{"schema_version":"1.0","name":"424A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"56362cc3-0d53-4bcb-b1d5-08e3b20e42ab","symbol":"424A","name":"Global X Gold ETF (JPY Hedged)","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","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, Drawdown and recovery pressure, Range position and boundary pressure, Directional strength and control, Range pressure and compression, Acceleration, deceleration and rollover."},{"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":48,"displayedObservations":48,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","take":"Treat the repair as constructive context until price confirms it.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.552717,-0.734727,-0.779642,-0.837312,-0.956259,-1.01446,-1.086596,-1.088502,-1.183102,-1.459925,-1.736926,-2.122949,-2.296122,-2.453668,-2.524175,-2.452526,-2.45618,-2.063008,-1.484759,-0.915781],"opens":[357.0,361.700012,367.899994,362.0,362.899994,362.100006,349.899994,350.0,343.0,324.700012,322.200012,308.100006,316.100006,316.899994,307.299988,306.0,313.5,311.399994,327.799988,335.5],"highs":[376.399994,376.0,373.600006,365.399994,365.0,367.799988,353.899994,352.5,343.700012,325.700012,323.0,309.0,321.5,317.200012,307.299988,317.299988,316.399994,329.0,339.399994,348.0],"lows":[356.799988,361.0,360.100006,352.0,346.899994,351.200012,343.200012,337.0,340.899994,320.700012,316.5,306.399994,315.0,314.5,304.5,306.0,306.0,309.5,327.799988,329.799988],"closes":[368.200012,370.0,361.5,354.899994,365.0,354.399994,348.799988,347.299988,342.0,321.799988,318.299988,309.0,319.600006,315.5,306.799988,311.100006,312.100006,327.5,329.799988,348.0],"hoverRows":[[{"label":"Open","value":"357.0","className":"is-ohlc","compact":true},{"label":"High","value":"376.4","className":"is-ohlc","compact":true},{"label":"Low","value":"356.8","className":"is-ohlc","compact":true},{"label":"Close","value":"368.2","className":"is-ohlc","compact":true},{"label":"Market 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weeks","context":{"scenario":"negativeRepair","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-09-26","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":[301.0,306.3,316.8,350.5,328.2,318.6,318.0,331.2,319.8,331.9,333.9,337.8,341.7,356.4,343.6,351.7,362.0,389.5,408.0,380.5,387.1,393.2,405.8,399.8,397.7,375.3,346.3,361.0,368.2,370.0,361.5,354.9,365.0,354.4,348.8,347.3,342.0,321.8,318.3,309.0,319.6,315.5,306.8,311.1,312.1,327.5,329.8,348.0],"consensus":[0.0,41.5729,-12.0001,55.0508,45.1304,0.0,17.2643,45.0658,-27.8244,65.3437,43.3696,55.2488,57.29,65.3083,0.0,61.2971,48.7386,78.9158,57.7887,0.0,33.0197,42.1561,39.5852,10.4639,22.103,-42.7127,-54.364,0.0,0.0,0.0,-22.2986,-34.3977,10.0692,-39.167,-29.3123,-21.2412,-36.7635,-58.2179,-47.805,-35.5895,-17.8209,-37.3135,-35.2643,-15.4965,-23.8002,35.6489,12.3548,-63.2497],"supportDates":["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,0.0,18.7149,62.6621,-25.5376,69.5383,36.1955,57.6149,53.4909,54.1002,0.0,57.778,40.9297,83.3594,42.8582,0.0,23.6085,50.6033,47.6812,0.2002,20.1177,-39.4542,-43.9792,0.0,0.0,0.0,-34.7488,-36.6914,19.73,-37.7444,-26.1011,-16.9496,-34.9409,-63.4723,-48.3207,-21.7389,-3.9702,-40.7272,-28.9503,-17.9863,-20.006,35.3551,1.9632,-63.394],"force":[0.0,41.5729,-12.0001,55.0508,27.8241,0.0,8.5397,52.8648,-60.6085,59.2304,22.2316,44.3378,42.0096,66.6026,0.0,61.7754,46.0816,85.1778,63.0995,0.0,18.7704,29.8207,27.5071,28.6946,0.3938,-79.8836,-70.8523,0.0,0.0,0.0,-24.0529,-33.7887,27.7138,-43.9056,-18.2297,-6.8061,-20.8812,-42.984,-24.0994,-13.019,-15.6689,-15.8575,-15.0276,-17.0225,-2.112,71.5546,15.4151,-80.5617],"direction":[null,null,null,null,97.2407,0.0,21.8383,19.3852,-7.0205,64.9167,66.6671,60.3384,72.5465,77.193,0.0,64.9772,59.5609,69.3646,71.0589,0.0,53.9535,41.313,38.9599,50.1643,39.8784,-19.8861,-54.4551,0.0,0.0,0.0,-6.8168,-32.2112,13.5751,-37.4082,-40.8984,-36.4565,-50.1909,-63.0941,-64.1481,-67.5405,-57.5716,-48.7378,-56.9349,-35.8788,-43.6282,10.3378,22.0448,-50.7191],"intensity":[null,null,null,null,75.0,80.0,33.3333,42.8571,37.5,44.4444,10.0,9.0909,41.6667,100.0,71.4286,40.0,62.