{"schema_version":"1.0","name":"401A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"8508a751-1c71-418b-bf21-915b21518dde","symbol":"401A","name":"KASUMIGASEKI HOTEL REIT INVESTM","exchange":"JPX","country":"JP","asset_type":"equity","currency":"JPY","sector":"Real Estate","industry":"Reit - Hotel & Motel"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.5,"sample":3},{"week":2,"averageReturn":-1.1,"sample":3},{"week":3,"averageReturn":-3.2,"sample":2},{"week":4,"averageReturn":-3.5,"sample":2},{"week":5,"averageReturn":-2.0,"sample":2},{"week":6,"averageReturn":-2.6,"sample":2},{"week":7,"averageReturn":-2.3,"sample":2},{"week":8,"averageReturn":-1.4,"sample":2},{"week":9,"averageReturn":-2.1,"sample":2},{"week":10,"averageReturn":-3.3,"sample":1},{"week":11,"averageReturn":-5.7,"sample":1},{"week":12,"averageReturn":-6.5,"sample":1},{"week":13,"averageReturn":-4.9,"sample":1},{"week":14,"averageReturn":-4.3,"sample":1},{"week":15,"averageReturn":-1.9,"sample":1},{"week":16,"averageReturn":-2.7,"sample":1},{"week":17,"averageReturn":-3.6,"sample":1},{"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}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","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 evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"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}]}},"pricePressureGap":{"label":"Price 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 evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"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 strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","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."},{"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 1 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."}]},"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":["2025-08-15","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":[100211.6484,103613.5938,107598.7344,106723.9453,105751.9609,104293.9844,104488.3828,105071.5703,100503.2422,100892.0312,101572.4219,102252.8125,102058.4141,104391.1797,101086.4297,101766.8203,99725.6562,98656.4688,100114.4453,102544.4062,103516.3906,104877.1719,105654.7578,103322.0,104200.0,103900.0,105300.0,104200.0,105200.0,102000.0,100000.0,99200.0,98000.0,97900.0,97900.0,99000.0,99500.0,99300.0,99100.0,96700.0,97000.0,98500.0,96500.0,94800.0,97400.0,96889.6562,96210.75,93870.4219,93029.3438,94578.2188,95200.0,97600.0,96800.0,95900.0],"consensus":[14.2861,51.0204,100.0,0.0,48.9183,0.0,0.0,18.4454,-57.2316,-22.654,-16.1383,0.0,0.0,46.295,-38.2107,0.0,-48.7471,-45.3097,0.0,34.9782,37.5024,47.8531,44.3292,-15.1159,23.5889,0.0,32.0069,-9.2793,23.3264,-46.8012,-56.6627,-51.0649,-49.0394,-28.2985,-33.5631,0.0,0.0,0.0,-12.4991,-58.8465,-21.6595,13.2384,-35.0694,-47.3363,10.4075,-9.6409,-23.0101,-53.3819,-54.9243,0.0,0.0,53.2134,0.0,-19.5795],"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,null,null,0.0,0.0,25.7875,-51.5581,-13.5702,-8.0677,0.0,0.0,44.0531,-38.7327,0.0,-52.0795,-42.4702,0.0,41.2829,41.5703,47.267,44.4502,-23.4342,23.4979,0.0,42.5241,-18.5554,20.2151,-40.6197,-52.826,-56.0752,-44.6324,-18.6671,-33.1051,0.0,0.0,0.0,-21.9698,-59.3969,-15.7632,20.5215,-32.9904,-54.3454,14.2659,-0.5258,-27.8487,-69.6543,-62.4043,0.0,0.0,47.6199,0.0,-32.6548],"force":[100.0,0.0,3.3463,0.0,0.0,20.8295,-67.478,-4.3112,-2.7959,0.0,0.0,50.7763,-56.7828,0.0,-57.8381,-43.3643,0.0,53.0232,32.7394,49.5517,35.4068,-42.6049,27.5449,0.0,30.5572,-31.2924,23