{"schema_version":"1.0","name":"SPHC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"3947b097-7024-485d-af76-72ee9c77f9b1","symbol":"SPHC","name":"Amundi Core S&P 500 Swap UCITS ETF EUR Hedged Acc","exchange":"PAR","country":"FR","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","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, Range position and boundary pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Directional strength and control."},{"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":61,"displayedObservations":61,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. 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underlying support","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","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":0.0,"averageReturn":9.0,"sample":1},"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 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, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 9.0% across 1 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 1 cases. Distinct visits lasted 1.0 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 4.0% across 1 completed cases, with the largest move arriving after 1.0 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":"2026-05-01","price":198.309006}],"reversal_dangers":[{"date":"2026-06-26","price":203.639999}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[173.267,174.886,175.323,176.393,178.619,174.478,178.257,180.218,181.035,180.173,180.775,183.941,185.249,184.817,188.115,185.012,184.328,187.317,190.697,185.358,188.277,183.179,190.526,191.245,189.743,190.222,192.017,190.563,193.443,193.441,192.503,192.766,191.774,191.057,191.474,191.16,189.288,184.782,181.859,177.847,181.987,189.99,197.599,197.685,198.309,204.155,205.438,206.978,209.621,206.956,205.246,207.07,203.64,207.14,208.53,206.33,205.52,204.99,213.92,214.67,211.93],"consensus":[100.0,21.0662,-20.166,41.7129,60.255,-29.0077,52.773,55.0727,49.0508,23.5764,41.1226,74.9328,56.5738,25.5509,75.0718,-11.3502,0.0,48.9031,39.4237,-26.1816,35.9994,-45.9042,56.7261,46.4648,0.0,33.6046,42.6411,-8.7517,58.2857,33.4179,14.6356,19.0402,0.0,-15.271,11.9976,0.0,-28.6471,-57.7126,-67.078,-70.8787,0.0,55.5702,71.6435,48.4477,51.8569,74.3185,51.5909,67.8923,72.3493,10.672,23.5535,45.7512,0.0,46.3014,50.1451,8.8969,0.0,0.0,69.7787,45.7537,4.9851],"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":[12.3341,40.938,74.5734,53.265,10.0762,78.3192,-19.3358,0.0,52.0772,27.1922,-33.4359,28.6149,-39.5122,70.7089,52.1076,0.0,30.7671,48.5273,-12.9207,67.4591,35.2209,22.7748,15.2847,0.0,-8.2314,19.3043,0.0,-16.211,-47.5336,-64.2592,-69.6434,0.0,52.4593,70.3927,55.1181,56.7352,82.9355,51.4249,69.6101,70.1077,5.9639,40.2155,62.1671,0.0,64.6003,60.5231,15.9457,0.0,0.0,74.9765,46.9337,5.7676],"force":[8.914,24.979,84.6186,41.0989,9.6518,67.3975,-77.1806,0.0,46.3749,39.357,-71.013,37.6982,-80.5561,71.9572,32.7199,0.0,25.3377,40.2389,-37.0285,58.7216,14.5214,11.9531,7.5598,0.0,-33.7374,19.9534,0.0,-49.383,-76.2992,-77.0381,-75.8805,0.0,95.9693,97.4917,26.5137,35.1382,72.2996,31.1074,65.1813,78.6153,27.6386,22.2029,26.4529,0.0,33.6329,34.5402,16.2755,0.0,0.0,82.2855,26.3328,38.6324],"direction":[59.6323,52.8647,68.425,71.4088,68.3812,76.8422,-44.7978,0.0,47.0814,53.4502,-14.1313,43.2254,-28.4579,29.8665,49.8338,0.0,42.7524,37.6297,-16.2106,47.4904,44.8549,24.3257,31.5324,0.0,-10.1259,2.0358,0.0,-28.0485,-56.0696,-63.1852,-68.7176,0.0,30.269,54.61,56.4914,58.2236,65.9127,66.4118,67.8656,70.4356,57.049,37.1945,40.7748,0.0,34.4373,49.4309,18.8213,0.0,0.0,54.905,58.2772,48.4293],"intensity":[44.4444,30.0,63.6364,50.0,23.0769,71.4286,53.3333,50.0,88.2353,94.4444,94.7368,40.0,95.2381,100.0,39.1304,16.6667,32.0,50.0,14.8148,39.2857,6.8966,73.3333,38.7097,34.375,3.0303,35.2941,17.1429,58.3333,86.4865,50.0,79.4872,82.5,100.0,97.619,97.6744,2.2727,88.8889,69.5652,21.2766,81.25,34.6939,66.0,31.3725,78.8462,84.6154,15.3846,30.7692,13.4615,25.0,100.0,88.4615,40.3846],"confirmation":[31.2939,80.67,92.2792,85.6824,32.065,91.7396,37.7402,4.3936,83.5236,80.7999,35.3152,79.6841,83.8428,86.4035,82.3639,30.8327,78.5448,81.4822,29.7237,86.5249,78.0904,28.9657,51.1335,25.6732,73.5568,49.738,47.6841,77.9885,87.1896,89.8115,90.8524,37.3423,87.0611,91.7327,82.7331,84.0103,91.5891,83.8874,89.6167,91.3769,9.6695,33.292,81.8021,3.9478,82.1515,83.4127,28.1112,4.4679,25.3487,90.6312,82.0313,17.9018],"persistence":[50.0,75.0,75.0,75.0,100.0,100.0,75.0,62.5,62.5,62.5,37.5,37.5,12.5,12.5,37.5,37.5,37.5,37.5,37.5,37.5,62.5,62.5,62.5,62.5,37.5,37.5,50.0,25.0,0.0,25.0,50.0,50.0,25.0,25.0,12.5,12.