{"schema_version":"1.0","name":"SPC3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"5f5c84a2-2b6a-4bc4-acc3-2ab02a9f2fb5","symbol":"SPC3","name":"iShares S&P 500 3% Capped UCITS ETF USD Dist","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","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, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, Range pressure and compression, Strength versus the research benchmark."},{"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":68,"displayedObservations":68,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.348262,0.490955,0.464339,0.356217,0.329622,0.109535,-0.158257,-0.204376,-0.204158,-0.29937,-0.388368,-0.6555,-0.900606,-0.970551,-0.816634,-0.726214,-0.751781,-0.773129,-0.985261,-1.040783,-0.928222,-0.699558,-0.366652,0.10144,0.47386,0.760699,1.029771,1.061296,1.118307,1.122162,1.042245,1.023434,1.050738,1.030492,0.851767,0.626137,0.284714,0.071127,0.0324,-0.083769],"opens":[4.702653,4.714843,4.76833,4.754897,4.749174,4.737731,4.745671,4.744945,4.810871,4.775047,4.72753,4.765594,4.76634,4.726784,4.75425,4.82275,4.679,4.721,4.61725,4.564,4.65975,4.75575,4.902,4.913,4.98525,5.0385,5.0875,5.197,5.2255,5.177,5.3185,5.291,5.2935,5.2925,5.180365,5.2099,5.195798,5.232636,5.3604,5.345145],"highs":[4.708126,4.778779,4.772311,4.757633,4.749174,4.739472,4.749921,4.830276,4.838735,4.775047,4.72753,4.765594,4.787287,4.79175,4.80525,4.82275,4.75375,4.73025,4.64725,4.6765,4.76225,4.91175,4.93675,4.95875,5.0255,5.1495,5.1745,5.2295,5.2255,5.2125,5.3185,5.291,5.2995,5.2925,5.180365,5.237615,5.235,5.357,5.3866,5.345145],"lows":[4.635732,4.709121,4.732506,4.74196,4.694692,4.737482,4.700663,4.737432,4.790223,4.757135,4.682004,4.716087,4.70937,4.726784,4.75425,4.7875,4.679,4.6165,4.55325,4.5215,4.65975,4.75575,4.902,4.90475,4.98525,5.0385,5.0695,5.197,5.2255,5.172,5.3185,5.291,5.2935,5.2925,5.180365,5.189824,5.107185,5.232636,5.3545,5.2495],"closes":[4.635732,4.778779,4.772311,4.743452,4.742208,4.737482,4.700663,4.827042,4.838735,4.757384,4.70738,4.742706,4.737731,4.787,4.80525,4.81275,4.7195,4.62275,4.55325,4.6765,4.76225,4.91175,4.92925,4.95875,5.0255,5.1495,5.1745,5.2295,5.2255,5.2125,5.3185,5.291,5.2995,5.2925,5.180365,5.211728,5.1665,5.329215,5.3735,5.2495],"hoverRows":[[{"label":"Open","value":"4.70","className":"is-ohlc","compact":true},{"label":"High","value":"4.71","className":"is-ohlc","compact":true},{"label":"Low","value":"4.64","className":"is-ohlc","compact":true},{"label":"Close","value":"4.64","className":"is-ohlc","compact":true},{"label":"Market 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week","detail":"Market Dynamics weakened this week and remains below zero."},"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":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","detail":"Market Dynamics weakened this week and 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":"Lagging price","detail":"Price is extended relative to Market Dynamics. 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support","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":33.3,"averageReturn":5.2,"sample":3},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"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."