{"schema_version":"1.0","name":"SYZ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"55f582a5-1dbf-4ed5-b9e4-dbee15207364","symbol":"SYZ","name":"LAZARD US SYSTEMATIC SMALL CAP EQUITY ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics 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, Range pressure and compression, Range position and boundary pressure, Activity pressure and cumulative balance, Directional strength and control, 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":49,"displayedObservations":49,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.102889,-0.054007,0.08033,0.275323,0.51156,0.709454,0.754929,0.791372,0.833498,0.727063,0.869794,0.903315,0.909598,0.989378,0.921668,0.822385,0.612165,0.373154,0.228801,0.16119,0.166007],"opens":[25.614353,26.083883,27.252713,28.366597,28.601362,29.140822,29.540422,28.711252,29.640322,29.380582,29.310652,30.599362,30.28,30.62,30.67,30.21,30.03,30.0,30.5528,30.79,30.98],"highs":[26.483483,27.35571,28.421442,28.721242,29.010952,29.540422,29.540422,29.270692,29.820142,29.900062,30.299662,30.599362,30.6809,30.9303,30.67,30.31,30.2957,30.305,31.1,31.2216,31.15],"lows":[25.379588,26.083883,27.252713,28.141822,28.141822,28.827636,28.581782,28.071892,29.450512,29.075887,28.990972,29.815547,29.97,30.08,29.79,30.04,29.83,29.8616,30.47,30.79,30.32],"closes":[26.403363,27.273292,28.406158,28.611652,28.987676,29.468794,28.581782,29.217845,29.458005,29.079783,30.20176,30.2616,30.6809,30.2963,30.2672,30.0463,29.9036,30.1215,31.0565,31.2216,30.5872],"hoverRows":[[{"label":"Open","value":"25.6","className":"is-ohlc","compact":true},{"label":"High","value":"26.5","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"26.4","className":"is-ohlc","compact":true},{"label":"Market 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strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[26.114269,31.510694],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.166007,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics strengthened this week and remains positive.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":29.468794}],"reversal_dangers":[{"date":"2026-05-15","price":28.581782},{"date":"2026-08-07","price":31.0565}]}},"smTape":{"available":true,"dates":["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":[25.0664,24.9749,24.9848,23.8918,24.375,24.9783,24.3839,24.143,24.0526,23.9101,24.842,25.0996,25.5571,25.4501,25.6789,25.3775,26.2399,26.6899,26.6785,26.5455,27.2027,26.9636,27.1405,27.1695,26.2786,25.7645,25.4504,25.7108,26.4034,27.2733,28.4062,28.6117,28.9877,29.4688,28.5818,29.2178,29.458,29.0798,30.2018,30.2616,30.6809,30.2963,30.2672,30.0463,29.9036,30.1215,31.0565,31.2216,30.5872],"consensus":[-67.8667,-35.7333,0.0,-58.0,-25.4697,15.9961,-34.4013,-22.9705,-27.6161,-25.1224,35.5279,31.1563,46.5785,19.0051,28.2254,0.0,54.6002,54.1548,28.7295,20.4717,63.6187,9.9179,41.2336,32.9982,-36.287,-37.7989,-42.4827,-24.2541,29.3622,60.7522,69.3666,51.0646,59.8422,61.6253,-9.2018,53.9432,23.6804,0.0,68.585,33.6812,59.5266,15.5217,17.1333,0.0,-8.2544,20.0376,61.6719,52.091,5.1192],"supportDates":["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,22.9711,-37.4061,-28.4343,-28.7812,-15.225,41.074,27.4111,35.3256,6.7765,18.3101,0.0,63.2079,55.4419,22.6487,13.0225,61.2753,9.0259,46.5712,32.9032,-36.8632,-37.0304,-43.8354,-20.8856