{"schema_version":"1.0","name":"412A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"64b48d09-2e32-4bf2-ab51-45c40c5f18aa","symbol":"412A","name":"NEXT FUNDS TIP FactSet Taiwan Innovative Technology 50 Index ETF","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Directional strength and control, Acceleration, deceleration and rollover, Range pressure and compression, Drawdown and recovery pressure."},{"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":35,"displayedObservations":35,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.077091,-0.197698,-0.321274,-0.436583,-0.573764,-0.598321,-0.622156],"opens":[4698.0,4326.0,4100.0,4264.0,3962.0,4159.0,4537.0],"highs":[4731.0,4404.0,4487.0,4284.0,4275.0,4520.0,4538.0],"lows":[4650.0,4003.0,4031.0,3577.0,3900.0,4159.0,4200.0],"closes":[4728.0,4129.0,4289.0,4071.0,4154.0,4498.0,4220.0],"hoverRows":[[{"label":"Open","value":"4,698","className":"is-ohlc","compact":true},{"label":"High","value":"4,731","className":"is-ohlc","compact":true},{"label":"Low","value":"4,650","className":"is-ohlc","compact":true},{"label":"Close","value":"4,728","className":"is-ohlc","compact":true},{"label":"Market 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Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics weakened this week and remains below zero.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation 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Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly 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 has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"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."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[2245.1643,2276.2932,2448.4744,2556.4524,2723.7695,2655.6753,2668.3215,2790.8911,2806.4556,2991.2827,2855.0942,2869.6858,2782.1362,2883.3047,2850.2305,3163.0,3465.0,3848.0,4101.0,4170.0,4124.0,4315.0,4780.0,4752.0,4550.0,4907.0,4530.0,4820.0,4728.0,4129.0,4289.0,4071.0,4154.0,4498.0,4220.0],"consensus":[93.8461,56.8627,56.1645,40.9867,81.735,20.5252,47.4296,72.688,39.3961,80.3922,0.0,41.9613,-9.2261,30.0365,12.5258,76.1956,77.262,83.3952,77.5048,46.8336,24.324,76.052,77.6055,38.4372,14.2837,54.2049,-13.0999,56.4878,35.425,-49.8727,0.0,-40.2699,0.0,46.2281,-31.5199],"supportDates":["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,4.5043,40.9093,66.0276,27.7094,73.1689,0.0,38.1473,-14.2957,38.3225,12.2605,72.2599,77.2877,85.5658,73.7778,29.5008,11.1646,75.0649,74.1203,32.4835,4.4403,50.9065,-16.2476,73.7301,42.8505,-42.7292,0.0,-23.5005,0.0,48.889,-36.0929],"force":[93.8461,56.8627,56.1645,40.9867,56.2168,23.1208,16.0496,72.0972,14.7253,88.3529,0.0,29.5376,-42.8535,29.357,7.3638,85.03,92.5826,94.5414,84.8642,32.0004,20.4455,85.4129,87.944,1.6708,25.8243,39.5216,-58.2475,44.1646,8.6692,-79.9149,0.0,-65.8356,0.0,67.9938,-47.1271],"direction":[null,null,null,null,99.9623,80.3061,77.2957,80.722,70.3744,82.9611,0.0,55.1942,-20.5872,21.0521,27.0358,74.3834,66.2894,72.953,76.5077,77.2376,71.3416,70.4939,74.2039,71.5031,64.3311,68.4626,-22.7456,45.5848,46.05,-36.578,0.0,-41.1737,0.0,27.6403,-15.1456],"intensity":[null,null,null,null,75.0,60.0,33.3333,71.4286,25.0,100.0,60.0,54.5455,66.6667,30.7692,21.4286,100.0,100.0,94.1176,94.4444,78.9474,100.0,95.2381,100.0,52.1739,66.6667,76.0,76.9231,66.6667,14.2857,96.5517,40.0,87.0968,68.75,69.697,58.8235],"confirmation":[52.6974,40.8627,40.6393,35.7824,70.322,11.5127,82.3205,91.3436,80.033,94.0782,14.2833,81.1071,30.9585,77.4647,50.3104,92.7118,93.1904,94.9931,93.0826,82.7988,33.6482,92.637,93.2019,56.6035,10.0902,84.9483,33.039,85.4378,78.4074,84.9837,28.9591,81.9211,5.678,83.4158,55.0],"persistence":[null,null,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,37.5,12.5,0.0,0.0,0.0],"assessmentRisk":[null,null,null,null,9.1325,39.7139,25.6575,13.3189,19.1191,9.7719,43.8649,12.108,6.9962,54.6874,8.6393,11.1255,11.3642,8.3018,11.2476,26.583,37.8084,11.6648,11.1292,30.6476,41.5619,22.6701,32.1843,14.508,13.3848,24.4718,37.7843,29.2948,45.3615,18.7663,4.8297],"volumeParticipation":true,"latest":{"consensus":-31.5,"control":-36.1,"force":-47.1,"direction":-15.1,"confirmation":55.0,"persistence":0.0,"assessmentRisk":4.8,"intensity":58.8,"evidenceDepth":100},"analysis":{"status":"Completed tape has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-31.5","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-36.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-47.