{"schema_version":"1.0","name":"PMSE Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"4de1eba2-489b-4a09-95f4-0c5e6b48b139","symbol":"PMSE","name":"PGIM S&P 500 MAX BUFFER ETF - SEPTEMBER","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price remains elevated in the distribution zone.","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, 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":51,"displayedObservations":51,"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. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Evidence conflict","headline":"Price is ahead of Market Dynamics","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price remains elevated in the distribution zone.","take":"The gap can close through stronger Market Dynamics or weaker price. Until then, the upward structure should be treated as vulnerable rather than fully aligned.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.008885,-0.020136,-0.122517,-0.056652,0.105151,0.303205,0.559803,0.728637,0.821528,0.919016,0.942562,0.925499,0.90617,0.841797,0.783893,0.847123,0.924491,0.99611,1.052981,1.058897,1.011962,0.934002,0.860669],"opens":[25.59,25.5193,25.3291,25.5658,25.8037,25.94,25.975,26.015,26.1241,26.13,26.2213,26.2642,26.23,26.277,26.25,26.2714,26.355,26.395,26.4,26.415,26.495,26.53,26.555],"highs":[25.6082,25.526,25.56,25.76,25.945,25.97,26.0549,26.119,26.1561,26.2009,26.2534,26.2642,26.23,26.277,26.25,26.326,26.4,26.42,26.425,26.465,26.53,26.57,26.585],"lows":[25.4472,25.3484,25.3291,25.5658,25.8037,25.92,25.965,26.015,26.118,26.125,26.215,26.19,26.145,26.277,26.24,26.2714,26.346,26.39,26.39,26.3952,26.495,26.53,26.555],"closes":[25.4472,25.3484,25.5398,25.76,25.945,25.97,26.0549,26.119,26.1453,26.2009,26.2534,26.19,26.215,26.277,26.2493,26.326,26.395,26.39,26.405,26.465,26.53,26.55,26.5701],"hoverRows":[[{"label":"Open","value":"25.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.6","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"25.4","className":"is-ohlc","compact":true},{"label":"Market 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easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[25.275098,26.643402],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.860669,"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":"Distribution risk building","detail":"Price remains extended inside distribution conditions while Market Dynamics is shrinking. A descent through the zone would strengthen the rollover warning.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price remains extended inside distribution conditions while Market Dynamics is shrinking. A descent through the zone would strengthen the rollover warning.","annotations":[{"label":"Current tape relationship","value":"Distribution risk building","detail":"Market Dynamics eased this week but remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":23,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[25.065,25.1435,25.2041,25.195,25.255,25.1652,25.2661,25.35,25.3474,25.2932,25.295,25.2362,25.405,25.44,25.41,25.485,25.5582,25.5292,25.6034,25.6197,25.6197,25.63,25.639,25.6151,25.6628,25.6699,25.6075,25.53,25.4472,25.3484,25.5398,25.76,25.945,25.97,26.0549,26.119,26.1453,26.2009,26.2534,26.19,26.215,26.277,26.2493,26.326,26.395,26.39,26.405,26.465,26.53,26.55,26.5701],"consensus":[41.9355,-51.6026,64.2697,-10.875,52.0132,-12.8961,32.4188,53.2497,20.9332,0.0,0.0,-18.3895,57.1094,53.449,15.6597,59.3866,58.3608,12.9864,55.8888,49.4443,46.159,32.8722,31.5103,0.0,49.0872,33.5189,-26.3828,-46.9338,-62.6837,-71.7609,32.1319,71