{"schema_version":"1.0","name":"LNW Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"33f559bc-5054-4d6f-acab-fc9638acff9d","symbol":"LNW","name":"Light & Wonder, Inc.","exchange":"ASX","country":"AU","asset_type":"equity","currency":"AUD","sector":"Consumer Cyclical","industry":"Gambling"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded 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, Drawdown and recovery pressure, Range position and boundary pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance."},{"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":169,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":10,"completedEpisodes":9,"activeEpisodes":1,"medianExpectedMove":5.6,"averageExpectedMove":6.7,"averageWeeksToLargestMove":6.6,"horizons":[{"weeks":4,"sample":10,"expectedCount":3,"expectedPercent":30.0,"averageReturn":-5.6,"medianReturn":-6.5,"confidenceLow":10.8,"confidenceHigh":60.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":9,"expectedCount":3,"expectedPercent":33.3,"averageReturn":-6.6,"medianReturn":-8.7,"confidenceLow":12.1,"confidenceHigh":64.6,"confidence":"Mixed historical record"},{"weeks":26,"sample":9,"expectedCount":3,"expectedPercent":33.3,"averageReturn":-2.3,"medianReturn":-7.8,"confidenceLow":12.1,"confidenceHigh":64.6,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-3.2,"sample":10},{"week":2,"averageReturn":-3.0,"sample":10},{"week":3,"averageReturn":-2.6,"sample":10},{"week":4,"averageReturn":-5.6,"sample":10},{"week":5,"averageReturn":-5.0,"sample":10},{"week":6,"averageReturn":-3.4,"sample":10},{"week":7,"averageReturn":-5.1,"sample":10},{"week":8,"averageReturn":-6.0,"sample":9},{"week":9,"averageReturn":-6.5,"sample":9},{"week":10,"averageReturn":-6.5,"sample":9},{"week":11,"averageReturn":-6.2,"sample":9},{"week":12,"averageReturn":-6.6,"sample":9},{"week":13,"averageReturn":-4.9,"sample":9},{"week":14,"averageReturn":-3.6,"sample":9},{"week":15,"averageReturn":-2.3,"sample":9},{"week":16,"averageReturn":-2.2,"sample":9},{"week":17,"averageReturn":-0.2,"sample":9},{"week":18,"averageReturn":1.4,"sample":9},{"week":19,"averageReturn":-4.5,"sample":9},{"week":20,"averageReturn":-1.0,"sample":9},{"week":21,"averageReturn":-1.3,"sample":9},{"week":22,"averageReturn":-1.6,"sample":9},{"week":23,"averageReturn":-3.3,"sample":9},{"week":24,"averageReturn":-0.4,"sample":9},{"week":25,"averageReturn":-2.0,"sample":9},{"week":26,"averageReturn":-2.3,"sample":9}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"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":"Underlying strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":33.3,"averageReturn":-6.6,"sample":9},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 33.3% of comparable cases moved higher after 12 weeks, with an average move of -6.6% across 9 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"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 2 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 6.7% across 9 completed cases, with the largest move arriving after 6.6 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":[],"distribution_rollovers":[{"date":"2026-01-23","price":163.0}],"price_pressure_gaps":[]}},"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":[162.45,161.0,159.7,164.92,165.58,134.41,140.69,140.04,140.19,144.57,142.97,152.92,146.58,146.99,149.41,151.45,147.65,139.47,140.0,138.58,137.31,143.68,140.6,143.79,139.03,154.76,163.9,176.27,164.7,161.72,164.46,151.31,133.0,128.9,125.67,130.5,139.26,126.35,130.6,128.76,142.16,130.64,128.63,128.7,146.0,149.94,152.14,151.32,147.58,148.75,118.75,138.02,141.25,141.21,135.75,133.66,133.81,130.74,129.6,123.18,117.06,119.0,109.47,124.85,131.66,139.25,153.0,149.72,151.41,152.25,158.0,156.0,154.7,180.53,163.0,167.06,157.8,138.03,136.32,134.21,129.97,118.2,110.9,123.96,120.0,125.5,121.5,121.07,114.66,114.64,114.0,114.8,116.73,115.9,127.26,128.34,110.78,106.63,106.8,112.42,106.03,114.28,124.3,135.77],"consensus":[43.8805,15.0657,0.0,45.9363,17.1621,-66.0154,0.0,-34.3024,-38.373,15.8736,-21.8364,39.7996,-23.3987,0.0,8.1001,10.7149,-13.8048,-49.2236,-9.8502,-28.9424,-31.0483,26.4488,-22.2879,21.2237,-28.2788,63.0668,62.5367,74.7966,0.0,9.9157,27.2864,-47.9735,-67.4842,-