{"schema_version":"1.0","name":"297A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"125a8236-60a8-471c-a657-b557bf746dd9","symbol":"297A","name":"Alpico Holdings Co., Ltd.","exchange":"JPX","country":"JP","asset_type":"equity","currency":"JPY","sector":"Industrials","industry":"Conglomerates"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Strength versus the research benchmark, Drawdown and recovery pressure, Range pressure and compression, Range position and boundary pressure, Activity pressure and cumulative balance."},{"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":87,"displayedObservations":87,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","take":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.2,"sample":5},{"week":2,"averageReturn":1.1,"sample":5},{"week":3,"averageReturn":-1.0,"sample":5},{"week":4,"averageReturn":-0.6,"sample":5},{"week":5,"averageReturn":0.6,"sample":5},{"week":6,"averageReturn":-0.3,"sample":5},{"week":7,"averageReturn":-0.1,"sample":5},{"week":8,"averageReturn":0.8,"sample":5},{"week":9,"averageReturn":-1.3,"sample":5},{"week":10,"averageReturn":-0.5,"sample":5},{"week":11,"averageReturn":0.2,"sample":5},{"week":12,"averageReturn":1.0,"sample":5},{"week":13,"averageReturn":2.0,"sample":5},{"week":14,"averageReturn":3.3,"sample":5},{"week":15,"averageReturn":4.0,"sample":5},{"week":16,"averageReturn":4.5,"sample":5},{"week":17,"averageReturn":4.6,"sample":5},{"week":18,"averageReturn":5.2,"sample":5},{"week":19,"averageReturn":4.9,"sample":5},{"week":20,"averageReturn":5.0,"sample":5},{"week":21,"averageReturn":4.8,"sample":5},{"week":22,"averageReturn":3.8,"sample":5},{"week":23,"averageReturn":4.0,"sample":5},{"week":24,"averageReturn":6.9,"sample":4},{"week":25,"averageReturn":2.9,"sample":4},{"week":26,"averageReturn":2.9,"sample":4}]}},"pricePressureGap":{"label":"Price 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 evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":60.0,"averageReturn":1.0,"sample":5},"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 is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 60.0% of comparable cases moved higher after 12 weeks, with an average move of 1.0% across 5 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 1.5 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 5.3% across 5 completed cases, with the largest move arriving after 6.2 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"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":["2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","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":[308.1736,256.3313,248.651,227.53,229.4501,252.4911,245.7708,242.8907,245.7708,238.0905,237.1305,256.3313,245.7708,249.6875,220.3125,223.25,229.125,244.7917,244.7917,243.8125,221.2917,213.4583,215.4167,208.5625,208.5625,215.4167,204.6458,206.6042,205.625,207.5833,210.5208,217.375,219.3333,218.3542,225.2083,230.1042,228.1458,224.2292,220.3125,220.3125,231.0833,220.3125,220.3125,226.1875,230.1042,226.1875,224.2292,212.4792,218.3542,211.5,209.5417,209.5417,225.2083,229.125,229.125,231.0833,235.0,240.875,238.9167,242.8333,246.75,245.7708,241.8542,233.0417,233.0417,235.0,232.0,235.0,235.0,230.0,230.0,232.0,214.0,211.0,210.0,208.0,210.0,210.0,210.0,215.0,217.0,218.0,216.0,217.0,213.0,215.0,215.0],"consensus":[100.0,-84.4444,-58.8235,-30.7059,-32.5281,0.0,-15.4981,-15.3545,0.0,-20.4016,-13.7388,18.1867,-18.2392,8.5494,-32.4922,0.0,-10.8321,11.5609,0.0,0.0,-33.4878,-29.5938,-15.3242,-31.8206,-14.5359,0.0,-29.0219,-9.4148,-11.1839,-10.8494,0.0,21.8297,11.4018,0.0,32.9137,19.5851,8.4093,0.0,-14.5141,-8.7254,40.2112,-29.7207,0.0,25.8137,23.4912,0.0,0.0,-46.3974,0.0,-39.5367,-37.2274,-19.6594,42.6065,33.3691,22.7221,32.8826,28.8414,51.8964,11.235,33.0726,40.0501,22.9934,8.4597,-28.0586,-10.1906,0.0,-16.7892,11.585,8.3302,-30.7497,-17.5701,0.0,-68.4389,-47.0873,-42.0941,-52.4686,-21.4971,-20.914,-33.1583,0.0,0.0,13.6911,-9.371,0.0,-35.7712,0.0,-5.5732],"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":[11.59,2.5074,0.0,-20.3532,-9.0296,40.3362,-35.3531,0.0,30.0231,29.7042,0.0,0.0,-41.9523,0.0,-40.