{"schema_version":"1.0","name":"518A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6b8410ed-a4df-4aaa-a151-1526099545cf","symbol":"518A","name":"NEXT FUNDS FTSE Japan ex-REITs High Income Cash Flow 50 Index Exchange Traded Fund","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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, 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":26,"displayedObservations":26,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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. 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positive","kind":"disagreement","expectedDirection":"higher","episodes":4,"completedEpisodes":2,"activeEpisodes":2,"medianExpectedMove":7.3,"averageExpectedMove":7.3,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":4,"expectedCount":4,"expectedPercent":100.0,"averageReturn":3.8,"medianReturn":4.3,"confidenceLow":51.0,"confidenceHigh":100.0,"confidence":"Historically consistent"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":7.3,"medianReturn":7.3,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.6,"sample":4},{"week":2,"averageReturn":3.2,"sample":4},{"week":3,"averageReturn":3.4,"sample":4},{"week":4,"averageReturn":3.8,"sample":4},{"week":5,"averageReturn":4.0,"sample":4},{"week":6,"averageReturn":5.4,"sample":4},{"week":7,"averageReturn":7.2,"sample":4},{"week":8,"averageReturn":6.9,"sample":4},{"week":9,"averageReturn":7.0,"sample":3},{"week":10,"averageReturn":7.2,"sample":3},{"week":11,"averageReturn":4.8,"sample":2},{"week":12,"averageReturn":7.3,"sample":2},{"week":13,"averageReturn":7.6,"sample":2},{"week":14,"averageReturn":10.4,"sample":2},{"week":15,"averageReturn":10.7,"sample":2},{"week":16,"averageReturn":10.1,"sample":2},{"week":17,"averageReturn":9.4,"sample":1},{"week":18,"averageReturn":11.9,"sample":1},{"week":19,"averageReturn":14.0,"sample":1},{"week":20,"averageReturn":13.6,"sample":1},{"week":21,"averageReturn":13.5,"sample":1},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":3,"completedEpisodes":2,"activeEpisodes":1,"medianExpectedMove":5.4,"averageExpectedMove":5.4,"averageWeeksToLargestMove":7.5,"horizons":[{"weeks":4,"sample":3,"expectedCount":2,"expectedPercent":66.7,"averageReturn":-2.2,"medianReturn":-1.4,"confidenceLow":20.8,"confidenceHigh":93.9,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":1.7,"medianReturn":1.7,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.3,"sample":3},{"week":2,"averageReturn":-1.1,"sample":3},{"week":3,"averageReturn":-1.4,"sample":3},{"week":4,"averageReturn":-2.2,"sample":3},{"week":5,"averageReturn":-2.5,"sample":2},{"week":6,"averageReturn":-3.5,"sample":2},{"week":7,"averageReturn":-2.1,"sample":2},{"week":8,"averageReturn":-3.0,"sample":2},{"week":9,"averageReturn":-3.8,"sample":2},{"week":10,"averageReturn":-1.6,"sample":2},{"week":11,"averageReturn":1.2,"sample":2},{"week":12,"averageReturn":1.7,"sample":2},{"week":13,"averageReturn":1.7,"sample":2},{"week":14,"averageReturn":1.6,"sample":2},{"week":15,"averageReturn":-6.3,"sample":1},{"week":16,"averageReturn":-4.6,"sample":1},{"week":17,"averageReturn":-6.4,"sample":1},{"week":18,"averageReturn":-3.2,"sample":1},{"week":19,"averageReturn":-2.3,"sample":1},{"week":20,"averageReturn":-3.3,"sample":1},{"week":21,"averageReturn":-0.4,"sample":1},{"week":22,"averageReturn":2.0,"sample":1},{"week":23,"averageReturn":3.9,"sample":1},{"week":24,"averageReturn":3.5,"sample":1},{"week":25,"averageReturn":3.4,"sample":1},{"week":26,"sample":0}]},"currentApplication":{"status":"Evidence developing","tone":"neutral","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"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.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"steady","zone":"distribution","zoneContext":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":[{"date":"2026-02-27","price":1994.692139},{"date":"2026-05-15","price":1896.0},{"date":"2026-07-24","price":1987.174438}],"reversal_dangers":[{"date":"2026-03-06","price":1889.970703},{"date":"2026-05-22","price":1878.0},{"date":"2026-07-10","price":1949.0},{"date":"2026-07-31","price":2034.060669}]}},"smTape":{"available":true,"dates":["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":[1994.6921,1889.9707,1854.0663,1844.0929,1817.1646,1888.9734,1884.984,1877.0052,1820.1565,1809.1857,1833.1221,1896.0,1878.0,1887.0,1885.0,1870.0,1902.0,1868.0,1930.0,1949.0,1929.3149,1987.1744,2034.0607,2071.9685,2064.0,2062.0],"consensus":[0.0,-47.3684,21.5686,-21.5189,-65.283,10.2023