{"schema_version":"1.0","name":"459A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"67b8dc1b-bbd5-4e9a-bc40-445d319c30ef","symbol":"459A","name":"Nomura High-Yield J-REIT Index ETF","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. 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, Range pressure and compression, Range position and boundary pressure, 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":41,"displayedObservations":41,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","take":"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.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-1.342842,-1.809678,-1.806051,-1.823717,-1.630556,-1.28977,-0.877211,-0.497861,-0.189333,0.027064,0.116626,0.211235,0.242536],"opens":[10346.863464,10257.837206,10190.0,10330.0,10345.0,10385.0,10970.0,10560.0,10765.0,10680.0,10690.0,10475.0,10540.0],"highs":[10351.809971,10257.837206,10200.0,10330.0,10345.0,10400.0,10990.0,10585.0,10765.0,10810.0,10690.0,10475.0,10540.0],"lows":[10178.702781,9961.082031,10190.0,10100.0,10305.0,10385.0,10420.0,10320.0,10335.0,10300.0,10235.0,10240.0,10205.0],"closes":[10228.161133,9961.082031,10200.0,10100.0,10305.0,10400.0,10455.0,10320.0,10590.0,10695.0,10380.0,10240.0,10305.0],"hoverRows":[[{"label":"Open","value":"10,347","className":"is-ohlc","compact":true},{"label":"High","value":"10,352","className":"is-ohlc","compact":true},{"label":"Low","value":"10,179","className":"is-ohlc","compact":true},{"label":"Close","value":"10,228","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.24","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[9917.046953,10739.035078],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.242536,"state":"Positive and strengthening","context":{"scenario":"positiveSustained","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Recovery follow-through","detail":"A recent green marker confirmed a recovery from accumulation conditions. Price is now being tested for durable follow-through away from the zone.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"A recent green marker confirmed a recovery from accumulation conditions. Price is now being tested for durable follow-through away from the zone.","annotations":[{"label":"Current tape relationship","value":"Recovery follow-through","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"31 Jul 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"positive"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-07-31","price":10695.0}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[11284.4932,11220.877,11353.0029,11152.3672,11137.6875,11211.0908,11294.2803,11353.0029,11353.0029,11607.4668,11357.8965,11289.3867,11416.6191,11264.9189,11485.1279,11328.5352,11196.4092,11029.4004,11059.0762,10782.1045,10683.1865,10831.5635,10831.5635,11019.5088,10836.5098,10524.917,10233.1074,10173.7568,10228.1611,9961.082,10200.0,10100.0,10305.0,10400.0,10455.0,10320.0,10590.0,10695.0,10380.0,10240.0,10305.0],"consensus":[-88.2022,35.7141,-44.5782,-17.8462,0.0,0.0,0.0,10.6807,10.9261,16.6213,-9.6537,0.0,9.4341,-17.7425,12.053,-10.2528,-12.2027,-16.5805,-19.5763,-29.3808,-9.7036,0.0,-18.0928,13.8066,-9.6431,-33.7294,-42.7851,-39.3386,-25.908,-45.2068,0.0,-30.4461,-11.2772,19.4818,0.0,-16.8527,18.1026,22.7824,-21.6325,-27.4754,-11.9184],"supportDates":["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,0.0,0.0,15.5593,15.5341,19.8055,-15.2628,0.0,13.575,-23.5234,16.1012,-17.0152,-14.5201,-19.0819,-26.1665,-30.181,-1.4278,0.0,-22.1908,15.7883,-15.0892,-40.7775,-46.4733,-43.3833,-26.283,-54.0003,0.0,-41.7354,-21.4702,23.9076,0.0,-30.9119,16.3265,21.0985,-26.4865,-38.1271,-14.0387],"force":[-88.2022,35.7141,-44.5782,-17.8462,0.0,0.0,0.0,10.6057,11.3668,14.7434,-16.916,0.0,10.7211,-20.9596,11.8738,-14.0524,-14.5571,-18.2609,-15.6891,-34.8458,-0.4851,0.0,-16.1214,25.0692,-8.0721,-33.554,-43.8741,-30.1454,-11.2758,-35.5566,0.0,-22.549,-1.1574,25.3967,0.0,-20.7836,17.5866,21.1597,-35.8481,-29.5176,-2.4113],"direction":[null,null,null,null,0.0,0.0,0.0,5.1586,5.345,14.3235,-1.9439,0.0,3.7825,-8.8379,7.5546,-0.1897,-7.8725,-12.5215,-14.8211,-24.5628,-26.4392,0.0,-14.8177,3.4971,-4.541,-25.7997,-37.7923,-41.2825,-35.9311,-42.0501,0.0,-23.1848,-6.8566,10.1987,0.0,-2.0228,20.5009,25.8659,-5.9311,-13.8432,-16.286],"intensity":[null,null,null,null,25.0,20.0,16.6667,14.2857,37.5,66.6667,60.0,54.5455,50.0,46.1538,57.1429,20.0,56.25,47.0588,77.7778,84.2105,80.0,76.1905,40.9091,78.2609,58.3333,68.0,65.3846,88.8889,32.1429,58.6207,53.3333,9.6774,37.5,6.0606,94.1176,85.7143,61.1111,8.1081,71.0526,41.0256,5.0],"confirmation":[50.8914,34.0952,36.9317,28.3774,1.6009,0.3888,24.1373,48.6745,48.7729,73.2131,48.9731,47.5225,48.3284,73.6876,49.1232,48.6674,49.2746,73.3189,74.0455,77.5562,25.6909,3.4743,73.6672,50.0645,48.2882,78.6807,81.6682,80.2465,75.8389,82.0381,28.719,77.33,25.8116,74.347,26.6431,51.0633,73.8042,75.2666,52.615,76.692,35.1541],"persistence":[null,null,33.3333,50.0,40.0,33.3333,28.5714,12.5,12.5,12.5,12.5,25.0,37.5,25.0,37.5,12.5,12.5,37.5,37.5,50.0,75.0,62.5,87.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,62.5,87.5,87.5,62.5,50.0,50.0,25.0,0.0,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,41.4152,4.536,26.5932,42.5233,43.3063,41.5499,25.7222,18.2009,17.0075,40.4281,28.6623,17.7313,39.2275,37.3138,39.851,35.1815,44.9698,38.3601,36.4709,38.9287,42.4154,30.7429,28.5016,30.3292,37.0036,27.2944,11.2032,3.9371,25.1454,39.3142,46.963,49.8765,35.8848,34.1499,7.6976,7.1559,40.0242],"volumeParticipation":true,"latest":{"consensus":-11.9,"control":-14.0,"force":-2.4,"direction":-16.3,"confirmation":35.2,"persistence":12.5,"assessmentRisk":40.0,"intensity":5.0,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-11.9","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-14.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-2.4","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-16.3","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"35/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"41.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"18.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"20%","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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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}