{"schema_version":"1.0","name":"0053M0 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"59bb1850-cbc6-4bf9-b453-f42b33215f3c","symbol":"0053M0","name":"THEJ mid-small Focus Active ETF","exchange":"KSC","country":"KR","asset_type":"etf","currency":"KRW","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains downward.","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, Activity pressure and cumulative balance, Drawdown and recovery pressure, 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":57,"displayedObservations":57,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-6.5,"sample":1},{"week":2,"averageReturn":-1.4,"sample":1},{"week":3,"averageReturn":-5.6,"sample":1},{"week":4,"averageReturn":-7.9,"sample":1},{"week":5,"averageReturn":-13.3,"sample":1},{"week":6,"averageReturn":-17.7,"sample":1},{"week":7,"averageReturn":-11.2,"sample":1},{"week":8,"averageReturn":-7.9,"sample":1},{"week":9,"averageReturn":-14.7,"sample":1},{"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}]},"priceAhead":{"label":"Price positive, Market Dynamics 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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}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.8,"sample":2},{"week":2,"averageReturn":4.7,"sample":2},{"week":3,"averageReturn":4.7,"sample":2},{"week":4,"averageReturn":3.6,"sample":2},{"week":5,"averageReturn":6.6,"sample":2},{"week":6,"averageReturn":7.5,"sample":2},{"week":7,"averageReturn":3.5,"sample":2},{"week":8,"averageReturn":1.7,"sample":2},{"week":9,"averageReturn":-4.1,"sample":2},{"week":10,"averageReturn":-0.8,"sample":2},{"week":11,"averageReturn":3.8,"sample":2},{"week":12,"averageReturn":-3.1,"sample":2},{"week":13,"averageReturn":2.1,"sample":1},{"week":14,"averageReturn":7.7,"sample":1},{"week":15,"averageReturn":3.1,"sample":1},{"week":16,"averageReturn":0.6,"sample":1},{"week":17,"averageReturn":-5.3,"sample":1},{"week":18,"averageReturn":-10.2,"sample":1},{"week":19,"averageReturn":-3.0,"sample":1},{"week":20,"averageReturn":0.5,"sample":1},{"week":21,"averageReturn":-6.8,"sample":1},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":18.0,"averageExpectedMove":18.0,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-4.5,"medianReturn":-4.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-18.0,"medianReturn":-18.0,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":5.2,"sample":1},{"week":2,"averageReturn":0.3,"sample":1},{"week":3,"averageReturn":1.7,"sample":1},{"week":4,"averageReturn":-4.5,"sample":1},{"week":5,"averageReturn":-4.3,"sample":1},{"week":6,"averageReturn":0.9,"sample":1},{"week":7,"averageReturn":-5.4,"sample":1},{"week":8,"averageReturn":-11.6,"sample":1},{"week":9,"averageReturn":-6.7,"sample":1},{"week":10,"averageReturn":-10.7,"sample":1},{"week":11,"averageReturn":-12.9,"sample":1},{"week":12,"averageReturn":-18.0,"sample":1},{"week":13,"averageReturn":-22.2,"sample":1},{"week":14,"averageReturn":-16.0,"sample":1},{"week":15,"averageReturn":-12.9,"sample":1},{"week":16,"averageReturn":-19.3,"sample":1},{"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":"Price and Market Dynamics remain aligned downward","use":"The downside remains supported until Market Dynamics repairs or price structure changes.","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":"negative","direction":"strengthening","zone":"accumulation","zoneContext":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price structure is downward","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":"Capital protection","title":"Treat agreement on the downside as a defensive condition","tone":"negative","approach":"Reduce the burden of proof for risk control and raise it for new long exposure. A short position still needs a defined entry, exit and maximum loss.