{"schema_version":"1.0","name":"BILT Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"69c75990-b9e9-4073-8eeb-2afa04b4ab2c","symbol":"BILT","name":"iShares Infrastructure Active ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","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, Acceleration, deceleration and rollover, 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":56,"displayedObservations":56,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":3.6,"averageExpectedMove":3.6,"averageWeeksToLargestMove":5.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-1.1,"medianReturn":-1.1,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-0.1,"medianReturn":-0.1,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":0.9,"medianReturn":0.9,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.2,"sample":1},{"week":2,"averageReturn":1.9,"sample":1},{"week":3,"averageReturn":-0.6,"sample":1},{"week":4,"averageReturn":-1.1,"sample":1},{"week":5,"averageReturn":-3.6,"sample":1},{"week":6,"averageReturn":-2.3,"sample":1},{"week":7,"averageReturn":-0.1,"sample":1},{"week":8,"averageReturn":1.7,"sample":1},{"week":9,"averageReturn":0.6,"sample":1},{"week":10,"averageReturn":0.4,"sample":1},{"week":11,"averageReturn":1.8,"sample":1},{"week":12,"averageReturn":-0.1,"sample":1},{"week":13,"averageReturn":-1.4,"sample":1},{"week":14,"averageReturn":1.5,"sample":1},{"week":15,"averageReturn":0.3,"sample":1},{"week":16,"averageReturn":0.5,"sample":1},{"week":17,"averageReturn":1.4,"sample":1},{"week":18,"averageReturn":-0.2,"sample":1},{"week":19,"averageReturn":2.4,"sample":1},{"week":20,"averageReturn":2.5,"sample":1},{"week":21,"averageReturn":2.4,"sample":1},{"week":22,"averageReturn":2.5,"sample":1},{"week":23,"averageReturn":3.7,"sample":1},{"week":24,"averageReturn":1.4,"sample":1},{"week":25,"averageReturn":0.2,"sample":1},{"week":26,"averageReturn":0.9,"sample":1}]},"currentApplication":{"status":"Negative pressure; price rotational","tone":"caution","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"The underlying condition is weak, but a negative price response is still required.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":100.0,"averageReturn":-0.5,"sample":1},"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 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":"In this ticker's completed record, 100.0% of comparable cases moved lower after 12 weeks, with an average move of -0.5% across 1 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 1.6% across 1 completed cases, with the largest move arriving after 4.0 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":[{"date":"2026-03-27","price":27.182881}],"reversal_warnings":[{"date":"2026-02-13","price":27.818808}],"reversal_dangers":[{"date":"2026-03-06","price":27.647745}]}},"smTape":{"available":true,"dates":["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":[23.9057,24.1084,24.2943,24.5201,24.1441,23.8786,24.1797,23.8444,24.2601,24.6923,24.531,24.9543,24.8175,24.4482,24.6417,24.8486,24.6229,25.2223,24.6793,24.561,24.3474,24.6757,24.7934,24.7388,25.2581,25.3017,25.8779,26.4584,27.8188,27.7577,28.3392,27.6477,27.5134,26.8138,27.1829,27.7901,28.2992,27.9782,27.9421,28.3184,27.7783,27.4176,28.2226,27.9063,27.9612,28.213,27.7715,28.4846,28.51,28.497,28.52,28.8593,28.21,27.88,28.0715,27.785],"consensus":[29.2999,-79.4568,49.9998,40.8658,0.0,-34.4614,24.2803,-45.9433,40.3535,69.0359,0.0,63.7985,12.6798,-26.1837,37.5624,27.2928,-16.4226,68.0889,-13.1689,0.0,-38.4651,19.5264,17.9887,8.3149,61.6931,28.8411,66.6302,69.4968,80.8022,36.2642,78.4614,8.9556,17.6155,-29.7704,23.1297,56.8678,63.4024,21.4637,30.6877,44.2201,-24.8191,-32.933,57.1835,-19.4952,21.3432,44.8651,-29.8665,55.6657,20.4926,8.6062,12.5102,36.307,-32.4597,-37.4723,12.0508,-40.7028],"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":[null,