{"schema_version":"1.0","name":"CIVH Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"425cdbf8-a767-4b2c-99ec-2f61435e49f7","symbol":"CIVH","name":"ClearBridge Global Infrastructure Value Fund (Hedged) Active ETF","exchange":"ASX","country":"AU","asset_type":"etf","currency":"AUD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","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, Strength versus the research benchmark, Range position and boundary pressure, Range pressure and compression, Drawdown and recovery pressure."},{"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":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":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"],"values":[0.515087,0.815668,1.023361,1.143745,1.229647,1.063759,0.855183,0.832093,0.603196,0.494677,0.31768,0.204594,0.427194,0.729762,1.082951,1.28481,1.269546,1.090993,0.924966,0.787893,0.735637,0.793455,0.854032,0.799568,0.376495,-0.079704,-0.61408,-0.969341,-0.9825,-1.027113,-1.029293,-1.057994,-1.142123,-1.034833,-0.964984,-0.938854,-0.753177,-0.608599,-0.316967,0.056731,0.216126],"opens":[1.1431,1.1431,1.147824,1.171441,1.161994,1.147824,1.1431,1.152547,1.176882,1.15751,1.167196,1.172039,1.186569,1.235,1.230157,1.307647,1.293118,1.230157,1.235,1.196255,1.235,1.27,1.3,1.275,1.127927,1.141354,1.118975,1.101071,1.136878,1.110495,1.123928,1.132884,1.137362,1.145,1.14,1.14,1.14,1.16,1.13,1.125,1.13],"highs":[1.1431,1.157271,1.171441,1.171441,1.161994,1.147824,1.147824,1.176882,1.176882,1.172039,1.172039,1.186569,1.215627,1.235,1.288275,1.307647,1.293118,1.239843,1.235,1.239843,1.265,1.295,1.33,1.275,1.150306,1.141354,1.127927,1.132402,1.14583,1.110495,1.123928,1.132884,1.137362,1.145,1.14,1.14,1.155,1.165,1.14,1.13,1.13],"lows":[1.1431,1.1431,1.147824,1.171441,1.133653,1.147824,1.1431,1.147824,1.15751,1.15751,1.162353,1.172039,1.186569,1.230157,1.230157,1.268902,1.264059,1.230157,1.235,1.196255,1.235,1.27,1.275,1.255,1.114499,1.132402,1.118975,1.101071,1.118975,1.110495,1.123928,1.123928,1.137362,1.145,1.14,1.14,1.14,1.12,1.13,1.115,1.105],"closes":[1.1431,1.147824,1.171441,1.171441,1.147824,1.147824,1.147824,1.176882,1.15751,1.167196,1.172039,1.186569,1.215627,1.230157,1.268902,1.293118,1.264059,1.235,1.235,1.235,1.265,1.295,1.275,1.26,1.150306,1.136878,1.123451,1.127927,1.118975,1.110495,1.123928,1.123928,1.137362,1.145,1.14,1.14,1.15,1.13,1.13,1.13,1.11],"hoverRows":[[{"label":"Open","value":"1.14","className":"is-ohlc","compact":true},{"label":"High","value":"1.14","className":"is-ohlc","compact":true},{"label":"Low","value":"1.14","className":"is-ohlc","compact":true},{"label":"Close","value":"1.14","className":"is-ohlc","compact":true},{"label":"Market 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A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions while Market Dynamics is improving. 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Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"accumulation","zoneContext":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":33.3,"averageReturn":-0.5,"sample":3},"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 remains downward while Market Dynamics is positive","detail":"The positive Market Dynamics reading has not yet reversed the downward price structure."}},"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 -0.5% across 3 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, 0.