{"schema_version":"1.0","name":"SP1 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"621a9b61-34b5-4dc8-944b-1f0c0c324f40","symbol":"SP1","name":"Legal & General Ucits ETF PLC - L&G SandP 100 UCITS ETF","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Range pressure and compression, Directional strength and control, Range position and boundary pressure, Activity pressure and cumulative balance, 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":49,"displayedObservations":49,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.178236,-0.226493,-0.066942,0.174149,0.465438,0.803071,1.01326,1.11872,1.161017,1.140998,1.022167,0.928758,0.809622,0.795359,0.927597,0.968235,0.965384,0.742587,0.559131,0.317717,0.11906],"opens":[8.328,8.453,8.741,9.062,9.2,9.336,9.617,9.695,9.903,9.855,9.695,9.87,9.692,9.874,9.949,9.903,9.932,9.819,9.972,10.218,10.186],"highs":[8.51,8.747,9.109,9.202,9.239,9.575,9.846,9.86,9.925,9.855,9.695,9.87,9.692,9.874,9.984,10.072,10.034,9.852,10.256,10.218,10.186],"lows":[8.328,8.453,8.741,9.062,9.2,9.316,9.591,9.679,9.85,9.855,9.695,9.87,9.692,9.874,9.949,9.888,9.802,9.678,9.972,10.156,9.933],"closes":[8.51,8.747,9.109,9.202,9.234,9.575,9.796,9.86,9.925,9.855,9.695,9.87,9.692,9.874,9.984,9.888,9.861,9.755,10.206,10.162,9.956],"hoverRows":[[{"label":"Open","value":"8.33","className":"is-ohlc","compact":true},{"label":"High","value":"8.51","className":"is-ohlc","compact":true},{"label":"Low","value":"8.33","className":"is-ohlc","compact":true},{"label":"Close","value":"8.51","className":"is-ohlc","compact":true},{"label":"Market 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easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.82","className":"is-ohlc","compact":true},{"label":"High","value":"9.85","className":"is-ohlc","compact":true},{"label":"Low","value":"9.68","className":"is-ohlc","compact":true},{"label":"Close","value":"9.76","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.74","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.97","className":"is-ohlc","compact":true},{"label":"High","value":"10.3","className":"is-ohlc","compact":true},{"label":"Low","value":"9.97","className":"is-ohlc","compact":true},{"label":"Close","value":"10.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.56","note":"Supportive but 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easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[8.40824,10.30776],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.11906,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"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":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics eased this week but remains positive.","tone":"negative"},{"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. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":9.575}],"reversal_dangers":[{"date":"2026-08-07","price":10.206},{"date":"2026-08-14","price":10.162}]}},"smTape":{"available":true,"dates":["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":[8.607,8.611,8.727,8.729,8.65,8.918,9.134,8.806,8.94,8.773,9.039,9.064,8.883,8.916,8.98,8.92,9.102,9.073,8.907,8.844,8.799,8.64,8.737,8.674,8.756,8.75,8.502,8.297,8.51,8.747,9.109,9.202,9.234,9.575,9.796,9.86,9.925,9.855,9.695,9.87,9.692,9.874,9.984,9.888,9.861,9.755,10.206,10.162,9.956],"consensus":[100.0,-100.0,51.7241,-100.0,0.0,79.5845,76.5776,-12.525,50.4233,-38.6453,52.3457,57.3439,-28.1748,37.1677,34.7489,-22.7428,71.3102,23.1651,-32.38,-17.8864,-31.7134,-62.9104,0.0,-53.4963,0.0,-8.8407,-74.281,-80.8926,8.844,38.879,65.5324,62.2578,55.6595,79.0533,80.0447,67.5283,65.9477,36.4812,11.9137,44.4678,0.0,42.0189,70.421,0.0,13.3282,-20.6773,73.2933,19.1799,18.6899],"supportDates":["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":[null,null,null,null,null,89.3494,82.364,-32.7833,28.5594,-38.8281,77.5614,60.1449,-34.6662,28.7007,54.0799,-22.8808,75.0173,23.8775,-24.2624,-10.1031,-24.6324,-68.4237,0.0,-48.629,0.0,-16.7991,-71.8334,-82.6832,22.6379,46.1644,73.6106,72.8893,56.5312,89.5865,77.8708,74.7297,68.1733,27.2957,14.9951,51.1087,0.0,