,36.9573,56.3037,76.8758,53.0704,64.2021,65.0226,-19.553,58.5165,13.2735,0.0,71.0693,30.4475,66.1217,4.34,18.2098,0.0,-3.559,27.6821,70.5706,60.8437,9.4971],"force":[-67.8667,-35.7333,0.0,-58.0,-1.2867,18.5062,-37.4586,-25.4263,-24.1538,-15.8064,43.5973,25.4744,53.1075,3.6022,16.1319,0.0,53.7551,51.2285,6.9025,6.1975,80.6721,28.7577,29.9874,18.6067,-64.2811,-43.2137,-38.0765,-14.6823,44.3628,89.4144,72.3902,34.6879,49.1524,51.6743,-57.3067,52.3587,5.6392,0.0,77.0542,7.8691,49.9597,17.4593,5.0521,0.0,-27.5617,15.6894,65.669,37.5473,50.6259],"direction":[null,null,null,null,-44.5815,6.2316,-28.7834,-14.9721,-28.7577,-43.0881,23.4257,39.4951,54.7753,49.1288,48.1953,0.0,45.3666,54.7742,51.2697,48.0344,54.116,38.5627,43.1663,43.3864,-15.6328,-34.8095,-44.0841,-34.9407,9.9672,45.3633,58.6249,60.47,62.4951,64.8507,-36.9889,49.8485,48.4607,0.0,59.6962,55.8139,58.823,51.8587,31.7497,0.0,-0.1702,14.4068,48.6469,52.4763,32.389],"intensity":[null,null,null,null,50.0,80.0,66.6667,85.7143,12.5,77.7778,90.0,63.6364,58.3333,7.6923,28.5714,26.6667,87.5,52.9412,27.7778,21.0526,70.0,33.3333,13.6364,17.3913,91.6667,80.0,46.1538,25.9259,75.0,89.6552,100.0,87.0968,28.125,66.6667,85.2941,57.1429,100.0,27.027,94.7368,74.359,30.0,26.8293,14.2857,20.9302,11.3636,13.3333,91.3043,19.1489,58.3333],"confirmation":[44.384,34.1013,0.6241,41.2267,30.0056,50.4223,79.0558,75.3422,76.7139,75.9061,79.5303,77.8539,83.2756,29.0141,76.8146,5.4341,85.3151,85.2208,53.9542,52.5071,88.9134,30.8103,80.7707,78.1223,80.4562,80.2724,81.4396,75.5209,77.7373,88.382,90.175,83.811,86.7573,87.3651,34.8105,85.1439,52.5198,6.9173,90.1674,55.3739,86.6565,7.8569,51.2012,5.7019,26.0044,74.163,87.7212,84.0925,40.5346],"persistence":[null,null,66.6667,75.0,80.0,50.0,57.1429,62.5,62.5,62.5,50.0,25.0,0.0,0.0,25.0,37.5,62.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,0.0,25.0,50.0,50.0,75.0,75.0,62.5,62.5,62.5,62.5,62.5,87.5,75.0,50.0,62.5,62.5,62.5,50.0],"assessmentRisk":[null,null,null,null,29.024,7.7154,21.3232,32.9801,14.1086,36.2628,16.055,31.659,26.3715,40.2589,32.2326,24.0575,18.0526,22.518,34.6332,39.5096,17.4553,24.5402,20.8124,31.0289,30.3562,30.5877,28.6913,37.6871,2.1968,19.413,15.3142,24.4647,20.07,19.1559,18.695,10.585,20.1537,27.8657,15.3655,31.0194,19.1221,40.8278,2.6865,18.3541,41.5163,26.8718,14.0904,23.3962,46.9138],"volumeParticipation":true,"latest":{"consensus":5.1,"control":9.5,"force":50.6,"direction":32.4,"confirmation":40.5,"persistence":50.0,"assessmentRisk":46.9,"intensity":58.3,"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":"Control support is limited","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+5.1","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+9.5","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+50.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+32.4","detail":"Upward 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upward.","series":[{"label":"Close","values":[25.0664,24.9749,24.9848,23.8918,24.375,24.9783,24.3839,24.143,24.0526,23.9101,24.842,25.0996,25.5571,25.4501,25.6789,25.3775,26.2399,26.6899,26.6785,26.5455,27.2027,26.9636,27.1405,27.1695,26.2786,25.7645,25.4504,25.7108,26.4034,27.2733,28.4062,28.6117,28.9877,29.4688,28.5818,29.2178,29.458,29.0798,30.2018,30.2616,30.6809,30.2963,30.2672,30.0463,29.9036,30.1215,31.0565,31.2216,30.5872],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