{"schema_version":"1.0","name":"FHZN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"8c319961-a691-4c47-881c-8d1ce2e1c31a","symbol":"FHZN","name":"Flughafen Zürich AG","exchange":"EBS","country":"CH","asset_type":"equity","currency":"CHF","sector":"Industrials","industry":"Airports & Air Services"},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":20,"completedEpisodes":19,"activeEpisodes":1,"medianExpectedMove":6.4,"averageExpectedMove":6.1,"averageWeeksToLargestMove":8.2,"horizons":[{"weeks":4,"sample":20,"expectedCount":8,"expectedPercent":40.0,"averageReturn":-1.3,"medianReturn":-1.5,"confidenceLow":21.9,"confidenceHigh":61.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":19,"expectedCount":14,"expectedPercent":73.7,"averageReturn":3.0,"medianReturn":4.0,"confidenceLow":51.2,"confidenceHigh":88.2,"confidence":"Historically consistent"},{"weeks":26,"sample":18,"expectedCount":13,"expectedPercent":72.2,"averageReturn":5.0,"medianReturn":5.9,"confidenceLow":49.1,"confidenceHigh":87.5,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.1,"sample":20},{"week":2,"averageReturn":-0.2,"sample":20},{"week":3,"averageReturn":-0.6,"sample":20},{"week":4,"averageReturn":-1.3,"sample":20},{"week":5,"averageReturn":-0.6,"sample":19},{"week":6,"averageReturn":-0.0,"sample":19},{"week":7,"averageReturn":-0.4,"sample":19},{"week":8,"averageReturn":0.6,"sample":19},{"week":9,"averageReturn":1.1,"sample":19},{"week":10,"averageReturn":2.3,"sample":19},{"week":11,"averageReturn":3.0,"sample":19},{"week":12,"averageReturn":3.0,"sample":19},{"week":13,"averageReturn":3.3,"sample":19},{"week":14,"averageReturn":2.7,"sample":19},{"week":15,"averageReturn":3.7,"sample":19},{"week":16,"averageReturn":3.3,"sample":19},{"week":17,"averageReturn":3.3,"sample":19},{"week":18,"averageReturn":4.3,"sample":19},{"week":19,"averageReturn":4.0,"sample":19},{"week":20,"averageReturn":4.0,"sample":19},{"week":21,"averageReturn":4.6,"sample":19},{"week":22,"averageReturn":5.3,"sample":19},{"week":23,"averageReturn":5.9,"sample":18},{"week":24,"averageReturn":5.8,"sample":18},{"week":25,"averageReturn":5.6,"sample":18},{"week":26,"averageReturn":5.0,"sample":18}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":3,"completedEpisodes":2,"activeEpisodes":1,"medianExpectedMove":11.0,"averageExpectedMove":11.0,"averageWeeksToLargestMove":7.5,"horizons":[{"weeks":4,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":-5.6,"medianReturn":-6.1,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-8.3,"medianReturn":-8.3,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-1.9,"medianReturn":-1.9,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.2,"sample":3},{"week":2,"averageReturn":-2.0,"sample":3},{"week":3,"averageReturn":-5.2,"sample":3},{"week":4,"averageReturn":-5.6,"sample":3},{"week":5,"averageReturn":-5.1,"sample":3},{"week":6,"averageReturn":-2.2,"sample":3},{"week":7,"averageReturn":-2.4,"sample":3},{"week":8,"averageReturn":-4.9,"sample":3},{"week":9,"averageReturn":-8.1,"sample":2},{"week":10,"averageReturn":-9.1,"sample":2},{"week":11,"averageReturn":-8.8,"sample":2},{"week":12,"averageReturn":-8.3,"sample":2},{"week":13,"averageReturn":-6.9,"sample":2},{"week":14,"averageReturn":-5.2,"sample":2},{"week":15,"averageReturn":-9.1,"sample":2},{"week":16,"averageReturn":-9.2,"sample":2},{"week":17,"averageReturn":-6.8,"sample":2},