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"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 1 cases. Distinct visits lasted 1.0 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 13.5% across 2 completed cases, with the largest move arriving after 4.0 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."},{"eyebrow":"Position management","title":"Size for the path, not only the eventual long reward","tone":"positive","finding":"Across 1 completed accumulation cycles, the average gross long opportunity was 35.1%, while the average adverse move was 0.0%.","approach":"Scale exposure only as confirmation improves, and keep enough risk capacity to survive the ticker's observed adverse path.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-02-13","price":12949.542969}],"reversal_warnings":[{"date":"2026-05-01","price":15495.0}],"reversal_dangers":[{"date":"2026-05-08","price":16300.0}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[9644.5322,9280.5879,9718.3047,9403.542,9177.3066,9339.6055,9275.6699,9949.459,10224.877,9841.2598,10210.1221,10229.7949,10121.5947,10593.7393,10893.748,10416.6855,10421.6035,9993.7227,10436.3584,10618.3301,10544.5576,10146.1855,10092.0859,10362.585,10746.2031,11336.3828,11970.8271,12949.543,12064.2725,12949.543,13859.4043,14262.6943,13544.6416,13244.6338,14100.3955,13421.6875,12649.5352,13913.5049,14823.3662,15388.9561,15495.0,16300.0,15545.0,15760.0,14795.0,14830.0,15630.0,14655.0,13705.0,14450.0,13840.0,13500.0,12710.0,12055.0,13015.0,13495.0,12505.0],"consensus":[-72.4138,-100.0,100.0,-17.2434,-56.8005,0.0,-19.2744,70.558,71.9805,-10.1783,64.7081,26.0301,0.0,76.1383,67.4618,-10.1845,9.2063,-39.7962,28.4813,36.2364,12.335,-25.0434,-26.9289,23.9325,55.3352,72.1397,75.1458,84.4585,0.0,72.4162,77.8313,73.0536,8.6559,16.7278,65.5665,-8.3991,-30.7706,60.0328,67.1887,67.1546,29.4579,54.5708,0.0,36.3414,-23.9152,0.0,37.8825,-28.5895,-39.5247,0.0,-28.3821,-32.7125,-48.8079,-47.0751,0.0,13.149,-45.9753],"supportDates":["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","2026-08-21"],"control":[0.0,-6.1355,60.7856,64.9464,-24.1205,66.2489,16.1674,0.0,70.576,63.5127,-24.5503,0.0035,-41.6986,43.5243,41.5103,13.2612,-32.9339,-27.6404,39.2122,56.9926,71.8111,74.2882,87.2173,0.0,68.6168,81.5889,69.1304,1.6817,20.8372,71.609,-0.4866,-26.9114,56.6313,69.1917,65.4469,17.4149,53.948,0.0,37.8179,-27.4458,0.0,52.0135,-27.7751,-39.7755,0.0,-20.914,-26.6064,-52.2536,-42.9852,0.0,21.823,-53.1015],"force":[0.0,-2.4216,96.8631,82.5922,-62.5016,59.3902,0.4896,0.0,91.5318,63.4504,-52.7534,6.7719,-54.3629,41.1777,33.7243,4.7162,-43.1295,-27.4019,39.2468,81.9201,91.3384,89.5013,95.8488,0.0,84.5122,78.6176,78.6323,49.7874,23.267,80.8175,-50.8909,-53.851,90.0008,86.411,78.6076,4.415,42.0256,0.0,27.7842,-46.7882,0.0,32.9127,-40.487,-32.4117,0.0,-18.5934,-25.0757,-36.291,-32.8097,0.0,35.7399,-48.5702],"direction":[0.0,-46.328,62.9371,72.4397,-43.1294,66.7458,56.2443,0.0,71.4998,74.8404,-36.64,31.145,-27.2173,2.2205,32.0035,23.456,-3.107,-25.7779,4.4688,34.4517,58.8021,65.8721,73.1698,0.0,68.1184,72.9754,73.5525,62.2155,40.5991,47.7672,-11.797,-18.6952,42.5145,51.1694,60.9256,61.1091,64.2433,0.0,40.7663,-3.5424,0.0,25.2828,-21.022,-44.3188,0.0,-43.9091,-45.1456,-53.8107,-61.9388,0.0,12.9005,-35.9776],"intensity":[60.0,16.6667,100.0,87.5,44.