{"schema_version":"1.0","name":"NOVO Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"2553139d-f9db-4ea9-a4e2-a8929622f71b","symbol":"NOVO","name":"NOVO NORDISK CDR (CAD HEDGED)","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. 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Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 12.6% across 1 completed cases, with the largest move arriving after 12.0 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[20.9535,19.7244,20.4462,19.6463,21.4217,21.3242,24.1921,26.9039,25.2261,23.6946,19.3049,19.8609,19.1976,15.1005,15.8614,15.8322,15.1005,15.003,16.16,15.64,16.87,17.17,18.49,19.19,19.01,18.99,19.12,18.3,18.55,19.0,20.71,21.73,21.29,21.4281,20.7368,19.6111,19.7197,19.226,19.64],"consensus":[100.0,0.0,80.3468,-28.4729,26.874,22.3677,52.9456,73.5018,24.0533,0.0,-62.3118,-26.651,-46.5948,-79.4751,-20.1421,-43.2773,-45.3086,-32.3032,0.0,-24.7017,20.3578,16.2026,41.1851,38.797,15.2793,30.2835,20.1761,-14.3385,0.0,0.0,60.7649,59.4803,41.4189,38.1625,0.0,-41.2404,0.0,-32.4429,7.8275],"supportDates":["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,23.1607,52.9489,71.4846,20.0993,0.0,-47.9074,-16.3345,-45.9892,-77.4221,-4.9125,-39.7097,-43.9186,-39.9917,0.0,-26.9407,17.8502,14.9356,41.8742,36.9839,6.6049,32.7776,20.3698,-15.984,0.0,0.0,58.395,67.947,43.8353,35.579,0.0,-33.5278,0.0,-29.9349,19.8152],"force":[100.0,0.0,80.3468,-28.4729,32.2459,18.2101,40.3844,76.3157,18.4217,0.0,-88.6681,-4.2606,-31.3701,-88.5535,-21.086,-15.8704,-28.9386,-9.0386,0.0,-9.884,53.1258,28.8288,55.629,37.727,0.2238,20.1426,9.8235,-25.9114,0.0,0.0,77.4177,42.3949,15.1085,15.5771,0.0,-86.2825,0.0,-43.0925,19.018],"direction":[null,null,null,null,23.0369,24.4312,61.9141,73.797,58.9113,0.0,-59.9481,-54.4346,-58.1618,-75.3369,-66.9958,-66.931,-58.5898,-40.134,0.0,-32.7271,0.1822,8.6319,30.0805,41.6333,36.2665,34.6766,27.3494,-4.1914,0.0,0.0,51.5784,62.008,57.4503,57.2474,0.0,-17.8819,0.0,-27.7024,13.8659],"intensity":[null,null,null,null,100.0,60.0,100.0,85.7143,62.5,55.5556,100.0,81.8182,8.3333,92.3077,21.4286,33.3333,43.75,5.8824,50.0,5.2632,55.0,4.7619,59.0909,73.913,4.1667,24.0,7.6923,40.7407,46.4286,20.6897,76.6667,51.6129,12.5,6.0606,41.1765,57.1429,86.1111,45.9459,13.1579],"confirmation":[54.6667,0.4266,48.3776,31.778,54.1786,75.0189,84.5597,91.6371,33.0595,31.9802,88.9625,53.3365,82.4556,93.74,9.9194,81.0679,82.021,77.5109,30.4587,75.4189,52.9235,73.5889,81.6089,80.4101,27.2635,77.3437,74.1379,50.2493,48.3215,24.8858,87.9884,86.384,80.4154,79.563,8.0405,82.6872,25.1093,78.7445,28.2879],"persistence":[null,null,66.6667,25.0,40.0,50.0,57.1429,62.5,62.5,62.5,37.5,37.5,12.5,12.5,37.5,62.5,87.5,100.0,87.5,87.5,62.5,37.5,12.5,12.5,37.5,62.5,75.0,75.0,62.5,50.0,50.0,50.0,50.0,50.0,37.5,37.5,37.5,25.0,12.5],"assessmentRisk":[null,null,null,null,5.1265,33.9329,22.9949,13.2416,36.9722,46.0877,17.8277,36.5723,26.4867,10.2272,35.904,26.0447,25.1721,13.793,4.8402,7.2841,28.4894,34.4424,22.687,30.0606,38.3103,28.6431,27.5586,35.6962,25.8215,2.4793,18.3814,20.2529,29.2469,30.8453,3.2597,29.0307,47.529,33.5179,48.8602],"volumeParticipation":true,"latest":{"consensus":7.8,"control":19.8,"force":19.0,"direction":13.9,"confirmation":28.3,"persistence":12.5,"assessmentRisk":48.9,"intensity":13.2,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","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":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+7.8","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+19.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+19.0","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+13.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"28/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"45.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"7.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"18.