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 2.0 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 5.8% across 3 completed cases, with the largest move arriving after 8.0 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":[],"reversal_warnings":[{"date":"2026-02-13","price":1.230157}],"reversal_dangers":[{"date":"2026-03-06","price":1.264059}]}},"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":[1.0514,1.0514,1.0561,1.0792,1.0792,1.0885,1.0885,1.0699,1.0699,1.0887,1.0793,1.084,1.0934,1.0934,1.0934,1.0934,1.1075,1.1122,1.0746,1.0887,1.0793,1.0793,1.0793,1.1431,1.1525,1.143,1.1337,1.1337,1.1431,1.1478,1.1714,1.1714,1.1478,1.1478,1.1478,1.1769,1.1575,1.1672,1.172,1.1866,1.2156,1.2302,1.2689,1.2931,1.2641,1.235,1.235,1.235,1.265,1.295,1.275,1.26,1.1503,1.1369,1.1235,1.1279,1.119,1.1105,1.1239,1.1239,1.1374,1.145,1.14,1.14,1.15,1.13,1.13,1.13,1.11],"consensus":[100.0,-100.0,-100.0,58.0,58.8394,67.4245,41.5907,-38.023,0.0,60.0815,-21.5787,46.32,56.6238,18.6018,35.6805,29.6591,66.9456,47.0245,-57.307,26.9954,-50.9817,-22.3293,-8.8981,74.1817,68.7337,14.4005,8.7468,19.3544,33.9111,40.4903,82.7651,40.6662,-12.907,14.9839,16.8194,61.2967,-9.8066,54.9751,50.8537,63.2102,83.5255,43.9178,79.9727,59.2207,0.0,0.0,10.0117,15.1631,64.4082,70.6414,0.0,0.0,-47.4571,-54.8451,-48.3225,-22.0629,-63.9131,-43.3672,-21.3368,-42.5473,0.0,0.0,-13.2053,-8.1291,24.419,-51.1212,-30.0719,0.0,-64.2031],"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":[42.1184,-48.8981,36.0128,-45.761,-14.615,-13.6223,67.1689,77.4787,6.2274,12.0957,28.8475,44.6419,35.5152,86.66,35.2902,-16.7669,17.8656,37.9316,75.9389,-26.1663,49.3938,56.7991,77.5404,88.8642,27.4556,78.2779,55.0614,0.0,0.0,22.1323,28.3966,74.4071,84.1903,0.0,0.0,-28.0124,-45.3002,-42.4405,-6.8354,-65.9265,-39.9628,-20.6095,-53.2252,0.0,0.0,-20.7708,-15.0594,18.2,-42.8924,-36.1236,0.0,-60.0632],"force":[36.5431,-89.1661,58.543,-76.1437,-10.3041,-3.8484,99.9558,54.3853,26.1717,28.8205,5.8949,22.0293,37.5731,96.8854,10.3474,-68.9264,0.0,6.4007,57.3595,-43.6177,75.0453,42.0739,58.5531,98.2135,33.0575,89.1922,39.6624,0.0,0.0,9.7112,11.8012,85.2455,59.1481,0.0,0.0,-54.6963,-49.8093,-23.6752,-22.4718,-56.4641,-15.9542,-13.5966,-17.5921,0.0,0.0,-0.1921,-6.5859,62.2627,-82.0029,-16.053,0.0,-85.0177],"direction":[60.1181,-44.1605,5.8443,-38.9752,-39.7352,-12.6036,63.7861,68.9881,66.9555,59.4004,26.5405,30.1343,48.2598,68.2279,68.4664,-31.5183,22.3931,0.1331,47.3751,-33.0409,47.0179,50.3303,50.1594,66.9328,70.4892,75.3241,77.9445,0.0,0.0,10.2473,2.4405,38.0972,63.3664,0.0,0.0,-64.5087,-69.3507,-72.6499,-71.2762,-66.9329,-66.8387,-47.1203,-48.1691,0.0,0.0,-13.8543,-10.7195,4.4953,-38.4671,-33.1693,0.0,-54.0669],"intensity":[88.2353,100.0,94.7368,45.0,61.9048,4.5455,100.0,100.0,48.0,46.1538,88.8889,46.4286,65.5172,86.6667,87.0968,90.625,60.6061,17.6471,88.5714,69.4444,43.2432,18.4211,61.5385,90.0,92.6829,95.2381,88.3721,84.0909,95.5556,17.3913,87.234,87.5,79.5918,80.0,96.0784,100.0,48.0769,34.6154,50.0,51.9231,76.9231,32.6923,15.3846,34.6154,13.4615,13.4615,3.8462,48.0769,57.6923,63.4615,42.3077,53.8462],"confirmation":[82.8032,87.4373,56.0427,85.1605,74.8965,48.5413,92.6305,89.4242,10.5978,33.3671,51.8702,78.3259,80.9438,94.8558,80.1711,35.1692,49.6276,27.4096,87.2718,33.6347,86.2887,83.915,87.867,95.0945,81.9736,93.8981,86.4179,39.1148,10.1382,27.1563,49.8814,89.0933,90.0485,37.1719,33.7255,83.7032,85.5424,82.8017,10.7289,88.1945,81.0939,31.3415,80.6919,28.2639,25.7985,49.0472,48.7856,54.3955,85.4253,77.1036,4.5985,44.64],"persistence":[75.0,75.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,25.0,25.0,50.0,75.0,100.0,100.0,75.0,75.0,75.0,75.0,50.0,50.0,50.0,50.0,75.0,75.0,75.0,75.0,87.5,75.0,75.0,75.0,75.0,75.0,62.5,50.0,37.5,25.0,0.0,25.0,50.0,75.0,87.5,100.0,87.5,75.0,75.0,75.0,50.0,50.0,50.0,37.5,50.0],"assessmentRisk":[24.778,15.0641,29.1695,22.8691,37.9997,22.0875,12.3374,15.5358,42.5374,44.9606,30.1605,37.4036,9.2478,5.3832,27.9228,17.8594,7.4919,49.7951,17.9126,34.2274,16.1388,21.4463,1.695,8.1833,28.0101,10.0119,20.389,48.6216,9.9786,51.1317,57.1766,29.9854,14.3866,49.771,42.9322,26.0169,22.5563,25.8116,38.92,4.9305,11.6119,11.3894,15.2577,28.1536,39.3318,31.0152,28.4374,7.3371,18.9469,23.1005,36.0394,17.8442],"volumeParticipation":true,"latest":{"consensus":-64.2,"control":-60.1,"force":-85.0,"direction":-54.1,"confirmation":44.6,"persistence":50.0,"assessmentRisk":17.8,"intensity":53.8,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-64.2","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-60.