{"schema_version":"1.0","name":"346A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"8a4c526a-81f8-4501-b5bd-e1d223bf8553","symbol":"346A","name":"NEXT FUNDS S&P 500 Semiconductors & Semiconductor Equipment 35% Cap Idx ETF","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","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, Acceleration, deceleration and rollover, Strength versus the research benchmark, Activity pressure and cumulative balance, Range pressure and compression, 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":74,"displayedObservations":74,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.79877,0.967489,0.940108,1.027826,1.010185,1.01308,1.027955,0.863841,0.781012,0.909628,0.575854,0.297322,-0.070357,-0.475164,-0.32986,-0.268011,-0.116581,-0.124463,-0.290258,-0.377977,-0.487053,-0.579535,-0.595481,-0.739637,-0.772602,-0.799233,-0.524612,-0.0305,0.508821,1.168486,1.453353,1.648632,1.663147,1.682302,1.629056,1.414199,1.290807,1.028698,0.814971,0.64458,0.242118,-0.014652,-0.221852,-0.449753,-0.50171,-0.602926],"opens":[3075.0,3200.0,3165.0,3325.0,3500.0,3335.0,3275.0,3320.0,3450.0,3460.0,3320.0,3365.0,3450.0,3515.0,3555.0,3615.0,3515.0,3581.0,3603.0,3510.0,3601.0,3460.0,3368.0,3550.0,3460.0,3305.0,3476.0,3850.0,4234.0,4519.0,4718.0,5000.0,4950.0,5100.0,5300.0,5220.0,5597.0,5405.0,5030.0,5229.0,4995.0,4910.0,5230.0,4810.0,5110.0,5210.0],"highs":[3254.0,3227.0,3186.0,3561.0,3500.0,3435.0,3455.0,3430.0,3450.0,3570.0,3335.0,3450.0,3450.0,3539.0,3643.0,3652.0,3650.0,3643.0,3618.0,3619.0,3695.0,3615.0,3620.0,3591.0,3565.0,3500.0,3831.0,4164.0,4430.0,4608.0,4769.0,5198.0,5049.0,5299.0,5308.0,5224.0,5597.0,5428.0,5176.0,5265.0,4995.0,5301.0,5230.0,5072.0,5216.0,5222.0],"lows":[3061.0,3092.0,3106.0,3301.0,3263.0,3230.0,3160.0,3295.0,3353.0,3431.0,3145.0,3335.0,3404.0,3432.0,3525.0,3522.0,3483.0,3283.0,3503.0,3432.0,3543.0,3386.0,3308.0,3525.0,3408.0,3206.0,3401.0,3836.0,4158.0,4439.0,4691.0,4938.0,4798.0,4900.0,5200.0,5139.0,5405.0,5188.0,5012.0,5194.0,4821.0,4903.0,4520.0,4650.0,5023.0,4900.0],"closes":[3250.0,3101.0,3155.0,3507.0,3330.0,3255.0,3190.0,3425.0,3417.0,3480.0,3230.0,3450.0,3404.0,3475.0,3643.0,3620.0,3605.0,3400.0,3510.0,3596.0,3560.0,3548.0,3550.0,3525.0,3445.0,3475.0,3829.0,4164.0,4430.0,4585.0,4755.0,5017.0,5000.0,5280.0,5298.0,5169.0,5510.0,5260.0,5176.0,5200.0,4840.0,5196.0,4879.0,5071.0,5170.0,4960.0],"hoverRows":[[{"label":"Open","value":"3,075","className":"is-ohlc","compact":true},{"label":"High","value":"3,254","className":"is-ohlc","compact":true},{"label":"Low","value":"3,061","className":"is-ohlc","compact":true},{"label":"Close","value":"3,250","className":"is-ohlc","compact":true},{"label":"Market 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Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 6.1% across 3 completed cases, with the largest move arriving after 2.3 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":"2025-10-31","price":3507.0},{"date":"2025-11-28","price":3425.0},{"date":"2025-12-26","price":3450.0}],"reversal_warnings":[{"date":"2026-05-29","price":5280.0}],"reversal_dangers":[{"date":"2026-06-12","price":5169.0}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[1883.0,1645.0,1705.0,1635.0,1764.0,1830.0,1933.0,2150.0,2070.0,2150.0,2199.0,2220.0,2291.0,2428.0,2463.0,2558.0,2681.0,2623.0,2719.0,2719.0,2778.0,2661.0,2738.0,2732.0,2875.0,2900.0,2950.0,3043.0,3250.0,3101.0,3155.0,3507.0,3330.0,3255.0,3190.0,3425.0,3417.0,3480.0,3230.0,3450.0,3404.0,3475.0,3643.0,3620.0,3605.0,3400.0,3510.0,3596.0,3560.0,3548.0,3550.0,3525.0,3445.0,3475.0,3829.0,4164.0,4430.0,4585.0,4755.0,5017.0,5000.0,5280.0,5298.0,5169.0,5510.0,5260