{"schema_version":"1.0","name":"GS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"11c14dd1-9e41-4535-9b05-8c7d85f3a135","symbol":"GS","name":"The Goldman Sachs Group, 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, Range pressure and compression, Directional strength and control, Range position and boundary pressure, Drawdown and recovery pressure."},{"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":35,"displayedObservations":35,"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 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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 eased this week but remains positive.","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 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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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.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"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.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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":"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":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[43.8702,44.099,45.1734,46.3273,44.2383,44.9545,44.6859,43.2733,44.2084,41.234,39.44,37.63,39.17,38.6,41.4671,43.3688,44.2051,44.3146,44.31,44.91,45.66,47.79,48.97,49.79,50.9,52.53,48.65,50.01,50.65,50.83,50.55,48.54,49.6,49.58,49.56],"consensus":[83.0984,100.0,9.1666,29.3163,-14.475,30.5734,0.0,-46.896,10.9248,-72.9745,-72.4761,-79.2756,-12.3106,-58.5238,44.463,58.7274,51.5584,24.905,25.9708,38.6341,38.7918,65.3406,58.3176,26.1327,52.1768,34.866,-18.885,30.8109,31.1074,13.9916,11.8471,-35.3153,8.729,0.0,3.4518],"supportDates":["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,null,28.57,0.0,-34.0494,13.1359,-61.2718,-62.8152,-74.7101,-4.4051,-53.1456,37.0013,44.9933,47.3788,14.1987,19.3401,39.2022,36.683,62.2222,60.9899,9.0317,49.9305,20.4434,-28.0191,35.6551,39.9187,21.6135,2.1715,-29.2799,9.4537,0.0,9.6326],"force":[83.0984,100.0,9.1666,29.3163,-41.7772,28.4032,0.0,-60.1905,27.0898,-96.1341,-83.5561,-87.6523,-54.762,-56.5619,91.4523,85.2455,61.3427,7.5379,9.7972,31.1084,31.9382,77.4518,45.7879,0.3733,35.1759,10.4593,-62.2869,16.536,14.0262,7.6787,13.8042,-77.7739,16.3272,0.0,0.6969],"direction":[null,null,null,null,-5.0266,34.413,0.0,-52.0817,3.1485,-69.8064,-75.6029,-78.5099,-69.2544,-66.0717,19.427,55.482,49.3463,49.5459,45.1013,43.3605,46.0971,60.2536,64.2134,64.6097,66.8876,68.7823,-22.5553,35.471,33.2383,20.7598,41.2273,-11.8853,2.4736,0.0,1.6443],"intensity":[null,null,null,null,75.0,20.0,66.6667,57.1429,62.5,100.0,90.0,63.6364,41.6667,30.7692,92.8571,80.0,12.5,82.3529,5.5556,5.2632,40.0,71.4286,100.0,100.0,25.0,72.0,100.0,33.3333,17.8571,20.6897,20.0,96.7742,75.0,24.2424,41.1765],"confirmation":[49.2582,54.6667,25.6,32.0479,30.1553,77.7479,24.3964,83.6076,49.9599,92.236,91.6773,93.693,13.6983,86.7498,83.7739,87.8102,84.8606,52.9368,75.9188,80.1249,80.2366,89.3256,86.2391,53.2282,84.2127,78.6331,34.7052,77.3506,77.2995,50.6722,6.1017,80.6868,48.3471,24.0602,23.9439],"persistence":[null,null,100.0,100.0,60.0,66.6667,57.1429,37.5,37.5,12.5,12.5,37.5,37.5,62.5,50.0,25.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,37.5,50.0],"assessmentRisk":[null,null,null,null,20.9238,15.3696,18.2061,26.0361,6.7745,12.9639,13.6967,10.327,43.7352,18.3409,19.7163,20.5065,23.9439,37.4619,34.2008,17.7998,17.0904,15.8991,20.7365,36.9098,23.9107,32.5643,0.7337,7.8358,24.409,48.924,37.7493,19.2026,33.6063,32.6201,31.0066],"volumeParticipation":true,"latest":{"consensus":3.5,"control":9.6,"force":0.7,"direction":1.6,"confirmation":23.9,"persistence":50.0,"assessmentRisk":31.0,"intensity":41.2,"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":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Limited support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+3.5","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+9.6","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+0.7","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+1.6","detail":"Follow-through is limited","tone":"positive"},{"label":"SM Confirmation Gauge","value":"24/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"58.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.9%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"25.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"75%","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":[43.8702,44.099,45.1734,46.3273,44.2383,44.9545,44.6859,43.2733,44.2084,41.234,39.44,37.63,39.17,38.6,41.4671,43.3688,44.2051,44.3146,44.31,44.91,45.66,47.79,48.97,49.79,50.9,52.53,48.65,50.01,50.65,50.83,50.55,48.54,49.6,49.58,49.56],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,44.484,44.5696,44.5907,44.3512,44.3252,43.7632,42.9772,42.0049,41.4895,40.9641,41.0556,41.4762,41.9723,42.3982,42.7458,43.1393,43.5976,44.3599,45.1981,46.033,46.9179,47.9383,48.0677,48.4208,48.8261,49.1905,49.4377,49.2744,49.3336,49.3784,49.4114],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,42.8887,42.571,42.4892,42.5544,42.6767,42.798,42.91,43.0581,43.2509,43.5871,43.9858,44.4158,44.8961,45.4616,45.6977,46.0172,46.3603,46.6914,46.9773,47.093,47.2787,47.4492,47.6055],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,46.7405,47.4266,48.1363,48.113,48.0948,47.8639,47.7611,47.7573,47.7596,47.7543,47.8148,48.0317,48.6146,49.3084,49.9941,51.0748,52.3735,52.7899,53.4389,54.1156,54.7259,55.0474,54.7078,54.5041,53.9082,53.5998],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,41.6723,40.1196,38.3861,37.78,37.1772,37.2523,37.4565,37.6481,37.8248,37.9899,38.1332,38.0953,37.8814,37.5673,37.2279,36.8134,36.2722,36.2522,36.2769,36.2444,36.5937,37.3832,38.8138,40.0604,41.7543,42.872],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,82.2208,68.3767,151.802,343.852,322.1981,146.0934,185.3881,133.3353,130.7721,138.0037,92.8401,114.6061,63.5638,96.6555,113.8586,73.4976,40.8147,58.9902,0.4894,64.761,0.1647,47.3914,43.6714,155.2618,292.9691,133.1852,76.9681,185.7751],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,120.2115,125.734,112.7247,73.7536,65.0,75.4882,65.0,74.4779,83.9682,94.2271,101.0996,92.5464,97.201,104.5859,113.389,119.1119,122.2795,126.8966,126.9341,121.9234,121.9359,125.5596,128.8459,117.6187,96.2451,105.9791,100.6435,87.417],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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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,5.304,5.1266,5.0715,5.0706,4.9407,4.9155,4.8342,4.8031,4.8875,4.7631,4.8421,4.6171,4.5282,5.1098,4.81,4.5299,4.4219,4.458,5.0718,5.0164,4.8573,4.8783],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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,32.8948,32.0639,31.5969,31.4727,31.6466,29.8776,28.235,26.665,24.9777],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,8.9346,9.8604,16.4157,16.1948,19.1955,17.9176,16.6914,19.8053,21.5183,23.3778,30.72,29.2634,33.7535,29.9905,28.7793,30.664,31.926,32.3575,27.5037,25.2692,24.2424,22.4232],"stroke":"#07865c","width":1.6},{"label":"Negative 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