44.5339,-48.417,-8.0126,26.1601,-56.9245,-8.2734,-32.7317,37.9286,-36.2843,-27.9478,-13.7153,51.3012,41.6605,35.4687,28.6705,0.0,9.3351,-69.97,25.6832,10.4802,-8.9507,-8.6527,-24.1214,-17.6221,-26.7407,-18.1273,-48.5048,-58.3445,-12.771,-68.7843,30.2382,33.7183,51.1187,67.8118,21.5263,34.2839,38.2297,48.436,26.7502,12.3582,54.2412,-14.7343,43.8235,-16.0775,-56.2121,-32.9071,-36.7426,-37.1029,-61.4445,-61.7372,0.0,-31.3374,0.0,-21.4148,-23.6352,-41.2183,-17.1639,-20.7504,-16.8524,0.0,0.0,36.2928,13.5505,-42.5431,-21.6389,-34.8085,0.0,-47.4105,20.9549,51.2092,67.0359],"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":[18.7585,-6.8581,-18.7605,-27.4618,-16.909,-23.6903,-14.2275,-51.9697,-64.4036,-0.1138,-72.6223,30.8584,20.078,43.4569,64.1843,15.1791,26.0156,35.2149,55.9123,25.9803,6.4239,38.8522,-23.1445,45.921,-23.0712,-47.6542,-27.9298,-33.612,-30.2758,-68.3365,-65.7845,0.0,-27.8482,0.0,-33.6138,-27.1231,-47.5917,-8.3646,-16.7506,-14.86,0.0,0.0,39.4033,3.3493,-51.9351,-13.6416,-36.1595,0.0,-53.8094,18.3169,46.2202,69.9691],"force":[19.4054,-14.6839,-15.1327,-23.1415,-9.6745,-22.6652,-7.5053,-47.47,-53.2614,-17.1696,-74.8127,80.595,64.9694,73.2541,86.0022,15.3294,18.969,26.059,38.353,2.8515,11.5212,62.2247,-73.268,37.6132,-49.8492,-85.282,-23.3631,-26.3227,-28.8249,-55.6251,-53.4119,0.0,-19.9024,0.0,-14.3429,-12.4056,-34.838,-1.0501,-6.5194,-1.1689,0.0,0.0,39.1656,1.4969,-41.889,-6.601,-16.573,0.0,-57.6441,40.7134,72.8478,76.1967],"direction":[5.3557,-7.2472,-7.5276,-21.0036,-24.114,-33.1379,-30.1713,-45.2841,-55.0506,-48.6226,-60.0919,6.4398,26.9852,44.0639,58.9643,55.1058,54.6728,50.3686,47.0938,44.7006,36.197,66.1261,-36.687,45.8623,-16.038,-45.2282,-45.4126,-47.7632,-50.8182,-57.7247,-63.0585,0.0,-43.4929,0.0,-12.5243,-27.6703,-38.4918,-40.2302,-35.4865,-30.332,0.0,0.0,30.6858,33.8189,-32.2767,-41.5199,-46.2899,0.0,-32.7876,9.8566,41.4547,57.1404],"intensity":[80.7692,28.8462,59.6154,7.6923,5.7692,38.4615,28.8462,50.0,42.3077,50.0,65.3846,86.5385,94.2308,63.4615,80.7692,25.0,21.1538,61.5385,71.1538,5.7692,9.6154,100.0,90.3846,75.0,50.0,96.1538,82.6923,28.8462,48.0769,65.3846,59.6154,71.1538,26.9231,51.9231,19.2308,3.8462,40.3846,84.6154,63.4615,19.2308,17.3077,1.9231,67.3077,26.9231,92.3077,50.0,9.6154,48.0769,40.3846,48.0769,65.3846,73.0769],"confirmation":[49.9754,25.7375,49.7516,75.6381,73.4077,76.4793,50.8698,83.4372,86.423,7.03,90.1362,57.9086,79.9501,85.1493,90.3094,31.7989,78.6301,79.9085,83.0783,53.1768,5.7752,85.835,36.8639,81.8023,32.1556,87.0042,78.3153,79.4878,79.7247,87.3799,87.4405,33.365,77.7326,3.9604,74.4513,75.1679,80.8983,50.6288,51.6007,50.2785,27.5086,47.8333,79.6538,26.7909,81.4507,51.9213,78.5624,30.512,83.3857,75.3479,85.1224,89.686],"persistence":[62.5,37.5,12.5,12.5,25.0,50.0,50.0,75.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,25.0,0.0,25.0,50.0,75.0,75.0,87.5,87.5,75.0,75.0,75.0,75.0,75.0,75.0,87.5,75.0,75.0,50.0,25.0,25.0,25.0,25.0,12.5,25.0,12.5,12.5,12.5],"assessmentRisk":[29.1493,24.0778,49.667,6.3796,20.1226,25.3204,18.1888,14.6471,17.3097,34.5526,13.635,4.8404,32.2116,24.234,16.0931,39.1155,32.3955,28.0624,5.4923,21.32,15.7118,22.7033,29.0999,18.081,22.8518,21.8262,32.5992,31.4081,30.8848,16.5935,18.1305,36.4263,18.9816,27.9307,52.6842,5.735,9.6122,36.1117,32.4373,30.8882,13.7372,14.3589,30.7346,42.5347,15.2225,33.9154,32.467,50.3649,7.3074,29.9774,23.5685,16.2259],"volumeParticipation":true,"latest":{"consensus":67.0,"control":70.0,"force":76.2,"direction":57.1,"confirmation":89.7,"persistence":12.5,"assessmentRisk":16.2,"intensity":73.1,"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":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+67.0","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+70.0","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+76.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+57.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"90/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"58.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"8.5%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"14.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"73%","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 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