{"schema_version":"1.0","name":"STZ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"7af6e806-0e1d-4ddc-8b20-58353ff0ad08","symbol":"STZ","name":"Constellation Brands, Inc.","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","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, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Drawdown and recovery 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":35,"displayedObservations":35,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","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. 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.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.909652,-1.329029,-1.447519,-1.44469,-1.36133,-1.135236,-0.933976],"opens":[10.497677,10.755654,10.487755,10.219857,10.29,10.72,10.8],"highs":[10.497677,10.755654,10.596899,10.586978,10.78,10.95,10.8],"lows":[10.497677,10.4183,10.090868,10.150401,10.29,10.44,10.28],"closes":[10.497677,10.4183,10.219856,10.29,10.73,10.95,10.72],"hoverRows":[[{"label":"Open","value":"10.5","className":"is-ohlc","compact":true},{"label":"High","value":"10.5","className":"is-ohlc","compact":true},{"label":"Low","value":"10.5","className":"is-ohlc","compact":true},{"label":"Close","value":"10.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event 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Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics improved this week but remains below zero.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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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":"negative","direction":"strengthening","zone":"middle","zoneContext":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price structure is downward","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":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[11.0641,11.1924,11.7056,12.2978,12.5446,12.407,13.0527,11.8607,12.4567,12.5361,11.5428,11.7613,11.8309,12.0991,11.9699,13.1024,12.9037,12.3176,12.49,11.75,11.35,11.87,11.09,11.21,11.81,11.18,11.3907,10.716,10.4977,10.4183,10.2199,10.29,10.73,10.95,10.72],"consensus":[-37.4988,100.0,38.2715,0.0,73.8211,32.2809,72.302,-46.3935,50.6189,28.7216,-58.2306,0.0,-25.0852,16.0376,14.4112,74.5234,19.3766,-21.7236,33.5623,-59.4787,-51.6418,13.0754,-69.9378,-26.8625,31.8632,-42.7978,0.0,-62.082,-44.0715,-54.6375,-59.9653,-30.0709,24.9549,31.2392,-13.1052],"supportDates":["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,16.2014,77.609,-39.9393,66.9711,27.9802,-53.953,0.0,-21.1997,21.7007,12.8785,61.6852,7.2075,-33.7862,32.4752,-59.3055,-46.4889,18.2382,-66.1521,-21.7599,37.3877,-42.5779,0.0,-74.6559,-40.7722,-61.3554,-54.6643,-30.2941,22.6084,24.7237,-12.8258],"force":[-37.4988,100.0,38.2715,0.0,37.467,5.3937,49.6928,-96.8935,48.314,6.2643,-66.0696,0.0,-24.5983,35.3674,6.2371,95.4078,9.7698,-54.1077,40.168,-80.1642,-54.4231,62.5718,-92.22,-1.32,56.5607,-33.5473,0.0,-51.8869,-22.416,-33.9197,-62.2843,-5.296,81.1678,69.603,-30.8954],"direction":[null,null,null,null,99.7883,77.5681,82.3863,-17.6983,33.577,45.6099,-57.5201,0.0,-29.8736,4.2415,22.0014,74.2781,54.1029,-15.1938,30.0864,-44.9012,-55.5443,28.1795,-58.3486,-50.9387,7.9085,-49.6567,0.0,-54.9939,-63.3103,-61.7584,-64.3672,-55.0779,12.5153,11.2828,-0.7172],"intensity":[null,null,null,null,50.0,40.0,66.6667,100.0,75.0,22.2222,90.0,54.5455,33.3333,30.7692,21.4286,100.0,81.25,47.0588,38.8889,63.1579,50.0,42.8571,72.7273,47.8261,50.0,56.0,7.6923,66.6667,39.2857,20.6897,30.0,3.2258,40.625,12.1212,14.7059],"confirmation":[34.6663,54.6667,34.9136,0.269,67.2942,55.9107,90.3667,84.4833,83.8786,53.8511,86.9379,4.8576,76.0716,51.873,49.7191,92.6796,7.5819,33.6627,78.9578,87.6662,84.6887,34.2922,91.1169,53.2287,56.1981,81.4167,3.9342,87.3639,81.4932,84.7502,87.3404,55.0046,35.0711,79.265,50.0734],"persistence":[null,null,33.3333,25.0,40.0,50.0,57.1429,37.5,62.5,62.5,37.5,37.5,12.5,12.5,12.5,37.5,37.5,12.5,37.5,25.0,25.0,25.0,0.0,25.0,25.0,25.0,37.5,37.5,37.5,62.5,62.5,62.5,62.5,37.5,50.0],"assessmentRisk":[null,null,null,null,13.0894,33.8493,13.8425,8.1942,32.8713,2.7213,20.1095,8.6681,27.4416,41.0541,25.2131,11.4927,37.5684,27.7741,17.4234,18.9882,23.8435,40.5609,14.2904,25.6882,18.7928,20.6913,26.1327,3.4122,27.6171,19.0446,19.4656,22.0792,11.6963,26.3323,48.5933],"volumeParticipation":true,"latest":{"consensus":-13.1,"control":-12.8,"force":-30.9,"direction":-0.7,"confirmation":50.1,"persistence":50.0,"assessmentRisk":48.6,"intensity":14.7,"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 downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-13.1","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-12.