{"schema_version":"1.0","name":"U5MD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"56b522ea-13c3-4cc0-bbef-58d20310ca66","symbol":"U5MD","name":"iShares US Medical Devices UCITS ETF USD (Acc)","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics paused slightly this week and remains positive. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. 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, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range pressure and compression, Directional strength and control."},{"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":47,"displayedObservations":47,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics paused slightly this week and remains positive. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics paused slightly this week and remains positive. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-1.341165,-1.960276,-2.279941,-2.56274,-2.801365,-2.705247,-2.673671,-2.343906,-1.945101,-1.583502,-0.968134,-0.454805,0.071041,0.431776,0.585564,0.712306,0.781069,0.803898,0.7763],"opens":[4.8785,4.952,4.8325,4.637,4.473,4.457,4.683,4.6,4.578,4.57,4.7135,4.842,4.773,4.775,4.693,4.712,4.8485,4.998,5.102],"highs":[4.9965,4.9665,4.875,4.645,4.5335,4.7115,4.7005,4.681,4.5895,4.579,4.7835,4.842,4.7925,4.803,4.74,5.003,4.995,5.202,5.205],"lows":[4.8605,4.784,4.615,4.487,4.332,4.449,4.4775,4.596,4.5085,4.5615,4.683,4.7695,4.767,4.7135,4.598,4.686,4.842,4.9765,5.015],"closes":[4.9605,4.837,4.651,4.487,4.483,4.675,4.4815,4.6715,4.548,4.567,4.782,4.7995,4.767,4.7135,4.727,4.7885,4.972,5.145,5.102],"hoverRows":[[{"label":"Open","value":"4.88","className":"is-ohlc","compact":true},{"label":"High","value":"5.00","className":"is-ohlc","compact":true},{"label":"Low","value":"4.86","className":"is-ohlc","compact":true},{"label":"Close","value":"4.96","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.78","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"5.00","className":"is-ohlc","compact":true},{"label":"High","value":"5.20","className":"is-ohlc","compact":true},{"label":"Low","value":"4.98","className":"is-ohlc","compact":true},{"label":"Close","value":"5.14","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.80","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"5.10","className":"is-ohlc","compact":true},{"label":"High","value":"5.21","className":"is-ohlc","compact":true},{"label":"Low","value":"5.01","className":"is-ohlc","compact":true},{"label":"Close","value":"5.10","className":"is-ohlc","compact":true},{"label":"Market 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The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","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 is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics paused slightly this week and 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":"10 Jul 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"caution"}],"relationshipEvidence":{"available":false,"observations":19,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-07-10","price":4.767}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[5.613,5.566,5.537,6.7213,5.674,5.728,5.846,5.902,6.024,5.933,5.723,5.788,5.757,5.684,5.928,5.799,5.552,5.455,5.368,5.371,5.461,5.528,5.409,5.188,5.125,5.044,5.004,4.904,4.9605,4.837,4.651,4.487,4.483,4.675,4.4815,4.6715,4.548,4.567,4.782,4.7995,4.767,4.7135,4.727,4.7885,4.972,5.145,5.102],"consensus":[79.7665,-100.0,0.0,58.0,-16.4887,11.889,24.709,13.725,39.9615,8.6909,-36.127,0.0,-27.3339,-34.6311,44.481