.0,5176.0,5200.0,4840.0,5196.0,4879.0,5071.0,5170.0,4960.0],"consensus":[-84.252,-69.5652,49.6689,-42.5823,-9.8336,25.8143,49.2303,74.5993,16.5996,51.3811,53.3148,26.3098,55.5109,75.2352,51.2929,75.5415,78.091,24.4773,64.232,53.3614,54.5217,0.0,51.3301,34.7319,63.8619,41.1142,58.7196,72.3809,83.259,0.0,47.1854,80.0797,0.0,0.0,-8.0708,51.3548,29.0413,41.7111,-22.0387,54.8464,0.0,23.6138,67.0085,32.3044,33.4639,-37.3169,0.0,31.2056,0.0,17.6898,16.2041,-14.3194,-24.6127,0.0,59.3667,76.092,77.94,69.6133,65.8887,62.4947,50.2281,81.9016,54.4655,23.3847,58.3626,0.0,27.6257,15.1448,-42.8438,40.1102,-40.7829,25.886,31.5941,-31.1499],"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":[59.3536,46.9601,71.0005,38.5717,66.8645,73.3658,87.969,0.0,45.5447,81.392,0.0,0.0,-8.7938,74.8178,32.6636,33.7681,-24.5189,66.3645,0.0,26.7956,73.8725,35.3245,35.184,-31.6922,0.0,42.1174,0.0,16.1079,19.5934,-16.695,-22.4606,0.0,61.6559,84.3433,84.8564,69.8668,68.0009,47.9174,50.8135,82.2963,56.2915,14.4835,53.9378,0.0,44.1157,10.8981,-44.2702,51.7769,-29.6241,37.2482,33.8466,-29.7809],"force":[52.6796,12.4714,67.1207,19.6629,43.8481,83.4148,95.8258,0.0,31.975,92.4994,0.0,0.0,-52.3555,47.3073,3.2077,39.3827,-55.7155,71.9004,0.0,17.5765,74.5227,7.224,15.4292,-78.6579,0.0,34.0794,0.0,15.1288,19.143,-21.3861,-27.8717,0.0,72.778,84.4979,81.8853,67.3204,51.1382,66.777,15.7551,89.5529,22.8169,16.6956,45.9637,0.0,2.3341,6.9145,-58.2967,50.7306,-78.8424,44.5915,29.7696,-46.4401],"direction":[41.1963,36.6572,53.3757,59.3422,60.0336,63.3738,68.9,0.0,59.9251,69.7088,0.0,0.0,-24.3873,27.431,43.3541,52.4519,-4.8507,29.5013,0.0,24.2897,53.7966,46.7674,44.38,-14.216,0.0,16.6824,0.0,21.3268,10.2315,-6.5568,-24.7442,0.0,47.171,60.6578,67.2175,70.9613,74.011,76.0958,74.1825,75.9854,74.9848,62.1863,72.2759,0.0,26.8456,35.7548,-30.1758,19.1907,-26.3505,0.4605,30.3231,-21.7929],"intensity":[22.7273,4.3478,79.1667,44.0,11.5385,40.7407,85.7143,75.8621,10.0,100.0,78.125,24.2424,20.5882,85.7143,19.4444,59.4595,97.3684,82.0513,20.0,34.1463,73.8095,2.3256,6.8182,80.0,84.7826,31.9149,54.1667,69.3878,30.0,82.3529,55.7692,78.8462,98.0769,100.0,94.2308,90.3846,88.4615,98.0769,63.4615,86.5385,90.3846,53.8462,94.2308,78.8462,80.7692,61.5385,94.2308,90.3846,96.1538,55.7692,92.3077,59.6154],"confirmation":[84.3445,78.2495,88.4263,80.5415,86.2129,91.4831,94.9541,36.5103,82.6608,93.984,12.9645,8.7885,31.7906,83.9526,53.784,81.3976,54.4091,85.8951,28.0563,75.3239,89.5671,54.8604,78.1326,81.2871,1.3371,77.9071,26.4329,73.6068,73.2232,50.0947,76.0082,28.4492,87.3712,92.4799,92.9556,90.2025,88.6027,88.351,83.0135,94.4357,84.4366,32.6256,86.3656,9.4344,53.1515,51.0472,82.1592,80.9811,82.3805,54.112,78.0202,78.4548],"persistence":[87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,75.0,62.5,37.5,37.5,37.5,50.0,25.0,25.0,25.0,37.5,62.5,62.5,62.5,37.5,50.0,50.0,50.0,50.0,50.0,25.0,0.0,12.5,25.0,25.0,37.5,37.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,87.5,87.5,87.5,62.5,62.5,37.5,37.5,37.5,25.0],"assessmentRisk":[12.1536,8.1709,11.1582,29.2778,20.4066,13.7932,8.3589,47.7485,25.2434,9.9044,26.1453,35.7552,16.4004,50.8741,11.9069,24.7873,22.85,20.2797,2.3377,13.3012,15.8444,22.532,28.1409,5.7097,38.1345,24.0858,14.3841,32.1613,7.1469,22.4391,30.4216,37.1854,19.0215,11.9352,11.0296,15.1933,17.0555,18.7519,24.8389,9.0403,22.7052,25.3286,20.6264,7.1129,41.6871,0.7551,28.4132,34.3589,22.0719,37.6638,28.8769,22.4296],"volumeParticipation":true,"latest":{"consensus":-31.1,"control":-29.8,"force":-46.4,"direction":-21.8,"confirmation":78.5,"persistence":25.0,"assessmentRisk":22.4,"intensity":59.6,"evidenceDepth":100},"analysis":{"status":"Market 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":"Control support is easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-31.