49.4511,70.667,0.0,6.1177,-9.5554,76.7692,6.363,23.6417],"force":[100.0,-100.0,51.7241,-100.0,0.0,57.7952,50.519,-51.1262,60.2194,-58.1948,43.3287,32.3121,-54.754,49.0759,26.067,-40.4368,91.3456,10.213,-66.3541,-13.1202,-24.0843,-58.3862,0.0,-64.6003,0.0,-0.2234,-96.6191,-94.4409,74.4785,71.889,64.665,45.3828,41.3273,70.7649,87.8445,41.7089,44.605,2.0248,27.7254,23.973,0.0,24.9236,78.8354,0.0,19.5407,-66.3008,91.0377,12.3507,75.6656],"direction":[null,null,null,null,0.0,83.9885,88.5779,-38.1996,68.4134,-24.4726,29.9685,72.0224,-1.7709,38.3384,18.8578,-9.9464,52.7625,46.1923,-17.39,-30.1861,-45.2552,-59.8409,0.0,-51.1275,0.0,-5.9006,-61.1225,-69.1688,53.8024,6.9743,56.9197,62.161,64.9005,72.9356,76.9579,77.7405,78.6488,74.4833,36.7058,51.5174,0.0,45.736,64.1295,0.0,45.0467,-0.7999,56.6462,56.3497,27.6662],"intensity":[null,null,null,null,50.0,100.0,83.3333,100.0,62.5,66.6667,80.0,18.1818,58.3333,53.8462,57.1429,6.6667,68.75,5.8824,61.1111,26.3158,35.0,61.9048,31.8182,17.3913,20.8333,8.0,84.6154,81.4815,78.5714,82.7586,100.0,93.5484,46.875,96.9697,88.2353,20.0,58.3333,13.5135,55.2632,61.5385,62.5,68.2927,33.3333,23.2558,18.1818,71.1111,100.0,70.2128,77.0833],"confirmation":[54.6667,54.6667,39.2184,54.6667,16.4114,92.6542,91.6225,35.6916,84.7672,80.9595,84.0916,85.5445,55.0604,80.3856,78.5605,75.8148,91.3734,31.2302,79.5207,73.697,78.0237,87.9094,35.8807,85.5314,30.8899,25.1118,92.488,94.2712,38.7647,58.6696,88.8208,87.2462,85.361,92.8839,93.8851,88.7124,88.4189,56.4057,31.1388,81.5039,29.0549,80.8118,90.7874,11.5118,7.5419,53.51,91.9417,8.0068,44.2105],"persistence":[null,null,33.3333,0.0,0.0,16.6667,28.5714,12.5,12.5,12.5,12.5,37.5,25.0,25.0,25.0,25.0,25.0,50.0,25.0,0.0,0.0,25.0,37.5,37.5,50.0,75.0,75.0,75.0,50.0,25.0,12.5,12.5,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,75.0,75.0,50.0,50.0,50.0,37.5],"assessmentRisk":[null,null,null,null,30.4692,9.6076,11.5722,25.9293,21.1682,14.1508,49.7641,16.2,1.2257,15.3357,33.7677,22.7406,6.444,23.9737,4.0796,13.3845,33.1414,18.4032,46.3484,19.6907,17.3996,45.195,11.2654,9.3766,51.6451,20.4703,17.122,18.8682,22.1489,10.4582,9.9261,16.1647,16.9862,27.3428,30.0365,19.293,45.1786,15.271,12.1385,8.0172,33.9447,21.9617,6.219,36.7885,33.7898],"volumeParticipation":true,"latest":{"consensus":18.7,"control":23.6,"force":75.7,"direction":27.7,"confirmation":44.2,"persistence":37.5,"assessmentRisk":33.8,"intensity":77.1,"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 strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+18.7","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+23.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+75.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+27.7","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"44/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"60.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"29.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"85%","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 upward.","series":[{"label":"Close","values":[8.607,8.611,8.727,8.729,8.65,8.918,9.134,8.806,8.94,8.773,9.039,9.064,8.883,8.916,8.98,8.92,9.102,9.073,8.907,8.844,8.799,8.64,8.737,8.674,8.756,8.75,8.502,8.297,8.51,8.747,9.109,9.202,9.234,9.575,9.796,9.86,9.925,9.855,9.695,9.87,9.692,9.874,9.984,9.888,9.861,9.755,10.206,10.162,9.956],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,8.648,8.6971,8.7765,8.7819,8.8106,8.8038,8.8465,8.8861,8.8855,8.8911,8.9072,8.9096,8.9445,8.9679,8.9568,8.9363,8.9113,8.862,8.8393,8.8092,8.7996,8.7905,8.7381,8.6579,8.631,8.6521,8.7352,8.82,8.8953,9.0189,9.1602,9.2874,9.4033,9.4855,9.5236,9.5865,9.6057,9.6545,9.7144,9.746,9.7669,9.7647,9.845,9.9026,9.9123],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,1.4666,1.403,1.3628,1.3814,1.3971,1.5155,1.5635,1.6386,1.7265,1.7064,1.699,1.7007,1.6334,1.7768,1.899,1.898,1.9548,2.0316,1.9761,1.8587,1.9189,1.9392,1.9201,1.8253,1.7577,1.777,1.7474,1.7836,1.7573,1.6925,1.7198,1.7694,1.7948,1.9436,1.8562,1.9408],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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