{"schema_version":"1.0","name":"PBPH Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"78b6d5d4-e6e2-42c4-a330-e503820af4e5","symbol":"PBPH","name":"Portfolio Building Block World Pharma and Biotech Index ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently point in the same direction.","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, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance, 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":39,"displayedObservations":39,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Price structure and the underlying tape currently point in the same direction.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure is supported by Market Dynamics","summary":"Price structure and the underlying tape currently point in the same direction.","take":"The advance is confirmed on the completed evidence, while extension and reversal risk still require monitoring.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.153992,0.18083,0.377691,0.587073,0.729193,0.943064,0.913182,0.873372,0.903208,0.93873,0.977338],"opens":[25.82,25.655,25.26,27.19,27.79,26.96,27.19,27.56,27.25,27.83,27.7],"highs":[26.21,25.855,27.1583,28.025,28.0532,27.43,27.46,28.25,27.86,28.29,29.82],"lows":[25.51,25.08,25.26,26.92,27.02,26.55,26.65,26.94,26.72,27.575,27.65],"closes":[25.9653,25.2512,27.1583,27.91,27.09,27.1922,27.3773,27.19,27.8046,27.7479,29.5672],"hoverRows":[[{"label":"Open","value":"25.8","className":"is-ohlc","compact":true},{"label":"High","value":"26.2","className":"is-ohlc","compact":true},{"label":"Low","value":"25.5","className":"is-ohlc","compact":true},{"label":"Close","value":"26.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.15","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.7","className":"is-ohlc","compact":true},{"label":"High","value":"25.9","className":"is-ohlc","compact":true},{"label":"Low","value":"25.1","className":"is-ohlc","compact":true},{"label":"Close","value":"25.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.18","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.3","className":"is-ohlc","compact":true},{"label":"High","value":"27.2","className":"is-ohlc","compact":true},{"label":"Low","value":"25.3","className":"is-ohlc","compact":true},{"label":"Close","value":"27.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.38","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"27.2","className":"is-ohlc","compact":true},{"label":"High","value":"28.0","className":"is-ohlc","compact":true},{"label":"Low","value":"26.9","className":"is-ohlc","compact":true},{"label":"Close","value":"27.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.59","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.8","className":"is-ohlc","compact":true},{"label":"High","value":"28.1","className":"is-ohlc","compact":true},{"label":"Low","value":"27.0","className":"is-ohlc","compact":true},{"label":"Close","value":"27.1","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.91","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.6","className":"is-ohlc","compact":true},{"label":"High","value":"28.2","className":"is-ohlc","compact":true},{"label":"Low","value":"26.9","className":"is-ohlc","compact":true},{"label":"Close","value":"27.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.87","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.2","className":"is-ohlc","compact":true},{"label":"High","value":"27.9","className":"is-ohlc","compact":true},{"label":"Low","value":"26.7","className":"is-ohlc","compact":true},{"label":"Close","value":"27.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.90","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.8","className":"is-ohlc","compact":true},{"label":"High","value":"28.3","className":"is-ohlc","compact":true},{"label":"Low","value":"27.6","className":"is-ohlc","compact":true},{"label":"Close","value":"27.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.94","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.7","className":"is-ohlc","compact":true},{"label":"High","value":"29.8","className":"is-ohlc","compact":true},{"label":"Low","value":"27.6","className":"is-ohlc","compact":true},{"label":"Close","value":"29.