5,88.2353,100.0,94.7368,80.0,14.2857,72.7273,34.7826,45.8333,68.0,92.3077,44.4444,42.8571,6.8966,30.0,29.0323,34.375,36.3636,50.0,14.2857,33.3333,67.5676,7.8947,56.4103,47.5,9.7561,35.7143,37.2093,2.2727,64.4444,69.5652,68.0851],"confirmation":[0.1594,35.97,26.5067,40.2829,20.0104,30.6833,73.2366,82.3906,55.2711,88.6598,81.3434,85.311,85.925,89.1089,35.8532,87.6833,83.6344,93.3762,86.8818,10.5284,78.2755,80.9853,80.1758,8.433,51.7749,82.8506,86.0572,32.8846,28.7109,3.0642,52.3326,78.9537,29.1753,80.6995,77.0911,51.756,79.308,86.0854,82.5673,78.9118,8.2358,79.2344,78.764,30.228,52.3463,80.5064,49.5385,88.7653],"persistence":[null,null,0.0,25.0,40.0,33.3333,42.8571,50.0,37.5,37.5,62.5,62.5,62.5,75.0,62.5,62.5,87.5,87.5,87.5,75.0,75.0,75.0,87.5,87.5,87.5,62.5,37.5,37.5,25.0,12.5,12.5,37.5,37.5,37.5,37.5,50.0,62.5,75.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0],"assessmentRisk":[null,null,null,null,21.3218,24.8363,5.1885,63.7316,9.8003,1.857,17.7788,5.8936,17.5384,14.8395,30.8855,7.2211,23.0755,10.2883,21.105,44.4498,30.8442,7.3855,28.0584,39.3197,21.4694,19.6782,22.7227,49.7259,46.2803,15.477,49.2263,3.3018,17.3831,22.5152,23.7978,18.1015,29.7495,20.3921,25.6365,32.1843,40.5852,14.3904,27.341,20.4182,24.3653,25.8239,43.3132,18.3064],"volumeParticipation":true,"latest":{"consensus":-63.2,"control":-63.4,"force":-80.6,"direction":-50.7,"confirmation":88.8,"persistence":25.0,"assessmentRisk":18.3,"intensity":68.1,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"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":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-63.2","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-63.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-80.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-50.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"89/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"55.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"22.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"38%","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 is rotating through its trend references.","series":[{"label":"Close","values":[301.0,306.3,316.8,350.5,328.2,318.6,318.0,331.2,319.8,331.9,333.9,337.8,341.7,356.4,343.6,351.7,362.0,389.5,408.0,380.5,387.1,393.2,405.8,399.8,397.7,375.3,346.3,361.0,368.2,370.0,361.5,354.9,365.0,354.4,348.8,347.3,342.0,321.8,318.3,309.0,319.6,315.5,306.8,311.1,312.1,327.5,329.8,348.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,315.7599,316.2763,316.5897,319.2461,319.3468,321.6292,323.8603,326.3948,329.1775,334.1271,335.8494,338.7314,342.962,351.4235,361.7101,365.1265,369.1216,373.4995,379.3723,383.0865,385.7435,383.8447,377.0184,374.1059,373.0321,372.4808,370.4843,367.6508,367.1688,364.8472,361.9295,359.2696,356.1297,349.8879,344.1447,337.7547,334.4539,331.0077,326.6063,323.787,321.6621,322.7235,324.0101,328.3719],"stroke":"#176fa3","width":1.7},{"label":"Slow 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,-6.3623,-9.1013,-9.2725,-5.5064,-8.7589,-5.3067,-4.7361,-3.6234,-2.5107,0.0,-3.5915,-1.3187,0.0,0.0,0.0,-6.7402,-5.1225,-3.6274,-0.5392,-2.0098,-2.5245,-8.0147,-15.1226,-11.5196,-9.7549,-9.3137,-11.3971,-13.0147,-10.5392,-13.1373,-14.5098,-14.8775,-16.1765,-21.1275,-21.9853,-24.2647,-21.6667,-22.6716,-24.8039,-23.75,-23.5049,-19.7304,-19.1667,-14.7059],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,10.0332,6.2458,10.2658,10.9302,12.2259,13.5216,18.4053,14.1528,16.8439,20.2658,29.402,35.5482,26.412,28.6047,30.6312,34.8173,32.8239,32.1262,24.6844,13.0591,13.952,15.7862,16.3522,13.6792,11.6038,14.1338,10.8193,5.0919,4.0132,1.2433,0.0,0.0,0.0,3.4304,2.1036,0.0,1.4016,1.7275,6.7471,7.4967,13.4289],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,61.0644,38.7595,62.434,66.3471,73.9777,81.6083,69.7194,53.8994,63.9105,76.6407,95.7224,73.5713,54.8396,59.3352,63.4902,72.0727,67.9858,66.5554,51.2976,31.5395,38.1844,41.8639,43.1953,36.9083,32.0266,37.2699,29.1411,18.8742,15.247,10.7325,0.8723,1.3814,1.8519,9.4017,6.4815,1.6163,4.6381,6.5574,19.8447,21.8292,37.5324],"stroke":"#10243b","width":2.0},{"label":"From 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}