{"schema_version":"1.0","name":"SQU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"2600d238-031d-4ac7-85f3-eceaccec6ed8","symbol":"SQU","name":"Vinci SA","exchange":"GER","country":"DE","asset_type":"equity","currency":"EUR","sector":"Industrials","industry":"Engineering & Construction"},"summary":"Market Dynamics weakened this week and remains below zero. The broader path has not changed enough to establish a new direction. The downward price structure agrees with that pressure, but price has not declined to the same extent.","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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range position and boundary pressure, Range pressure and compression, Drawdown and recovery 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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics weakened this week and remains below zero. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":15,"completedEpisodes":15,"activeEpisodes":0,"medianExpectedMove":4.2,"averageExpectedMove":8.6,"averageWeeksToLargestMove":7.5,"horizons":[{"weeks":4,"sample":15,"expectedCount":8,"expectedPercent":53.3,"averageReturn":1.8,"medianReturn":0.8,"confidenceLow":30.1,"confidenceHigh":75.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":15,"expectedCount":8,"expectedPercent":53.3,"averageReturn":3.3,"medianReturn":2.4,"confidenceLow":30.1,"confidenceHigh":75.2,"confidence":"Mixed historical record"},{"weeks":26,"sample":13,"expectedCount":9,"expectedPercent":69.2,"averageReturn":4.6,"medianReturn":5.2,"confidenceLow":42.4,"confidenceHigh":87.3,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.3,"sample":15},{"week":2,"averageReturn":0.0,"sample":15},{"week":3,"averageReturn":1.4,"sample":15},{"week":4,"averageReturn":1.8,"sample":15},{"week":5,"averageReturn":3.0,"sample":15},{"week":6,"averageReturn":3.9,"sample":15},{"week":7,"averageReturn":3.3,"sample":15},{"week":8,"averageReturn":4.3,"sample":15},{"week":9,"averageReturn":4.9,"sample":15},{"week":10,"averageReturn":3.3,"sample":15},{"week":11,"averageReturn":2.8,"sample":15},{"week":12,"averageReturn":3.3,"sample":15},{"week":13,"averageReturn":4.3,"sample":15},{"week":14,"averageReturn":2.8,"sample":15},{"week":15,"averageReturn":3.6,"sample":14},{"week":16,"averageReturn":3.6,"sample":14},{"week":17,"averageReturn":3.3,"sample":14},{"week":18,"averageReturn":2.7,"sample":14},{"week":19,"averageReturn":4.7,"sample":14},{"week":20,"averageReturn":2.9,"sample":14},{"week":21,"averageReturn":3.2,"sample":14},{"week":22,"averageReturn":5.1,"sample":14},{"week":23,"averageReturn":5.1,"sample":14},{"week":24,"averageReturn":5.1,"sample":13},{"week":25,"averageReturn":5.2,"sample":13},{"week":26,"averageReturn":4.6,"sample":13}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":10.9,"averageExpectedMove":10.9,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-6.6,"medianReturn":-6.6,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-10.9,"medianReturn":-10.9,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-4.5,"sample":1},{"week":2,"averageReturn":-3.8,"sample":1},{"week":3,"averageReturn":-3.6,"sample":1},{"week":4,"averageReturn":-6.6,"sample":1},{"week":5,"averageReturn":-8.8,"sample":1},{"week":6,"averageReturn":-6.3,"sample":1},{"week":7,"averageReturn":-7.0,"sample":1},{"week":8,"averageReturn":-5.7,"sample":1},{"week":9,"averageReturn":-3.0,"sample":1},{"week":10,"averageReturn":-2.7,"sample":1},{"week":11,"averageReturn":-4.1,"sample":1},{"week":12,"averageReturn":-10.9,"sample":1},{"week":13,"averageReturn":-11.6,"sample":1},{"week":14,"averageReturn":-11.5,"sample":1},{"week":15,"averageReturn":-8.1,"sample":1},{"week":16,"averageReturn":-6.2,"sample":1},{"week":17,"averageReturn":-9.5,"sample":1},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Downside