{"schema_version":"1.0","name":"MKL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"4e5a70b9-b449-4828-a243-608960511876","symbol":"MKL","name":"Markel Corporation","exchange":"NYSE","country":"US","asset_type":"equity","currency":"USD","sector":"Financial Services","industry":"Insurance - Property & Casualty"},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. 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consistent"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.0,"sample":18},{"week":2,"averageReturn":-0.1,"sample":18},{"week":3,"averageReturn":0.7,"sample":17},{"week":4,"averageReturn":1.3,"sample":17},{"week":5,"averageReturn":0.9,"sample":17},{"week":6,"averageReturn":0.7,"sample":17},{"week":7,"averageReturn":1.1,"sample":17},{"week":8,"averageReturn":0.7,"sample":17},{"week":9,"averageReturn":0.5,"sample":17},{"week":10,"averageReturn":0.7,"sample":17},{"week":11,"averageReturn":0.7,"sample":17},{"week":12,"averageReturn":0.7,"sample":17},{"week":13,"averageReturn":1.0,"sample":17},{"week":14,"averageReturn":2.7,"sample":17},{"week":15,"averageReturn":2.0,"sample":17},{"week":16,"averageReturn":1.7,"sample":17},{"week":17,"averageReturn":2.9,"sample":17},{"week":18,"averageReturn":2.7,"sample":17},{"week":19,"averageReturn":3.7,"sample":17},{"week":20,"averageReturn":4.1,"sample":17},{"week":21,"averageReturn":2.8,"sample":17},{"week":22,"averageReturn":2.7,"sample":17},{"week":23,"averageReturn":3.0,"sample":17},{"week":24,"averageReturn":3.7,"sample":17},{"week":25,"averageReturn":4.0,"sample":17},{"week":26,"averageReturn":3.9,"sample":17}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Countertrend conflict","tone":"caution","headline":"Positive Market Dynamics has weakened over four weeks","use":"Use the weaker four-week path as caution until price and Market Dynamics establish clearer agreement.","confirm":"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.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"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 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":"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 3 cases. Distinct visits lasted 1.3 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 4.4% across 22 completed cases, with the largest move arriving after 4.8 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":[],"distribution_rollovers":[{"date":"2026-01-02","price":2130.36},{"date":"2026-01-16","price":2059.51}],"price_pressure_gaps":[]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","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"],"close":[1574.89,1600.68,1533.79,1557.58,1570.59,1569.08,1603.69,1557.18,1590.65,1549.8,1545.0,1650.74,1707.64,1750.0,1782.92,1756.77,1735.79,1727.2,1740.35,1713.08,1660.14,1774.07,1811.06,1828.78,2026.37,1868.01,1838.16,1933.44,1892.76,1847.91,1836.58,1855.44,1723.03,1771.42,1768.53,1803.15,1876.98,1901.24,1915.92,1860.45,1941.7,1963.49,1928.77,1960.32,1985.5,2002.03,1977.2,2031.8,2026.69,1929.87,1910.42,1928.0,1992.32,1959.06,1912.13,1954.07,1934.95,1914.07,1941.03,1916.96,1892.0,1878.89,1974.53,2037.32,2060.74,2034.02,2080.44,2047.87,2168.12,2166.65,2181.54,2130.36,2132.84,2059.51,2029.21,2040.64,2102.15,2061.88,2082.2,2072.47,1982.67,1942.78,1875.35,1867.29,1898.98,1924.82,1988.36,1912.45,1779.36,1814.64,1844.0,1857.89,1815.59,1818.67,1846.0,1847.16,1920.06,1979.65,1949.75,1972.43,1994.7,1882.34,1875.05,1847.24],"consensus":[10.241,29.7682,-36.9965,13.4739,0.0,0.0,41.7985,-27.8136,29.9445,-34.8783,-20.4994,59.8916,61.3032,64.1039,54.1232,26.4404,9.4936,11.2804,19.9964,-11.2085,-42.4356,58.8129,52.2846,44.3955,77.8983,-13.7401,0.0,65.9794,-9.2779,-8.4126,0.0,0.0,-60.925,0.0,-22.513,0.0,45.2826,39.6418,30.916,-9.2767,55.5843,39.7258,0.0,35.7652,34.8836,39.3658,0.0,54.8118,25.3645,-43.5514,-27.8519,-8.9751,30.2611,-8.4999,-30.9407,21.9707,-17.3551,-26.204,19.5101,-29.7202,-30.7362,-31.0161,47.1547,56.9021