{"schema_version":"1.0","name":"487A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"152c47f8-e1f4-4b98-977d-eee43e9b189f","symbol":"487A","name":"NEXT FUNDS German Equity DAX (Unhedged) Exchange Traded Fund","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Directional strength and control, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range pressure and compression, Range position and boundary 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":37,"displayedObservations":37,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Material conflict","headline":"Upward price structure is not confirmed by Market Dynamics","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"The divergence must narrow through either a recovery in Market Dynamics or weaker price. In this configuration, price reversal is the principal risk, so the upward alignment should be treated as vulnerable rather than confirmed.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.407516,-0.643588,-0.776129,-0.868019,-0.92704,-0.873442,-0.778469,-0.58527,-0.330413],"opens":[2010.0,2078.0,2072.0,2055.0,2027.0,2081.0,2072.0,2123.0,2170.0],"highs":[2011.0,2090.0,2072.0,2055.0,2058.0,2102.0,2123.0,2146.0,2170.0],"lows":[1997.0,2060.0,2026.0,2000.0,2002.0,2056.0,2037.0,2100.0,2099.0],"closes":[1997.0,2090.0,2049.0,2026.0,2036.0,2100.0,2084.0,2120.0,2125.0],"hoverRows":[[{"label":"Open","value":"2,010","className":"is-ohlc","compact":true},{"label":"High","value":"2,011","className":"is-ohlc","compact":true},{"label":"Low","value":"1,997","className":"is-ohlc","compact":true},{"label":"Close","value":"1,997","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.41","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,078","className":"is-ohlc","compact":true},{"label":"High","value":"2,090","className":"is-ohlc","compact":true},{"label":"Low","value":"2,060","className":"is-ohlc","compact":true},{"label":"Close","value":"2,090","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.64","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,072","className":"is-ohlc","compact":true},{"label":"High","value":"2,072","className":"is-ohlc","compact":true},{"label":"Low","value":"2,026","className":"is-ohlc","compact":true},{"label":"Close","value":"2,049","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.78","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,055","className":"is-ohlc","compact":true},{"label":"High","value":"2,055","className":"is-ohlc","compact":true},{"label":"Low","value":"2,000","className":"is-ohlc","compact":true},{"label":"Close","value":"2,026","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.87","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,027","className":"is-ohlc","compact":true},{"label":"High","value":"2,058","className":"is-ohlc","compact":true},{"label":"Low","value":"2,002","className":"is-ohlc","compact":true},{"label":"Close","value":"2,036","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.93","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,081","className":"is-ohlc","compact":true},{"label":"High","value":"2,102","className":"is-ohlc","compact":true},{"label":"Low","value":"2,056","className":"is-ohlc","compact":true},{"label":"Close","value":"2,100","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.87","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,072","className":"is-ohlc","compact":true},{"label":"High","value":"2,123","className":"is-ohlc","compact":true},{"label":"Low","value":"2,037","className":"is-ohlc","compact":true},{"label":"Close","value":"2,084","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.78","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,123","className":"is-ohlc","compact":true},{"label":"High","value":"2,146","className":"is-ohlc","compact":true},{"label":"Low","value":"2,100","className":"is-ohlc","compact":true},{"label":"Close","value":"2,120","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.59","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,170","className":"is-ohlc","compact":true},{"label":"High","value":"2,170","className":"is-ohlc","compact":true},{"label":"Low","value":"2,099","className":"is-ohlc","compact":true},{"label":"Close","value":"2,125","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.33","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[1989.32,2132.68],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.330413,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[19.7063,1954.8665,2059.3098,1992.3085,2055.3687,2069.1631,2058.3245,2015.9561,2018.912,1996.2496,2026.7944,2050.4421,1945.0133,1902.6447,1878.9971,1857.3202,1875.0559,1953.8811,2002.1616,1990.3378,1988.3672,1996.2496,1948.9546,2031.7211,2061.2805,2013.0,2014.0,2027.0,1997.0,2090.0,2049.0,2026.0,2036.0,2100.0,2084.0,2120.0,2125.0],"consensus":[0.0,-77.7778,-39.8602,-91.5254,66.5361,36.9249,38.0253,30.2605,36.42,17.3766,41.9668,49.5767,0.0,0.0,0.0,11.3025,16.2382,39.1759,44.1797,14.8357,25.1735,13.4051,-17.7812,45.2606,37.9338,0.0,24.7994,