{"schema_version":"1.0","name":"XLVI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"38e229be-69dd-46af-ba12-2ed6fcb2f200","symbol":"XLVI","name":"STATE STREET HEALTH CARE SELECT SECTOR SPDR PREMIUM INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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 position and boundary pressure, Acceleration, deceleration and rollover, Range pressure and compression, Directional pressure and rotation."},{"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":56,"displayedObservations":56,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.1,"sample":1},{"week":2,"averageReturn":1.2,"sample":1},{"week":3,"averageReturn":1.9,"sample":1},{"week":4,"averageReturn":0.1,"sample":1},{"week":5,"averageReturn":4.7,"sample":1},{"week":6,"averageReturn":4.6,"sample":1},{"week":7,"averageReturn":4.8,"sample":1},{"week":8,"averageReturn":4.6,"sample":1},{"week":9,"averageReturn":5.6,"sample":1},{"week":10,"averageReturn":5.9,"sample":1},{"week":11,"averageReturn":7.4,"sample":1},{"week":12,"averageReturn":8.5,"sample":1},{"week":13,"averageReturn":9.3,"sample":1},{"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":"Evidence aligned","tone":"positive","headline":"Price and Market Dynamics remain aligned upward","use":"The advance retains underlying support while price structure and Market Dynamics remain intact.","confirm":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"distribution","zoneContext":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","sample":0},"nowContext":{"label":"Slightly 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 structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":"Trend participation","title":"Let confirmation support the position, then manage extension","tone":"positive","approach":"This is most useful for holding or selectively adding to an established upward case. Risk should still tighten as price becomes extended; confirmation is support, not immunity from reversal.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 1.7% across 2 completed cases, with the largest move arriving after 2.0 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":[],"reversal_warnings":[{"date":"2026-05-22","price":24.901484}],"reversal_dangers":[{"date":"2026-05-29","price":24.874089}]}},"smTape":{"available":true,"dates":["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"],"close":[21.7943,21.6709,22.4504,22.6172,22.6511,22.7438,22.8233,22.8417,22.7149,23.4315,23.383,23.5852,24.0103,23.8437,24.0706,24.3727,24.5534,24.8432,24.6025,24.7185,24.9019,25.1592,25.1523,25.3785,25.2316,25.4796,25.1335,25.6198,25.607,25.5481,25.9451,25.0666,24.6494,23.9919,23.8331,24.3647,24.5266,24.7099,24.182,24.1455,23.8856,24.2632,24.9015,24.8741,25.2042,25.3815,24.9272,26.0676,26.0539,26.0914,26.0549,26.3025,26.3592,26.7402,27.025,27.2051],"consensus":[-56.1566,-20.8279,98.7586,28.827,56.6559,48.4671,39.9678,35.1319,11.8661,76.4953,21.9318,65.7789,77.0852,16.9755,66.728,69.2762,53.3942,64.0459,0.0,48.5747,47.4651,55.0103,34.4246,56.4707,11.4397,51.8429,-14.9045,57.5772,27.9653,0.0,64.9351,-46.413,-50.1205,-67.5747,-58.296,0.0,0.0,13.8189,-40.59,-16.8159,-52.1356,0.0,49.345,13.2822,48.0559,41.3505,-20.8037,67.9841,37.5121,29.4721,30.0651,44.2303,24.2602,59.394,56.3386,51.9401],"supportDates":["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"],"control":[null,50.1458,41.8431,38.2089,11.57,73.5542,4.9712,63.7488,75.8524,6.9409,68.8127,60.2931,51.9762,58.6318,0.0,47.8906,39.458,60.9815,32.7556,55.8656,6.2208,50.677,-10.8139,62.7621,28.1748,0.0,66.2431,-38.8345,-43.5279,-65.8891,-58.2041,0.0,0