{"week":18,"averageReturn":-6.5,"sample":2},{"week":19,"averageReturn":-4.5,"sample":2},{"week":20,"averageReturn":-3.9,"sample":2},{"week":21,"averageReturn":-8.2,"sample":2},{"week":22,"averageReturn":-7.0,"sample":2},{"week":23,"averageReturn":-3.4,"sample":2},{"week":24,"averageReturn":-2.6,"sample":2},{"week":25,"averageReturn":-3.8,"sample":2},{"week":26,"averageReturn":-1.9,"sample":1}]},"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":"positive","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":25.0,"averageReturn":3.0,"sample":16},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"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, 25.0% of comparable cases moved lower after 12 weeks, with an average move of 3.0% across 16 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 4 cases. Distinct visits lasted 3.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. 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 4.7% across 16 completed cases, with the largest move arriving after 6.4 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":[],"distribution_rollovers":[{"date":"2026-03-06","price":244.787262},{"date":"2026-07-17","price":232.800003}],"price_pressure_gaps":[{"date":"2026-01-09","price":251.544006},{"date":"2026-02-20","price":251.73703},{"date":"2026-06-19","price":248.0}]}},"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":[193.3713,186.3311,184.4537,188.1146,189.8043,194.31,186.8943,192.6204,194.6855,192.0572,192.6204,186.7066,191.8694,194.1223,196.5629,206.8885,207.264,201.8196,203.5092,204.0724,203.697,203.8847,206.1376,206.5131,206.5131,213.4594,206.1376,208.015,200.6932,196.9384,201.0686,198.2525,189.2411,188.4901,197.49,199.6136,205.019,205.5981,215.8298,219.8838,220.0769,224.7101,216.2159,217.1811,217.1811,214.6715,222.0074,224.1309,223.5518,222.0074,229.1502,234.5556,234.7487,235.7139,235.907,235.5209,227.9919,230.6946,231.6599,237.4514,232.4321,230.5016,228.9572,227.9919,231.6599,229.5363,231.2738,231.8529,235.3278,239.7679,241.6985,243.0498,251.544,240.9263,237.4514,231.2738,240.9263,242.4707,251.737,254.8259,244.7873,234.1695,235.7139,238.2236,244.9803,241.6985,239.961,228.2,221.6,221.0,216.6,226.6,237.0,229.4,235.2,248.0,253.8,254.0,246.8,232.8,232.6,238.0,236.6,230.0],"consensus":[48.9185,-22.7484,-10.9781,29.1834,16.7671,45.1785,-29.0156,40.5468,25.2567,0.0,14.8761,-40.7785,26.3652,28.195,33.7734,67.2104,36.4911,0.0,40.6109,19.6827,8.3715,24.2036,33.7933,18.153,22.2252,59.9502,-22.7982,28.0804,-41.7307,-45.1118,12.0966,-37.6607,-62.2672,-18.9563,19.3319,12.8315,43.5883,27.7294,65.7529,53.7995,35.2485,54.8616,-12.2377,14.059,14.2031,-16.0878,51.4157,39.3552,24.0935,8.2195,56.7503,58.5419,28.5594,38.0106,34.7293,25.3272,-35.1557,12.3569,0.0,43.4418,-10.6242,0.0,-14.533,-24.6122,13.2878,-11.4704,12.7796,0.0,32.444,50.1059,42.5375,45.735,65.7812,-23.2248,-19.4107,-47.0875,33.5997,21.8922,58.0056,51.0065,-15.4351,-48.8578,-17.4707,0.0,32.7331,0.0,0.0,-56.6422,-51.4795,-38.6071,-50.0999,14.0485,43.0447,-21.2612,30.4548,33.3716,47.3173,46.817,25.6758,-50.8745,-16.315,0.0,-19.3039,41.3922],"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":[19.6379,32.6586,35.7151,31.6103,-30.5671,20.1669,0.0,49.3798,-16.9264,0.0,-11.8288,-19.8565,16.9374,-10.1339,13.2852,0.0,35.2576,50.2443,47.1093,52.4729,63.0724,-26.1796,-13.6882,-41.6342,42.8846,25.701,48.8749,52.2033,-18.0372