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"69%","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 is rotating through its trend references.","series":[{"label":"Close","values":[20.9535,19.7244,20.4462,19.6463,21.4217,21.3242,24.1921,26.9039,25.2261,23.6946,19.3049,19.8609,19.1976,15.1005,15.8614,15.8322,15.1005,15.003,16.16,15.64,16.87,17.17,18.49,19.19,19.01,18.99,19.12,18.3,18.55,19.0,20.71,21.73,21.29,21.4281,20.7368,19.6111,19.7197,19.226,19.64],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,20.66,20.7808,21.401,22.4015,22.9151,23.0568,22.3747,21.9176,21.4231,20.2735,19.4713,18.8097,18.1353,17.5658,17.3102,17.0065,16.9817,17.0159,17.2839,17.6305,17.8813,18.0829,18.2715,18.2766,18.3263,18.4488,18.86,19.3818,19.7287,20.0377,20.1648,20.0641,20.0015,19.8605,19.8204],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,21.4186,20.9506,20.5736,20.2224,19.843,19.4845,19.2382,18.9717,18.816,18.6941,18.679,18.7168,18.7385,18.7572,18.7841,18.7482,18.7335,18.7533,18.8982,19.108,19.2696,19.4295,19.5263,19.5326,19.5465,19.5227,19.5314],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.0821,26.9136,26.6822,26.5058,26.9661,27.0225,26.9894,26.9809,26.9223,26.7429,26.59,26.4453,26.3758,26.2605,26.2335,26.0317,25.8314,25.1369,23.4805,22.0576,20.9189,21.1846,21.5918,21.9537,22.3466,22.5915,22.6352,22.5536,22.3235,22.224],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,17.6245,17.2387,17.1009,16.8629,15.4621,14.6919,14.097,13.4651,12.9437,12.7259,12.4694,12.2058,12.0199,11.9395,11.9209,11.8816,11.8484,12.0357,12.8317,13.587,14.2562,14.131,13.9108,13.7581,13.9979,14.2405,14.5748,15.1182,15.7706,16.2182],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,85.4962,113.1257,69.8931,171.0708,41.1737,28.139,286.7999,91.8116,39.8424,49.154,102.0426,17.9549,40.0119,93.4569,71.14,63.2505,78.3347,39.1225,77.7206,55.1236,11.0755,4.3973,2.1417,484.6132,2.8022,2.0991,6.2482,144.858,530.663,343.5544,84.9819,35.9621],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,98.1527,83.7008,75.0609,65.0,68.8159,66.3554,65.0,70.1839,68.021,65.4349,65.0,65.7927,65.0,69.0204,72.1594,74.937,77.9276,76.5016,73.625,75.5906,75.2143,75.3529,75.4173,92.1028,92.1969,92.1276,92.291,88.5528,70.58,84.171,80.8636,82.2747],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-5.8659,-2.4209,-6.2384,0.0,-0.4554,0.0,0.0,-6.2364,-11.9289,-28.2451,-26.1784,-28.6439,-43.8724,-41.0442,-41.153,-43.8724,-44.235,-39.9345,-41.8673,-37.2954,-36.1804,-31.274,-28.6722,-29.3412,-29.4156,-28.9324,-31.9803,-31.051,-29.3784,-23.0225,-19.2312,-20.8666,-20.3535,-22.9227,-27.1069,-26.7032,-28.5384,-26.9996],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,36.9414,28.4012,20.6058,0.0,2.8802,0.0,0.0,5.0388,4.845,0.0,0.0,7.7118,4.2458,12.4442,14.4438,23.242,27.9078,26.708,26.5747,27.4412,21.9756,23.6419,26.6413,38.0391,44.8377,41.905,42.8251,38.2179,30.7146,31.4386,28.1477,30.9071],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,18.7085,17.1143,16.2161,16.5349,15.7927,14.1495,14.0141,12.7841,12.196,11.2388,10.4648,10.1963,9.6849,9.2682,9.6163,8.9631,8.4152,7.8243,7.2596,7.1656,6.7096,6.8156,7.5588,7.7135,7.6583,7.2523],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,42.3098,43.8249,43.7669,44.4691,54.2283,59.119,62.7576,66.8336,70.1281,71.0279,72.3033,73.6822,74.7788,74.9793,75.0249,74.6447,74.2201,70.4884,58.6518,47.5284,37.8835,39.9463,43.27,45.8983,45.9418,45.3463,43.3237,39.4746,34.4037,31.2457],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,100.0,81.1816,64.0044,19.7734,25.6437,18.6406,0.3295,9.1493,8.9085,4.7244,3.937,13.2762,9.0788,19.0072,21.4288,32.0836,37.734,36.281,36.1196,37.1689,30.55,32.5679,36.2003,50.0032,58.2365,54.6849,59.9535,55.6536,54.0218,70.0819,63.4334,69.0082],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,0.0,-6.2364,-11.9289,-28.2451,-26.1784,-28.6439,-43.8724,-41.0442,-41.153,-43.8724,-44.235,-39.9345,-41.8673,-37.2954,-36.1804,-31.274,-28.6722,-29.3412,-29.4156,-28.9324,-31.9803,-31.051,-29.3784,-23.0225,-19.2312,-20.8666,-17.7284,-19.2942,-18.1104,-10.126,-12.3762,-10.4894],"stroke":"#c13f3f","width":1.5},{"label":"From 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