{"schema_version":"1.0","name":"486A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6aab2f77-df5a-4705-a142-0049e59b6ae0","symbol":"486A","name":"NEXT FUNDS EURO STOXX 50 (Unhedged) Exchange Traded Fund","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. The completed evidence supports the upward price structure.","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, Directional strength and control, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance, Directional pressure and rotation."},{"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":37,"displayedObservations":37,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure retains strong Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","take":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.040441,-0.132376,-0.193852,-0.343165,-0.360918,-0.325883,-0.270214,-0.114432,0.030568],"opens":[2197.0,2245.0,2239.0,2232.0,2204.0,2250.0,2230.0,2282.0,2305.0],"highs":[2197.0,2250.0,2239.0,2232.0,2249.0,2264.0,2271.0,2310.0,2309.0],"lows":[2174.0,2233.0,2212.0,2194.0,2191.0,2221.0,2192.0,2270.0,2273.0],"closes":[2182.0,2250.0,2216.0,2212.0,2205.0,2254.0,2271.0,2305.0,2285.0],"hoverRows":[[{"label":"Open","value":"2,197","className":"is-ohlc","compact":true},{"label":"High","value":"2,197","className":"is-ohlc","compact":true},{"label":"Low","value":"2,174","className":"is-ohlc","compact":true},{"label":"Close","value":"2,182","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.04","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,245","className":"is-ohlc","compact":true},{"label":"High","value":"2,250","className":"is-ohlc","compact":true},{"label":"Low","value":"2,233","className":"is-ohlc","compact":true},{"label":"Close","value":"2,250","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.13","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,239","className":"is-ohlc","compact":true},{"label":"High","value":"2,239","className":"is-ohlc","compact":true},{"label":"Low","value":"2,212","className":"is-ohlc","compact":true},{"label":"Close","value":"2,216","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.19","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,232","className":"is-ohlc","compact":true},{"label":"High","value":"2,232","className":"is-ohlc","compact":true},{"label":"Low","value":"2,194","className":"is-ohlc","compact":true},{"label":"Close","value":"2,212","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.34","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,204","className":"is-ohlc","compact":true},{"label":"High","value":"2,249","className":"is-ohlc","compact":true},{"label":"Low","value":"2,191","className":"is-ohlc","compact":true},{"label":"Close","value":"2,205","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.36","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,250","className":"is-ohlc","compact":true},{"label":"High","value":"2,264","className":"is-ohlc","compact":true},{"label":"Low","value":"2,221","className":"is-ohlc","compact":true},{"label":"Close","value":"2,254","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.33","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,230","className":"is-ohlc","compact":true},{"label":"High","value":"2,271","className":"is-ohlc","compact":true},{"label":"Low","value":"2,192","className":"is-ohlc","compact":true},{"label":"Close","value":"2,271","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.27","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,282","className":"is-ohlc","compact":true},{"label":"High","value":"2,310","className":"is-ohlc","compact":true},{"label":"Low","value":"2,270","className":"is-ohlc","compact":true},{"label":"Close","value":"2,305","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.11","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2,305","className":"is-ohlc","compact":true},{"label":"High","value":"2,309","className":"is-ohlc","compact":true},{"label":"Low","value":"2,273","className":"is-ohlc","compact":true},{"label":"Close","value":"2,285","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.03","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":[2174.62,2312.38],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.030568,"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":"Sustained positive support","detail":"Market Dynamics remains positive and has strengthened across the recent completed path. A slight weekly pause does not yet change the broader constructive reading.