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-29.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-46.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-21.8","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"78/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"56.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"26.6","detail":"Directional","tone":"positive"},{"label":"Range position","value":"73%","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 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,89.743,112.6181,132.0488,153.3457,178.0958,190.8306,206.2914,216.0536,225.9465,221.7891,222.1468,219.4169,226.185,230.9043,235.959,244.649,265.1822,266.3615,268.5576,295.2975,298.7627,292.09,278.3482,283.1563,283.0583,284.7813,262.943,260.3865,251.7466,247.7724,255.2369,256.3416,253.0893,231.3037,220.3742,216.1602,207.5235,197.4346,187.4398,175.4788,157.7261,144.413,160.576,198.1331,246.5197,293.9847,341.3834,395.529,432.0871,478.1417,510.2113,519.2321,547.5848,543.6152,527.6091,510.9707,463.3939,449.2366,407.7375,385.8936,372.2792,340.6181],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,125.3476,138.4442,152.0136,164.8216,177.0466,185.9951,193.2254,198.4637,204.008,209.3872,214.7016,220.6911,229.5893,236.9437,243.2665,253.6727,262.6907,268.5706,270.5261,273.0521,275.0534,276.999,274.1878,271.4275,267.4913,263.5475,261.8854,260.7766,259.2392,253.6521,246.9965,240.8292,234.1681,226.8214,218.9451,210.2518,199.7467,188.6799,183.0592,186.074,198.1631,217.3274,242.1386,272.8167,304.6708,339.365,373.5342,402.6738,431.656,454.0478,468.7601,477.2022,474.4405,469.3998,457.0673,442.8326,428.7219,411.1011],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,52.7483,52.3864,54.2777,51.232,48.8999,35.794,28.9214,20.9532,22.177,21.517,21.2574,23.9579,35.5929,29.4177,25.2911,41.6248,36.072,23.5194,7.8221,10.1041,8.0049,7.7824,-11.2448,-11.041,-15.7447,-15.7751,-6.6486,-4.4351,-6.1499,-22.3484,-26.6223,-24.669,-26.6446,-29.3868,-31.5053,-34.773,-42.0206,-44.267,-22.4831,12.0592,48.3566,76.6573,99.2448,122.7123,127.4164,138.7768,136.6771,116.5583,115.9288,89.5673,58.849,33.7685,-11.0467,-20.1631,-49.3298,-56.939,-56.4427,-70.4831],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","2026-08-21"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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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,25.2625,7.6283,13.189,17.538,11.142,28.8987,30.9903,20.7818,44.0756,100.919,62.2597,66.5828,71.9543,38.5549,51.5586,87.5746,116.7624,90.0492,83.1459,69.4667,200.264,142.2229,106.7764,81.9866,172.2644,120.3345,87.9608,252.1854,44.0494,100.6662,179.3894,92.0827,108.9867,24.3234,104.4358,109.3097,83.9771,113.4224,287.2942,82.477,65.2126,59.0135,53.9816,44.4567,15.8848,35.6735,39.4657,52.7588,88.0118,101.7082,140.1387,66.9625,191.1882,105.7563,162.391,51.1696,23.6426,50.184,52.7149,34.509,12.6723,29.2044,44.7298,164.0452,57.8156,35.9725,33.5567],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,6.3379,6.1408,5.7752,5.463,5.5445,5.3712,5.2713,4.9811,5.183,4.9018,4.7917,4.6406,4.5182,4.2527,4.117,4.0432,4.2987,4.1158,4.2651,4.6944,4.9093,5.3121,5.0947,4.9447,4.8224,5.5654,5.2938,5.0786,4.897,4.6669,4.6176,4.6365,5.3212,5.2299,5.1116,5.0995,5.2123,5.465,5.2444,5.3084,5.491,5.4295,5.2108,4.9866,4.7512,4.5305,4.6179,4.6612,4.6385,4.4381,4.4437,4.4258,4.7422,4.8172,4.5747,5.1232,5.0651,6.0483,5.9981,5.7296,6.0093],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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