4444,40.0,27.2727,50.0,76.9231,78.5714,73.3333,12.5,76.4706,61.1111,10.5263,5.0,52.381,4.5455,26.087,54.1667,100.0,100.0,100.0,96.4286,96.5517,96.6667,67.7419,100.0,81.8182,94.1176,77.1429,83.3333,97.2973,94.7368,92.3077,75.0,78.0488,73.8095,95.3488,86.3636,91.1111,71.7391,85.1064,93.75,63.2653,48.0,50.9804,88.4615,100.0,92.3077,90.3846,78.8462],"confirmation":[3.7069,28.5211,91.5292,91.4644,36.5068,88.5211,53.1095,27.5166,92.9181,89.5257,34.8207,26.7115,81.1497,54.6051,79.4387,49.7529,53.7782,76.6208,54.179,86.4922,91.6748,92.4972,95.3318,13.8998,91.5997,92.8727,91.607,12.1264,31.7017,89.354,6.7386,78.6088,88.1756,90.0557,89.8645,54.1802,85.0898,33.6668,79.346,53.6295,48.1864,79.7556,77.5236,80.4273,28.7977,76.8978,78.3283,83.1846,82.6916,31.5323,30.1828,90.6826],"persistence":[50.0,57.1429,37.5,12.5,12.5,12.5,12.5,25.0,37.5,62.5,37.5,37.5,37.5,37.5,37.5,50.0,25.0,0.0,25.0,25.0,50.0,50.0,50.0,37.5,62.5,87.5,87.5,87.5,87.5,87.5,62.5,50.0,50.0,50.0,50.0,50.0,50.0,37.5,62.5,62.5,50.0,50.0,25.0,0.0,12.5,25.0,50.0,50.0,62.5,75.0,50.0,50.0],"assessmentRisk":[9.3601,36.1468,9.8452,13.7494,49.2139,17.1038,20.7263,18.6881,10.7822,14.9393,30.0648,31.8089,27.1717,57.0838,7.5714,12.3363,34.1347,26.641,46.2736,0.2395,13.8231,12.4238,7.7701,47.77,13.5778,11.0102,12.8158,45.02,14.3912,13.6136,38.8989,27.3734,5.3384,3.0088,15.8128,35.2231,22.6154,37.107,6.2121,24.631,45.6123,13.1526,30.4639,24.3556,26.4157,35.1117,30.4778,20.7402,26.3821,41.4784,6.9309,9.22],"volumeParticipation":true,"latest":{"consensus":-46.0,"control":-53.1,"force":-48.6,"direction":-36.0,"confirmation":90.7,"persistence":50.0,"assessmentRisk":9.2,"intensity":78.8,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-46.0","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-53.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-48.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-36.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"91/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"44.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"9.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"22.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"28%","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 trend references are aligned downward.","series":[{"label":"Close","values":[9644.5322,9280.5879,9718.3047,9403.542,9177.3066,9339.6055,9275.6699,9949.459,10224.877,9841.2598,10210.1221,10229.7949,10121.5947,10593.7393,10893.748,10416.6855,10421.6035,9993.7227,10436.3584,10618.3301,10544.5576,10146.1855,10092.0859,10362.585,10746.2031,11336.3828,11970.8271,12949.543,12064.2725,12949.543,13859.4043,14262.6943,13544.6416,13244.6338,14100.3955,13421.6875,12649.5352,13913.5049,14823.3662,15388.9561,15495.0,16300.0,15545.0,15760.0,14795.0,14830.0,15630.0,14655.0,13705.0,14450.0,13840.0,13500.0,12710.0,12055.0,13015.0,13495.0,12505.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9496.4686,9467.948,9432.9884,9526.8921,9653.7985,9687.8823,9782.835,9864.1004,9910.9176,10035.067,10191.1908,10232.1899,10266.6287,10217.0094,10256.8911,10322.6072,10362.9619,10323.548,10281.464,10296.2132,10378.0296,10552.2756,10810.1941,11199.1666,11356.4586,11646.1103,12048.5274,12451.1032,12649.9284,12758.0566,13002.1182,13078.4036,13000.4275,13166.4416,13467.7006,13817.0198,14122.1071,14518.0876,14704.799,14896.6537,14878.1712,14869.4128,15007.7014,14943.5739,14718.3786,14669.5825,14518.7493,14333.5222,14038.3363,13677.7297,13557.2334,13545.9182,13356.6604],"stroke":"#176fa3","width":1.7},{"label":"Slow 