{"schema_version":"1.0","name":"PIEL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"90155226-77f6-4d0f-86dc-3be7cba2b0d2","symbol":"PIEL","name":"PACER INTERNATIONAL EXPORT LEADERS ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, Acceleration, deceleration and rollover, Directional pressure and rotation."},{"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":35,"displayedObservations":35,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal 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With limited Market Dynamics history, the label describes location and extension only.","tone":"caution"},{"label":"Latest positioning marker","value":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":true,"asOf":"2026-08-21","observations":27,"relationship":{"sameWeekCorrelation":-0.1,"forwardCorrelation":0.14,"directionalAgreement":66.7,"sample":3,"correlationSample":26,"label":"Variable 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"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 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Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"distribution","zoneContext":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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":"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":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-08-07","price":29.4175}],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[25.479,25.5683,26.4361,26.303,26.4461,26.208,26.4173,26.79,27.2111,27.702,25.6123,24.8514,23.827,23.7684,24.6116,25.8939,26.9864,26.2852,26.2,27.7411,26.9903,27.7625,29.023,27.514,28.9217,30.2033,29.5965,29.3256,29.0293,28.1493,27.9532,28.3816,29.4175,29.5294,30.1227],"consensus":[100.0,100.0,100.0,-56.7571,78.4586,8.4801,43.8544,52.3064,79.0368,90.3863,-73.1861,-84.742,-88.4781,-66.1395,0.0,60.8689,70.4283,0.0,21.8119,76.0626,-16.4827,61.7023,70.8017,-17.4305,71.4835,80.284,13.3086,16.5296,0.0,-40.6916,-30.0064,11.5221,51.7714,35.2119,56.9679],"supportDates":["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":[null,null,null,null,null,18.7871,52.1657,44.4773,87.6748,90.5871,-59.2022,-81.289,-86.112,-69.7601,0.0,51.2323,78.9978,0.0,17.0252,73.4628,-19.4514,67.6398,81.517,-28.7369,71.2411,82.9142,17.4875,0.2862,0.0,-34.3664,-27.4333,26.2985,64.5464,34.6624,64.4344],"force":[100.0,100.0,100.0,-56.7571,48.8156,30.7678,29.8084,30.9279,60.8342,97.0713,-99.3748,-97.435,-98.7086,-38.5036,0.0,90.2555,74.0449,0.0,4.9397,98.4881,-80.3648,53.7142,55.7332,-55.7272,83.5478,91.0975,51.686,14.8412,0.0,-81.7571,-39.2213,17.4231,51.4208,17.5634,46.8767],"direction":[null,null,null,null,99.6323,67.677,44.3887,76.5242,82.1666,85.3817,-70.4614,-79.622,-83.8747,-81.7416,0.0,50.8917,58.0512,0.0,39.3339,63.0156,-32.5401,60.6223,69.3189,-22.8458,63.1432,69.5543,54.9574,58.1554,0.0,-18.5879,-26.3651,9.5802,37.4218,48.446,55.6429],"intensity":[null,null,null,null,75.0,80.0,83.3333,85.7143,25.0,44.4444,100.0,90.9091,83.3333,69.2308,57.1429,93.3333,93.75,47.0588,44.4444,94.7368,70.0,47.619,95.4545,86.9565,79.1667,96.0,34.6154,7.4074,17.8571,65.5172,6.6667,16.129,71.875,63.6364,38.2353],"confirmation":[54.6667,54.6667,54.6667,40.829,69.085,35.1714,81.4787,84.2058,92.6054,97.1243,92.4308,95.5569,96.6608,88.2672,37.3392,88.5205,90.5167,35.1966,51.8719,93.0631,36.7847,87.4108,90.034,34.1131,91.2461,93.9804,35.9073,7.8168,5.7913,82.3692,77.9221,28.3522,84.3615,78.7383,55.0],"persistence":[null,null,100.0,50.0,60.0,66.6667,71.4286,75.0,75.0,75.0,50.0,50.0,25.0,0.0,12.5,12.5,12.5,25.0,0.0,25.0,25.0,50.0,62.5,37.5,37.5,50.0,50.0,50.0,62.5,37.5,12.5,37.5,37.5,37.5,37.5],"assessmentRisk":[null,null,null,null,10.1909,42.2171,24.5781,18.5998,9.5971,4.7987,2.5944,7.0207,5.7447,16.9276,41.6096,11.9943,14.7064,51.8403,36.1919,9.5952,8.4334,13.7719,14.077,2.5314,12.1379,9.247,19.3817,39.1017,2.4932,28.1058,31.7615,43.3073,5.9806,28.1481,20.8064],"volumeParticipation":true,"latest":{"consensus":57.0,"control":64.4,"force":46.9,"direction":55.6,"confirmation":55.0,"persistence":37.5,"assessmentRisk":20.8,"intensity":38.2,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+57.0","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+64.