{"schema_version":"1.0","name":"SPDF Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"2bf3670e-53cb-49f3-84e4-45ecd4bd0cae","symbol":"SPDF","name":"DEFENDER RISK ADAPTIVE 500 ETF","exchange":"CBOE","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, Activity pressure and cumulative balance, Range pressure and compression, 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":19,"displayedObservations":19,"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":["2026-04-17","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],"opens":[25.46,26.01,26.13,26.45,27.049,27.07,27.53,27.71,27.16,27.62,27.48,26.9907,27.4104,27.58,27.39,27.03,27.71,28.37,28.52],"highs":[26.31,26.2066,26.5,27.08,27.45,27.41,27.76,27.83,27.34,27.67,27.48,27.5,27.69,27.73,27.5,27.46,28.4,28.59,28.52],"lows":[25.4599,25.7846,26.0,26.2773,26.88,26.87,27.45,27.0367,26.55,27.1102,26.86,26.89,27.24,27.2742,27.05,26.7488,27.66,28.21,27.97],"closes":[26.007,26.2066,26.4239,27.008,27.0631,27.3214,27.7025,27.0367,27.1364,27.4263,26.96,27.318,27.6871,27.2766,27.0843,27.4091,28.4,28.4357,28.0594],"hoverRows":[[{"label":"Open","value":"25.5","className":"is-ohlc","compact":true},{"label":"High","value":"26.3","className":"is-ohlc","compact":true},{"label":"Low","value":"25.5","className":"is-ohlc","compact":true},{"label":"Close","value":"26.0","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":"27.7","className":"is-ohlc","compact":true},{"label":"Low","value":"27.3","className":"is-ohlc","compact":true},{"label":"Close","value":"27.3","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":"27.4","className":"is-ohlc","compact":true},{"label":"High","value":"27.5","className":"is-ohlc","compact":true},{"label":"Low","value":"27.1","className":"is-ohlc","compact":true},{"label":"Close","value":"27.1","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":"27.0","className":"is-ohlc","compact":true},{"label":"High","value":"27.5","className":"is-ohlc","compact":true},{"label":"Low","value":"26.7","className":"is-ohlc","compact":true},{"label":"Close","value":"27.4","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":"27.7","className":"is-ohlc","compact":true},{"label":"High","value":"28.4","className":"is-ohlc","compact":true},{"label":"Low","value":"27.7","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":"28.6","className":"is-ohlc","compact":true},{"label":"Low","value":"28.2","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":"28.5","className":"is-ohlc","compact":true},{"label":"Low","value":"28.0","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}]],"pressureRange":[-2.3,2.3],"priceRange":[25.861278,28.581422],"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":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","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":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"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":19,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-24","price":26.2066}],"reversal_dangers":[{"date":"2026-05-01","price":26.4239}]}},"smTape":{"available":true,"dates":["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":[26.007,26.2066,26.4239,27.008,27.0631,27.3214,27.7025,27.0367,27.1364,27.4263,26.96,27.318,27.6871,27.2766,27.0843,27.4091,28.4,28.4357,28.0594],"consensus":[28.7143,100.0,69.56,47.5951,48.6955,48.0455,53.8283,-15.1998,18.6109,27.8849,-26.1815,33.5142,54.6036,-17.6633,-15.3768,31.018,70.8676,38.1157,3.4397],"supportDates":["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,47.8987,55.6429,-25.5356,19.6355,26.6063,-24.6706,34.066,53.9112,-22.6994,-22.3174,35.1125,75.1501,35.8028,9.8129],"force":[28.7143,100.0,69.56,47.5951,6.7874,28.7707,30.7194,-47.8523,10.238,21.7083,-43.5909,34.5969,60.032,-44.1779,-33.0048,37.2975,91.948,19.0043,30.9135],"direction":[null,null,null,null,78.6298,61.9811,68.2609,-19.9359,23.4205,33.758,-15.4729,32.1101,51.5174,-7.0313,-5.1469,21.8533,50.916,54.4099,43.1235],"intensity":[null,null,null,null,100.0,20.0,66.6667,100.0,50.0,55.5556,40.0,36.3636,41.6667,46.1538,7.1429,33.3333,100.0,64.7059,44.4444],"confirmation":[31.8552,54.6667,44.9259,37.8971,36.3334,82.7894,84.4931,32.6212,73.6847,76.7544,76.9317,78.7491,85.6491,53.2169,51.7834,78.0548,91.2548,79.6498,31.6107],"persistence":[null,null,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,50.0,50.0,25.0,0.0,25.0,25.0,25.0,37.5],"assessmentRisk":[null,null,null,null,25.6503,25.9769,23.0858,11.5182,1.2427,1.6119,35.2909,16.3644,18.7583,10.7251,23.9276,3.5436,11.123,30.5004,47.0628],"volumeParticipation":true,"latest":{"consensus":3.4,"control":9.8,"force":30.9,"direction":43.1,"confirmation":31.6,"persistence":37.5,"assessmentRisk":47.1,"intensity":44.4,"evidenceDepth":73},"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+3.4","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+9.8","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+30.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+43.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"32/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"69.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"83%","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 upward.","series":[{"label":"Close","values":[26.007,26.2066,26.4239,27.008,27.0631,27.3214,27.7025,27.0367,27.1364,27.4263,26.96,27.318,27.6871,27.2766,27.0843,27.4091,28.4,28.4357,28.0594],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,26.4185,26.5827,26.7863,26.8318,26.8872,26.9852,26.9806,27.042,27.1593,27.1806,27.1631,27.2078,27.4246,27.6084,27.6904],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,26.7147,26.7563,26.7806,26.8272,26.9437,27.0542,27.1287],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.9734,27.9276,27.9405,28.0333,28.0234,27.9932,28.0027,28.2489,28.4416,28.5113],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,25.8929,25.9437,25.9945,26.0124,26.0586,26.0945,26.1307,26.0414,25.992,26.011],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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 return","values":[null,0.7675,0.8292,2.2105,0.204,0.9544,1.3949,-2.4034,0.3688,1.0683,-1.7002,1.3279,1.3511,-1.4826,-0.705,1.1992,3.6152,0.1257,-1.3233],"stroke":"#176fa3","width":1.7},{"label":"Cumulative 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