5267,-43.5049,-23.4936,36.6186,30.5175,16.6147,31.4349,20.9655,57.9274,2.0837,25.5183,37.1715,21.526,6.2959,-26.4417,-2.6784,0.0,-12.9144,14.488,11.3566,-35.3444,-20.5867,0.0,-65.5538,-46.0863,-39.9504,-57.8483,-16.0706,-19.4951,-45.1402,0.0,0.0,10.1701,-20.54,0.0,-34.0547,0.0,-5.7687],"force":[17.2268,4.7523,0.0,-22.8179,-10.803,63.9738,-56.8065,0.0,29.9681,23.8959,0.0,0.0,-73.3118,0.0,-45.9811,-27.7614,-7.1705,77.6663,30.0284,9.4091,21.4064,23.5809,45.3111,14.0948,23.839,28.9492,0.4253,14.5092,-45.7176,-8.3763,0.0,-16.7367,17.8724,10.1673,-34.2231,-13.1791,0.0,-87.8672,-30.7746,-19.1698,-29.7368,-6.1715,-2.6513,-11.6,0.0,0.0,16.4584,-13.3119,0.0,-52.4666,0.0,-1.5399],"direction":[30.407,24.5556,0.0,-1.9097,-6.8938,23.095,-3.9368,0.0,18.0357,16.1015,0.0,0.0,-32.2529,0.0,-33.8021,-36.8144,-24.1979,24.407,39.0144,39.2113,42.7344,41.6,49.7076,44.5489,48.3014,51.2692,41.3981,27.3389,-17.2928,-20.0719,0.0,-21.255,3.7762,3.5591,-23.0178,-17.259,0.0,-57.859,-59.8833,-60.9186,-62.5574,-47.462,-39.3679,-34.8636,0.0,0.0,15.7386,-6.2085,0.0,-25.8077,0.0,-8.2306],"intensity":[57.1429,5.5556,18.9189,23.6842,5.1282,57.5,58.5366,42.8571,34.8837,20.4545,22.2222,30.4348,76.5957,31.25,48.9796,50.0,5.8824,84.6154,75.0,9.6154,7.6923,73.0769,36.5385,46.1538,63.4615,26.9231,17.3077,75.0,59.6154,59.6154,42.3077,36.5385,19.2308,3.8462,40.3846,5.7692,23.0769,96.1538,96.1538,34.6154,13.4615,15.3846,1.9231,19.2308,48.0769,30.7692,7.6923,21.1538,50.0,51.9231,34.6154,9.6154],"confirmation":[74.3172,26.0603,27.7982,50.1419,48.1841,81.5899,55.5836,0.9397,76.3229,75.4348,3.6681,26.9248,83.7352,27.4662,80.8331,79.5286,51.1853,82.7938,78.6198,74.9584,78.1947,77.1889,84.3143,6.4776,78.4169,80.5216,52.0906,5.1354,77.5416,48.6535,25.2294,73.43,49.1879,48.0089,77.8758,73.4427,27.4156,90.5365,82.586,80.8041,84.0152,52.7684,51.8949,77.7711,26.1412,2.8188,72.5192,49.6064,24.2798,79.9818,26.5919,17.5134],"persistence":[25.0,50.0,62.5,50.0,25.0,25.0,12.5,0.0,0.0,0.0,0.0,12.5,12.5,0.0,0.0,12.5,37.5,37.5,25.0,12.5,12.5,25.0,50.0,75.0,100.0,100.0,100.0,100.0,75.0,50.0,37.5,12.5,12.5,12.5,12.5,37.5,25.0,25.0,37.5,37.5,62.5,87.5,87.5,87.5,87.5,75.0,50.0,50.0,37.5,37.5,25.0,12.5],"assessmentRisk":[39.5562,43.6414,44.3478,31.617,45.2903,9.5627,15.9724,1.34,26.236,20.7071,39.3501,33.667,25.6895,48.277,29.2371,30.4207,11.9375,14.3091,32.5865,38.4006,33.4275,31.1073,21.4411,39.896,31.0011,28.9483,25.5649,23.0918,33.1191,44.1941,49.0004,40.9976,17.2192,18.9623,27.0434,16.589,36.9319,15.7187,26.3682,28.8921,23.752,21.5604,0.9647,16.5792,39.4268,45.162,38.2474,45.2785,19.3582,14.0102,43.5606,18.5172],"volumeParticipation":true,"latest":{"consensus":-5.6,"control":-5.8,"force":-1.5,"direction":-8.2,"confirmation":17.5,"persistence":12.5,"assessmentRisk":18.5,"intensity":9.6,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-5.6","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-5.8","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-1.5","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-8.2","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"18/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"41.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"16.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"18%","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 downward.","series":[{"label":"Close","values":[308.1736,256.3313,248.651,227.53,229.4501,252.4911,245.7708,242.8907,245.7708,238.0905,237.1305,256.3313,245.7708,249.6875,220.3125,223.25,229.125,244.7917,244.7917,243.8125,221.2917,213.4583,215.4167,208.5625,208.5625,215.4167,204.6458,206.6042,205.625,207.5833,210.5208,217.375,219.3333,218.3542,225.2083,230.1042,228.1458,224.2292,220.3125,220.3125,231.0833,220.3125,220.3125,226.1875,230.1042,226.1875,224.2292,212.4792,218.3542,211.5,209.5417,209.5417,225.2083,229.125,229.125,231.0833,235.0,240.875,238.9167,242.8333,246.75,245.7708,241.8542,233.0417,233.0417,235.0,232.0,235.0,235.0,230.0,230.0,232.0,214.0,211.0,210.0,208.0,210.0,210.0,210.0,215.0,217.0,218.0,216.0,217.0,213.0,215.0,215.0],"stroke":"#10243b","width":2.1},{"label":"Fast 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