{"schema_version":"1.0","name":"BNC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"8805b573-7063-4cae-b5c1-aa47c35ae14e","symbol":"BNC","name":"Banco Santander, S.A.","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Financial Services","industry":"Banks - Diversified"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range position and boundary pressure, Directional strength and control, Range pressure and compression."},{"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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.7,"sample":19},{"week":2,"averageReturn":0.9,"sample":19},{"week":3,"averageReturn":0.6,"sample":19},{"week":4,"averageReturn":2.1,"sample":19},{"week":5,"averageReturn":1.1,"sample":18},{"week":6,"averageReturn":0.9,"sample":18},{"week":7,"averageReturn":2.4,"sample":18},{"week":8,"averageReturn":3.2,"sample":18},{"week":9,"averageReturn":3.6,"sample":18},{"week":10,"averageReturn":3.7,"sample":18},{"week":11,"averageReturn":4.7,"sample":18},{"week":12,"averageReturn":5.7,"sample":18},{"week":13,"averageReturn":7.5,"sample":18},{"week":14,"averageReturn":9.1,"sample":18},{"week":15,"averageReturn":10.9,"sample":18},{"week":16,"averageReturn":11.9,"sample":18},{"week":17,"averageReturn":10.6,"sample":18},{"week":18,"averageReturn":14.0,"sample":18},{"week":19,"averageReturn":15.4,"sample":18},{"week":20,"averageReturn":15.6,"sample":18},{"week":21,"averageReturn":15.4,"sample":18},{"week":22,"averageReturn":15.6,"sample":18},{"week":23,"averageReturn":15.1,"sample":18},{"week":24,"averageReturn":14.3,"sample":18},{"week":25,"averageReturn":14.5,"sample":18},{"week":26,"averageReturn":17.0,"sample":18}]}},"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":"Evidence aligned","tone":"positive","headline":"Price and Market Dynamics remain aligned upward","use":"The advance retains underlying support while price structure and Market Dynamics remain intact.","confirm":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"distribution","zoneContext":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":50.0,"averageReturn":4.5,"sample":22},"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 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":"Trend participation","title":"Let confirmation support the position, then manage extension","tone":"positive","approach":"This is most useful for holding or selectively adding to an established upward case. Risk should still tighten as price becomes extended; confirmation is support, not immunity from reversal.","finding":"In this ticker's completed record, 50.0% of comparable cases moved higher after 12 weeks, with an average move of 4.5% across 22 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 12.1% across 18 completed cases, with the largest move arriving after 7.1 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2024-10-04","price":372.22229}],"distribution_rollovers":[],"price_pressure_gaps":[]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","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"],"close":[362.7294,373.2215,363.229,362.7294,381.7152,385.2126,372.2223,378.7174,381.2156,375.22,382.3154,372.3203,378.8171,366.3232,364.3241,387.8128,386.8133,364.3241,359.3265,361.8253,380.3164,402.3058,408.3029,413.8002,464.7756,478.2691,484.2662,509.7539,519.7491,519.7491,536.7409,526.7457,467.7742,484.2662,510.7534,540.739,533.8499,558.8428,579.837,582.8361,591.8336,590.8339,577.8375,586.835,592.8333,614.8271,621.8251,624.8243,655.8156,628.8231,686.8069,706.8012,719.7975,701.8026,705.8015,726.7957,754.7877,769.7836,765.7846,748.7894,715.7987,730.7945,763.8959,776.8941,815.8888,771.8948,803.8904,812.8892,841.8852,873.8809,871.8811,883.8795,888.8788,902.8769,911.8757,930.8731,917.8749,867.8817,933.8727,951.8702,827.8871,817.8885,806.89,809.8896,847.8844,908.8761,949.8705,881.3798,894.0,900.0,887.0,895.0,939.0,920.0,941.0,1020.0,1016.0,1056.0,1020.0,1002.0,1012.0,1050.0,1096.0,1100.0],"consensus":[0.0,20.4626,-17.1948,0.0,45.9154,28.3665,-13.4304,20.0128,8.5474,-12.9331,20.6818,-26.0325,19.5388,-28.4788,-18.9267,46.2725,14.4252,-39.6061,-17.6718,-18.5838,32.5688,54.4853,39.0233,44.1009,75.2894,61.8505,43.2803,65.5159,53.0901,45.1922,56.1043,12.1651,-38.3484,13.3508,29.1334,57.4642,23.2345,61.4586,63.8621,34.7343