.0,10.6109,-51.0923,-9.9545,-51.4158,0.0,49.6538,6.9985,43.4695,41.2142,-23.3115,65.3012,37.9454,23.085,24.3781,46.1006,18.6588,61.0549,53.5451,49.5401],"force":[23.0085,26.9817,18.9527,14.2574,11.7436,90.6346,11.6526,62.4595,79.0682,32.6675,56.5161,75.4201,46.7164,71.1719,0.0,44.7081,57.8019,50.9548,9.9516,58.2396,26.6843,62.4868,-68.7337,73.3011,9.8921,0.0,82.7167,-88.0441,-64.4659,-78.0417,-49.8402,0.0,0.0,25.7945,-53.3078,-2.5234,-56.3049,0.0,74.4195,0.1374,62.5065,33.5762,-59.428,88.3911,13.0133,6.2945,7.9528,42.694,6.5858,63.7542,56.0226,44.2672],"direction":[80.6897,61.8954,52.8355,46.5256,29.0685,69.7569,65.3043,70.4698,77.0777,63.9027,71.6397,75.154,59.7847,65.1436,0.0,52.1185,49.2325,51.0828,53.8127,55.8986,44.6355,45.5727,-18.8699,40.4203,40.6354,0.0,50.7389,-25.3377,-47.4081,-62.0246,-64.441,0.0,0.0,8.9312,-19.5034,-34.8665,-49.9803,0.0,31.0818,29.8529,42.9755,47.0594,-9.6512,56.4738,54.516,53.3272,52.359,43.1904,43.2863,54.3813,59.7569,60.1637],"intensity":[25.0,40.0,50.0,42.8571,75.0,77.7778,70.0,45.4545,66.6667,38.4615,50.0,66.6667,37.5,64.7059,50.0,78.9474,80.0,100.0,22.7273,39.1304,62.5,64.0,61.5385,77.7778,21.4286,48.2759,66.6667,96.7742,81.25,84.8485,79.4118,77.1429,38.8889,32.4324,76.3158,66.6667,37.5,56.0976,83.3333,79.0698,45.4545,95.5556,63.0435,97.8723,95.8333,16.3265,60.0,29.4118,55.7692,50.0,76.9231,19.2308],"confirmation":[61.9251,82.8291,80.1207,78.5591,28.2541,92.9542,8.739,88.979,92.7465,11.0412,89.01,90.4925,84.9042,88.7944,13.0177,83.4365,83.6259,85.3887,78.2955,86.1337,8.271,84.9319,33.1645,86.8249,76.3949,5.2495,89.3012,84.2364,84.5762,89.9686,86.3984,32.9533,4.87,72.8359,81.2164,50.3834,84.8214,31.6568,84.5499,26.6121,83.8882,80.9973,32.5217,90.4177,79.2506,54.1554,54.3669,82.0784,52.6433,87.1136,86.0613,92.4236],"persistence":[20.0,33.3333,42.8571,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,75.0,75.0,75.0,62.5,62.5,37.5,12.5,12.5,12.5,25.0,37.5,25.0,50.0,50.0,50.0,37.5,12.5,0.0,12.5,12.5,12.5,37.5,62.5,75.0,75.0,75.0,75.0,75.0,100.0,100.0],"assessmentRisk":[21.0082,25.6683,23.1603,16.5033,5.7246,10.4808,36.4724,16.4826,11.4441,35.7883,15.8651,15.2577,22.4303,17.9604,46.8401,19.5727,20.4033,15.9315,32.5091,21.6972,40.8969,21.251,2.9042,10.3285,32.5562,10.7066,17.4268,23.0078,24.4434,16.1745,20.8503,45.9332,13.5645,39.8957,53.7715,15.314,20.1992,42.4023,21.0904,39.7549,25.856,29.0811,14.1277,15.5754,29.3858,31.7405,34.4396,4.7789,20.706,17.3799,21.3189,23.4821],"volumeParticipation":true,"latest":{"consensus":51.9,"control":49.5,"force":44.3,"direction":60.2,"confirmation":92.4,"persistence":100.0,"assessmentRisk":23.5,"intensity":19.2,"evidenceDepth":100},"analysis":{"status":"Joint 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Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+51.9","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+49.5","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+44.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+60.2","detail":"Upward 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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,112.0254,98.3746,133.4136,135.1876,212.6854,144.437,169.467,122.848,581.5793,138.8424,225.4341,741.6382,123.5937,101.9801,69.3755,106.85,107.9826,102.0065,119.1773,158.2116,113.2856,76.7831,84.4528,158.4685,142.7544,92.6165,74.2611,137.2591,80.7191,94.2977,50.244,95.2425,308.2171,136.1578,131.2731,88.4008,114.4305,123.3552,115.3552,129.6913,115.7818,112.7395,104.618,154.7138,178.4713,298.2451,140.7207,158.1589,159.7768],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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