{"schema_version":"1.0","name":"SP20N Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"791e229c-4b41-41fa-bf3d-e81c99676255","symbol":"SP20N","name":"ISHARES VII PLC S&P 500 TOP 20","exchange":"MEX","country":"MX","asset_type":"etf","currency":"MXN","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, Range pressure and compression, Directional strength and control, Range position and boundary pressure, Drawdown and recovery pressure."},{"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. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":2.3,"sample":2},{"week":2,"averageReturn":3.3,"sample":2},{"week":3,"averageReturn":1.4,"sample":2},{"week":4,"averageReturn":2.8,"sample":2},{"week":5,"averageReturn":3.6,"sample":2},{"week":6,"averageReturn":0.1,"sample":2},{"week":7,"averageReturn":0.5,"sample":2},{"week":8,"averageReturn":-1.6,"sample":1},{"week":9,"averageReturn":1.3,"sample":1},{"week":10,"averageReturn":3.1,"sample":1},{"week":11,"averageReturn":2.3,"sample":1},{"week":12,"averageReturn":-0.0,"sample":1},{"week":13,"averageReturn":1.1,"sample":1},{"week":14,"averageReturn":4.6,"sample":1},{"week":15,"averageReturn":3.2,"sample":1},{"week":16,"averageReturn":0.5,"sample":1},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying support lags price","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":7.8,"sample":2},"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 is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 7.8% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 3.0% across 2 completed cases, with the largest move arriving after 5.0 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":"2026-05-01","price":111.529999}],"reversal_warnings":[{"date":"2026-05-01","price":111.529999},{"date":"2026-07-03","price":113.0}],"reversal_dangers":[{"date":"2026-05-08","price":114.589996},{"date":"2026-07-10","price":115.019997}]}},"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":[104.83,105.64,108.24,104.88,107.0,107.88,108.0,109.7,110.0,110.96,111.0,108.76,110.2,115.0,111.88,110.62,111.3,114.38,110.0,112.0,109.4,111.85,110.28,110.76,107.9,106.22,105.89,104.21,104.75,101.36,101.39,105.03,103.2,101.45,99.09,98.0,101.92,106.92,110.2,111.53,114.59,117.82,116.01,118.0,115.85,109.64,113.4,109.72,113.0,115.02,114.11,111.52,112.8,116.7,115.11,112.14],"consensus":[100.0,100.0,100.0,0.0,64.5478,55.0303,23.6386,63.7522,45.5749,73.8016,43.0569,-36.066,29.9847,51.7843,-14.8061,-16.6749,25.2432,60.4678,-48.2986,15.809,-51.9594,9.6421,-33.2264,0.0,-59.4469,-48.5479,-35.9088,-51.7025,-15.2988,-78.2571,-34.2838,29.2096,-46.7955,-48.9696,-71.8352,-60.3876,20.5123,64.9661,73.1603,61.196,76.8945,83.438,0.0,69.996,33.5128,-41.5706,33.0649,-39.3594,0.0,47.9266,21.2514,-27.9803,27.4091,52.3458,0.0,-36.0851],"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,56.0065,28.6585,50.2582,37.2557,73.6281,34.2944,-32.7446,14.8285,26.6747,-25.1159,-24.7279,22.6983,72.9488,-43.6667,5.1523,-52.4241,13.1396,-33.4487,0.0,-58.5255,-33.0942,-28.945,-54.3692,-1.3383,-80.2869,-27.3219,31.1523,-55.