{"schema_version":"1.0","name":"ARAW Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"23edf6b6-dedb-41f6-ad4d-1e4b7d6f8e4a","symbol":"ARAW","name":"abrdn Future Raw Mat UCITS ETF","exchange":"EBS","country":"CH","asset_type":"etf","currency":"CHF","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","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, Directional strength and control, Range position and boundary pressure, Acceleration, deceleration and rollover."},{"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":58,"displayedObservations":58,"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. The upward price structure has improving support, but confirmation is not complete.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving but remains below zero","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","take":"Continued repair would strengthen the upward case. Renewed weakness would leave price ahead of the underlying 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in progress","tone":"caution","headline":"Market Dynamics is improving but remains below zero","use":"The repair supports the upward structure, but confirmation remains incomplete until Market Dynamics moves above zero.","confirm":"Continued repair would strengthen the upward case. Renewed weakness would leave price ahead of the underlying position.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is rising before Market Dynamics turns positive","detail":"The upward price structure is visible, but the underlying repair is not yet complete."}},"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":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 3 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 13.4% across 2 completed cases, with the largest move arriving after 9.5 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"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":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+3.3","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+14.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+28.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction 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references are aligned upward.","series":[{"label":"Close","values":[1.0202,1.076,1.0274,1.1056,1.151,1.1352,1.1654,1.195,1.226,1.245,1.3004,1.3938,1.4464,1.4188,1.7825,1.4382,1.3922,1.444,1.4208,1.5098,1.581,1.604,1.6026,1.637,1.6584,1.8672,1.9322,2.017,1.9676,1.9206,1.9608,1.9866,2.1365,1.9626,1.935,1.724,1.7908,1.9186,2.0115,2.119,2.061,2.04,2.105,2.0195,2.0065,2.053,1.9986,2.018,2.0215,1.8192,1.8116,1.752,1.7066,1.8148,1.769,1.9624,1.9716,1.9392],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,1.0631,1.0762,1.0924,1.1111,1.132,1.1525,1.1794,1.2184,1.2598,1.2887,1.3785,1.3894,1.3899,1.3997,1.4036,1.4229,1.4516,1.4793,1.5017,1.5263,1.5503,1.608,1.6669,1.7306,1.7737,1.8004,1.8295,1.8581,1.9087,1.9185,1.9215,1.8856,1.8684,1.8775,1.9019,1.9413,1.9631,1.9771,2.0003,2.0038,2.0043,2.0132,2.0105,2.0119,2.0136,1.9783,1.948,1.9123,1.8749,1.864,1.8467,1.8678,1.8866,1.8962],"stroke":"#176fa3","width":1.7},{"label":"Slow 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envelope","values":[null,null,null,null,null,null,null,null,null,0.9874,0.98,0.9589,0.9406,0.9391,0.8592,0.8721,0.8862,0.8979,0.9099,0.9176,0.948,0.9733,1.0172,1.0497,1.0786,1.0937,1.1069,1.116,1.142,1.181,1.2149,1.2376,1.2434,1.2792,1.2793,1.3154,1.3689,1.4195,1.4827,1.5261,1.5668,1.6107,1.6606,1.7148,1.7741,1.7869,1.7915,1.7915,1.7939,1.777,1.7564,1.724,1.691,1.6777,1.6593,1.6878,1.7061,1.7075],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,167.0886,63.5294,86.0805,218.0922,4.1235,284.3908,136.5217,111.0475,84.9699,246.9338,228.2978,642.7976,154.8504,52.5429,109.1765,50.1302,1.5128,0.0,228.2027,456.9043,181.4969,627.458,509.5436,16.9859,228.0246,107.4934,178.5761,53.8507,77.72,80.2308,114.6871,61.4813,10.0331,2.2259,2.9478,96.3228,68.9176,36.839,0.1242,0.0,10.5114,0.0,0.0,0.5876,2.8553,0.1085,1.7225,0.0,5.743,199.1666,11.0313],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,74.24,77.6,82.0834,94.9634,95.1874,113.4411,104.4251,111.8171,106.2171,88.2971,106.2171,65.0,74.4997,77.8101,85.0857,82.117,82.2067,82.2067,97.3772,135.0,135.0,80.4173,65.0,65.8662,78.9867,85.3628,73.8686,70.3382,65.072,70.6197,78.8637,83.0689,83.7446,83.5956,83.4011,90.0339,85.1198,82.4438,82.4525,82.4525,83.1103,83.1103,83.1103,83.0887,83.002,82.9991,83.036,83.036,83.1341,86.2976,86.1671],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,9.162,8.4159,11.5674,11.3321,10.4014,10.0384,9.1929,8.4753,7.9263,7.5725,7.0357,6.541,6.1933,5.9619,5.6309,5.9971,6.4856,6.2464,6.0931,5.7671,6.6973,6.8141,7.976,7.836,7.2778,6.8326,6.385,6.2968,5.9808,5.757,6.0638,6.0406,5.6595,5.5927,5.2314,4.8617,5.8108,5.4483,5.4742,5.4085,5.2462,5.2302,5.0819,4.882,4.8636],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,25.9678,29.5259,36.1016,42.0914,44.4712,62.0792,61.3459,59.9795,59.2361,58.1957,58.2568,56.6561,55.7175,52.3552,50.5241,49.1274,50.8291,52.878,55.6187,55.7101,53.8965,52.7208,52.616,54.9044,53.0612,53.6828,50.7761,46.4418,42.8546,38.5074,36.4864,34.261,31.5512,28.5895,24.7271,20.2654,19.8182,19.6509,19.6536,19.6627,20.9001,22.3117,24.5495,25.9995,26.7115,27.8736,25.9887,24.9198,24.8708],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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"]},{"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,89.3695,89.5738,89.8254,88.3721,87.0227,84.7756,83.2619,80.4812,77.1355,72.7602,68.1122,64.392,61.5712,59.4312,57.4441,55.3806,53.7969,52.5758,50.3307,48.5627,46.5494,44.8484,43.2688,40.467,37.9254,36.0327,34.6134,32.1835,29.9272,29.0769,28.6036,27.7996],"stroke":"#10243b","width":2.0},{"label":"Positive 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