{"schema_version":"1.0","name":"FCC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"8cf4b4e2-8c86-4da6-82f3-df2a292ec54f","symbol":"FCC","name":"Fomento de Construcciones y Contratas, S.A.","exchange":"MCE","country":"ES","asset_type":"equity","currency":"EUR","sector":"Industrials","industry":"Waste Management"},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.8,"sample":22},{"week":2,"averageReturn":1.1,"sample":22},{"week":3,"averageReturn":1.8,"sample":21},{"week":4,"averageReturn":2.2,"sample":21},{"week":5,"averageReturn":1.1,"sample":21},{"week":6,"averageReturn":1.6,"sample":21},{"week":7,"averageReturn":1.7,"sample":21},{"week":8,"averageReturn":1.7,"sample":20},{"week":9,"averageReturn":2.0,"sample":20},{"week":10,"averageReturn":2.5,"sample":19},{"week":11,"averageReturn":2.3,"sample":19},{"week":12,"averageReturn":2.9,"sample":19},{"week":13,"averageReturn":3.5,"sample":19},{"week":14,"averageReturn":2.1,"sample":18},{"week":15,"averageReturn":4.2,"sample":18},{"week":16,"averageReturn":4.8,"sample":18},{"week":17,"averageReturn":4.0,"sample":18},{"week":18,"averageReturn":5.9,"sample":18},{"week":19,"averageReturn":4.2,"sample":18},{"week":20,"averageReturn":3.7,"sample":18},{"week":21,"averageReturn":4.1,"sample":18},{"week":22,"averageReturn":3.3,"sample":18},{"week":23,"averageReturn":4.5,"sample":18},{"week":24,"averageReturn":3.8,"sample":17},{"week":25,"averageReturn":3.9,"sample":17},{"week":26,"averageReturn":7.2,"sample":17}]}},"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":"Negative pressure; price rotational","tone":"caution","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"The underlying condition is weak, but a negative price response is still required.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":31.8,"averageReturn":2.0,"sample":22},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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, 31.8% of comparable cases moved lower after 12 weeks, with an average move of 2.0% across 22 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 2 cases. Distinct visits lasted 3.5 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 8.1% across 22 completed cases, with the largest move arriving after 4.4 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":[{"date":"2025-02-21","price":10.033409}],"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":[12.6617,12.7384,12.3163,12.8535,13.2564,13.1988,12.3163,11.9518,11.6833,11.453,12.6617,9.0358,8.7097,8.7577,8.7289,8.9015,8.9207,8.4603,8.585,8.585,8.6809,8.8056,8.8919,8.9591,9.4003,10.6089,10.0334,10.091,9.9759,9.7456,10.2444,10.302,9.5058,9.6209,9.8991,10.1428,10.2962,10.302,11.0118,12.0861,11.8943,11.7408,11.76,11.9,12.34,11.94,11.5,11.5,11.56,10.78,10.68,10.88,11.18,10.86,11.02,11.22,11.0,11.1,11.06,11.14,11.32,11.42,11.54,10.94,11.18,11.1,11.56,11.44,11.28,11.24,11.0,11.14,11.1,11.04,11.16,11.06,11.36,11.24,11.84,11.8,10.8,10.74,10.4,10.42,10.9,11.06,11.54,11.14,11.14,11.14,11.46,11.56,11.78,11.68,11.2017,11.5674,11.7407,12.472,12.4913,11.84,11.88,11.34,11.04,11.1],"consensus":[27.032,23.2796,-21.6211,39.5484,53.426,16.3308,-42.3855,-45.5192,-49.4582,-47.456,48.183,-60.8034,-64.0691,-30.7457,-43.8831,-19.1623,-26.8731,-58.9199,-19.712,-22.6046,-23.8504,-9.806,0.0,0.0,37.6268,75.2332,0.0,27.3234,14.9289,-11.6533,47.6233,32.5087,-43.2163