{"schema_version":"1.0","name":"VALO Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"8d6ebba1-c3a0-4158-8507-080eb00b38b9","symbol":"VALO","name":"Banco de Valores S.A.","exchange":"BUE","country":"AR","asset_type":"equity","currency":"ARS","sector":"Financial Services","industry":"Banks - Diversified"},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":21,"completedEpisodes":21,"activeEpisodes":0,"medianExpectedMove":18.7,"averageExpectedMove":28.9,"averageWeeksToLargestMove":8.9,"horizons":[{"weeks":4,"sample":21,"expectedCount":13,"expectedPercent":61.9,"averageReturn":5.9,"medianReturn":1.8,"confidenceLow":40.9,"confidenceHigh":79.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":21,"expectedCount":17,"expectedPercent":81.0,"averageReturn":21.1,"medianReturn":16.5,"confidenceLow":60.0,"confidenceHigh":92.3,"confidence":"Historically consistent"},{"weeks":26,"sample":20,"expectedCount":18,"expectedPercent":90.0,"averageReturn":62.5,"medianReturn":50.5,"confidenceLow":69.9,"confidenceHigh":97.2,"confidence":"Historically consistent"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.2,"sample":21},{"week":2,"averageReturn":3.8,"sample":21},{"week":3,"averageReturn":3.7,"sample":21},{"week":4,"averageReturn":5.9,"sample":21},{"week":5,"averageReturn":6.9,"sample":21},{"week":6,"averageReturn":8.1,"sample":21},{"week":7,"averageReturn":9.6,"sample":21},{"week":8,"averageReturn":9.0,"sample":21},{"week":9,"averageReturn":13.3,"sample":21},{"week":10,"averageReturn":16.5,"sample":21},{"week":11,"averageReturn":17.2,"sample":21},{"week":12,"averageReturn":21.1,"sample":21},{"week":13,"averageReturn":23.2,"sample":21},{"week":14,"averageReturn":24.5,"sample":21},{"week":15,"averageReturn":25.5,"sample":21},{"week":16,"averageReturn":32.2,"sample":20},{"week":17,"averageReturn":35.3,"sample":20},{"week":18,"averageReturn":38.1,"sample":20},{"week":19,"averageReturn":45.5,"sample":20},{"week":20,"averageReturn":46.3,"sample":20},{"week":21,"averageReturn":47.4,"sample":20},{"week":22,"averageReturn":51.3,"sample":20},{"week":23,"averageReturn":55.4,"sample":20},{"week":24,"averageReturn":56.5,"sample":20},{"week":25,"averageReturn":54.9,"sample":20},{"week":26,"averageReturn":62.5,"sample":20}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":3,"completedEpisodes":2,"activeEpisodes":1,"medianExpectedMove":6.9,"averageExpectedMove":6.9,"averageWeeksToLargestMove":8.0,"horizons":[{"weeks":4,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":-7.5,"medianReturn":-8.5,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-5.7,"medianReturn":-5.7,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.5,"sample":3},{"week":2,"averageReturn":1.1,"sample":3},{"week":3,"averageReturn":-3.7,"sample":3},{"week":4,"averageReturn":-7.5,"sample":3},{"week":5,"averageReturn":-5.5,"sample":3},{"week":6,"averageReturn":-2.2,"sample":2},{"week":7,"averageReturn":-2.0,"sample":2},{"week":8,"averageReturn":-3.1,"sample":2},{"week":9,"averageReturn":-3.4,"sample":2},{"week":10,"averageReturn":-5.6,"sample":2},{"week":11,"averageReturn":-5.8,"sample":2},{"week":12,"averageReturn":-5.7,"sample":2},{"week":13,"averageReturn":-6.6,"sample":2},{"week":14,"averageReturn":-6.8,"sample":2},{"week":15,"averageReturn":-2.6,"sample":1},{"week":16,"averageReturn":-3.5,"sample":1},{"week":17,"averageReturn":-5.2,"sample":1},{"week":18,"averageReturn":-8.2,"sample":1},{"week":19,"averageReturn":-11.3,"sample":1},{"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 