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.98","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[24.99224,29.82616],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.977338,"state":"Positive and broadly steady","context":{"scenario":"positiveSteady","latestDirection":"slight strengthening","fourWeekDirection":"steady","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Extended but supported","detail":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"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":"The broader path has not changed enough to establish a new direction.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":11,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-06-26","price":27.1583},{"date":"2026-08-21","price":29.5672}],"reversal_dangers":[{"date":"2026-07-10","price":27.09}]}},"smTape":{"available":true,"dates":["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":[25.1043,24.6331,24.7805,25.0669,25.4634,25.312,25.6753,25.645,26.0597,26.1384,26.974,27.1719,26.9789,27.1938,25.8964,25.4721,24.5519,24.7123,25.6083,25.5404,25.7595,24.7872,24.965,24.7363,24.87,25.685,25.7006,25.8106,25.9653,25.2512,27.1583,27.91,27.09,27.1922,27.3773,27.19,27.8046,27.7479,29.5672],"consensus":[-47.1758,-100.0,100.0,20.5843,71.82,21.1635,43.8783,27.3482,70.8847,39.748,84.8647,59.7382,15.5914,64.8035,-57.4139,-56.4743,-73.7985,-37.7114,20.5635,0.0,26.9118,-51.2883,-8.3477,-40.5276,-20.3862,45.482,17.1628,27.7591,28.9987,-34.1396,68.4833,72.4644,0.0,38.094,36.571,0.0,51.6679,17.8826,73.1116],"supportDates":["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,6.3142,29.4429,17.4588,60.5565,25.0583,82.3345,52.2089,3.0059,62.4679,-45.2751,-45.198,-69.9748,-38.3007,27.4558,0.0,24.8134,-58.1014,-2.25,-39.3432,-14.4667,45.0634,12.8485,22.2765,24.8026,-35.3385,65.5103,71.7506,0.0,34.2215,41.8075,0.0,53.4822,11.4313,74.3552],"force":[-47.1758,-100.0,100.0,20.5843,48.4417,4.179,35.9682,0.6691,90.7596,22.8178,96.4641,44.8378,44.0364,56.0216,-94.0586,-67.0856,-94.2397,-3.3178,63.6331,0.0,42.5978,-68.5652,-18.893,-34.8709,-2.0802,70.7118,9.9984,30.4194,25.2768,-51.71,89.9165,86.1905,0.0,24.8646,26.1136,0.0,55.1844,5.0109,82.8003],"direction":[null,null,null,null,88.5188,56.2358,66.026,58.6628,68.492,68.6293,79.471,78.9863,72.5663,73.7454,-45.1121,-61.7821,-63.5675,-61.6048,18.0773,0.0,18.1057,-31.1613,-39.917,-45.9217,-40.2272,27.9391,27.211,32.1247,36.4527,-20.2191,56.5715,63.4757,0.0,51.9693,38.056,0.0,47.0826,41.6081,64.7698],"intensity":[null,null,null,null,25.0,20.0,100.0,85.7143,25.0,66.6667,80.0,54.5455,16.6667,23.0769,92.8571,73.3333,81.25,58.8235,77.7778,5.2632,25.0,80.9524,54.5455,34.7826,8.3333,72.0,69.2308,77.7778,75.0,62.069,100.0,93.5484,65.625,48.4848,11.7647,62.8571,47.2222,78.3784,97.3684],"confirmation":[37.7629,54.6667,54.6667,29.2536,67.247,29.7844,82.02,53.5243,91.4462,80.4272,95.5488,86.7769,12.7582,88.5051,87.6742,86.567,92.2967,56.3438,34.3111,24.9275,77.1218,84.835,6.5131,80.8145,51.3892,83.3295,73.3395,77.0475,77.2301,79.4419,90.6131,91.6178,34.8173,79.8459,79.3042,4.8623,84.6133,51.5254,99.672],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,0.0,12.5,12.5,37.5,37.5,37.5,37.5,12.5,12.5,0.0,0.0,0.0,25.0,50.0,62.5,62.5,62.5,50.0,50.0,75.0,75.0],"assessmentRisk":[null,null,null,null,3.5539,38.0866,27.7397,34.453,12.83,29.8618,7.518,20.1225,41.8314,17.4715,20.199,21.6549,13.0849,31.1334,32.6341,9.3109,34.8567,31.5162,34.096,23.8816,35.447,21.7057,32.6457,34.4338,34.0916,18.4548,14.2683,13.55,45.7947,30.4544,2.3465,37.3589,13.5735,24.9282,13.0654],"volumeParticipation":true,"latest":{"consensus":73.1,"control":74.4,"force":82.8,"direction":64.8,"confirmation":99.7,"persistence":75.0,"assessmentRisk":13.1,"intensity":97.4,"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":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+73.1","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+74.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+82.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+64.8","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"100/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"68.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"23.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"95%","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 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