{"schema_version":"1.0","name":"PJT Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"58d018d1-bd49-4470-9f91-177826c4ca60","symbol":"PJT","name":"PJT Partners Inc","exchange":"NYSE","country":"US","asset_type":"equity","currency":"USD","sector":"Financial Services","industry":"Capital Markets"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance."},{"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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":5,"completedEpisodes":5,"activeEpisodes":0,"medianExpectedMove":16.1,"averageExpectedMove":18.3,"averageWeeksToLargestMove":7.6,"horizons":[{"weeks":4,"sample":5,"expectedCount":5,"expectedPercent":100.0,"averageReturn":-8.1,"medianReturn":-5.9,"confidenceLow":56.6,"confidenceHigh":100.0,"confidence":"Historically consistent"},{"weeks":12,"sample":5,"expectedCount":4,"expectedPercent":80.0,"averageReturn":-12.2,"medianReturn":-16.1,"confidenceLow":37.6,"confidenceHigh":96.4,"confidence":"Mixed historical record"},{"weeks":26,"sample":5,"expectedCount":4,"expectedPercent":80.0,"averageReturn":-9.9,"medianReturn":-10.4,"confidenceLow":37.6,"confidenceHigh":96.4,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.2,"sample":5},{"week":2,"averageReturn":-3.5,"sample":5},{"week":3,"averageReturn":-5.0,"sample":5},{"week":4,"averageReturn":-8.1,"sample":5},{"week":5,"averageReturn":-8.1,"sample":5},{"week":6,"averageReturn":-7.6,"sample":5},{"week":7,"averageReturn":-8.3,"sample":5},{"week":8,"averageReturn":-12.4,"sample":5},{"week":9,"averageReturn":-14.8,"sample":5},{"week":10,"averageReturn":-14.5,"sample":5},{"week":11,"averageReturn":-13.4,"sample":5},{"week":12,"averageReturn":-12.2,"sample":5},{"week":13,"averageReturn":-8.8,"sample":5},{"week":14,"averageReturn":-11.4,"sample":5},{"week":15,"averageReturn":-12.6,"sample":5},{"week":16,"averageReturn":-12.1,"sample":5},{"week":17,"averageReturn":-13.3,"sample":5},{"week":18,"averageReturn":-10.6,"sample":5},{"week":19,"averageReturn":-7.8,"sample":5},{"week":20,"averageReturn":-9.8,"sample":5},{"week":21,"averageReturn":-10.9,"sample":5},{"week":22,"averageReturn":-11.5,"sample":5},{"week":23,"averageReturn":-11.2,"sample":5},{"week":24,"averageReturn":-12.1,"sample":5},{"week":25,"averageReturn":-10.7,"sample":5},{"week":26,"averageReturn":-9.9,"sample":5}]},"currentApplication":{"status":"Evidence aligned","tone":"positive","headline":"Price and Market Dynamics remain aligned upward","use":"The advance retains underlying support while price structure and Market Dynamics remain intact.","confirm":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"distribution","zoneContext":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":63.2,"averageReturn":6.5,"sample":19},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":"Trend participation","title":"Let confirmation support the position, then manage extension","tone":"positive","approach":"This is most useful for holding or selectively adding to an established upward case. Risk should still tighten as price becomes extended; confirmation is support, not immunity from reversal.","finding":"In this ticker's completed record, 63.2% of comparable cases moved higher after 12 weeks, with an average move of 6.5% across 19 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 60.0% of completed 12-week outcomes were lower across 5 cases. Distinct visits lasted 4.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 12.1% across 19 completed cases, with the largest move arriving after 6.6 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"distribution_rollovers":[{"date":"2025-10-10","price":170.185729},{"date":"2025-10-31","price":160.342824}],"price_pressure_gaps":[{"date":"2025-02-14","price":174.12837},{"date":"2025-09-05","price":179.222492},{"date":"2025-10-17","price":176.316397},{"date":"2025-12-05","price":175.461257},{"date":"2026-01-09","price":178.939783}]}},"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":[123.9971,121.8754,115.2431,122.9669,133.8948,132.3323,135.8134,142.6372,146.8502,138.0979,138.0583,157.6298,155.5826,160.9922,165.5118,162.6486,162.3514,153.9323,158.0527,155.0317,153.1894,157.6367,162.9259,163.4013,171.8899,174.1284,161.4402,157.7456,147.8901,137.7404,142.8897,134.9029,125.2889,128.5829,128.7515,133.6131,142.3837,143.1278,149.3089,144.9534,149.4776,153.2661,149.8772,153.5444,165.3807,167.428,174.812,181.8184,182.9613,177.9127,175.468,178.678,179.6122,177.8929,179.2225,182.9347,186.7863,181.9893,178.6552,170.1857,176.3164,181.9096,160.3428,165.9261,165.956,166.6128,167.