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":"negative","direction":"strengthening","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":0.0,"averageReturn":39.7,"sample":11},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 39.7% across 11 cases.","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 2 cases. Distinct visits lasted 2.7 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."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 3.6% across 11 completed cases, with the largest move arriving after 1.7 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":"2026-05-01","price":628.110413},{"date":"2026-07-17","price":637.662354}],"price_pressure_gaps":[{"date":"2026-04-03","price":654.478699},{"date":"2026-05-08","price":688.00116},{"date":"2026-07-10","price":667.506165}]}},"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":[329.733,325.2838,323.8007,319.8459,312.925,302.5436,301.5549,304.0267,322.3177,327.7556,334.6765,363.3489,384.1117,383.123,381.6399,376.6964,377.6851,417.2332,448.3775,445.4114,445.9057,443.9283,445.9057,423.6599,380.6512,378.6738,384.1117,347.5297,360.8772,351.4844,339.1256,315.8911,289.1961,263.4898,270.9051,271.8937,264.4785,270.9051,310.9476,338.1369,357.4167,359.8884,354.4506,331.216,312.4306,341.1031,330.2273,333.6878,349.0291,356.9504,368.8322,342.0981,340.1177,326.23,308.8774,271.9409,242.4415,307.3322,292.6855,297.4023,313.2902,317.2621,441.8494,433.8926,449.8062,457.7982,529.2437,508.8307,489.4135,518.7882,548.6479,549.1462,552.1361,600.4729,609.941,617.9052,586.9849,560.5531,529.6329,504.6725,498.9319,603.0112,595.5236,588.5312,654.4787,702.9401,728.6552,664.5694,628.1104,688.0012,678.5968,669.6875,649.3939,629.3628,629.3628,632.3479,644.2884,651.092,667.5062,637.6624,631.6936,620.7509,600.5,580.5],"consensus":[0.0,0.0,-9.846,-13.7631,-30.0629,-43.1948,-22.5353,-12.7311,36.7916,29.0805,43.9655,70.5271,68.1283,25.3279,26.6984,15.1038,26.2941,73.5999,75.9639,33.877,33.3853,24.9795,24.7694,-21.2234,-62.3463,-34.3508,-13.2632,-70.7143,-16.042,-46.9289,-57.8403,-70.4272,-75.4256,-72.4519,-50.7887,-41.573,-51.7184,-17.2448,39.3718,52.6071,51.7881,36.3527,14.0796,-21.938,-41.4679,31.0432,-14.3403,11.7594,41.3,30.8037,42.549,-22.1972,0.0,-29.5941,-43.1076,-69.463,-69.466,28.0302,-36.5225,0.0,20.396,15.6367,78.7315,26.0689,56.4225,54.3542,83.8559,19.3729,14.8274,75.2257,67.0403,44.2358,48.7503,73.7271,54.1561,48.1835,0.0,-18.7298,-35.9317,-44.7532,-35.1913,63.3971,24.5949,13.8909,66.8083,71.3503,57.9693,0.0,-21.7588,42.9365,0.0,0.0,-9.5192,-31.6806,-24.6132,-12.6884,11.5799,16.5383,35.954,-22.3154,-22.1179,-33.7427,-52.2549,-61.9316],"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":[0.0,-25.8953,-39.2359,-70.1821,-65.6776,36.3732,-39.1334,0.0,7.8668,16.4299,77.3938,16.716,50.289,52.8664,87.7705,7.1876,3.5973,74.8836,73.305,44.1141,49.0672,74.0038,55.246,44.0325,0.0,-16.9989,-35.7713,-42.261,-29.7237,59.3901,21.4529,2.6022,74.2072,77.6153,58.4072,0.0,-25.5006,52.8156,0.0,0.0,-17.7154