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-30.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-0.7","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"50/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"45.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.8%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"14.3","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"20%","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 downward.","series":[{"label":"Close","values":[11.0641,11.1924,11.7056,12.2978,12.5446,12.407,13.0527,11.8607,12.4567,12.5361,11.5428,11.7613,11.8309,12.0991,11.9699,13.1024,12.9037,12.3176,12.49,11.75,11.35,11.87,11.09,11.21,11.81,11.18,11.3907,10.716,10.4977,10.4183,10.2199,10.29,10.73,10.95,10.72],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,11.6077,11.753,11.9893,11.9659,12.0551,12.1426,12.0335,11.984,11.9562,11.9822,11.9799,12.184,12.3149,12.3154,12.3471,12.2385,12.077,12.0394,11.8667,11.7473,11.7587,11.6535,11.6057,11.4439,11.2719,11.1167,10.9536,10.833,10.8143,10.8389,10.8173],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,11.6836,11.7143,11.7333,11.8347,11.9139,11.9438,11.9842,11.9669,11.9212,11.9174,11.8561,11.8083,11.8084,11.7618,11.7343,11.6589,11.5729,11.4874,11.3935,11.3117,11.2686,11.245,11.2061],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,13.3224,13.2598,13.1957,13.1397,13.1054,13.0655,13.2273,13.3059,13.286,13.2842,13.25,13.2144,13.162,13.2256,13.2464,13.1982,13.1892,13.0323,13.0946,13.1017,13.0704,13.1391,13.1648,13.1387,13.0698,13.0128],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,10.9011,10.8602,10.8746,10.8991,10.9448,10.9774,10.9507,10.9679,11.0079,11.0458,11.0385,11.1028,11.2229,11.0977,10.9682,10.9429,10.8291,10.8199,10.6431,10.4401,10.2597,10.0587,9.8858,9.8018,9.7559,9.6878],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"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,120.5036,41.3127,31.9767,26.7423,12.51,33.0207,169.2889,67.8911,126.6083,24.7917,52.0231,57.5112,85.8369,93.2476,399.7332,154.0541,0.9479,24.8809,0.0,1.8149,3.3602,1.3932,9.9715,146.9993,172.2101,135.4629,290.6321,233.4025],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,126.0428,128.9037,130.9626,129.3583,130.0535,131.7914,135.0,131.8657,135.0,133.97,131.8679,134.1381,130.7748,127.1171,135.0,129.5317,129.5637,130.3152,130.3152,130.3632,130.2832,130.2513,130.0274,126.5418,130.9708,134.6323,135.0,129.1253],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"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 pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,4.0089,3.9465,4.1223,4.0187,4.2548,4.1995,4.6071,4.8379,4.6927,5.2243,4.8757,4.6603,4.9738,4.6652,5.0544,4.9395,4.853,4.9475,4.8658,4.6592,4.5721,4.7831],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,19.9917,19.897,19.2855,18.6414,17.9678,17.3699,18.8322,19.2632,18.7546,18.4005,18.2106,17.3673,15.9047,17.4968,18.817,18.6844,19.6525,18.5506,20.6555,22.6121,24.0952,26.5579,28.4503,29.0913,29.0367,29.2937],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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"]},{"key":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an 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,41.7487,66.5365,69.8415,28.5285,37.6174,40.5093,51.6638,46.2931,91.4998,83.4045,59.5231,66.548,36.3947,20.0956,41.2844,9.5013,14.391,38.8396,13.1685,21.753,0.0,0.0,0.0,4.0057,6.1841,19.8483,26.6804,19.5377],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-10.5618,-6.0674,-5.4682,-12.9588,-11.3109,-10.7865,-8.7641,-9.7378,-1.5672,-3.0597,-7.4627,-6.1675,-11.7269,-14.7319,-10.8253,-16.6852,-15.7837,-11.2761,-16.009,-14.4263,-19.4952,-21.1351,-21.7314,-23.2222,-22.6953,-19.3897,-17.7369,-19.4648],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,9.2461,14.7358,15.4678,6.3182,8.3311,8.9716,11.442,10.2525,20.6831,18.8531,13.4549,15.0428,8.2268,4.5425,9.3321,2.1477,3.253,8.7795,2.9767,4.9172,0.0,0.0,0.0,1.2783,1.9734,6.3338,8.514,6.2347],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,0.0,-1.0966,0.0,-9.1324,-4.5662,-3.9574,-11.5677,-9.8935,-9.3607,-7.3059,-8.2953,0.0,-1.5163,-5.9894,-4.6736,-10.3214,-13.3743,-9.4056,-15.3587,-14.4428,-9.8635,-14.6718,-13.0639,-18.2134,-19.8794,-20.4853,-21.9998,-21.4645,-18.1063,-16.4272,-18.1826],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,7.1995,12.5865,13.3047,4.3265,6.3017,6.9302,9.3543,8.1871,18.4223,16.6266,11.3295,12.8877,6.1994,2.5841,7.284,0.2341,1.3187,6.7417,1.0476,2.7112,0.0,0.0,0.0,0.0,0.6864,4.9917,7.1444,4.8938],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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