21,175.4613,169.2717,167.667,171.7037,168.9826,178.9398,187.4816,181.0129,172.4612,161.9658,153.7329,151.1315,147.1945,143.688,128.9917,131.0484,136.28,139.7643,150.7167,159.2529,152.4539,154.5904,154.3907,156.2777,156.3076,152.6535,157.22,152.37,155.47,151.63,162.99,156.92,166.62,169.07,168.31,171.34,174.36],"consensus":[35.0207,8.6338,-32.9181,50.1294,73.1045,19.6832,60.4211,69.5613,60.3493,0.0,19.3401,73.7381,15.4392,65.0403,57.4061,23.5422,33.2005,-25.9937,26.3911,-8.5407,-12.0281,32.1423,40.8061,30.1236,51.9098,41.2499,-31.8946,-20.6322,-54.8421,-65.3974,-10.0831,-58.6829,-64.531,-16.5567,-37.9346,0.0,36.8259,13.2176,31.1404,0.0,30.7996,39.6891,0.0,31.6461,62.0285,45.2891,58.1754,59.2757,40.6707,14.6053,0.0,24.2044,27.2756,0.0,32.1141,33.316,42.727,0.0,0.0,-50.1099,16.7707,29.8472,-67.1029,0.0,-27.1238,-13.2515,0.0,41.7102,-26.6906,-19.6503,19.1536,-17.6092,47.9162,58.1043,0.0,-27.5401,-53.6013,-62.9392,-45.2125,-48.1154,-46.8723,-77.1406,-34.4065,-17.4663,-15.5155,39.0155,46.271,-13.8894,22.7592,13.2723,12.7433,14.1894,-14.1805,26.3656,-24.2136,8.2081,-19.7265,49.6702,-12.9961,50.2335,42.1865,14.549,33.0708,34.5672],"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":[38.1194,0.0,37.152,35.1382,45.3321,0.0,0.0,-44.6297,31.701,38.6069,-59.0177,0.0,-24.1085,-1.8581,0.0,40.1088,-30.6628,-25.5665,22.2194,-12.1056,46.2133,56.2151,0.0,-34.5731,-43.686,-57.374,-43.6322,-43.6725,-41.5068,-78.1628,-31.0392,-12.1399,-13.7058,35.5717,39.7516,-25.7588,15.2484,13.394,17.1441,13.1997,-17.0364,27.3075,-26.2522,5.8271,-21.0251,46.4503,-19.4518,45.5215,43.2579,9.1149,27.6858,32.7995],"force":[12.6485,0.0,24.5741,25.8934,36.8995,0.0,0.0,-78.4245,40.1053,38.3537,-97.6634,0.0,-15.8914,-2.6395,0.0,72.1948,-52.1338,-21.5728,30.0992,-22.9965,69.3678,71.1584,0.0,-54.4623,-80.7237,-81.3087,-29.799,-38.3876,-36.6701,-88.3358,-4.0611,-27.5469,-14.9179,73.9467,65.799,-44.9454,28.6026,9.8319,11.4367,7.831,-27.3068,33.7811,-44.619,13.612,-37.8822,76.0303,-42.6404,69.448,32.674,2.786,25.4517,28.0761],"direction":[25.3305,0.0,31.7421,36.5353,43.9123,0.0,0.0,-36.1482,16.96,13.76,-54.5141,0.0,-38.593,-37.6234,0.0,21.7657,-3.9773,-11.5155,7.8316,-20.051,34.5397,50.9391,0.0,-0.2723,-45.56,-56.1783,-58.0282,-60.1413,-60.2916,-67.9758,-65.7317,-55.7059,-39.3218,18.0004,39.7732,-21.8586,27.169,15.5907,8.647,19.8623,-1.5406,19.9925,-7.3086,7.0694,-5.2739,34.5215,-15.5564,41.8941,47.7567,33.1414,44.6674,41.2241],"intensity":[38.4615,26.9231,25.0,53.8462,25.0,34.6154,50.0,69.2308,50.0,50.0,98.0769,92.3077,48.0769,57.6923,57.6923,69.2308,50.0,42.3077,21.1538,3.8462,76.9231,71.1538,55.7692,78.8462,98.0769,78.8462,73.0769,32.6923,11.5385,96.1538,59.6154,38.4615,40.3846,86.5385,94.2308,55.7692,36.5385,7.6923,26.9231,1.9231,11.5385,28.8462,30.7692,5.7692,26.9231,88.4615,90.3846,78.8462,63.4615,76.9231,69.2308,7.6923],"confirmation":[76.1172,5.0546,77.9699,78.4071,81.4554,5.3642,25.3535,84.9816,32.1351,77.6769,90.5275,8.7009,76.3832,27.1596,25.1116,82.3007,54.5892,74.2565,51.7494,73.883,84.0129,87.02,31.5442,54.8595,86.1301,88.7852,82.0223,83.1682,82.77,93.0106,56.0887,32.8419,29.9142,81.602,83.5012,32.54,75.5755,72.1404,71.971,49.6953,50.2276,76.6486,53.6725,25.4942,52.1793,84.7469,30.9492,84.7321,81.1935,50.1379,78.4325,86.8906],"persistence":[87.5,75.0,75.0,75.0,75.0,62.5,62.5,37.5,37.5,50.0,25.0,12.5,12.5,25.0,25.0,0.0,25.0,50.0,25.0,37.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5,62.5,87.5,100.0,100.0,100.0,75.0,50.0,50.0,25.0,0.0,25.0,50.0,50.0,50.0,25.0,50.0,25.0,25.0,0.0,0.0,25.0,25.0,50.0,50.0],"assessmentRisk":[45.3965,3.9564,17.814,21.2365,25.2077,38.1529,5.3661,24.7108,57.7846,15.8301,15.8513,26.6203,30.9098,41.8878,37.5432,21.4322,33.5452,16.708,16.7534,25.6326,18.2969,20.2644,42.5436,40.5382,22.7121,18.5261,27.3801,25.8874,26.3105,11.3538,32.4708,36.823,16.7838,30.2031,26.8138,55.6599,36.9353,18.0217,27.9247,19.8305,7.6245,7.6791,21.2231,12.622,0.257,13.637,41.0582,23.1868,28.8031,31.6926,33.1124,28.0587],"volumeParticipation":true,"latest":{"consensus":34.6,"control":32.8,"force":28.1,"direction":41.2,"confirmation":86.9,"persistence":50.0,"assessmentRisk":28.1,"intensity":7.7,"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":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+34.6","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+32.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+28.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+41.2","detail":"Upward 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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