{"schema_version":"1.0","name":"SHLD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"40547fa2-bea6-4ebe-b7b4-2e78937c7f2a","symbol":"SHLD","name":"Global X Defence Tech Index ETF","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"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, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Range pressure and compression."},{"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":69,"displayedObservations":69,"assetType":"ETF","state":"Rotational","stateTone":"caution","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.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","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.","take":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger 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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, 0.0% of comparable cases moved higher after 12 weeks, with an average move of -9.1% across 2 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 1 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 4.1% across 2 completed cases, with the largest move arriving after 3.0 weeks on average.","approach":"Define the price level that would confirm the repair. 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history."},"events":{"positioning_recoveries":[{"date":"2026-08-14","price":28.309999}],"reversal_warnings":[{"date":"2026-01-09","price":30.09},{"date":"2026-03-06","price":30.209999}],"reversal_dangers":[{"date":"2026-01-23","price":30.280001},{"date":"2026-03-20","price":28.809999}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[21.0823,21.262,21.7411,21.7112,22.3201,22.7892,23.0138,22.919,23.2784,23.1586,23.6477,24.3864,24.3065,24.067,24.4563,24.6559,24.5361,24.5261,24.7158,26.0135,26.3728,27.2712,28.4491,27.3611,26.1333,27.391,27.4509,26.3828,25.9935,24.7557,25.0352,24.8855,25.5244,25.734,26.1033,26.27,30.09,31.15,30.28,29.42,28.6,28.24,29.74,29.34,30.21,29.85,28.81,27.89,29.57,28.88,28.88,26.54,26.53,25.63,24.62,25.86,26.75,25.25,25.64,25.295,23.77,26.16,24.95,24.255,25.6,25.57,27.71,28.31,26.62],"consensus":[-29.4107,34.8314,100.0,-30.0,78.041,68.7938,61.6344,25.827,68.5749,22.4503,73.8086,82.8893,45.4327,22.5981,40.4363,46.4284,19.0372,16.9788,37.7617,71.4151,63.2952,80.7576,82.7979,0.0,-26.8332,60.768,24.0633,-33.9551,-22.4009,-62.5262,-12.4735,-28.5907,10.8933,17.4662,31.3482,33.0115,81.441,78.6957,0.0,0.0,-18.423,-14.4198,45.2203,11.2242,48.5775,10.4042,-30.0729,-43.5708,32.2021,-27.1428,-8.4525,-65.2714,-26.6794,-61.7314,-67.0125,0.0,14.3146,-48.2312,-15.7729,-41.5936,-57.7575,13.5461,-25.7589,-45.6528,32.647,0.0,67.2007,54.5568,16.449],"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":[8.698,44.8473,78.7768,70.6768,86.8177,86.8485,0.0,-29.205,69.0827,41.9762,-30.4007,-24.0115,-58.0668,-3.3789,-19.279,20.7137,17.2755,36.3466,35.8588,85.2699,80.5301,0.0,0.0,-13.2567,-7.9833,56.3497,17.8946,39.613,2.6134,-29.9847,-43.7939,43.6549,-22.761,-13.3748,-64.0097,-15.3969,-65.2722,-73.2396,0.0,19.9347,-59.8238,-27.8669,-51.8465,-62.4986,10.178,-21.5217,-53.5087,30.8206,0.0,71.3649,59.4153,32.1257],"force":[5.2928,24.332,72.3572,48.5466,85.8117,87.2313,0.0,-80.0895,74.9634,0.7896,-74.2309,-34.5486,-79.6567,-15.9446,-12.4741,42.4531,29.2908,36.1378,34.9799,99.6519,87.7842,0.0,0.0,-57.7296,-29.6722,58.4037,13.5024,64.9609,18.0869,-55.4367,-54.3835,50.6872,-54.1176,-10.9494,-86.8027,-2.7334,-55.0291,-56.2025,0.0,45.2012,-36.9672,-6.4841,-24.5292,-41.4174,27.821,-18.4238,-31.4617,64.7869,0.0,83.21,42.9005,46.9736],"direction":[42.351,39.2564,62.3287,65.3939,70.2217,75.0019,0.0,-13.9177,41.1258,20.2154,-9.2488,-11.8832,-55.3865,-50.8891,-50.7446,22.8729,9.2381,22.2144,28.3513,64.0573,70.1076,0.0,0.0,-3.7488,-10.8812,23.0843,21.2627,47.1203,39.6587,-12.0568,-35.5925,5.9095,-12.8829,-1.0436,-51.3336,-56.6778,-62.4722,-67.6172,0.0,14.1703,-43.0281,-17.8489,-42.0647,-64.0106,7.1991,-35.8408,-46.8111,11.7771,0.0,51.0064,57.3302,23.2704],"intensity":[94.1176,11.1111,100.0,100.0,85.7143,90.9091,86.9565,91.6667,88.0,34.6154,81.4815,67.8571,86.2069,80.0,6.4516,50.0,12.1212,67.6471,5.7143,100.0,97.2973,94.7368,94.8718,87.5,92.6829,90.4762,37.2093,63.6364,26.6667,63.0435,70.2128,91.6667,85.7143,26.0,96.0784,92.3077,53.8462,82.6923,69.2308,80.7692,86.5385,19.2308,30.7692,86.5385,96.1538,71.1538,28.8462,67.3077,40.3846,88.4615,61.5385,84.6154],"confirmation":[51.3431,79.5665,90.7694,87.6925,93.9041,94.5687,38.1855,35.8093,87.7517,52.0513,80.1472,75.514,88.5984,7.4893,76.7997,31.8442,73.9525,78.1012,78.5803,94.5578,93.4317,14.1519,12.0549,53.3051,50.5106,82.7027,28.2837,84.1807,6.4383,78.3977,82.2688,56.0268,77.5746,48.0392,89.5623,53.3129,87.4958,89.0197,36.1153,31.126,82.914,50.9013,80.6336,85.9122,50.1545,76.0839,82.0567,79.4544,24.8407,89.9287,85.0289,33.5861],"persistence":[100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,62.5,62.5,37.5,12.5,12.5,37.5,50.0,25.0,25.0,25.0,0.0,25.0,50.0,62.5,75.0,50.0,25.0,25.0,25.0,25.0,25.0,12.5,0.0,25.0,25.0,0.0,25.0,50.0,75.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,37.5,37.5,50.0,50.0,37.5,12.5,12.5,12.5],"assessmentRisk":[37.4113,17.6976,14.1495,18.341,9.6208,8.601,48.5596,2.5985,22.7361,55.1389,24.0901,3.0943,18.4012,43.217,31.882,29.9901,31.7443,27.1304,30.9784,9.2081,10.6396,47.1816,46.5721,32.5331,41.895,43.5342,8.862,18.9331,37.8252,15.7374,18.0516,37.5832,24.8552,8.1267,10.1865,36.3662,18.933,16.4595,32.3982,2.867,7.3095,44.2352,3.0858,20.6217,24.6179,12.1415,11.1508,29.265,19.5797,14.9957,22.5641,40.5478],"volumeParticipation":true,"latest":{"consensus":16.4,"control":32.1,"force":47.0,"direction":23.3,"confirmation":33.6,"persistence":12.5,"assessmentRisk":40.5,"intensity":84.6,"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":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+16.4","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+32.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+47.0","detail":"Upward 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