,48.0731,31.2928,0.0,23.6164,24.0545,52.0664,34.2235,35.4249,67.3234,0.0,64.8054,54.7993,57.2738,23.901,32.7161,45.8676,61.3101,57.1846,35.885,8.7911,-30.8381,17.5432,44.333,42.2936,60.2315,-15.0722,48.0043,30.4007,43.0637,57.2256,39.4426,50.1311,35.7575,42.162,44.3283,51.7277,12.37,-37.3605,54.0,33.5117,-53.0589,-27.2924,-40.6477,-21.8325,17.5754,48.1862,54.0763,-22.4771,16.0306,0.0,-17.8226,9.9436,38.518,0.0,32.8634,36.8786,23.1489,38.5692,0.0,0.0,16.9471,43.7321,59.7438,32.6153],"supportDates":["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"],"control":[63.7688,20.1674,35.8528,53.2336,62.2462,61.4597,32.7796,5.9864,-27.0205,23.966,45.9096,40.895,53.6051,-22.5693,48.6076,26.5275,47.0456,61.5475,40.3579,49.0995,33.4686,42.0337,45.4951,48.7938,8.9915,-34.7695,60.4611,36.2545,-52.9253,-19.9685,-35.8605,-10.2947,20.2991,45.8663,52.7988,-30.4178,14.0854,0.0,-13.0546,11.0301,39.4248,0.0,35.4764,28.2935,12.6683,30.532,0.0,0.0,18.073,50.1551,58.9364,25.6972],"force":[41.3918,15.2613,10.7275,31.3521,67.3964,45.0101,9.8051,34.1105,-65.0881,34.5183,66.2978,43.6819,76.1201,-72.8208,52.1754,17.6599,33.0096,47.9775,13.7417,41.2255,13.5167,31.5795,31.5289,52.8621,24.7872,-76.4369,67.355,21.8989,-62.078,-15.1944,-31.8104,-2.1505,42.6325,70.181,66.2315,-64.977,15.6711,0.0,-30.4171,10.7405,44.2678,0.0,26.1987,23.7909,2.6776,20.645,0.0,0.0,8.0721,52.3062,67.2695,10.5907],"direction":[61.1954,56.141,44.8373,47.8175,55.8931,60.9949,58.0625,42.6405,-10.7369,1.9222,26.842,42.9004,56.4555,-34.7448,44.3353,43.9277,45.6943,58.892,56.7542,57.6714,54.2595,49.8677,52.1372,54.2704,42.7722,-12.41,37.0768,38.6718,-46.7693,-44.3038,-52.4311,-49.0771,3.4355,35.127,46.8541,-16.955,18.5104,0.0,-14.2759,8.1327,33.3747,0.0,34.6377,56.0385,53.5743,60.5576,0.0,0.0,21.9996,30.2672,55.2909,56.2535],"intensity":[57.6923,48.0769,1.9231,73.0769,80.7692,34.6154,34.6154,42.3077,86.5385,32.6923,88.4615,67.3077,88.4615,82.6923,78.8462,82.6923,71.1538,78.8462,7.6923,28.8462,25.0,30.7692,42.3077,65.3846,42.3077,86.5385,96.1538,80.7692,100.0,63.4615,46.1538,42.3077,75.0,92.3077,86.5385,98.0769,65.3846,28.8462,36.5385,5.7692,80.7692,36.5385,42.3077,98.0769,7.6923,71.1538,65.3846,53.8462,40.3846,71.1538,86.5385,90.3846],"confirmation":[85.7446,32.4341,77.7512,82.123,87.7905,85.8629,78.7357,8.8253,78.9702,51.7767,82.8319,81.5976,87.8593,36.5477,83.4793,77.3989,81.4133,85.9645,79.8244,83.7863,78.7995,81.1713,81.7772,84.6321,30.8321,81.1857,85.5886,78.328,85.2557,76.4765,80.8109,51.8957,52.4125,84.1253,85.6943,34.6506,73.1485,24.294,74.1597,71.1897,80.4872,27.5593,78.2734,79.5331,52.6848,79.9183,31.5594,4.9224,73.1354,82.1577,87.3597,85.8711],"persistence":[87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,50.0,75.0,75.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,25.0,0.0,25.0,25.0,0.0,0.0,25.0,0.0,12.5,12.5,37.5,37.5,25.0,25.0,50.0,50.0,62.5,75.0,62.5,62.5,75.0,75.0,75.0],"assessmentRisk":[21.2083,37.9474,19.4949,14.836,16.0338,21.2698,31.7287,33.3635,30.317,54.9217,26.2186,24.0328,19.8786,54.0822,22.153,29.5848,17.1729,21.3538,29.7893,24.5647,30.0786,23.1663,25.7481,23.2098,37.6791,25.538,7.4537,17.136,21.7973,27.2256,29.4253,38.9589,12.5702,23.867,22.701,55.3116,27.6696,11.3497,33.6996,9.3498,17.6129,28.2203,30.1162,31.4519,36.9108,30.6515,44.6309,21.965,15.1776,31.5527,19.2944,33.5144],"volumeParticipation":true,"latest":{"consensus":32.6,"control":25.7,"force":10.6,"direction":56.3,"confirmation":85.9,"persistence":75.0,"assessmentRisk":33.5,"intensity":90.4,"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":"Commitment is limited","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+32.6","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+25.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+10.6","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+56.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"86/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"69.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"31.3","detail":"Directional","tone":"positive"},{"label":"Range position","value":"94%","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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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 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