-39.496,36.4953,-40.5973,47.249,67.6767,0.0,60.5671,5.945,-24.9736,42.2519,35.0836,-12.5042,64.6662,-13.6349,0.0,-37.5187,36.032,23.4413,9.8583,58.7627,24.368,65.2733,78.6862,91.8326,28.5739,81.4692,7.5227,28.9882,-30.2978,36.7525,71.8607,66.8424,17.178,26.7735,46.7876,-23.8386,-31.5343,60.3561,-19.6315,24.9009,42.9606,-24.1993,58.8044,15.2699,4.6631,3.0115,29.2517,-26.5098,-29.3601,21.2862,-34.0129],"force":[0.0,-30.4089,31.5768,-57.0197,47.9338,74.3345,0.0,59.3135,23.5672,-53.1748,43.2493,16.723,-46.4638,95.092,-38.259,0.0,-60.1972,36.2812,14.3826,0.1687,86.7625,13.522,80.1997,60.9967,72.8759,3.9242,76.2609,47.2944,24.6994,-69.1933,22.1367,53.7209,64.7268,17.002,15.7446,36.2527,-63.3463,-55.011,86.5222,-46.8985,22.2324,61.2733,-60.4467,77.186,11.0944,7.668,0.8202,53.2103,-74.0931,-62.4311,39.7572,-56.9231],"direction":[0.0,-31.6022,5.1087,-44.1414,27.0586,66.8046,0.0,70.6952,59.856,-8.2874,28.1408,25.9389,-0.5572,52.7126,-5.2852,0.0,-24.0237,11.305,14.333,12.6106,47.1353,44.8954,58.4885,65.0661,73.8575,73.7591,76.5956,67.9666,34.843,-1.0086,8.27,41.9809,58.5249,53.8372,45.8346,46.9767,-1.5799,-18.7614,32.6016,-0.2343,16.6421,35.3215,-14.5002,36.707,33.1745,24.737,31.7158,32.2964,-9.5214,-28.9156,18.2941,-36.7624],"intensity":[50.0,80.0,33.3333,42.8571,75.0,77.7778,20.0,72.7273,41.6667,92.3077,7.1429,60.0,18.75,94.1176,100.0,94.7368,10.0,33.3333,63.6364,4.3478,83.3333,52.0,84.6154,85.1852,92.8571,89.6552,80.0,83.871,81.25,84.8485,61.7647,77.1429,77.7778,21.6216,89.4737,84.6154,60.0,48.7805,90.4762,30.2326,50.0,13.3333,56.5217,82.9787,91.6667,26.5306,24.0,60.7843,73.0769,21.1538,44.2308,13.4615],"confirmation":[10.0413,78.8274,53.1393,83.1209,81.0391,90.2737,32.2171,88.3281,9.5326,77.2198,80.1218,76.2928,51.6827,90.6636,51.4324,47.8085,80.9856,31.586,73.5634,47.748,88.5505,76.8304,89.7559,89.8399,93.447,56.6674,92.9947,13.0969,32.1099,56.0533,75.1636,85.8733,88.2767,32.0552,77.4243,81.8685,54.8016,79.2327,87.1445,52.4549,74.8027,82.8859,78.5756,86.421,74.3508,26.6206,26.4584,80.2409,79.7466,80.8754,31.1293,81.6212],"persistence":[40.0,16.6667,28.5714,12.5,12.5,37.5,25.0,25.0,37.5,37.5,37.5,62.5,37.5,37.5,25.0,12.5,12.5,12.5,12.5,12.5,37.5,37.5,62.5,75.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,50.0,25.0,25.0,25.0,0.0,0.0,25.0,50.0,50.0,75.0,50.0,25.0,50.0,25.0],"assessmentRisk":[34.5669,18.1745,32.6048,26.2597,1.5014,15.01,38.5693,18.0358,41.3815,19.8537,1.5627,30.1038,19.4783,15.0782,11.8278,29.9381,13.9461,55.969,8.1395,21.3179,18.7762,33.5403,16.5453,15.2458,9.5966,31.865,10.7665,44.751,36.4507,32.1916,60.2049,15.7812,12.9158,37.6745,28.2273,14.7556,23.4296,25.5102,3.583,24.4632,8.4414,24.613,24.2781,14.8958,32.5203,25.6929,41.4681,18.2599,13.5824,26.2309,46.0165,29.4214],"volumeParticipation":true,"latest":{"consensus":-40.7,"control":-34.0,"force":-56.9,"direction":-36.8,"confirmation":81.6,"persistence":25.0,"assessmentRisk":29.4,"intensity":13.5,"evidenceDepth":100},"analysis":{"status":"Market Dynamics 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":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-40.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-34.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-56.9","detail":"Downward 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envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[23.9057,24.1084,24.2943,24.5201,24.1441,23.8786,24.1797,23.8444,24.2601,24.6923,24.531,24.9543,24.8175,24.4482,24.6417,24.8486,24.6229,25.2223,24.6793,24.561,24.3474,24.6757,24.7934,24.7388,25.2581,25.3017,25.8779,26.4584,27.8188,27.7577,28.3392,27.6477,27.5134,26.8138,27.1829,27.7901,28.2992,27.9782,27.9421,28.3184,27.7783,27.4176,28.2226,27.9063,27.9612,28.213,27.7715,28.4846,28.51,28.497,28.52,28.8593,28.21,27.88,28.0715,27.785],"stroke":"#10243b","width":2.1},{"label":"Fast 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