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 33.3% of comparable cases moved lower after 12 weeks, with an average move of 5.2% across 3 cases.","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 unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 4.6% across 3 completed cases, with the largest move arriving after 5.7 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-15","price":5.1495}],"reversal_dangers":[{"date":"2026-06-19","price":5.3185}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[4.0203,4.1755,4.0412,4.1213,4.1606,4.1561,4.1655,4.216,4.2792,4.3238,4.3601,4.4193,4.3735,4.3889,4.3942,4.437,4.4317,4.4457,4.5099,4.5663,4.5795,4.6278,4.5957,4.58,4.6726,4.7753,4.6596,4.7365,4.6357,4.7788,4.7723,4.7435,4.7422,4.7375,4.7007,4.827,4.8387,4.7574,4.7074,4.7427,4.7377,4.787,4.8053,4.8128,4.7195,4.6227,4.5533,4.6765,4.7622,4.9117,4.9292,4.9588,5.0255,5.1495,5.1745,5.2295,5.2255,5.2125,5.3185,5.291,5.2995,5.2925,5.1804,5.2117,5.1665,5.3292,5.3735,5.2495],"consensus":[-100.0,100.0,-100.0,71.0125,17.0376,-9.4022,0.0,20.4783,15.5772,23.3963,23.8148,28.9154,0.0,0.0,0.0,23.8948,0.0,0.0,29.7796,28.2111,0.0,31.9409,0.0,0.0,33.4166,29.9014,0.0,12.7761,-15.4046,35.7463,28.7213,0.0,20.6341,0.0,-21.5787,51.7818,34.1094,-14.2007,-10.6905,0.0,-11.0905,26.9479,31.0563,20.7347,-25.3227,-60.9058,-56.6135,19.6041,34.2739,60.0733,43.6303,57.1665,59.849,70.4882,64.2503,61.7236,39.4968,47.2723,51.6279,31.1468,49.6101,33.8119,-13.7424,10.3818,-19.8307,51.3048,44.5844,-16.484],"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":[0.0,0.0,36.7573,38.1181,0.0,41.2182,0.0,0.0,46.2079,33.4156,0.0,4.4488,-24.7521,53.2684,36.7117,0.0,24.3733,0.0,-22.3686,54.3375,42.7873,-25.6841,-10.5356,0.0,-5.1885,37.3987,38.2493,22.4232,-16.887,-56.0507,-62.5373,30.4359,44.8535,69.2713,47.6346,60.6381,70.2219,83.0879,68.2147,71.2722,33.6715,55.6364,53.0576,27.2808,58.3652,30.2965,-10.4541,23.3211,-15.2894,66.9444,48.1858,-32.0349],"force":[0.0,0.0,34.4888,20.2432,0.0,21.5653,0.0,0.0,23.7524,15.6403,0.0,0.8613,-25.9299,27.7377,16.1911,0.0,12.6949,0.0,-42.0059,78.0561,23.3876,-26.343,-17.7362,0.0,-16.4574,29.0864,28.1519,14.9724,-52.409,-85.6265,-44.7536,72.3067,43.6274,59.3922,24.7894,54.7953,43.5569,57.2074,54.9573,36.6775,9.1949,19.6543,27.1842,0.5577,22.1228,6.0512,-29.1459,0.3295,-26.0747,42.2084,24.543,-37.7105],"direction":[0.0,0.0,18.4414,22.5803,0.0,28.7493,0.0,0.0,25.7009,36.0716,0.0,30.8034,-2.7962,21.4414,28.5397,0.0,22.0317,0.0,-6.0851,30.0937,31.8503,-7.5961,-5.8347,0.0,-14.0023,13.4766,24.9103,22.9209,-15.6161,-48.7968,-58.3147,30.4198,15.5018,50.0479,52.5118,54.8927,59.6316,65.5749,66.3574,68.7008,67.7984,57.4405,67.4537,58.2112,59.2381,57.6587,-6.4981,3.2449,-20.5609,39.9286,54.7838,-16.4502],"intensity":[18.75,11.7647,72.2222,52.6316,90.0,38.0952,50.0,34.7826,87.5,92.0,88.4615,70.3704,85.7143,96.5517,13.3333,16.129,34.375,30.303,20.5882,91.4286,50.0,72.973,65.7895,23.0769,10.0,41.4634,14.2857,20.9302,86.3636,82.2222,76.087,89.3617,95.8333,97.9592,96.0,15.6863,65.3846,86.5385,19.2308,92.3077,13.4615,50.0,98.0769,11.5385,1.9231,1.9231,78.8462,51.9231,65.3846,100.0,78.8462,82.6923],"confirmation":[2.6229,24.3669,77.5667,76.6338,26.6982,77.7635,27.0857,26.6294,78.2039,77.0803,29.258,26.5188,51.0377,78.9277,76.6872,3.7741,74.304,48.8683,52.849,85.332,78.456,51.6931,48.9714,2.0143,49.1358,76.5292,77.7399,74.4338,77.0573,88.3172,85.6646,36.8707,79.0915,87.0626,81.3265,86.1681,86.4971,89.9595,88.2165,86.8427,79.8042,82.158,83.7542,54.512,82.9041,55.3607,50.2505,25.5355,74.6053,83.902,81.6013,22.9398],"persistence":[50.0,37.5,37.5,37.5,37.5,50.0,50.0,37.5,50.0,62.5,50.0,50.0,37.5,37.5,50.0,50.0,50.0,37.5,25.0,25.0,50.0,25.0,0.0,0.0,25.0,12.5,12.5,12.5,12.5,12.5,12.5,0.0,25.0,25.0,25.