,-17.0493,-54.1224,-44.5162,-48.9517,-24.3206,0.0,9.6588,-44.7981,-62.9354,-55.2002,-59.035,-44.2847,-64.9647,-14.0644,-62.526,-73.5816,-77.9766,-34.6233,0.0,-65.863,12.7527,-30.6367,-27.5794,37.3016,10.4247,0.0,-17.3171,0.0,18.2789,62.97,65.0524,28.3468],"supportDates":["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,11.4575,21.2894,35.3214,35.5096,0.856,-40.0636,0.0,-28.0201,-34.4597,41.1032,-18.0319,-59.8036,-42.9645,-50.9475,-13.2968,0.0,14.4287,-49.4417,-65.9678,-59.3017,-58.7236,-36.5909,-64.7652,-8.8473,-58.0835,-72.5092,-79.5872,-23.4111,0.0,-73.6113,14.9152,-41.0908,-30.4292,40.7431,3.2235,0.0,-32.9598,0.0,12.6749,59.0256,63.2471,19.8092],"force":[79.7665,-100.0,0.0,58.0,-32.5853,15.5482,20.8791,11.4436,34.0069,7.5234,-45.9889,0.0,-24.7132,-30.6602,59.2108,-39.3253,-64.8188,-43.6348,-36.5797,-0.9569,0.0,27.5661,-68.0042,-72.1889,-43.48,-55.6576,-32.2034,-68.811,-33.3546,-74.6593,-86.2784,-87.5942,-5.9218,0.0,-67.2708,43.4409,-19.5184,-6.8707,50.2641,4.9602,0.0,-32.4912,0.0,36.7452,84.1458,68.0959,3.6424],"direction":[null,null,null,null,-4.9911,9.7683,31.3528,9.3271,49.3026,31.1833,-24.5837,0.0,-28.4216,-37.6633,37.82,-0.0147,-39.9894,-46.9193,-55.5078,-53.6077,0.0,8.5835,-22.9154,-52.8603,-58.8843,-61.8032,-61.707,-62.4455,-53.8976,-58.9366,-65.738,-69.2663,-67.9383,0.0,-56.0022,11.6388,-26.6309,-39.1143,24.1095,22.558,0.0,-11.3989,0.0,11.4931,52.3522,64.9417,60.9534],"intensity":[null,null,null,null,75.0,20.0,50.0,14.2857,62.5,44.4444,80.0,45.4545,16.6667,30.7692,85.7143,53.3333,87.5,58.8235,33.3333,52.6316,40.0,47.619,50.0,82.6087,8.3333,32.0,65.3846,44.4444,7.1429,55.1724,80.0,87.0968,59.375,78.7879,79.4118,74.2857,47.2222,2.7027,84.2105,23.0769,2.5,7.3171,45.2381,95.3488,68.1818,80.0,2.1739],"confirmation":[48.192,54.6667,1.8824,41.2267,28.6789,71.9226,75.8423,28.6498,80.674,26.8867,79.8012,27.4427,76.6565,78.9635,82.7343,51.453,85.5586,82.242,83.2571,52.5719,29.734,28.0617,82.9719,88.3751,85.2444,86.793,81.9201,88.909,32.9173,88.4458,91.9494,93.2211,55.7089,36.9251,89.001,30.1328,77.3056,53.4842,80.2791,25.9458,29.1388,30.864,48.8498,74.4974,88.8559,88.937,54.3365],"persistence":[null,null,0.0,25.0,0.0,16.6667,28.5714,37.5,37.5,62.5,50.0,37.5,37.5,12.5,12.5,12.5,37.5,62.5,62.5,75.0,62.5,37.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,100.0,100.0,100.0,100.0,87.5,87.5,62.5,62.5,62.5,37.5,12.5,0.0,12.5,0.0,0.0,25.0,50.0,50.0],"assessmentRisk":[null,null,null,null,12.0935,5.3084,9.8664,50.7752,7.7174,14.064,6.2057,14.0409,12.2609,7.9644,0.9705,9.7384,2.1015,24.4049,25.4983,37.7058,29.1064,21.0617,37.8403,12.9316,21.9205,20.4363,27.6966,17.2999,39.6027,17.9779,13.165,10.9959,32.6841,47.7832,12.7706,38.1026,39.5512,21.2874,29.9592,30.7562,48.2602,47.9328,22.592,13.4987,15.0888,17.3608,35.6081],"volumeParticipation":true,"latest":{"consensus":28.3,"control":19.8,"force":3.6,"direction":61.0,"confirmation":54.3,"persistence":50.0,"assessmentRisk":35.6,"intensity":2.2,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+28.3","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+19.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+3.6","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+61.0","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"54/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"54.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"23.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"63%","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 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