,0.0,14.4405,23.3238,34.2845,21.6694,68.3682,69.3007,20.929,30.7124,28.5098,31.5262,63.6006,0.0,-16.2145,0.0,0.0,-54.1115,-34.5895,0.0,9.4855,-27.7719,0.0,15.3072,-21.693,0.0,-8.6315,0.0,22.0327,17.7537,30.7008,-39.5278,9.0338,0.0,39.8404,0.0,-9.3924,0.0,-37.6296,0.0,-12.1205,-17.0165,16.9354,-14.7974,31.0551,0.0,60.2321,19.6284,-56.0991,-28.7666,-59.4477,-26.8604,23.234,13.6544,54.8414,-12.7549,12.0356,0.0,30.0619,35.1617,46.5903,19.8887,-29.4439,23.6829,32.3157,66.8559,36.503,-24.5158,23.0798,-53.1318,-52.2911,-28.7019],"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":[18.1663,-36.2394,0.0,13.2475,-22.3143,0.0,-12.0329,0.0,18.8452,14.658,31.1107,-37.2386,11.0795,0.0,49.8035,0.0,-13.9591,0.0,-39.7045,0.0,-10.6153,-16.1835,19.1307,-15.7484,31.2864,0.0,56.6058,11.1161,-50.6766,-27.088,-62.6416,-18.8303,29.9276,7.9577,56.3492,-16.8793,11.7136,0.0,35.6824,37.0035,45.6703,12.8597,-36.231,30.5746,43.9437,75.4178,29.81,-31.6383,27.2455,-48.6858,-48.5598,-26.6198],"force":[27.3451,-32.3729,0.0,25.0734,-31.2989,0.0,-9.8352,0.0,32.6344,16.3552,30.0219,-69.0643,27.0777,0.0,54.3626,0.0,-21.4508,0.0,-43.6793,0.0,-9.912,-14.8374,31.8483,-16.4605,43.6898,0.0,82.8145,2.8693,-87.2967,-14.7615,-61.1743,-3.9542,52.1726,24.5773,67.9608,-53.6043,12.3272,0.0,39.0629,29.204,46.6589,0.8917,-37.3971,22.0751,27.2767,62.5693,13.0154,-78.2118,23.4524,-80.1856,-62.6431,-9.8693],"direction":[13.1922,-14.8082,0.0,10.6851,-14.1217,0.0,-3.8845,0.0,18.1029,22.2907,30.7173,-21.0466,6.1926,0.0,18.0811,0.0,-4.4398,0.0,-30.9371,0.0,-15.4183,-19.525,3.7744,-12.5225,21.766,0.0,48.2461,45.4264,-40.0123,-40.6887,-54.5643,-52.3991,5.0863,12.3628,43.7472,-21.137,12.1952,0.0,17.2091,37.3122,47.5928,41.491,-16.0062,16.9552,22.626,60.1326,60.9291,-21.9785,18.0528,-38.8888,-49.1611,-44.5334],"intensity":[57.6923,38.4615,17.3077,71.1538,38.4615,19.2308,9.6154,7.6923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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":"Broadly stable","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-28.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-26.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-9.9","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-44.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"77/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"45.2","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"13.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"36%","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 through its trend references.","series":[{"label":"Close","values":[12.6617,12.7384,12.3163,12.8535,13.2564,13.1988,12.3163,11.9518,11.6833,11.453,12.6617,9.0358,8.7097,8.7577,8.7289,8.9015,8.9207,8.4603,8.585,8.585,8.6809,8.8056,8.8919,8.9591,9.4003,10.6089,10.0334,10.091,9.9759,9.7456,10.2444,10.302,9.5058,9.6209,9.8991,10.1428,10.2962,10.302,11.0118,12.0861,11.8943,11.7408,11.76,11.9,12.34,11.94,11.5,11.5,11.56,10.78,10.68,10.88,11.18,10.86,11.02,11.22,11.0,11.1,11.06,11.14,11.32,11.42,11.54,10.94,11.18,11.1,11.56,11.44,11.28,11.24,11.0,11.14,11.1,11.04,11.16,11.06,11.36,11.24,11.84,11.8,10.8,10.74,10.4,10.42,10.9,11.06,11.54,11.14,11.14,11.14,11.46,11.56,11.78,11.68,11.2017,11.5674,11.7407,12.472,12.4913,11.84,11.88,11.34,11.04,11.1],"stroke":"#10243b","width":2.1},{"label":"Fast 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