,-32.9301,-24.9,-6.8785,22.5023,20.3203,42.6854,-23.8032,-23.3097,-33.7634,-51.1241,-60.1448],"force":[0.0,-38.4543,-48.526,-84.372,-82.9248,81.3146,-42.7367,0.0,37.9852,18.0988,98.3741,15.5464,48.9765,35.2442,90.0187,34.1464,34.5583,85.6514,65.5056,14.6753,23.3224,78.3155,31.355,25.615,0.0,-56.6482,-49.3019,-47.4013,-25.1237,96.0148,1.9878,5.909,68.9632,74.1433,47.137,0.0,-44.8368,51.8181,0.0,0.0,-26.3341,-36.062,-20.6492,-6.4801,15.4528,14.8493,34.7115,-40.2559,-20.9145,-29.9393,-53.591,-69.6091],"direction":[0.0,-27.4926,-43.6621,-57.9918,-64.1821,19.5651,-29.1001,0.0,22.1514,12.9716,66.2298,66.4831,68.7507,69.7045,74.9802,71.527,62.9372,68.1698,60.9769,65.4895,66.551,70.1334,69.197,69.0478,0.0,-6.3766,-26.565,-45.7099,-48.6312,44.6782,44.3338,40.9352,56.8132,62.1952,65.206,0.0,-0.9983,25.3021,0.0,0.0,-11.8585,-27.1231,-27.1167,-23.7627,3.6693,13.4224,29.1485,-7.8005,-21.6154,-36.4356,-52.5929,-58.4896],"intensity":[46.1538,78.8462,48.0769,92.3077,92.3077,100.0,90.3846,28.8462,84.6154,38.4615,100.0,98.0769,38.4615,21.1538,96.1538,84.6154,53.8462,67.3077,71.1538,15.3846,1.9231,92.3077,90.3846,23.0769,65.3846,51.9231,76.9231,67.3077,5.7692,98.0769,92.3077,36.5385,90.3846,86.5385,80.7692,86.5385,80.7692,80.7692,71.1538,13.4615,30.7692,75.0,26.9231,1.9231,13.4615,9.6154,34.6154,71.1538,38.4615,13.4615,34.6154,34.6154],"confirmation":[25.2216,77.7965,82.0186,90.6716,90.697,37.307,79.8368,26.002,52.587,73.0667,93.8131,33.1995,85.9217,84.8336,94.9621,12.0385,10.7832,92.3952,89.3107,81.2564,82.8203,91.7283,84.6185,82.7942,11.2908,53.8692,79.9081,82.4397,79.0377,89.3422,52.5626,27.9409,89.3316,90.8217,86.2134,35.7661,52.9425,81.8598,27.0469,4.4502,28.6302,78.2523,75.751,26.6263,49.7733,73.1831,79.3648,52.9984,75.0229,78.6814,84.7795,88.0793],"persistence":[37.5,12.5,12.5,12.5,37.5,37.5,62.5,50.0,37.5,12.5,12.5,37.5,62.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,37.5,12.5,12.5,12.5,12.5,12.5,0.0,25.0,50.0,62.5,62.5,62.5,50.0,37.5,12.5,12.5,37.5,50.0,25.0,25.0,12.5,25.0,25.0,25.0,25.0,25.0],"assessmentRisk":[21.3136,33.3005,28.3907,15.2224,15.264,44.7468,10.0617,34.4352,39.4045,10.8892,10.5477,36.8047,21.6499,22.7104,6.2356,37.0761,29.0383,7.6405,10.415,17.1754,22.051,11.6741,18.9034,25.4984,40.1504,34.6485,31.4898,27.611,32.3258,9.384,35.1302,42.1498,16.5585,13.5845,20.894,48.973,15.206,36.8143,42.0218,4.9586,26.7907,27.0751,31.339,32.2119,12.7473,21.36,25.2259,20.3048,13.397,27.4323,23.8682,19.009],"volumeParticipation":true,"latest":{"consensus":-61.9,"control":-60.1,"force":-69.6,"direction":-58.5,"confirmation":88.1,"persistence":25.0,"assessmentRisk":19.0,"intensity":34.6,"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 strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-61.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-60.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-69.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-58.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"88/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"44.8","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"6.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"22.0","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 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