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envelope","values":[null,null,null,null,null,null,null,null,null,8929.1716,8920.7752,8927.9239,8955.9492,8921.1235,8858.2569,8888.1503,8918.2498,8949.9136,8976.2454,8991.5471,9021.7771,9125.4546,9158.5364,9256.3662,9417.0289,9485.1973,9481.3857,9174.5996,9145.5982,9070.7466,8852.8034,8677.7997,8716.4473,8763.2135,8728.6665,8850.5556,9017.8852,9243.0326,9356.1995,9439.5683,9601.8173,9833.7808,10270.9805,10722.8582,11223.3344,11648.9288,11949.8358,12112.1408,12427.7438,12622.6522,12620.3141,12533.1847,12380.4345,12126.7804,11997.2617,12006.4009,11977.5219],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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","2026-08-21"]},{"key":"impulse","eyebrow":"Price 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,124.1475,172.5612,232.4579,238.6802,241.2276,206.3414,211.9674,228.4759,232.9213,201.9707,171.1044,166.5498,191.6854,256.2739,354.5679,505.6124,547.5703,644.823,786.2513,920.2681,957.499,951.8247,1004.7978,980.7084,889.0625,907.9579,984.9965,1079.2475,1149.2512,1255.217,1263.7063,1273.1072,1188.9842,1112.3182,1103.3939,1006.0499,842.5348,764.2533,645.5513,518.0719,349.271,160.7885,87.8659,68.0222,-27.2745],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,184.71,189.0363,193.6225,200.5932,207.0588,206.0412,199.0538,192.553,192.3795,205.1584,235.0403,289.1547,340.8378,401.6349,478.5581,566.9001,645.0199,706.3809,766.0642,808.9931,825.007,841.5972,870.277,912.0711,959.5071,1018.6491,1067.6605,1108.7499,1124.7967,1122.301,1118.5196,1096.0257,1045.3275,989.1127,920.4004,839.9347,741.8019,625.5993,518.0526,428.0465,336.9823],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,56.5176,17.3051,18.3449,27.8827,25.8624,-4.0705,-27.9494,-26.0032,-0.6941,51.1155,119.5276,216.4577,206.7324,243.1881,307.6931,353.3679,312.4791,245.4438,238.7336,171.7153,64.0556,66.3608,114.7194,167.1764,189.7441,236.5679,196.0457,164.3573,64.1875,-9.9828,-15.1257,-89.9758,-202.7927,-224.8593,-274.8491,-321.8628,-392.531,-464.8107,-430.1866,-360.0244,-364.2568],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","2026-08-21"]},{"key":"participation","eyebrow":"Participation","title":"Activity 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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,-3.7736,0.0,-3.2389,-5.5668,-3.8968,-4.5547,0.0,0.0,-3.7518,-0.1443,0.0,-1.0577,0.0,0.0,-4.3792,-4.3341,-8.2619,-4.1986,-2.5282,-3.2054,-6.8623,-7.3589,-4.8759,-1.3544,0.0,0.0,0.0,-6.8363,0.0,0.0,0.0,-5.0345,-7.1379,-1.1379,-5.8965,-11.3103,-2.4483,0.0,0.0,0.0,0.0,-4.6319,-3.3129,-9.2331,-9.0184,-4.1104,-10.092,-15.9202,-11.3497,-15.092,-17.1779,-22.0245,-26.0429,-20.1534,-17.2086,-23.2822],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,8.4137,11.4148,7.2347,11.254,11.4684,10.2894,15.4341,18.7031,13.5048,13.5584,8.896,13.7192,15.702,14.8982,10.5573,9.9678,12.9153,17.0954,23.5263,30.4394,41.104,31.4577,41.104,49.4167,53.7646,37.6312,34.5827,43.2784,34.3012,26.5748,39.2224,48.3268,53.9862,55.0473,63.1024,55.5476,56.162,46.6,46.9468,54.8738,45.2128,32.2546,34.4661,22.0848,12.7742,5.3524,0.0,7.9635,11.9453,3.7329],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,3.6596,3.5691,4.1978,4.4118,4.7677,4.5895,4.4698,4.4062,4.6052,4.4872,4.2444,4.0914,4.029,4.0976,4.1033,4.9022,4.8621,4.7102,4.6639,5.8156,6.1618,5.8428,6.2756,6.7913,6.5286,6.3158,6.0327,5.8899,5.8016,6.175,6.4398,7.2509,7.0278,6.5802,7.1284,7.7504,7.2657,7.5679,8.1435,8.6303,9.7558,9.1235,8.4404,9.1292],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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