.0,16.6667,0.0,0.0,12.5,37.5,37.5,50.0,62.5,62.5,62.5,75.0,75.0,50.0,50.0,25.0],"assessmentRisk":[null,null,null,null,44.6422,46.0584,42.7014,45.2961,45.5179,44.342,36.5623,42.3199,45.1738,46.7138,43.4636,17.6934,38.0809,13.6405,36.0556,39.9498],"volumeParticipation":true,"latest":{"consensus":-19.8,"control":-24.5,"force":-22.9,"direction":-12.1,"confirmation":55.0,"persistence":25.0,"assessmentRisk":39.9,"intensity":84.2,"evidenceDepth":77},"analysis":{"status":"Completed tape 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":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-19.8","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-24.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-22.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-12.1","detail":"Downward follow-through","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":"54.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"17%","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":[4.4335,4.4335,4.4555,4.4555,4.4495,4.4495,4.525,4.506,4.5215,4.532,4.5645,4.618,4.601,4.6125,4.618,4.6325,4.6325,4.602,4.599,4.551],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,4.4424,4.4437,4.4584,4.4671,4.477,4.487,4.5011,4.5223,4.5366,4.5504,4.5627,4.5754,4.5858,4.5887,4.5906,4.5834],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,4.4883,4.4975,4.5064,4.5158,4.5244,4.5302,4.5353,4.5364],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,4.552,4.5725,4.6077,4.6252,4.6413,4.6549,4.6687,4.6796,4.6829,4.6851,4.6821],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,4.4003,4.3958,4.383,4.3817,4.3812,4.3819,4.3823,4.384,4.3885,4.393,4.3972],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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