{"schema_version":"1.0","name":"450A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1bc23663-d4e4-4133-9719-11138c5cf3aa","symbol":"450A","name":"State Street SPDR S&P 500 ETF (JPY Hedged)","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","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, Range position and boundary pressure, Directional strength and control, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Directional pressure and rotation."},{"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":41,"displayedObservations":41,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.738347,0.979825,0.897863,0.845352,0.725841,0.685342,0.704398,0.610777,0.479626,0.285285,0.161085,0.145398,0.186513],"opens":[773.299988,788.0,764.0,759.099976,760.0,772.400024,777.0,774.700012,770.099976,769.0,780.700012,802.700012,801.200012],"highs":[788.700012,788.0,764.0,772.900024,760.0,772.400024,777.0,774.700012,778.5,774.799988,799.700012,802.700012,801.200012],"lows":[773.299988,779.400024,763.400024,759.099976,754.299988,772.400024,776.299988,770.099976,762.400024,754.900024,775.400024,794.5,786.0],"closes":[782.0,779.400024,763.400024,770.0,754.299988,772.400024,776.299988,770.099976,762.400024,768.799988,792.700012,802.299988,786.599976],"hoverRows":[[{"label":"Open","value":"773.3","className":"is-ohlc","compact":true},{"label":"High","value":"788.7","className":"is-ohlc","compact":true},{"label":"Low","value":"773.3","className":"is-ohlc","compact":true},{"label":"Close","value":"782.0","className":"is-ohlc","compact":true},{"label":"Market 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support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-14","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":[699.0399,689.9524,715.8168,718.5132,722.0084,708.3271,724.2054,721.0097,722.4078,726.4023,722.4078,722.7074,706.23,710.0248,714.3189,715.5173,710.3244,694.2465,687.4558,674.8731,680.1658,703.334,728.1,736.0,744.7,760.6,769.9,772.7,782.0,779.4,763.4,770.0,754.3,772.4,776.3,770.1,762.4,768.8,792.7,802.3,786.6],"consensus":[0.0,-68.2817,100.0,86.3014,74.279,0.0,66.1657,13.9413,41.6232,67.9047,0.0,18.5165,-65.5031,-20.5017,-9.2745,0.0,-15.5356,-39.4042,-63.8713,-59.3769,-11.7538,44.4594,56.2479,49.0356,52.9395,40.3155,58.382,56.6917,55.0298,20.2579,0.0,38.4267,-29.0815,31.2765,22.0753,0.0,-13.8184,24.129,64.0673,64.9371,9.7567],"supportDates":["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":[null,null,null,null,null,0.0,70.4666,0.4285,47.9129,56.7981,0.0,12.4807,-50.7447,-17.2794,-2.7162,0.0,-22.0545,-31.2015,-59.8973,-62.9175,-7.0531,43.3492,45.0232,39.3447,57.1807,29.6952,53.1603,61.7682,54.6248,2.5521,0.0,50.6692,-33.6968,44.1705,10.9243,0.0,-23.0784,23.0933,62.9733,64.0164,19.6175],"force":[0.0,-68.2817,100.0,86.3014,38.3192,0.0,45.5675,25.638,22.8572,75.3213,0.0,0.487,-95.2253,-6.6162,-8.6582,0.0,-18.2803,-33.8745,-75.6881,-44.2719,-25.4397,91.6368,82.7751,54.8158,35.24,20.7094,51.7828,31.2164,33.9098,14.7162,0.0,25.2612,-49.3054,20.4053,3.9958,0.0,-40.4305,44.5811,83.5747,74.2152,70.0644],"direction":[null,null,null,null,99.9645,0.0,75.9634,57.6554,47.8393,75.3005,0.0,38.2927,-61.1397,-43.5544,-17.21,0.0,-6.1248,-52.7284,-59.9724,-66.1197,-59.8141,12.0301,50.1281,55.9823,60.7349,66.4573,69.0633,69.0865,70.5784,65.4745,0.0,33.8392,-9.3613,24.3057,47.7331,0.0,-15.773,10.704,51.3836,59.3623,44.5899],"intensity":[null,null,null,null,25.0,60.0,66.6667,28.5714,25.0,44.4444,50.0,45.4545,83.3333,38.4615,21.4286,20.0,50.0,94.1176,94.4444,84.2105,65.0,100.0,100.0,95.6522,37.5,84.0,42.3077,14.8148,64.2857,27.5862,83.3333,38.7097,56.25,75.7576,17.6471,28.5714,33.3333,32.4324,89.4737,76.9231,57.5],"confirmation":[0.0,44.5168,54.6667,50.2831,67.4587,34.5442,88.4797,8.9303,80.6517,90.1248,9.1544,50.8011,90.0917,52.528,48.3823,47.7821,50.289,80.5658,88.8595,86.4863,9.8461,83.6817,86.9788,84.0152,84.3366,80.4653,86.5607,85.2876,84.972,8.8259,31.377,79.7088,77.8521,77.4807,52.0163,29.5255,31.1234,76.3604,89.1127,89.0767,44.989],"persistence":[null,null,0.0,25.0,40.0,33.3333,42.8571,50.0,62.5,87.5,75.0,75.0,50.0,37.5,12.5,0.0,25.0,50.0,62.5,87.5,87.5,62.5,37.5,25.0,0.0,25.0,50.0,75.0,100.0,100.0,87.5,87.5,62.5,62.5,62.5,50.0,25.0,25.0,37.5,37.5,37.5],"assessmentRisk":[null,null,null,null,10.2875,46.341,5.5894,2.6404,19.1494,12.0961,6.9609,1.2138,11.8993,35.088,27.7409,32.5614,31.4401,27.561,17.9076,20.3105,44.0913,13.2661,21.7362,25.4767,23.5266,29.8352,20.7117,21.4267,22.2766,35.761,21.6335,30.8359,34.5449,41.4744,29.6452,2.2191,39.1744,28.6194,12.5616,17.1678,52.8685],"volumeParticipation":true,"latest":{"consensus":9.8,"control":19.6,"force":70.1,"direction":44.6,"confirmation":45.0,"persistence":37.5,"assessmentRisk":52.9,"intensity":57.5,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+9.8","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+19.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+70.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+44.6","detail":"Upward 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}