{"schema_version":"1.0","name":"PZIV Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"2314718b-f6c7-461f-94de-6bcc7aecc3c0","symbol":"PZIV","name":"PZENA INTERNATIONAL VALUE ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","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, Completed returns and cumulative progression, Range expansion and closing direction, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, 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":21,"displayedObservations":21,"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 risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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"],"values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[25.65,25.6,26.45,27.1,26.52,26.89,27.63,27.62,28.3,28.36,28.17,28.65,28.49,28.09,28.9,28.915,28.83,29.29,30.1,30.36,30.41],"highs":[25.75,26.64,27.33,27.1,27.08,27.46,27.74,27.98,28.46,28.7133,28.34,28.84,28.56,28.91,29.03,29.1,29.12,30.0465,30.453,30.5,30.71],"lows":[25.38,25.47,26.35,26.35,26.15,26.6592,27.19,27.355,28.03,28.0834,27.6387,28.36,27.9449,28.025,28.425,28.7556,28.6527,29.2512,29.9695,30.25,30.25],"closes":[25.5004,26.4427,27.19,26.5107,26.8749,27.4168,27.3154,27.8344,28.3503,28.0834,28.2473,28.3792,28.0434,28.7456,28.8757,28.9268,28.9076,29.9687,30.453,30.4245,30.655],"hoverRows":[[{"label":"Open","value":"25.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.8","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.6","className":"is-ohlc","compact":true},{"label":"High","value":"28.0","className":"is-ohlc","compact":true},{"label":"Low","value":"27.4","className":"is-ohlc","compact":true},{"label":"Close","value":"27.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.3","className":"is-ohlc","compact":true},{"label":"High","value":"28.5","className":"is-ohlc","compact":true},{"label":"Low","value":"28.0","className":"is-ohlc","compact":true},{"label":"Close","value":"28.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.4","className":"is-ohlc","compact":true},{"label":"High","value":"28.7","className":"is-ohlc","compact":true},{"label":"Low","value":"28.1","className":"is-ohlc","compact":true},{"label":"Close","value":"28.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.2","className":"is-ohlc","compact":true},{"label":"High","value":"28.3","className":"is-ohlc","compact":true},{"label":"Low","value":"27.6","className":"is-ohlc","compact":true},{"label":"Close","value":"28.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.6","className":"is-ohlc","compact":true},{"label":"High","value":"28.8","className":"is-ohlc","compact":true},{"label":"Low","value":"28.4","className":"is-ohlc","compact":true},{"label":"Close","value":"28.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.5","className":"is-ohlc","compact":true},{"label":"High","value":"28.6","className":"is-ohlc","compact":true},{"label":"Low","value":"27.9","className":"is-ohlc","compact":true},{"label":"Close","value":"28.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.1","className":"is-ohlc","compact":true},{"label":"High","value":"28.9","className":"is-ohlc","compact":true},{"label":"Low","value":"28.0","className":"is-ohlc","compact":true},{"label":"Close","value":"28.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.9","className":"is-ohlc","compact":true},{"label":"High","value":"29.0","className":"is-ohlc","compact":true},{"label":"Low","value":"28.4","className":"is-ohlc","compact":true},{"label":"Close","value":"28.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.9","className":"is-ohlc","compact":true},{"label":"High","value":"29.1","className":"is-ohlc","compact":true},{"label":"Low","value":"28.8","className":"is-ohlc","compact":true},{"label":"Close","value":"28.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"28.8","className":"is-ohlc","compact":true},{"label":"High","value":"29.1","className":"is-ohlc","compact":true},{"label":"Low","value":"28.7","className":"is-ohlc","compact":true},{"label":"Close","value":"28.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"29.3","className":"is-ohlc","compact":true},{"label":"High","value":"30.0","className":"is-ohlc","compact":true},{"label":"Low","value":"29.3","className":"is-ohlc","compact":true},{"label":"Close","value":"30.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"30.1","className":"is-ohlc","compact":true},{"label":"High","value":"30.5","className":"is-ohlc","compact":true},{"label":"Low","value":"30.0","className":"is-ohlc","compact":true},{"label":"Close","value":"30.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"30.4","className":"is-ohlc","compact":true},{"label":"High","value":"30.5","className":"is-ohlc","compact":true},{"label":"Low","value":"30.2","className":"is-ohlc","compact":true},{"label":"Close","value":"30.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.4","className":"is-ohlc","compact":true},{"label":"High","value":"30.7","className":"is-ohlc","compact":true},{"label":"Low","value":"30.2","className":"is-ohlc","compact":true},{"label":"Close","value":"30.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[25.191124,30.964276],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","tone":"neutral"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Upper positioning zone","detail":"Price is in the area labelled as the distribution zone on the chart. With limited Market Dynamics history, the label describes location and extension only.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-17","price":27.19},{"date":"2026-07-31","price":29.9687}],"reversal_dangers":[{"date":"2026-04-24","price":26.5107},{"date":"2026-07-17","price":28.9268},{"date":"2026-08-07","price":30.453}]}},"smTape":{"available":true,"dates":["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":[25.5004,26.4427,27.19,26.5107,26.8749,27.4168,27.3154,27.8344,28.3503,28.0834,28.2473,28.3792,28.0434,28.7456,28.8757,28.9268,28.9076,29.9687,30.453,30.4245,30.655],"consensus":[-34.9189,66.2735,71.4286,-33.1451,70.7756,67.7067,18.2121,68.3491,71.6015,16.668,54.6977,28.2242,0.0,65.8184,50.6212,38.8792,33.5576,72.6144,71.6685,44.7646,59.6459],"supportDates":["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,73.8032,9.543,65.015,63.1093,3.8005,51.8273,12.2403,0.0,68.3919,44.7509,33.0776,31.0978,81.8485,78.7733,44.1982,64.9081],"force":[-34.9189,66.2735,71.4286,-33.1451,38.2586,47.3774,15.2563,61.7442,73.6611,25.3595,34.7114,0.026,0.0,57.0999,35.9124,11.1371,10.8779,70.6404,66.2182,14.6675,40.2927],"direction":[null,null,null,null,94.002,75.2603,52.0256,76.8772,79.8357,70.0803,72.254,66.6703,0.0,69.1048,67.8363,65.3254,52.5686,63.471,67.4419,66.9098,67.4556],"intensity":[null,null,null,null,25.0,40.0,33.3333,28.5714,62.5,11.1111,30.0,81.8182,25.0,76.9231,21.4286,13.3333,6.25,100.0,77.7778,15.7895,10.0],"confirmation":[33.8407,43.8742,45.5238,33.2731,66.495,88.9537,30.8613,89.7212,91.1046,10.5856,84.9379,53.7532,7.993,88.757,83.84,79.6843,78.0847,91.0357,90.6596,81.4161,55.0],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,75.0,75.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0],"assessmentRisk":[null,null,null,null,13.3879,13.0529,2.1594,15.2602,13.9781,35.3125,20.7669,27.6729,25.8634,11.6651,19.9666,25.0055,32.8249,13.5064,14.1374,27.5786,20.1685],"volumeParticipation":true,"latest":{"consensus":59.6,"control":64.9,"force":40.3,"direction":67.5,"confirmation":55.0,"persistence":100.0,"assessmentRisk":20.2,"intensity":10.0,"evidenceDepth":81},"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":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+59.6","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+64.9","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+40.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+67.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"91.7","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"1.9%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"99%","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 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envelope","values":[null,null,null,null,null,null,null,null,null,25.5288,25.5806,25.6286,25.7082,25.7244,25.7431,25.7713,25.8111,25.7304,25.6245,25.5769,25.9068],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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