.8697,-81.6364,-72.9606,-40.0553,-42.8514,-5.1979,-12.6594,0.0,0.0,0.0,-3.9191,-71.4129,-3.0924,45.856,-24.2756,-31.7293,31.4075,-0.001,-13.6334,-41.0285,-39.1494,0.0,0.0,85.5191,0.0,-35.1195],"direction":[null,null,81.4698,0.0,0.0,8.3514,-56.3967,-46.1377,-34.8922,0.0,0.0,45.6562,-24.3482,0.0,-38.4452,-49.9445,0.0,14.8836,36.2557,47.3099,50.564,-14.0257,20.8671,0.0,21.0228,-17.0456,26.4941,-28.9834,-49.4063,-53.2028,-58.496,-55.8063,-49.0176,0.0,0.0,0.0,-7.8039,-49.2415,-46.078,18.3836,-45.1553,-50.4739,9.0022,-28.1457,-24.1778,-43.6087,-57.6434,0.0,0.0,36.5306,0.0,-6.4636],"intensity":[null,null,50.0,20.0,16.6667,14.2857,100.0,66.6667,20.0,9.0909,25.0,61.5385,78.5714,33.3333,56.25,47.0588,44.4444,68.4211,80.0,23.8095,22.7273,60.8696,12.5,52.0,34.6154,22.2222,25.0,93.1034,63.3333,74.1935,53.125,27.2727,29.4118,20.0,52.7778,2.7027,2.6316,74.359,60.0,48.7805,61.9048,58.1395,81.8182,13.3333,6.5217,74.4681,14.5833,48.9796,6.0,78.4314,15.3846,17.3077],"confirmation":[54.6667,0.9768,36.2372,29.8878,25.1437,73.8633,86.7128,52.162,50.2139,4.3869,25.3015,82.9851,80.7855,2.506,83.8254,82.4831,30.5516,79.6469,79.7936,83.3737,81.9116,31.2069,75.6704,48.8826,78.0378,29.802,75.5284,84.1322,86.6872,83.9289,83.5712,53.8316,78.1101,6.4024,25.4061,24.8489,26.2606,87.2055,52.2596,31.7078,78.9249,82.5652,28.4987,25.7251,75.0037,84.4578,84.981,7.5609,5.442,86.0981,4.8859,38.3415],"persistence":[100.0,75.0,80.0,66.6667,57.1429,62.5,37.5,12.5,12.5,12.5,25.0,12.5,25.0,37.5,37.5,37.5,25.0,12.5,0.0,0.0,25.0,12.5,37.5,50.0,62.5,37.5,37.5,12.5,12.5,12.5,37.5,50.0,75.0,62.5,75.0,62.5,62.5,62.5,62.5,37.5,37.5,50.0,37.5,50.0,50.0,50.0,50.0,62.5,50.0,25.0,37.5,37.5],"assessmentRisk":[null,null,24.7086,16.9375,46.7691,43.0274,19.7487,33.0126,34.5801,41.3481,33.5774,23.3646,7.7953,12.2255,18.5536,27.1663,26.9636,0.9947,28.969,26.0347,27.7422,28.5449,6.8618,21.9725,26.4584,32.254,18.6492,18.1983,21.4976,24.2504,25.4742,35.5198,28.9614,7.296,40.2489,43.4615,43.487,18.1516,37.2983,33.7503,31.3604,23.0037,8.9687,36.8409,0.9744,1.2361,22.3255,42.0846,27.2935,22.2038,47.4008,43.902],"volumeParticipation":true,"latest":{"consensus":-19.6,"control":-32.7,"force":-35.1,"direction":-6.5,"confirmation":38.3,"persistence":37.5,"assessmentRisk":43.9,"intensity":17.3,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-19.6","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-32.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-35.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-6.5","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"38/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"47.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"2.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"21.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"21%","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":[100211.6484,103613.5938,107598.7344,106723.9453,105751.9609,104293.9844,104488.3828,105071.5703,100503.2422,100892.0312,101572.4219,102252.8125,102058.4141,104391.1797,101086.4297,101766.8203,99725.6562,98656.4688,100114.4453,102544.4062,103516.3906,104877.1719,105654.7578,103322.0,104200.0,103900.0,105300.0,104200.0,105200.0,102000.0,100000.0,99200.0,98000.0,97900.0,97900.0,99000.0,99500.0,99300.0,99100.0,96700.0,97000.0,98500.0,96500.0,94800.0,97400.0,96889.6562,96210.75,93870.4219,93029.3438,94578.2188,95200.0,97600.0,96800.0,95900.0],"stroke":"#10243b","width":2.1},{"label":"Fast 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