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-15.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"55.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"8.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"42.3","detail":"Directional","tone":"positive"},{"label":"Range position","value":"67%","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 is rotating through its trend references.","series":[{"label":"Close","values":[2245.1643,2276.2932,2448.4744,2556.4524,2723.7695,2655.6753,2668.3215,2790.8911,2806.4556,2991.2827,2855.0942,2869.6858,2782.1362,2883.3047,2850.2305,3163.0,3465.0,3848.0,4101.0,4170.0,4124.0,4315.0,4780.0,4752.0,4550.0,4907.0,4530.0,4820.0,4728.0,4129.0,4289.0,4071.0,4154.0,4498.0,4220.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,2406.3362,2451.6705,2491.0616,2545.5761,2593.0087,2665.4222,2699.908,2730.7767,2740.1148,2766.1493,2781.4368,2850.8119,2962.4825,3123.4857,3301.2155,3459.1764,3580.0534,3713.68,3907.5564,4061.0916,4149.984,4287.6233,4331.6918,4420.4751,4476.3887,4413.2271,4390.6404,4332.5239,4300.065,4336.0532,4314.9526],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,2544.6036,2569.6925,2590.4731,2632.8825,2694.5209,2779.9638,2877.8183,2973.5355,3058.7551,3151.8102,3272.4169,3382.0156,3468.533,3575.0861,3645.8205,3732.7967,3806.5155,3830.4032,3864.3734,3879.679,3899.9991,3944.2955,3964.718],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,3067.123,3089.25,3107.9301,3104.9364,3118.9294,3123.5522,3197.2302,3344.2319,3575.3864,3818.3826,4016.6589,4172.6778,4342.8072,4607.9292,4821.7581,4965.6772,5152.8983,5238.6093,5360.2048,5441.8916,5448.2439,5443.3539,5406.3287,5339.6251,5284.0469,5151.9531],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,2165.433,2186.7271,2206.6633,2228.863,2245.785,2263.5453,2248.5487,2188.8541,2077.8616,1969.0102,1898.3642,1930.229,1963.9702,1932.0008,1937.7266,1976.4306,2014.342,2114.7988,2196.1141,2306.5818,2414.0012,2562.2818,2719.4385,2923.3285,3140.3761,3409.4469],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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 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,124.2387,245.6555,219.5977,155.5649,96.3054,58.9416,72.238,59.0444,75.3673,154.6841,296.2633,280.1304,185.3163,345.0345,199.0364,288.6878,48.0593,18.2019,31.6673,34.1165,25.0415,7.6047,65.916,58.7281,134.1192,45.4583,52.1561,28.1723],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,127.5294,132.1387,129.411,132.6842,130.0849,133.3491,135.0,135.0,135.0,135.0,124.6303,131.1897,135.0,133.4868,132.9208,133.8957,132.8483,133.6089,133.3901,131.5499,133.1588,129.3379,130.6406,132.144,131.3335],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,60.0931,59.9808,59.72,56.8311,54.3315,50.6408,47.2137,44.6548,42.3233],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,26.9113,24.2984,30.438,39.4494,45.1928,49.6589,49.6805,53.4547,47.392,55.2415,50.5469,47.9841,49.5484,45.1746,42.8806,41.1688,34.7903,33.2148,28.6407,26.5656,29.4226,27.8383],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,10.9178,11.9018,10.1098,8.4241,7.2103,6.4059,6.0004,4.7703,8.2537,6.9296,6.3407,6.0192,5.3992,12.0115,11.2204,11.5004,23.5452,21.309,27.1556,25.1881,23.4057,21.8668],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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 impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,162.0314,164.1224,161.2519,182.1156,220.4775,278.5734,341.0977,391.7012,423.2144,458.3178,517.6914,556.076,563.6984,591.7251,576.8659,581.7841,571.6683,509.4445,467.6517,412.1883,370.6579,361.3374,327.7405],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,177.0485,197.3534,226.1023,259.2221,292.0205,325.28,363.7623,402.225,434.5197,465.9608,488.1418,506.8703,519.8299,517.7528,507.7326,488.6237,465.0305,444.2919,420.9816],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,43.4291,81.2199,114.9954,132.4791,131.1939,133.0378,153.9292,153.851,129.1787,125.7643,88.7241,74.9138,51.8384,-8.3082,-40.0809,-76.4354,-94.3727,-82.9545,-93.2411],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"volatility","eyebrow":"Risk 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,5.5025,5.7246,5.6392,5.7365,5.604,5.4958,5.358,6.328,6.3344,6.3244,6.4559,6.5952,6.3307,6.9843,6.525,6.4336,8.0949,7.9957,9.0715,8.9,8.2135,8.7013],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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