,38.2997,9.7829,50.3618,0.0,71.8879,35.4108,39.865,0.0,12.7849,-40.8239,-34.9045,-8.1905,23.6562,-21.8831,15.1506,0.0,-55.4528,-52.7583,-65.077,-50.7825,-18.0393,-8.4445,33.6155,-36.4482,-65.1827,-10.4874,-14.8496,-10.1777,-37.7149,-8.7298,9.8571,-15.161,49.5295,57.6278,0.0,36.5064,39.4504,-47.0282,-20.6865,-33.6241],"supportDates":["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"],"control":[41.2361,-12.8009,-38.4386,24.1771,-10.7032,-23.9819,20.9235,-30.0496,-28.4459,-33.5517,44.6703,57.6125,33.2354,1.2201,51.071,0.0,73.9292,32.2587,37.954,0.0,18.6736,-38.1673,-29.9745,-1.0953,27.7961,-25.6921,13.2063,0.0,-50.8128,-53.0135,-64.8028,-52.7871,-10.4791,-5.8321,30.6432,-44.4312,-57.3179,-0.1537,-7.1402,-4.0075,-49.0839,-7.0051,13.4871,-18.6915,46.4972,57.2611,0.0,31.8769,39.3763,-42.281,-19.2803,-31.9964],"force":[46.122,-24.5064,-38.557,40.6949,-23.2411,-29.026,39.6409,-39.1507,-33.8114,-24.5281,86.2444,70.5349,29.0089,20.2228,50.3541,0.0,89.2022,9.7694,20.0317,0.0,0.6935,-69.5535,-40.8145,-6.2626,45.8089,-39.2853,21.1739,0.0,-73.9923,-50.9064,-69.444,-31.5658,-16.3833,-18.1301,62.0824,-53.6151,-87.9255,-30.6247,-16.3823,-10.6319,-42.3392,-10.9949,37.9492,-10.202,77.23,69.0514,0.0,31.6921,31.8661,-85.2957,-16.7049,-31.8547],"direction":[6.3891,-7.8487,-16.9314,6.0747,-20.7531,-26.7278,3.5157,-22.6077,-31.1571,-32.7526,22.0729,46.3526,50.7239,43.7904,49.5567,0.0,57.1877,57.3284,56.2155,0.0,15.6823,-23.339,-36.3175,-29.1264,3.1014,-5.0999,13.0704,0.0,-47.5132,-53.7895,-62.2712,-62.2178,-51.2671,-30.4121,16.679,-15.0627,-57.9261,-52.0145,-45.9688,-32.0933,-21.4187,-24.7899,14.3573,-14.6682,33.2088,49.8873,0.0,45.2361,44.9525,-25.1197,-25.1375,-36.7483],"intensity":[63.4615,28.8462,51.9231,46.1538,9.6154,9.6154,23.0769,42.3077,51.9231,53.8462,78.8462,90.3846,71.1538,30.7692,48.0769,28.8462,86.5385,69.2308,23.0769,51.9231,19.2308,65.3846,61.5385,21.1538,90.3846,61.5385,11.5385,1.9231,84.6154,78.8462,67.3077,51.9231,26.9231,59.6154,69.2308,76.9231,100.0,96.1538,63.4615,3.8462,46.1538,53.8462,38.4615,50.0,73.0769,61.5385,32.6923,19.2308,11.5385,90.3846,98.0769,25.0],"confirmation":[55.333,50.15,78.0189,52.901,73.8344,76.5051,52.1685,77.7928,77.9642,77.6888,84.3187,86.6133,80.0499,6.9582,84.1047,5.6893,91.5007,78.598,80.1815,32.6754,49.0719,81.9797,79.4247,26.5583,53.5154,52.8082,73.0614,0.9578,86.3806,84.8223,88.9619,83.6342,31.0005,5.7999,79.6698,80.065,89.6714,8.8312,7.4124,4.9848,80.0365,4.5643,29.6847,72.6466,84.7398,86.7946,7.7963,79.6059,80.3941,84.2876,74.5198,44.64],"persistence":[12.5,12.5,25.0,25.0,50.0,50.0,25.0,25.0,50.0,50.0,25.0,25.0,0.0,25.0,25.0,37.5,62.5,87.5,87.5,75.0,75.0,50.0,25.0,12.5,12.5,12.5,12.5,12.5,37.5,37.5,37.5,37.5,62.5,62.5,62.5,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,50.0,25.0,12.5,12.5,37.5,37.5,12.5,12.5],"assessmentRisk":[47.15,34.5261,17.4577,15.7803,34.8102,26.1148,19.5192,20.0006,24.3115,19.9666,10.1294,21.1699,30.8088,45.0538,24.2259,12.1185,12.8059,31.8802,28.7185,46.4676,36.9302,27.6979,32.1533,43.3139,39.4455,13.2893,31.6758,28.4664,21.1261,23.3571,17.4563,24.6045,39.0669,15.2,32.5239,54.7257,15.7896,42.8665,41.9413,32.1288,46.8943,8.1137,3.0778,2.7537,23.0648,20.8545,45.3575,30.7509,25.4018,25.0617,36.0733,32.7801],"volumeParticipation":true,"latest":{"consensus":-33.6,"control":-32.0,"force":-31.9,"direction":-36.7,"confirmation":44.6,"persistence":12.5,"assessmentRisk":32.8,"intensity":25.0,"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":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-33.6","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-32.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-31.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-36.7","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":"43.1","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"14.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"33%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}