{"schema_version":"1.0","name":"MAXS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"215b2fce-f27f-4b5d-aa65-c8327f5d5580","symbol":"MAXS","name":"iShares US Large Cap Max Buffer Sep UCITS ETF USD Acc","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","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, Drawdown and recovery pressure, Directional pressure and rotation, Directional strength and control."},{"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":44,"displayedObservations":44,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.619254,1.180022,1.606644,2.143752,2.727778,2.967325,3.170428,3.217313,3.145299,2.935419,2.536491,2.163203,1.597631,1.203894,0.886776,0.522493],"opens":[3.8405,3.8285,3.9115,3.905,3.919,3.902,3.97175,3.961,3.947,3.931,3.9225,3.93225,3.96425,3.94925,3.9345,3.92775],"highs":[3.8425,3.92575,3.9115,3.90625,3.919,3.90875,3.97175,3.961,3.9495,3.9395,3.9225,3.961,3.9695,3.951,3.9405,3.9295],"lows":[3.837,3.828,3.8915,3.89575,3.919,3.887,3.97175,3.961,3.9445,3.931,3.9225,3.93225,3.923,3.93925,3.92825,3.902],"closes":[3.834,3.92575,3.901,3.89575,3.919,3.90875,3.97175,3.961,3.9445,3.9365,3.9225,3.9565,3.923,3.93925,3.92825,3.902],"hoverRows":[[{"label":"Open","value":"3.84","className":"is-ohlc","compact":true},{"label":"High","value":"3.84","className":"is-ohlc","compact":true},{"label":"Low","value":"3.84","className":"is-ohlc","compact":true},{"label":"Close","value":"3.83","className":"is-ohlc","compact":true},{"label":"Market 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weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Positive 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 eased this week but 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":"15 May 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":16,"summary":"More completed weekly history is needed for a dependable ticker-level 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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":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-31.6","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-33.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-52.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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tape.","series":[{"label":"Drawdown","values":[0.0,-23.6785,-24.2328,-23.9062,-23.7676,-24.0942,-24.3714,-24.6288,-24.5991,-25.1435,-25.1435,-24.4011,-24.2625,-25.391,-26.0344,-25.5444,-25.6583,-24.7872,-24.6733,-23.8319,-23.926,-24.5694,-24.7426,-23.9507,-24.5397,-24.1883,-23.8765,-24.3021,-24.0942,-22.2778,-22.7678,-22.8717,-22.4114,-22.6143,-21.3671,-21.5799,-21.9066,-22.0649,-22.3421,-21.669,-22.3322,-22.0105,-22.2283,-22.748],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,0.0394,0.0,0.0,0.9918,1.1769,0.0,0.0,0.6625,0.5086,1.6863,1.8402,2.9778,2.8506,1.9807,1.7465,2.8172,2.0209,2.496,2.9176,2.3421,2.6231,5.079,4.4165,4.276,4.8983,4.6239,6.3102,6.0225,5.5808,5.3667,4.992,5.902,4.474,4.9068,3.4022,2.6504],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}