{"schema_version":"1.0","name":"451A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"3a134faf-d21d-4010-8dad-d1d6e55c1562","symbol":"451A","name":"State Street SPDR S&P 500 High Dividend ETF (JPY Unhedged)","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","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 remains intact, but its underlying support has weakened.","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, Directional strength and control, Activity pressure and cumulative balance, Range position and boundary pressure, Acceleration, deceleration and rollover, 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":41,"displayedObservations":41,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.194111,0.322404,0.504131,0.494287,0.750431,0.892307,0.879251,1.040824,1.049444,1.060647,0.990834,1.030698,0.963571],"opens":[291.0,289.0,296.200012,289.212261,296.157288,300.622003,298.141596,303.499215,305.799988,310.799988,309.799988,299.700012,306.600006],"highs":[292.600006,290.799988,296.200012,289.212261,297.943149,300.622003,298.141596,304.094512,309.799988,316.200012,309.799988,306.899994,306.700012],"lows":[287.799988,289.0,292.200012,288.31933,296.157288,294.966725,294.669064,302.903918,304.0,302.399994,292.700012,299.0,301.700012],"closes":[290.200012,290.700012,296.100006,288.616964,297.943149,294.966725,295.859659,303.399994,307.700012,302.799988,298.600006,306.600006,305.600006],"hoverRows":[[{"label":"Open","value":"291.0","className":"is-ohlc","compact":true},{"label":"High","value":"292.6","className":"is-ohlc","compact":true},{"label":"Low","value":"287.8","className":"is-ohlc","compact":true},{"label":"Close","value":"290.2","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.96","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[287.471981,308.844995],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.963571,"state":"Positive but weakening over four weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Positive support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics eased this week but remains positive.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"26 Jun 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-06-26","price":297.943149}],"reversal_warnings":[],"reversal_dangers":[{"date":"2026-05-29","price":290.200012}]}},"smTape":{"available":true,"dates":["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":[245.2873,248.2307,255.295,250.4874,256.3743,254.5101,255.4913,255.8837,263.3405,269.7179,269.7677,259.1594,275.3197,274.9231,279.9794,280.7726,281.8631,276.7077,273.1386,275.9146,276.6086,280.9709,277.6,281.3,281.5,279.1,281.3,286.3,290.2,290.7,296.1,288.617,297.9431,294.9667,295.8597,303.4,307.7,302.8,298.6,306.6,305.6],"consensus":[0.0,-39.1129,-54.7824,-98.1043,73.7026,24.2458,25.672,20.561,79.2824,64.8024,44.8428,-20.4062,79.4607,23.9444,66.92,45.6271,32.0416,0.0,-19.6325,21.8079,8.7088,42.6974,0.0,40.7674,24.0543,0.0,36.0968,50.966,41.5183,46.9153,59.4048,0.0,71.3704,0.0,17.225,49.4263,61.8809,0.0,-15.7151,61.0441,17.649],"supportDates":["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,null,null,null,null,9.0217,26.5669,2.8095,81.587,54.1887,35.8602,-26.693,73.4936,10.6859,73.1826,37.8802,25.7464,0.0,-18.9312,30.3902,17.0016,52.0011,0.0,47.1793,23.1764,0.0,40.2359,55.3316,40.722,54.0005,68.6319,0.0,76.8606,0.0,19.429,47.8007,56.5117,0.0,-18.0012,66.2136,29.1956],"force":[0.0,-39.1129,-54.7824,-98.1043,41.6823,5.3559,4.2426,6.3456,80.9201,61.1756,14.964,-71.4188,95.1564,11.6265,45.7103,15.0694,7.357,0.0,-46.3156,26.9519,1.5231,33.019,0.0,34.1833,9.4432,0.0,39.6686,56.2818,28.4991,26.5037,44.3466,0.0,85.7968,0.0,4.3472,38.1621,71.803,0.0,-65.5967,81.9384,7.8346],"direction":[null,null,null,null,96.5742,62.789,39.9559,60.0674,75.4787,79.523,76.4506,-23.2163,75.069,64.5049,74.9125,76.3077,56.8679,0.0,-1.3745,8.3254,6.5399,38.9777,0.0,38.1424,35.4942,0.0,28.8151,42.1797,51.7277,53.3977,59.6154,0.0,54.7913,0.0,30.1148,59.33,60.9299,0.0,-22.5274,40.2116,22.6556],"intensity":[null,null,null,null,75.0,20.0,16.6667,42.8571,62.5,100.0,50.0,72.7273,83.3333,76.9231,35.7143,26.6667,37.5,58.8235,27.7778,57.8947,45.0,42.8571,22.7273,30.4348,8.3333,28.0,11.5385,48.1481,78.5714,10.3448,56.6667,67.7419,75.0,24.2424,17.6471,74.2857,55.5556,59.4595,78.9474,69.2308,17.5],"confirmation":[0.0,35.1828,40.197,54.06,67.4544,53.5644,52.8816,30.0504,93.3852,88.788,81.576,35.6083,93.9967,31.9272,88.6726,81.7874,54.9303,8.5784,52.4396,75.0045,25.3402,81.2264,6.0423,80.7472,75.2655,25.977,79.5968,84.4046,80.9012,82.2829,86.41,6.7206,91.1945,32.3295,51.0817,83.4979,88.1861,36.8374,33.9867,88.0921,59.6998],"persistence":[null,null,66.6667,75.0,40.0,16.6667,0.0,12.5,25.0,50.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,62.5,62.5,62.5,50.0,50.0,50.0,50.0,75.0,75.0,75.0,75.0,87.5,75.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,50.0,50.0],"assessmentRisk":[null,null,null,null,12.3269,31.9788,10.4747,33.9225,7.0715,17.5394,27.504,37.5791,7.7477,21.7885,12.6134,27.0867,23.9822,11.2699,30.0431,43.3562,38.5733,8.8156,30.9875,15.0347,25.0467,24.6989,23.4213,20.647,28.7749,26.4643,20.2926,27.9839,11.8498,36.6908,11.4013,25.1654,17.8577,49.2544,33.1392,3.2026,28.009],"volumeParticipation":true,"latest":{"consensus":17.6,"control":29.2,"force":7.8,"direction":22.7,"confirmation":59.7,"persistence":50.0,"assessmentRisk":28.0,"intensity":17.5,"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":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+17.6","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+29.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+7.8","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+22.7","detail":"Upward 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}