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains positive and has strengthened across the recent completed path. A slight weekly pause does not yet change the broader constructive reading.","annotations":[{"label":"Current tape relationship","value":"Sustained positive support","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":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[19.7498,1966.0894,2071.7507,2063.8508,2039.1636,2079.6506,2093.4753,2035.2136,2058.9133,2047.0635,2077.6755,2128.0376,2002.6265,1977.9392,1942.3896,1936.4647,1973.0018,2071.7507,2095.4504,2063.8508,2056.9382,2070.7632,2052.9883,2114.2126,2141.8623,2131.0,2176.0,2219.0,2182.0,2250.0,2216.0,2212.0,2205.0,2254.0,2271.0,2305.0,2285.0],"consensus":[0.0,-75.9037,-39.2739,-22.7271,59.5998,40.2189,53.5994,10.4995,48.2823,20.6893,46.8188,52.06,0.0,19.0408,0.0,16.126,20.6796,49.5724,38.0359,0.0,16.4207,0.0,0.0,41.7809,32.9336,12.5126,35.4529,35.3951,0.0,50.8818,0.0,8.9755,0.0,33.0276,38.5267,46.4146,11.4221],"supportDates":["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,26.9855,63.9593,11.2236,49.1718,19.527,55.3678,50.3806,0.0,29.0157,0.0,32.0617,29.8796,60.314,45.2481,0.0,19.1354,0.0,0.0,54.2884,36.7831,13.1491,43.1618,42.5655,0.0,67.3887,0.0,17.6906,0.0,49.4543,49.8901,57.4249,9.536],"force":[0.0,-75.9037,-39.2739,-22.7271,3.0396,1.6957,15.9526,55.3105,23.9036,21.4841,22.5456,23.7468,0.0,15.6282,0.0,2.222,18.088,53.0359,25.3744,0.0,0.519,0.0,0.0,47.7064,31.3563,4.1807,24.4872,21.96,0.0,41.3888,0.0,6.4115,0.0,28.6733,32.8594,40.5364,14.4809],"direction":[null,null,null,null,99.9999,82.8595,68.6499,56.6791,64.6791,52.1414,54.3867,74.2031,0.0,32.4044,0.0,11.0195,12.0165,34.8224,38.8372,0.0,25.4179,0.0,0.0,23.2541,29.6607,23.7089,34.4753,36.7969,0.0,38.7975,0.0,10.0062,0.0,17.3644,29.5881,38.0302,32.0799],"intensity":[null,null,null,null,50.0,20.0,16.6667,28.5714,12.5,22.2222,20.0,54.5455,91.6667,53.8462,28.5714,46.6667,93.75,64.7059,55.5556,15.7895,25.0,9.5238,4.5455,47.8261,70.8333,4.0,42.3077,44.4444,28.5714,58.6207,26.6667,3.2258,3.125,51.5152,17.6471,74.2857,13.8889],"confirmation":[0.0,46.9558,35.2343,29.9393,39.153,57.231,83.8466,35.8094,82.6938,32.6029,82.112,83.8219,11.0607,30.8852,5.4057,50.1657,74.3983,83.805,79.6757,5.6073,50.1411,25.9568,25.0649,81.3599,78.432,49.7108,78.8933,78.8077,27.3637,83.7413,5.2658,48.9716,48.4761,78.1858,79.9827,82.5058,36.6503],"persistence":[null,null,66.6667,75.0,40.0,16.6667,0.0,12.5,25.0,50.0,75.0,100.0,87.5,87.5,75.0,75.0,75.0,75.0,75.0,62.5,75.0,62.5,62.5,62.5,62.5,62.5,62.5,75.0,62.5,75.0,75.0,75.0,62.5,62.5,62.5,62.5,75.0],"assessmentRisk":[null,null,null,null,19.4188,12.7744,25.2853,7.358,22.6009,13.013,24.7672,17.7651,3.6767,16.1136,49.229,58.043,38.3943,22.1913,30.6604,45.1502,38.0931,4.2051,31.0632,15.9566,29.8285,39.8117,32.1358,32.0554,35.5089,24.3116,39.7143,14.281,26.7062,10.7731,26.7106,26.3997,43.5352],"volumeParticipation":true,"latest":{"consensus":11.4,"control":9.5,"force":14.5,"direction":32.1,"confirmation":36.7,"persistence":75.0,"assessmentRisk":43.5,"intensity":13.9,"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":"Control support is limited","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+11.4","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+9.5","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+14.5","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+32.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"37/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"94.4","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"3.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"57.8","detail":"Directional","tone":"positive"},{"label":"Range position","value":"94%","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":[19.7498,1966.0894,2071.7507,2063.8508,2039.1636,2079.6506,2093.4753,2035.2136,2058.9133,2047.0635,2077.6755,2128.0376,2002.6265,1977.9392,1942.3896,1936.4647,1973.0018,2071.7507,2095.4504,2063.8508,2056.9382,2070.7632,2052.9883,2114.2126,2141.8623,2131.0,2176.0,2219.0,2182.0,2250.0,2216.0,2212.0,2205.0,2254.0,2271.0,2305.0,2285.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,1134.5753,1306.4072,1449.5105,1556.002,1647.4404,1720.0991,1785.113,1847.4629,1875.6745,1894.2681,1903.0175,1909.0988,1920.7175,1948.1781,1974.9549,1991.1178,2003.0851,2015.3902,2022.2262,2038.951,2057.6622,2070.9963,2090.0879,2113.5265,2125.9762,2148.526,2160.794,2170.1042,2176.4489,2190.5491,2205.1765,2223.3262,2234.5397],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,61.5743,61.7966,61.5751,61.5876,61.2458,60.621,60.133,59.7628,58.8681,58.2908,57.7547],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,58.1054,55.9318,52.7142,53.8152,50.2268,49.5226,47.9296,46.433,46.4574,45.1501,44.1757,45.4842,44.6673,45.6515,47.3115,45.6001,47.398,45.8636,44.3185,43.531,42.5468,39.4543,41.6671,40.1825],"stroke":"#07865c","width":1.6},{"label":"Negative 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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,89.1656,90.2141,89.6898,91.0441,93.2722,87.7239,86.6317,85.059,84.7969,86.4133,90.782,91.8305,90.4325,90.1267,90.7383,89.9519,92.6606,93.8838,93.4032,74.5339,85.0519,86.1384,100.0,91.0221,89.9659,88.1175,97.4536,100.0,98.8603,94.3015],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-10.7406,-9.7012,-10.2209,-8.8783,-6.6695,-12.1698,-13.2525,-14.8116,-15.0715,-13.469,-9.1381,-8.0987,-9.4846,-9.7878,-9.1815,-9.961,-7.2759,-6.0632,-6.5396,-4.566,-2.6802,-2.2401,0.0,-1.5111,-1.6889,-2.0,-0.4417,0.0,-0.2165,-1.0823],"stroke":"#c13f3f","width":1.5},{"label":"From 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}