.4031,79.7781,58.2174,76.6582,67.9449,52.7395,75.0242,69.3805,8.0646,46.2059,45.6718,32.8678,65.0273,64.1849,24.2442,39.5445,64.4794,65.1732,46.2215,45.9563],"supportDates":["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,null,null,null,null,-25.3704,34.4818,55.7087,11.5548,0.0,0.0,-11.1629,68.2358,58.1303,0.3843,62.2164,69.6758,0.6973,62.9307,56.9323,55.5851,30.1486,35.4633,0.0,62.5902,36.3123,-22.7644,-39.1583,-53.6482,-66.1575,41.258,72.9658,85.8773,64.5096,78.3095,77.3027,52.8337,75.1736,72.1014,7.2776,50.2502,46.9778,45.19,77.2619,72.2014,10.8749,35.8775,76.8089,77.5723,44.433,44.0306],"force":[41.9355,-51.6026,64.2697,-10.875,22.235,-28.7276,19.1334,40.9737,5.3128,0.0,0.0,-32.6885,50.4873,33.7549,12.0399,43.4138,43.1342,15.5842,39.9056,25.5548,26.7174,9.3394,10.2745,0.0,38.0566,21.1034,-78.3508,-83.9905,-91.3959,-93.2191,79.8352,97.3572,95.1642,39.3812,85.8639,49.8104,28.3484,79.7014,61.2374,39.8069,23.2647,23.7594,0.7013,48.9999,49.9188,6.0366,14.5508,47.8289,47.2073,24.1757,24.6109],"direction":[null,null,null,null,73.2833,-12.6684,39.5507,59.2081,50.3984,0.0,0.0,-16.435,49.1236,62.1663,52.9028,67.5618,56.3056,49.0326,59.2575,57.9506,49.2733,52.794,42.1609,0.0,41.5342,39.1948,-6.6018,-29.3511,-52.5013,-62.8374,12.3718,51.0786,61.8174,64.4808,68.1955,70.2036,70.0541,71.5126,72.0874,59.7925,57.9706,59.8311,41.7613,62.4931,65.2134,61.1526,61.588,62.2818,63.8356,64.0126,63.4038],"intensity":[null,null,null,null,50.0,60.0,66.6667,42.8571,62.5,11.1111,10.0,72.7273,91.6667,38.4615,14.2857,40.0,81.25,11.7647,38.8889,10.5263,25.0,33.3333,22.7273,26.087,29.1667,20.0,38.4615,62.963,67.8571,82.7586,96.6667,96.7742,96.875,81.8182,61.7647,31.4286,77.7778,24.3243,68.4211,30.7692,17.5,85.3659,11.9048,51.1628,47.7273,15.5556,2.1739,31.9149,77.0833,16.3265,8.0],"confirmation":[36.086,39.1795,43.233,26.1467,60.6163,29.7884,77.9377,84.6283,52.5084,30.7361,4.9343,74.4305,85.9037,84.4322,6.9682,86.4738,86.039,6.9668,85.29,82.98,82.0348,77.8434,77.3759,5.7045,83.166,78.3051,56.8232,84.2667,89.0715,91.7028,36.9029,91.6162,93.9049,85.9596,92.786,89.0471,84.1318,92.148,89.9121,11.4002,82.0251,81.9273,54.6829,88.1339,87.9822,53.6602,79.9484,87.9381,88.119,82.1463,90.0848],"persistence":[null,null,33.3333,0.0,20.0,0.0,14.2857,25.0,25.0,37.5,25.0,25.0,25.0,50.0,50.0,50.0,50.0,62.5,75.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,62.5,37.5,12.5,12.5,12.5,0.0,0.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"assessmentRisk":[null,null,null,null,23.9922,23.1259,21.0061,22.6879,35.1306,46.1487,20.489,38.2961,4.3178,21.7701,38.5189,20.2163,19.4491,35.6385,21.7689,23.8824,15.0313,30.0,11.8511,5.2775,8.8026,23.0917,18.3807,23.8068,18.642,14.1193,52.1154,13.5821,10.104,20.8907,11.6655,15.9213,21.5898,11.345,13.2282,25.8086,7.6361,11.8343,18.9721,15.1645,17.7357,37.4067,30.1624,17.6536,17.2823,26.8501,26.9945],"volumeParticipation":true,"latest":{"consensus":46.0,"control":44.0,"force":24.6,"direction":63.4,"confirmation":90.1,"persistence":100.0,"assessmentRisk":27.0,"intensity":8.0,"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":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+46.0","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+44.0","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+24.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+63.4","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"90/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"83.2","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"0.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"48.