7291,-66.0373,-75.4754,-68.2881,28.2297,60.9724,73.1079,69.8161,83.277,85.1931,0.0,63.3114,39.5763,-34.5918,55.3789,-38.6821,0.0,56.3945,28.5757,-37.4471,29.5299,51.2475,0.0,-41.3959],"force":[48.0931,43.1169,0.0969,69.7814,19.0172,70.1139,11.3546,-91.5923,38.4634,51.6011,-82.9939,-70.9177,26.0904,80.8483,-93.4049,20.1741,-81.8135,22.462,-71.067,0.0,-87.8737,-62.7126,-22.1775,-34.5302,-13.1828,-92.2157,-4.0853,86.7096,-38.9764,-36.6013,-84.5658,-39.2239,78.3186,97.3302,92.7243,43.2021,75.864,92.7211,0.0,80.7846,0.5603,-73.1329,29.3049,-52.5994,0.0,37.7111,6.6,-56.9612,56.797,73.108,0.0,-69.4925],"direction":[76.3012,62.4243,34.7169,74.8674,74.0525,76.6339,75.7158,-0.2004,41.25,80.6118,-45.6822,-31.2734,27.5463,31.6463,-21.3733,24.8702,-30.1038,3.5121,-5.9433,0.0,-40.1951,-56.0915,-53.6756,-60.9209,-54.6567,-65.9668,-63.8104,14.082,-42.1709,-38.2981,-58.5817,-66.4754,29.5977,46.4132,59.2459,64.1971,70.3361,74.8013,0.0,69.9294,50.9211,-27.002,10.249,-30.6762,0.0,45.5459,23.3462,-3.5395,3.9941,38.7708,0.0,-6.1533],"intensity":[50.0,20.0,66.6667,42.8571,12.5,22.2222,30.0,72.7273,41.6667,100.0,78.5714,53.3333,93.75,76.4706,94.4444,47.3684,80.0,90.4762,36.3636,8.6957,62.5,96.0,57.6923,96.2963,7.1429,79.3103,23.3333,80.6452,34.375,33.3333,55.8824,45.7143,88.8889,94.5946,86.8421,87.1795,57.5,63.4146,42.8571,51.1628,56.8182,100.0,78.2609,93.617,89.5833,32.6531,22.0,47.0588,30.7692,94.2308,17.3077,59.6154],"confirmation":[65.2364,85.2318,52.1037,88.7901,81.9014,91.5068,80.9456,58.6173,78.0845,84.948,39.0711,36.2047,76.1424,87.7806,84.9008,50.6876,85.5298,49.5055,57.1156,3.1865,87.9034,84.2025,79.1785,83.9808,7.379,93.4367,55.4899,36.7407,82.6001,83.0333,91.3198,86.5587,37.1889,89.8363,92.0083,86.903,92.4776,94.9563,14.6284,90.8294,55.0461,82.3708,78.1262,81.0088,1.2939,82.8962,51.5757,55.7811,54.9676,85.4001,30.681,57.8178],"persistence":[80.0,83.3333,85.7143,87.5,87.5,87.5,87.5,75.0,75.0,75.0,50.0,25.0,25.0,25.0,0.0,25.0,0.0,0.0,0.0,12.5,12.5,37.5,37.5,62.5,62.5,87.5,87.5,75.0,75.0,75.0,75.0,75.0,50.0,25.0,0.0,0.0,25.0,50.0,62.5,87.5,87.5,62.5,62.5,37.5,25.0,25.0,37.5,12.5,12.5,37.5,25.0,25.0],"assessmentRisk":[4.1343,11.8656,18.0098,17.6082,24.25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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":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-36.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-41.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-69.5","detail":"Downward 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envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[104.83,105.64,108.24,104.88,107.0,107.88,108.0,109.7,110.0,110.96,111.0,108.76,110.2,115.0,111.88,110.62,111.3,114.38,110.0,112.0,109.4,111.85,110.28,110.76,107.9,106.22,105.89,104.21,104.75,101.36,101.39,105.03,103.2,101.45,99.09,98.0,101.92,106.92,110.2,111.53,114.59,117.82,116.01,118.0,115.85,109.64,113.4,109.72,113.0,115.02,114.11,111.52,112.8,116.7,115.11,112.14],"stroke":"#10243b","width":2.1},{"label":"Fast 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}