.7469,24.789,24.7153,24.6113,24.5097,24.4007,24.4809,24.5934,24.7686,24.8925,25.0355,25.0977,25.3054,25.5571,25.761,25.9036,26.1398,26.2896,26.4443,26.5762,26.5221,26.3843,26.2145,26.1229,26.1739,26.3738,26.7433,27.083,27.4293,27.8001,27.9423,28.1742,28.4076,28.5298,28.8338,29.0934,29.382,29.5483,29.679,29.7458,29.7745,29.8376,30.0592,30.2705,30.3281],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,24.8085,24.856,24.917,24.9511,25.0465,25.1683,25.2801,25.3739,25.5093,25.6171,25.7299,25.8365,25.8693,25.8615,25.8311,25.8222,25.8652,25.9695,26.15,26.3324,26.529,26.7468,26.8827,27.0557,27.2336,27.3704,27.5801,27.7788,27.9937,28.1643,28.3201,28.4479,28.5558,28.6717,28.8484,29.0242,29.14],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,25.388,25.4039,25.4751,25.6643,25.7702,25.9097,25.9513,26.1914,26.5007,26.7322,26.8866,27.2095,27.4401,27.6793,27.8398,27.875,27.8873,27.8518,27.7829,27.712,27.6698,28.0106,28.3532,28.7571,29.2009,29.385,29.6272,29.9268,30.1254,30.5177,30.861,31.2541,31.5215,31.7535,31.924,31.9922,31.9709,31.938,31.8357,31.6214],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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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,3.9075,3.7022,3.6362,3.514,3.4615,3.4613,3.418,3.3499,3.3216,3.206,3.1783,3.394,3.493,3.5237,3.5592,3.5169,3.4946,3.4095,3.2879,3.2276,3.1209,3.2275,3.2248,3.116,3.1336,3.1111,3.0682,2.9756,2.9986,2.9948,2.8655,2.7848,2.6723,2.6318,2.5296,2.6082],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,7.4516,7.3,7.4641,8.3532,8.7201,9.2932,9.3028,10.519,12.1488,13.2405,13.844,15.4971,16.4708,17.4335,17.2958,16.7649,16.53,15.8076,14.6215,13.1063,11.4151,12.5713,13.7473,15.3997,17.09,17.2866,17.5333,18.4422,18.9374,20.3777,21.372,22.8019,23.3813,23.7853,23.8529,22.9142,21.0882,18.7407,16.0017,13.0355],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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":"range","eyebrow":"Acceptance 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,13.7009,9.6563,21.2146,55.1927,64.5818,81.2654,77.3636,85.7054,74.7163,98.2963,94.4146,85.2563,81.8731,98.5964,89.5578,93.914,94.1663,70.1178,57.899,50.4347,56.6218,73.0821,93.7564,99.6999,97.9679,99.5904,98.847,84.5684,94.1393,92.9058,83.1783,98.1049,93.7215,100.0,88.578,88.0538,84.0741,81.5033,85.4289,99.2396,100.0,89.1407],"stroke":"#10243b","width":2.0},{"label":"From 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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,146.0373,97.6292,129.7062,24.6779,58.439,191.1292,94.8806,108.9415,48.1274,52.1609,107.3057,35.027,121.3967,290.064,194.4615,88.0865,129.1058,60.6001,45.7925,23.756,71.2447,37.4059,146.6355,62.1164,112.622,105.6919,101.6402,69.793,68.8191,100.2999,43.3482,98.3185,49.6478,80.6303,48.0313,18.4931,79.2234,104.8518,87.0864,76.7566,67.627,136.0458],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,28.2749,27.0986,25.3318,25.039,25.9079,26.9743,28.2045,29.7477,30.6683,30.539,30.9312,30.6257,30.7264,31.0915,31.5043,32.1151,32.088,32.0628,31.5923,31.1674,31.6879,32.2926,31.8226],"stroke":"#10243b","width":2.0},{"label":"Positive 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pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed character across the latest 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