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"99%","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 upward.","series":[{"label":"Close","values":[25.065,25.1435,25.2041,25.195,25.255,25.1652,25.2661,25.35,25.3474,25.2932,25.295,25.2362,25.405,25.44,25.41,25.485,25.5582,25.5292,25.6034,25.6197,25.6197,25.63,25.639,25.6151,25.6628,25.6699,25.6075,25.53,25.4472,25.3484,25.5398,25.76,25.945,25.97,26.0549,26.119,26.1453,26.2009,26.2534,26.19,26.215,26.277,26.2493,26.326,26.395,26.39,26.405,26.465,26.53,26.55,26.5701],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.1436,25.1476,25.1691,25.202,25.2284,25.2402,25.2502,25.2476,25.2762,25.306,25.3249,25.354,25.3912,25.4163,25.4503,25.4811,25.5063,25.5288,25.5488,25.5609,25.5794,25.5959,25.598,25.5856,25.5604,25.5219,25.5251,25.5678,25.6364,25.6971,25.7621,25.827,25.8849,25.9423,25.9989,26.0336,26.0666,26.1049,26.1311,26.1666,26.2081,26.2412,26.271,26.3062,26.3469,26.3838,26.4177],"stroke":"#176fa3","width":1.7},{"label":"Slow 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quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,50.5986,48.2654,44.8192,42.7877,40.426,38.9276,38.741,38.7022,39.0971,39.7566,40.5307,41.4397,42.4965,43.1248,43.0839,43.2962,42.9803,43.1153,43.6081,44.1601,44.6973,45.3941,46.3382,47.3834,48.4167],"stroke":"#10243b","width":2.0},{"label":"Positive 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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,15.3388,44.2326,0.0,0.5884,27.197,0.4671,0.8957,11.506,0.8288,0.1651,0.0699,3.2665,0.0129,0.0,0.1004,0.0,0.0439,0.4984,49.5634,49.6964,110.0465,90.3514,130.3441,81.6172,202.1427,185.4599,140.8253,765.9691,32.9162,56.9386,260.0876,130.9325,58.068,58.2626,0.8383,3.1387,6.6743,36.8701,47.7581,6.7245,7.32,8.5564,34.293,34.3697],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,92.9412,86.2418,74.3297,74.7253,61.8022,98.9011,100.0,90.099,100.0,100.0,95.1923,98.9924,100.0,100.0,96.4286,97.0488,91.174,97.7624,95.9726,85.3774,70.1878,55.6589,34.2622,70.058,100.0,100.0,100.0,100.0,100.0,98.8765,100.0,100.0,92.065,94.7385,100.0,97.0778,100.0,99.5331,97.25,98.175,100.0,100.0,98.3883,98.8136],"stroke":"#10243b","width":2.0},{"label":"From 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geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.5066,0.4864,0.4751,0.4604,0.4361,0.4263,0.4028,0.3976,0.3831,0.3835,0.3771,0.3658,0.3606,0.3572,0.3663,0.3864,0.4103,0.4427,0.4686,0.483,0.4618,0.4521,0.4472,0.4252,0.4147,0.3986,0.3913,0.3861,0.3746,0.3582,0.3525,0.3465,0.3299,0.3156,0.3113,0.3058,0.2945,0.2827],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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context.","series":[{"label":"Momentum","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,82.0091,83.4549,84.7436,82.018,83.4819,83.794,83.794,84.0154,84.2182,81.269,82.5801,82.7734,74.9065,66.4583,58.8249,51.2591,61.5707,69.5516,74.3679,74.9447,76.8498,78.1978,78.7446,79.8928,80.9398,75.8063,76.4408,77.983,75.6019,77.638,79.3107,78.8504,79.2396,80.7647,82.283,82.7346,83.1981],"stroke":"#063b66","width":2.0},{"label":"Rotation","values":[null,null,null,null,null,null,73.2,92.9412,86.2418,74.3297,74.7253,61.8022,98.9011,100.0,87.2449,100.0,100.0,92.6209,98.5162,100.0,100.0,94.5676,95.5269,86.803,96.6543,92.4127,70.6387,43.9829,16.6832,0.0,56.8231,100.0,100.0,100.0,100.0,100.0,98.6941,100.0,100.0,92.065,94.7385,100.0,97.0778,100.0,99.4006,95.1322,96.0396,100.0,100.0,95.5752,96.7609],"stroke":"#1678a7","width":1.5},{"label":"Rotation 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