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,75.0,62.5,62.5,62.5,62.5],"assessmentRisk":[37.7544,21.9081,10.0153,20.3971,36.45,12.3961,27.4666,20.3721,14.7277,23.1093,19.8751,27.4873,21.0867,30.7806,23.3184,20.8595,31.4341,1.2951,5.3631,10.7549,20.4004,0.0645,20.2355,24.2253,27.3386,27.0987,40.2251,33.5267,21.0757,16.4583,14.5606,51.2128,18.5737,14.1523,25.7733,24.0531,12.7523,22.256,15.1063,13.4821,24.6426,14.3051,21.5854,49.426,20.4992,14.9129,18.6184,29.3178,30.9017,11.9702,26.6323,45.5901],"volumeParticipation":true,"latest":{"consensus":5.0,"control":5.8,"force":38.6,"direction":48.4,"confirmation":17.9,"persistence":62.5,"assessmentRisk":45.6,"intensity":40.4,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. 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":"Control support is limited","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+5.0","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+5.8","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+38.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+48.4","detail":"Upward 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upward.","series":[{"label":"Close","values":[173.267,174.886,175.323,176.393,178.619,174.478,178.257,180.218,181.035,180.173,180.775,183.941,185.249,184.817,188.115,185.012,184.328,187.317,190.697,185.358,188.277,183.179,190.526,191.245,189.743,190.222,192.017,190.563,193.443,193.441,192.503,192.766,191.774,191.057,191.474,191.16,189.288,184.782,181.859,177.847,181.987,189.99,197.599,197.685,198.309,204.155,205.438,206.978,209.621,206.956,205.246,207.07,203.64,207.14,208.53,206.33,205.52,204.99,213.92,214.67,211.93],"stroke":"#10243b","width":2.1},{"label":"Fast 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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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impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,2.529,2.7411,3.1392,3.1678,3.0995,3.2491,3.5989,3.4061,3.4491,3.0367,3.2652,3.4643,3.461,3.4572,3.558,3.4804,3.6097,3.6698,3.6001,3.5255,3.3478,3.1132,2.9271,2.723,2.3827,1.7294,0.9648,0.0346,-0.3643,-0.0342,0.8318,1.5076,2.0697,2.9529,3.7135,4.3899,5.0807,5.3515,5.3662,5.4621,5.2013,5.217,5.2807,5.0949,4.8267,4.5192,4.9392,5.2718,5.2537],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.8451,2.9259,3.0605,3.1296,3.1935,3.1622,3.1828,3.2391,3.2834,3.3182,3.3661,3.389,3.4331,3.4805,3.5044,3.5086,3.4765,3.4038,3.3085,3.1914,3.0296,2.7696,2.4086,1.9338,1.4742,1.1725,1.1044,1.185,1.362,1.6801,2.0868,2.5474,3.0541,3.5136,3.8841,4.1997,4.4,4.5634,4.7069,4.7845,4.7929,4.7382,4.7784,4.8771,4.9524],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.2544,0.3232,0.5384,0.2765,0.2555,-0.1254,0.0824,0.2252,0.1775,0.139,0.1918,0.0914,0.1766,0.1893,0.0957,0.0169,-0.1287,-0.2906,-0.3813,-0.4684,-0.647,-1.0402,-1.4439,-1.8992,-1.8385,-1.2067,-0.2726,0.3226,0.7077,1.2727,1.6267,1.8425,2.0267,1.8379,1.4821,1.2624,0.8013,0.6536,0.5738,0.3104,0.0337,-0.219,0.1608,0.3947,0.3013],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-06-27","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","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity 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balance","values":[null,null,null,null,null,null,null,135.0,135.0,129.8902,131.4628,135.0,135.0,130.7654,133.9262,117.9976,113.2615,116.2394,120.943,117.2088,121.0956,115.804,119.6268,122.8841,118.8717,125.2876,129.824,126.9112,129.8599,128.4293,117.7384,122.4454,114.6842,103.6736,114.1131,103.1967,92.544,76.933,68.8834,65.0,75.578,91.1505,120.6589,133.5986,135.0,135.0,135.0,135.0,135.0,134.5907,128.5484,129.1601,128.8894,129.2692,130.6318,129.3487,124.3295,118.4865,121.3074,124.2347,121.2541],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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