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+46.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+55.6","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"63.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.9%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"19.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"99%","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 upward.","series":[{"label":"Close","values":[25.479,25.5683,26.4361,26.303,26.4461,26.208,26.4173,26.79,27.2111,27.702,25.6123,24.8514,23.827,23.7684,24.6116,25.8939,26.9864,26.2852,26.2,27.7411,26.9903,27.7625,29.023,27.514,28.9217,30.2033,29.5965,29.3256,29.0293,28.1493,27.9532,28.3816,29.4175,29.5294,30.1227],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.9028,25.9583,26.0417,26.1778,26.3657,26.6086,26.4275,26.1409,25.7202,25.3653,25.2283,25.3493,25.647,25.763,25.8425,26.1877,26.3336,26.5934,27.0351,27.1222,27.4494,27.9501,28.2494,28.4451,28.5513,28.4782,28.3828,28.3826,28.5707,28.745,28.9955],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.7934,25.6434,25.567,25.5912,25.6945,25.7383,25.7725,25.9183,25.9977,26.1284,26.3428,26.4296,26.6142,26.8801,27.0813,27.2475,27.3795,27.4365,27.4748,27.542,27.6809,27.8178,27.9886],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.731,27.6882,27.7632,28.0093,28.1169,28.0504,27.9847,28.0592,28.0279,27.9907,28.1791,28.2796,28.4909,28.93,29.041,29.3855,29.9982,30.3841,30.6691,30.8649,30.9067,30.9753,31.0167,30.997,30.8438,30.8165],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,25.1811,25.0705,24.7409,24.1217,23.6859,23.5804,23.656,23.7187,23.794,23.8617,23.8548,23.9053,23.9134,23.7331,23.7432,23.6463,23.433,23.3651,23.3336,23.3196,23.3225,23.4881,23.7997,24.3785,25.1078,25.6862],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"participation","eyebrow":"Participation","title":"Activity 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,0.0503,0.0,57.2766,50.4775,45.7901,28.3405,8.6557,13.355,17.8155,9.8038,28.5497,387.5111,341.1403,289.0269,6.019,2.9701,3.2335,22.6545,40.5588,402.7504,2.8911,2.6467,186.8381,36.9959,4.1631,2.8699,2.7993,3.1357],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,116.0589,116.0589,119.4007,116.5946,114.1686,112.7518,112.3475,112.9349,113.6779,114.065,112.9833,95.511,113.1285,95.6837,95.9429,96.0708,95.9326,96.9105,98.3101,81.0037,80.8792,80.7652,72.2295,70.5603,70.7435,70.8679,70.9888,71.1236],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"range","eyebrow":"Acceptance 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 position","values":[null,null,null,null,null,null,null,86.8206,100.0,100.0,14.1595,0.0,0.0,0.0,23.9754,55.5203,82.3961,65.1464,63.0504,100.0,79.7835,97.6334,99.6835,70.645,96.2956,100.0,90.7589,86.6333,82.1208,68.7191,65.7326,72.2568,88.0328,89.737,98.7725],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.8553,0.0,0.0,-7.5435,-10.2902,-13.9882,-14.1997,-11.1559,-6.527,-2.5832,-5.1144,-5.422,0.0,-3.0521,-0.3589,-0.0589,-5.5313,-0.698,0.0,-2.0091,-2.906,-3.887,-6.8006,-7.4498,-6.0315,-2.6017,-2.2312,-0.2669],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,6.0251,7.6917,9.6345,1.3642,0.0,0.0,0.0,4.1232,9.5482,14.1702,11.2036,10.8432,17.363,14.1867,17.4536,22.7863,16.4023,22.3577,27.7798,25.2126,24.0665,22.813,19.09,18.2604,20.0728,24.4553,24.9287,27.4388],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,26.1921,26.018,25.2588,23.7954,22.2112,20.7309,20.1162,19.7486,19.8572],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,20.0895,21.3674,29.3809,36.6911,33.24,30.8183,39.2194,37.1272,34.0225,40.3096,35.149,30.9934,36.3324,33.2857,31.4425,29.4124,27.4747,26.2966,24.7687,29.9436,31.0988,32.6691],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,41.8052,35.8679,30.8727,27.4799,25.7373,28.5843,24.2992,22.4558,21.2556,18.9574,24.7991,21.8672,19.8045,20.5074,19.3718,21.5674,24.9722,25.4601,25.5165,23.4674,23.0004,21.2097],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of 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