evidence leads price","tone":"negative","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"The downside remains supported. Further price weakness would confirm that price is catching up with the weaker underlying position.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":54.5,"averageReturn":1.2,"sample":22},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 54.5% of comparable cases moved lower after 12 weeks, with an average move of 1.2% across 22 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 6 cases. Distinct visits lasted 2.5 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 5.5% across 22 completed cases, with the largest move arriving after 6.0 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 history."},"events":{"positioning_recoveries":[{"date":"2024-09-13","price":100.998428},{"date":"2025-01-31","price":97.471344}],"distribution_rollovers":[{"date":"2026-03-06","price":125.36824},{"date":"2026-04-24","price":127.599998}],"price_pressure_gaps":[{"date":"2026-04-17","price":133.57399}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","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"],"close":[98.6894,99.8901,100.9061,100.9984,101.4141,102.1068,96.8421,99.4744,100.3162,94.2068,96.1655,93.6005,93.8337,93.8803,93.1621,94.2534,94.5332,91.4458,92.3413,92.1547,92.3599,95.6991,95.466,97.4713,102.5081,101.0624,101.2023,103.5808,109.084,109.2705,110.3432,110.7162,104.84,105.5396,111.6956,115.7862,120.5986,120.9835,122.5235,123.7747,121.0798,121.8017,119.9248,117.1818,120.4542,119.7323,120.9354,120.1173,119.3955,114.4387,118.9142,124.8816,124.1116,111.5031,111.3588,114.1981,113.0912,112.225,113.6206,112.995,118.085,117.0168,112.4527,112.2099,115.8515,115.7544,118.5706,116.8712,115.9001,116.2885,116.2885,117.7451,117.4538,113.9579,114.1035,117.648,130.2723,131.4376,136.0503,136.8271,125.3682,125.8052,120.0758,122.5035,127.796,131.826,133.574,127.6,128.45,128.8,124.8,121.8,125.15,124.25,125.95,129.55,130.0,128.05,119.05,118.1,118.25,122.75,125.35,120.9],"consensus":[17.8261,32.7014,30.519,21.7132,19.9294,34.3044,-46.3081,20.9079,15.7293,-64.4566,0.0,-53.7495,-22.2928,-13.372,-32.8331,11.311,0.0,-53.7991,0.0,-29.1784,-23.5851,45.5273,0.0,46.917,68.9554,19.0512,29.3733,62.283,72.6172,47.6938,46.5098,40.3147,-36.2662,20.1294,66.0075,64.7312,76.5025,40.5905,62.9801,53.644,0.0,24.1964,0.0,-25.6116,48.1258,0.0,21.4541,14.4944,0.0,-56.9167,27.7634,57.084,21.8172,-62.1605,-28.0736,0.0,-34.364,-20.7983,0.0,-13.8072,44.9147,0.0,-45.9885,-18.2744,18.0223,0.0,42.693,0.0,0.0,0.0,0.0,29.03,0.0,-42.3072,0.0,33.6696,75.7794,60.0451,78.1788,38.2234,-37.2627,8.9687,-53.881,0.0,43.2951,48.3107,49.0353,-17.7322,16.4649,0.0,-40.2212,-45.6963,0.0,-24.9928,0.0,23.0453,13.536,0.0,-57.8591,-47.7069,-36.5472,14.9285,25.5583,-37.3039],"supportDates":["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"],"control":[17.9752,-55.371,-17.177,0.0,-26.4835,-23.1856,0.0,-7.6928,46.6973,0.0,-49.6012,-17.926,29.3381,0.0,45.6093,0.