,-43.2422,-11.611,0.0,38.95,0.0,0.0,-59.3924,-49.0126,-34.0652,-48.1706,21.8201,40.9978,-39.4517,29.5439,24.6636,50.704,51.3268,25.7259,-48.9265,-6.7521,0.0,-15.5352,47.0704],"force":[4.3468,22.7138,14.1648,4.128,-74.4229,18.7837,0.0,51.9703,-40.1961,0.0,-17.9105,-25.9021,25.1117,-17.1829,20.7053,0.0,39.006,58.9931,28.9494,29.9517,79.1681,-74.9365,-40.1559,-63.9926,73.35,20.3336,84.1916,44.2492,-56.043,-74.8747,-0.8809,0.0,52.6417,0.0,0.0,-65.0532,-45.3612,-19.4619,-37.6277,53.8664,66.3759,-25.9909,37.031,23.02,29.8621,24.4603,5.3252,-76.6142,-3.1232,0.0,-22.4425,49.7434],"direction":[56.05,55.0533,48.2915,33.2887,-12.3518,1.1595,0.0,30.5635,-17.7012,0.0,-15.211,-29.1261,0.6712,-8.9174,6.5406,0.0,24.5415,43.5996,47.0183,49.3082,59.3148,-17.089,-11.1327,-41.2447,5.4048,18.6525,49.7365,54.4655,-16.5444,-36.692,-37.2758,0.0,11.4074,0.0,0.0,-47.4913,-58.6691,-57.4729,-61.2136,23.2746,28.7189,-2.9062,26.7986,50.7175,55.9147,57.6319,40.1545,-34.7153,-36.6669,0.0,-21.3691,28.9378],"intensity":[36.5385,42.3077,23.0769,3.8462,76.9231,19.2308,30.7692,53.8462,48.0769,67.3077,32.6923,15.3846,36.5385,38.4615,23.0769,13.4615,32.6923,51.9231,65.3846,7.6923,94.2308,90.3846,90.3846,57.6923,80.7692,88.4615,96.1538,90.3846,96.1538,82.6923,26.9231,36.5385,65.3846,21.1538,59.6154,92.3077,84.6154,1.9231,73.0769,78.8462,100.0,71.1538,50.0,100.0,50.0,11.5385,65.3846,98.0769,98.0769,42.3077,13.4615,57.6923],"confirmation":[53.8704,79.7787,78.4716,52.6962,80.5165,49.6117,24.0784,82.0708,30.6479,24.1605,72.7947,75.9877,49.8902,71.865,49.6566,24.5197,78.5392,84.3026,81.1282,82.0515,89.4992,35.2752,74.9309,83.6663,58.3082,74.9,87.499,84.0979,32.3333,84.513,50.6419,28.2885,78.9866,27.1914,0.6526,86.3399,84.3246,79.84,83.6813,33.2225,82.5165,52.6239,77.9598,78.4961,82.558,82.2314,52.9286,85.094,27.6312,28.9013,74.3303,81.4135],"persistence":[75.0,100.0,100.0,100.0,75.0,75.0,62.5,62.5,37.5,25.0,0.0,25.0,0.0,25.0,12.5,25.0,0.0,12.5,37.5,62.5,62.5,62.5,37.5,25.0,25.0,25.0,25.0,25.0,0.0,0.0,0.0,12.5,12.5,0.0,12.5,37.5,37.5,37.5,37.5,25.0,25.0,37.5,25.0,0.0,25.0,50.0,75.0,50.0,25.0,37.5,12.5,12.5],"assessmentRisk":[35.2618,30.8588,29.2331,2.6482,29.4231,49.0547,43.0202,2.7706,45.7788,0.5044,22.1981,37.2336,18.0157,8.2046,23.225,37.7107,22.5217,24.8399,28.6432,27.0798,17.1028,24.6444,27.4755,25.7529,64.9267,3.1933,20.348,24.4713,34.3156,16.637,40.2139,47.8661,15.0455,42.1284,28.2322,16.219,24.128,30.5428,24.885,19.1431,27.139,52.4117,34.4121,32.9984,25.1929,26.4655,32.646,21.8247,41.3849,51.2542,33.6822,3.6278],"volumeParticipation":true,"latest":{"consensus":41.4,"control":47.1,"force":49.7,"direction":28.9,"confirmation":81.4,"persistence":12.5,"assessmentRisk":3.6,"intensity":57.7,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+41.4","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+47.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+49.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+28.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"81/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"45.6","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"13.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"39%","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 is rotating 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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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