9.3178,-23.3321,48.439,0.0,0.0,12.4049,43.0169,8.3841,32.0593,-16.0934],"supportDates":["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,null,null,null,null,21.7314,40.1274,31.7445,43.9687,18.4933,52.3038,56.9245,0.0,0.0,0.0,27.1016,31.2529,54.0151,57.8634,12.2231,30.3027,16.935,-15.7712,57.4283,50.2826,0.0,35.9249,19.1655,-20.1847,66.6599,0.0,0.0,17.2365,58.1712,14.9465,30.9984,-12.7876],"force":[0.0,-77.7778,-39.8602,-91.5254,19.6868,3.7831,2.2949,22.8196,0.7655,22.2248,13.4514,18.9168,0.0,0.0,0.0,5.2951,14.9693,34.4162,34.4524,6.2215,11.2903,1.4323,-32.6372,59.0007,31.0871,0.0,19.6753,1.1422,-34.3913,45.4371,0.0,0.0,12.6254,55.9085,13.673,33.6617,-0.2736],"direction":[null,null,null,null,99.9999,83.3661,64.423,66.4789,53.2605,44.3872,50.5213,63.0791,0.0,0.0,0.0,5.1017,0.0152,25.6166,35.4892,32.8623,29.228,19.9692,-9.4669,21.5404,28.7113,0.0,15.7446,3.9031,-19.0297,29.7595,0.0,0.0,6.7255,16.4895,16.6392,32.1272,-31.1714],"intensity":[null,null,null,null,25.0,20.0,50.0,14.2857,12.5,22.2222,30.0,27.2727,75.0,69.2308,28.5714,66.6667,37.5,82.3529,44.4444,26.3158,35.0,23.8095,50.0,73.913,87.5,48.0,7.6923,22.2222,39.2857,79.3103,40.0,16.129,6.25,69.697,11.7647,62.8571,19.4444],"confirmation":[0.0,47.5556,35.4219,51.9548,64.4832,56.9473,56.7302,35.5779,55.7861,31.7446,80.4028,82.8182,9.9872,32.094,27.6266,26.6665,50.2653,80.1651,81.6325,50.8061,75.5542,49.4226,74.1734,82.7167,79.742,25.889,75.6101,25.2491,75.8513,83.1314,3.1723,25.6699,49.236,81.9274,27.4943,78.324,36.0371],"persistence":[null,null,66.6667,75.0,40.0,16.6667,0.0,12.5,25.0,50.0,75.0,100.0,87.5,75.0,62.5,62.5,62.5,62.5,62.5,62.5,75.0,87.5,75.0,75.0,75.0,62.5,62.5,62.5,37.5,37.5,50.0,37.5,37.5,50.0,50.0,50.0,75.0],"assessmentRisk":[null,null,null,null,16.0143,11.045,19.0815,13.3814,21.0595,14.6508,23.6985,21.6878,6.2875,12.0865,50.9123,55.6402,55.064,22.0589,27.4901,42.3102,36.8527,30.6604,32.4363,11.2798,25.7993,17.0578,33.6983,10.6025,34.4337,22.4439,31.6677,2.7988,29.6956,10.8093,27.6569,32.5589,40.8669],"volumeParticipation":true,"latest":{"consensus":-16.1,"control":-12.8,"force":-0.3,"direction":-31.2,"confirmation":36.0,"persistence":75.0,"assessmentRisk":40.9,"intensity":19.4,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-16.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-12.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-0.3","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-31.2","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"36/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"93.3","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"3.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"56.0","detail":"Directional","tone":"positive"},{"label":"Range position","value":"89%","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":[19.7063,1954.8665,2059.3098,1992.3085,2055.3687,2069.1631,2058.3245,2015.9561,2018.912,1996.2496,2026.7944,2050.4421,1945.0133,1902.6447,1878.9971,1857.3202,1875.0559,1953.8811,2002.1616,1990.3378,1988.3672,1996.2496,1948.9546,2031.7211,2061.2805,2013.0,2014.0,2027.0,1997.0,2090.0,2049.0,2026.0,2036.0,2100.0,2084.0,2120.0,2125.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,1124.2277,1296.0341,1434.6324,1540.3276,1627.3429,1694.4169,1754.8492,1808.5933,1833.397,1845.9875,1851.9892,1852.9585,1856.9762,1874.5953,1897.7891,1914.6162,1928.0254,1940.4298,1941.9798,1958.2964,1977.0208,1983.5625,1989.0966,1995.9881,1996.1721,2013.2317,2019.735,2020.8741,2023.6243,2037.5108,2045.9634,2059.4246,2071.3474],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,1224.5437,1274.7734,1319.5307,1359.367,1397.5662,1438.7747,1480.507,1518.2723,1553.0941,1585.9205,1612.8119,1643.8422,1674.7635,1699.8181,1723.0908,1745.6026,1764.2247,1788.3562,1807.6631,1823.8362,1839.552,1858.8445,1875.5227,1893.6321,1910.7705],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,3028.8986,2997.1618,2971.2972,2935.213,2899.0948,2864.8474,2832.4949,2804.0929,2783.2849,2767.6321,2751.9783,2112.2187,2113.6345,2104.5475,2108.4134,2109.4154,2101.2252,2094.7691,2096.1313,2093.9243,2108.3693,2111.3997,2108.0477,2113.4389,2126.2189,2129.821,2131.7562,2131.7086],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,619.1344,687.7399,748.2697,797.4662,838.7709,874.3601,905.1772,934.3109,964.5277,993.6811,1020.303,1856.9287,1859.6512,1857.7027,1857.778,1857.3672,1859.9411,1861.9648,1861.707,1861.7228,1856.6528,1855.8429,1856.7508,1860.4582,1867.4138,1884.3119,1908.6448,1933.6868],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"directional","eyebrow":"Trend 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,61.9193,61.4405,60.7903,60.5821,59.8125,58.6658,57.6209,56.943,56.4476,56.1339,55.9933],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,54.878,52.396,49.6706,47.9161,48.1888,48.0272,47.7476,46.1556,46.125,44.6024,43.8354,45.082,42.7644,41.8698,42.998,41.9014,45.2789,42.7906,40.7196,38.9375,40.6045,39.3453,39.2172,38.8618],"stroke":"#07865c","width":1.6},{"label":"Negative 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