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,50.0,50.0,25.0],"assessmentRisk":[48.0006,45.086,35.0553,35.8689,48.0557,34.029,49.2626,20.6426,32.5156,34.9941,44.659,43.1931,17.5796,15.5191,31.0292,5.3216,34.3448,21.7873,26.4636,13.0772,24.8332,19.1717,9.6972,41.5125,39.6635,8.7622,32.6357,34.166,3.3266,19.1089,21.6614,57.5837,11.0243,19.8986,28.1806,21.3756,19.9986,14.5358,17.6956,19.0436,29.6575,11.918,23.2953,24.6408,19.3722,28.2232,42.2709,49.028,38.8411,1.9965,27.4287,31.3322],"volumeParticipation":true,"latest":{"consensus":-16.5,"control":-32.0,"force":-37.7,"direction":-16.5,"confirmation":22.9,"persistence":25.0,"assessmentRisk":31.3,"intensity":82.7,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"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":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-16.5","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-32.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-37.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-16.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"23/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"60.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"26.7","detail":"Directional","tone":"positive"},{"label":"Range position","value":"84%","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 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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,0.0,0.0,0.0,550.0,0.0,0.0,0.0,0.0,0.0,0.0,1461.5688,1064.9545,580.2128,386.8472,563.6947,113.6152,916.3886,114.5187,0.0,0.0,0.0,0.0,0.0,0.0,7.3459,105.9567,6.9326,201.9866,225.9462,58.6422,0.0,43.8404,0.0,95.5231,0.0,0.0,1.1083,115.7128,111.6822,0.0,60.4183,0.0,0.0,0.0,325.6672,0.0,0.0,460.0804,0.0,0.0,308.6817,0.0,0.0,51.7391,0.0,0.0,34.4332,79.0745,155.5844,146.0274,248.0153],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,132.928,102.0833,106.172,106.172,106.172,106.172,106.172,106.172,106.172,105.9109,101.9352,101.6741,93.2143,103.8829,106.7355,106.7355,104.853,104.853,101.0881,101.0881,101.0881,101.1081,99.1341,97.1161,97.1161,98.2418,98.2418,98.2418,98.2418,105.4391,105.4391,105.4391,114.8514,114.8514,114.8514,109.8516,109.8516,109.8516,110.5619,110.5619,110.5619,111.0425,109.9745,112.0829,114.2176,110.2381],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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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,14.7533,19.5149,22.8703,25.6073,30.0689,26.6196,27.782,28.1756,31.3999,31.0062,32.0561,36.8926,41.148,42.1416,45.7783,43.3601,42.179,49.1527,56.8949,81.7494,91.1313,76.4441,96.451,95.1772,90.8063,90.2772,88.4234,80.2845,99.3744,100.0,82.5133,71.6129,78.3994,77.2294,87.5027,91.8426,93.1876,66.2477,16.6811,0.0,48.8597,75.8901,100.0,98.1939,100.0,100.0,100.0,100.0,100.0,99.435,97.5989,100.0,96.5496,97.6161,96.7378,82.6681,86.6033,80.9285,96.6744,98.4857,84.1521],"stroke":"#10243b","width":2.0},{"label":"From 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