,-12.6395,-20.2016,-59.2593,-47.5098,-19.8652,44.6751,0.0,18.1404,0.0,-19.2585,20.9526,-32.2946,50.1022,53.3914,0.0,61.9088,68.0529,66.1318,23.1023,23.8211],"supportDates":["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,26.147,-21.209,-33.8498,-66.6835,-41.4646,-6.6194,43.5435,0.0,6.6577,0.0,-15.5856,17.9389,-42.3479,55.6728,60.1606,0.0,64.983,60.7914,58.8927,7.3085,12.9776],"force":[0.0,-47.3684,21.5686,-21.5189,-17.044,42.2029,-0.7561,-7.669,-66.9008,-23.3708,-12.2406,73.5019,0.0,18.6091,0.0,-18.5369,16.8335,-41.1987,47.4024,39.4845,0.0,56.3782,81.8895,75.3496,8.7638,5.2904],"direction":[null,null,null,null,-99.7394,30.8776,-12.4141,-13.5555,-45.3163,-71.6607,-57.936,25.3778,0.0,30.9286,0.0,-23.9715,27.3391,-14.445,45.6641,55.5886,0.0,62.3458,66.4685,67.821,63.9139,57.0076],"intensity":[null,null,null,null,50.0,60.0,66.6667,28.5714,37.5,33.3333,20.0,54.5455,25.0,7.6923,14.2857,46.6667,56.25,41.1765,61.1111,36.8421,15.0,61.9048,81.8182,52.1739,91.6667,56.0],"confirmation":[0.0,37.8246,29.5686,29.5527,64.0187,33.2509,49.0005,51.2079,87.0827,82.5596,8.1916,83.1918,27.8582,51.3275,28.5256,74.1967,74.6252,78.4524,83.8655,84.5583,31.3798,87.5954,90.3093,89.5534,8.5319,53.3627],"persistence":[null,null,0.0,25.0,40.0,16.6667,28.5714,37.5,50.0,50.0,75.0,50.0,37.5,37.5,25.0,25.0,0.0,0.0,25.0,25.0,25.0,25.0,37.5,62.5,62.5,87.5],"assessmentRisk":[null,null,null,null,17.3532,5.9825,32.9636,39.7176,32.8022,23.5429,31.2893,3.5118,43.4372,37.9977,45.8214,22.9216,19.7724,8.7365,18.6282,22.4094,32.9721,18.9883,15.8137,16.8792,38.4332,37.4368],"volumeParticipation":true,"latest":{"consensus":23.8,"control":13.0,"force":5.3,"direction":57.0,"confirmation":53.4,"persistence":87.5,"assessmentRisk":37.4,"intensity":56.0,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+23.8","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+13.0","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+5.3","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+57.0","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"53/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"40.2","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"75%","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":[1994.6921,1889.9707,1854.0663,1844.0929,1817.1646,1888.9734,1884.984,1877.0052,1820.1565,1809.1857,1833.1221,1896.0,1878.0,1887.0,1885.0,1870.0,1902.0,1868.0,1930.0,1949.0,1929.3149,1987.1744,2034.0607,2071.9685,2064.0,2062.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,1912.4667,1908.1952,1903.975,1899.0714,1884.7232,1870.9891,1864.1042,1869.9034,1871.3755,1874.2164,1876.177,1875.0539,1879.9532,1877.7799,1887.2745,1898.4973,1904.1005,1919.2048,1940.0877,1964.066,1982.2359,1996.7384],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,1912.1469,1910.2842,1908.4113,1905.566,1905.3019,1902.5388,1904.5729,1907.8638,1909.4528,1915.21,1924.0137,1934.9733,1944.5309,1953.2323],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,1970.871,1964.9445,1964.8129,1961.9736,1960.4174,1958.7003,1955.8649,1956.4767,1953.8878,1958.8376,1966.5236,1949.5358,1968.8908,1999.3406,2034.2796,2058.4947,2080.3444],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,1765.1873,1764.767,1770.0893,1774.5516,1778.7845,1782.5548,1785.3117,1788.3954,1790.4915,1791.627,1791.3178,1801.7678,1792.1332,1779.6828,1767.5314,1767.9998,1763.4528],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,-35.17,-31.7653,-28.8953,-27.514,-23.5655,-22.9157,-17.1996,-11.0095,-7.6045,-0.2346,9.2825,19.6571,26.9256,32.154],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-30.4723,-28.961,-26.6087,-23.4889,-20.312,-16.2965,-11.1807,-5.0131,1.3746,7.5305],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.9068,6.0453,9.4091,12.4794,12.7075,16.062,20.4632,24.6702,25.551,24.6235],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,29.2121,70.3556,39.4018,19.4493,57.625,41.1948,49.0577,4.8373,6.6932,7.2859,4.4265,7.996,4.4598,69.5628,43.3856,252.6575,151.4642,43.6205,151.2267],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,65.0,65.0,65.0,65.6668,67.5691,66.2727,67.7583,67.6212,67.4425,67.6263,67.5206,67.7023,67.7988,66.2393,66.9012,70.4449,72.4601,71.9579,70.1584],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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 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518A Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/6b8410ed-a4df-4aaa-a151-1526099545cf/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. 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