0,0.0,0.0,0.0,39.3575,0.0,-35.1835,0.0,39.0504,72.4819,65.7716,78.5135,26.1138,-34.6032,18.5466,-50.2504,0.0,45.9825,47.576,52.7885,-30.3219,19.9796,0.0,-39.8313,-47.6164,0.0,-25.4702,0.0,15.0321,4.7374,0.0,-67.7167,-44.6896,-33.868,22.6158,13.9769,-48.9185],"force":[0.4062,-91.4857,-4.7919,0.0,-25.8849,-6.2762,0.0,-3.5356,66.0822,0.0,-64.7328,-7.3169,34.0763,0.0,46.3214,0.0,0.0,0.0,0.0,29.0804,0.0,-75.7724,0.0,56.3768,98.7943,42.7205,88.5887,11.4339,-91.3106,11.229,-79.5138,0.0,62.4049,53.8285,38.8212,-50.5397,18.0639,0.0,-53.2164,-48.8784,0.0,-20.7139,0.0,18.7683,0.5552,0.0,-48.2243,-38.8284,-12.788,62.7718,47.9783,-56.2397],"direction":[42.0818,-48.9734,-57.1567,0.0,-49.4268,-28.4429,0.0,-28.1319,27.758,0.0,-28.471,-26.4992,6.3772,0.0,36.7685,0.0,0.0,0.0,0.0,17.191,0.0,-26.545,0.0,11.3007,63.1088,65.8752,70.3607,71.1982,-1.6965,3.5919,-39.7209,0.0,26.5739,45.2092,52.0415,-20.09,11.306,0.0,-31.3844,-41.229,0.0,-27.5035,0.0,35.2581,33.6566,0.0,-53.4752,-57.497,-56.5799,28.0307,22.7799,-10.5044],"intensity":[76.9231,100.0,98.0769,51.9231,13.4615,21.1538,17.3077,28.8462,80.7692,38.4615,76.9231,48.0769,61.5385,5.7692,59.6154,19.2308,36.5385,42.3077,7.6923,17.3077,48.0769,76.9231,61.5385,57.6923,98.0769,94.2308,80.7692,80.7692,96.1538,86.5385,78.8462,34.6154,76.9231,76.9231,30.7692,88.4615,82.6923,71.1538,67.3077,53.8462,46.1538,15.3846,26.9231,57.6923,17.3077,38.4615,90.3846,15.3846,1.9231,65.3846,88.4615,59.6154],"confirmation":[51.7827,88.8885,53.7734,31.8534,78.8581,51.5098,5.1752,26.8651,82.9907,4.0133,83.2325,50.8525,52.7778,1.3221,81.7279,27.3933,24.3864,0.7258,24.6604,77.1337,2.9579,82.6668,3.6391,79.3843,93.0011,86.5992,93.3294,79.5996,58.9451,48.8925,86.0784,29.9266,82.3959,83.6388,83.3228,33.4348,73.2639,1.0051,81.2728,82.6905,28.8298,75.86,1.0206,75.3662,26.8212,25.2866,86.0711,83.0416,79.0118,34.7646,77.0384,88.3373],"persistence":[50.0,37.5,12.5,0.0,12.5,12.5,25.0,50.0,50.0,37.5,37.5,50.0,25.0,12.5,0.0,12.5,0.0,0.0,12.5,37.5,25.0,12.5,0.0,12.5,25.0,37.5,50.0,50.0,37.5,62.5,50.0,37.5,37.5,37.5,37.5,12.5,37.5,25.0,25.0,12.5,0.0,25.0,37.5,12.5,12.5,12.5,12.5,12.5,25.0,0.0,12.5,12.5],"assessmentRisk":[35.1458,2.2037,32.7432,46.6707,32.0882,18.5918,21.2206,6.5178,17.1904,37.5114,10.5678,0.316,33.4566,15.8131,27.9875,46.7533,3.3405,9.94,34.2415,2.9879,27.2826,18.5406,35.659,19.3041,11.9956,19.9689,10.9096,30.8841,18.6702,44.7166,22.8037,50.6864,1.0156,15.4557,24.7948,44.2291,2.555,28.8682,27.5341,20.0682,32.6283,30.5668,14.3928,37.6589,38.6545,40.3013,19.0362,26.0096,31.6621,52.9566,34.395,51.2251],"volumeParticipation":true,"latest":{"consensus":-37.3,"control":-48.9,"force":-56.2,"direction":-10.5,"confirmation":88.3,"persistence":12.5,"assessmentRisk":51.2,"intensity":59.6,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-37.3","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-48.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-56.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-10.5","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"88/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"46.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"10.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"17%","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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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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