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-85.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-54.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"37.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"2.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"20.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"4%","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 envelope.","reason":"Selected as the anchor because price and its trend references are aligned downward.","series":[{"label":"Close","values":[1.0514,1.0514,1.0561,1.0792,1.0792,1.0885,1.0885,1.0699,1.0699,1.0887,1.0793,1.084,1.0934,1.0934,1.0934,1.0934,1.1075,1.1122,1.0746,1.0887,1.0793,1.0793,1.0793,1.1431,1.1525,1.143,1.1337,1.1337,1.1431,1.1478,1.1714,1.1714,1.1478,1.1478,1.1478,1.1769,1.1575,1.1672,1.172,1.1866,1.2156,1.2302,1.2689,1.2931,1.2641,1.235,1.235,1.235,1.265,1.295,1.275,1.26,1.1503,1.1369,1.1235,1.1279,1.119,1.1105,1.1239,1.1239,1.1374,1.145,1.14,1.14,1.15,1.13,1.13,1.13,1.11],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,1.1008,1.1004,1.1009,1.1033,1.1052,1.1066,1.1076,1.1116,1.1158,1.1146,1.1143,1.1125,1.11,1.1076,1.1219,1.1352,1.1432,1.1481,1.1518,1.1565,1.1621,1.1717,1.1798,1.183,1.1857,1.1879,1.1942,1.1971,1.2009,1.2018,1.2054,1.2122,1.2198,1.2357,1.2613,1.2744,1.2801,1.2844,1.2875,1.295,1.3072,1.3148,1.3191,1.3189,1.32,1.3226,1.3259,1.3291,1.3331,1.3354,1.3371,1.3362,1.3333,1.3247,1.3099,1.2992,1.2924,1.2847,1.276,1.2597],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,1.0438,1.0454,1.0468,1.0474,1.0481,1.049,1.0498,1.0493,1.0486,1.049,1.05,1.0546,1.0599,1.0646,1.0567,1.0507,1.0482,1.0478,1.0504,1.0531,1.0534,1.053,1.0536,1.0559,1.0586,1.0619,1.0639,1.0661,1.0677,1.0766,1.0828,1.0896,1.0971,1.1001,1.0895,1.0876,1.091,1.0969,1.1039,1.1086,1.1111,1.1139,1.1185,1.1189,1.1167,1.1116,1.1035,1.0964,1.0867,1.0797,1.0716,1.0647,1.0591,1.0548,1.0543,1.0537,1.0499,1.0471,1.0453,1.0461],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"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"]},{"key":"participation","eyebrow":"Participation","title":"Activity 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,197.0803,0.0,40.312,40.654,71.6235,220.153,209.2114,157.7814,61.0962,37.1642,88.6666,76.61,60.7587,120.6362,0.0,0.0,115.5028,54.5806,0.521,14.0441,0.0,60.2605,307.5951,163.6565,0.0,174.9987,0.0484,63.7817,0.3118,16.8036,171.8143,57.8309,22.7513,68.1056,55.5348,77.3071,36.9894,72.9668,85.3095,67.7094,178.3934,103.1658,12.1172,164.2942,333.0357,378.9144,151.6493,30.5582,193.8131,360.2625,0.0,4.8293,78.1269,0.0,14.5383,0.0,40.9449,247.892,213.3329,146.1217,314.9577,362.8668],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,102.2916,102.2916,107.8687,102.5594,111.6781,135.0,135.0,135.0,135.0,135.0,135.0,128.5659,133.5655,124.7168,124.7168,124.7168,132.3357,135.0,134.9676,134.0871,134.0871,135.0,135.0,135.0,135.0,129.4215,129.4215,129.4215,129.4287,129.0505,132.9269,134.1747,134.6424,135.0,135.0,135.0,135.0,133.7957,132.3256,132.3256,132.3256,134.3477,134.5321,132.2632,126.7451,120.1611,117.31,116.7481,120.6934,111.8227,111.8227,111.9308,111.9308,111.9308,112.2534,112.2534,112.2534,118.2017,112.647,112.647,112.647,99.5626],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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