{"schema_version":"1.0","name":"SAUE Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"91b3155d-2551-4d0d-aec9-72f1f126defa","symbol":"SAUE","name":"State Street SPDR ETFs Europe I plc - SPDR J.P. Morgan Saudi Arabia Aggregate Bd UCITS ETF EUR H Acc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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, Strength versus the research benchmark, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, 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":64,"displayedObservations":64,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure 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The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Negative and weakening","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":true,"asOf":"2026-08-21","observations":36,"relationship":{"sameWeekCorrelation":0.37,"forwardCorrelation":-0.34,"directionalAgreement":35.7,"sample":28,"correlationSample":35,"label":"Meaningful 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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":100.0,"averageReturn":-0.9,"sample":4},"nowContext":{"label":"Slightly 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 structure is downward","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. 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Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and 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":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-56.3","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-56.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-54.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction 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trend references are aligned downward.","series":[{"label":"Close","values":[29.9732,30.265,30.155,30.365,30.44,30.385,30.28,30.355,30.355,30.68,30.675,30.615,30.65,30.855,30.875,31.02,31.07,31.18,31.085,31.05,31.395,31.15,31.1,31.125,31.08,31.265,31.17,30.98,31.11,30.99,31.03,30.89,30.925,30.95,30.945,30.945,31.035,31.22,31.22,30.925,31.16,30.805,30.32,30.57,30.73,31.115,31.01,30.85,31.005,31.005,31.005,30.65,30.905,30.7,30.7,30.7,30.7,30.7,30.7,30.7,30.505,30.505,30.505,30.47],"stroke":"#10243b","width":2.1},{"label":"Fast 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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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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,115.1216,25.7993,7.9495,1.3506,16.4689,1.2582,105.7411,145.435,34.6749,338.4753,275.401,178.7475,305.1115,16.9394,1028.8928,98.9027,115.139,104.0304,30.6783,158.6403,237.9528,1015.1641,11.3463,287.0596,408.178,46.5365,34.6769,6.1542,0.0,6.7166,9.3792,0.0,164.4441,114.7904,0.5954,518.522,109.3483,526.43,50.7347,15.6351,3.926,61.168,0.0,0.0,188.8527,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,1.2649,0.0,0.0,0.663],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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