{"schema_version":"1.0","name":"448A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"987b0f08-e4a3-4e05-bb82-e3fd42a3a030","symbol":"448A","name":"State Street SPDR Gold ETF (JPY Hedged)","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Drawdown and recovery pressure, Range position and boundary pressure, Acceleration, deceleration and rollover, Range pressure and compression."},{"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":41,"displayedObservations":41,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.810499,-1.149823,-1.364505,-1.60899,-1.889129,-2.008712,-2.137623,-2.213998,-2.220057,-2.22405,-1.880619,-1.395518,-0.840199],"opens":[280.0,270.399994,245.0,265.799988,242.100006,251.800003,243.5,242.0,241.300003,249.300003,244.899994,264.899994,262.5],"highs":[280.0,270.399994,255.399994,265.799988,242.699997,255.0,248.5,242.0,250.0,249.300003,259.700012,266.399994,273.799988],"lows":[264.600006,268.399994,245.0,247.899994,240.800003,245.199997,243.5,239.300003,240.699997,241.199997,243.0,257.600006,260.0],"closes":[273.299988,268.700012,252.699997,249.199997,242.199997,251.100006,247.899994,241.100006,242.399994,245.300003,256.899994,257.600006,273.799988],"hoverRows":[[{"label":"Open","value":"280.0","className":"is-ohlc","compact":true},{"label":"High","value":"280.0","className":"is-ohlc","compact":true},{"label":"Low","value":"264.6","className":"is-ohlc","compact":true},{"label":"Close","value":"273.3","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-0.84","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.535417,2.535417],"priceRange":[239.138007,275.761987],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.840199,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"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."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[250.0,251.2,258.7,261.6,264.4,267.2,278.7,269.2,275.7,284.0,304.9,318.6,298.0,303.8,307.9,318.3,313.2,312.1,295.8,273.0,287.4,289.7,291.0,284.3,279.1,287.8,277.4,274.3,273.3,268.7,252.7,249.2,242.2,251.1,247.9,241.1,242.4,245.3,256.9,257.6,273.8],"consensus":[0.0,-76.6383,50.8197,-71.7947,77.9887,65.5982,81.0314,0.0,73.3253,67.1978,91.05,76.8837,13.6802,46.0505,52.0378,55.048,0.0,24.2703,-43.162,-57.7201,13.2448,0.0,0.0,-23.2711,-34.0468,0.0,-46.5728,-30.0158,-25.1223,-44.9623,-41.2391,-55.5544,-41.23,-21.0298,-20.8017,-36.9837,-28.2013,-22.9415,33.6367,0.0,-67.0189],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,null,67.5288,90.1808,0.0,76.1978,60.4648,88.8674,63.8106,0.2931,24.3459,55.1561,56.2859,0.0,22.3659,-37.3458,-47.636,23.0954,0.0,0.0,-36.4098,-32.066,0.0,-49.0912,-27.5381,-23.0199,-48.1909,-33.8039,-59.2709,-32.8655,-10.0637,-13.2112,-34.6581,-34.9113,-20.4687,31.6979,0.0,-65.5181],"force":[0.0,-76.6383,50.8197,-71.7947,47.5171,37.7035,55.2962,0.0,59.971,54.5606,96.4027,82.0428,41.8726,45.7458,44.913,59.8513,0.0,0.5141,-86.7833,-75.1449,65.9843,0.0,0.0,-23.6385,-31.8398,0.0,-47.9089,-15.3073,-11.0141,-29.2949,-22.0742,-38.4329,-18.736,-9.9992,-2.5083,-17.4049,-2.9185,-1.7556,70.8698,0.0,-92.5444],"direction":[null,null,null,null,99.7542,83.3165,88.9572,0.0,79.5812,83.9193,89.721,88.1393,69.3302,71.0735,53.5631,50.2023,0.0,44.15,-18.6509,-56.7985,35.684,0.0,0.0,-7.993,-37.8871,0.0,-42.7403,-43.3536,-37.6024,-52.4637,-63.4257,-63.5366,-66.8565,-55.7259,-46.1267,-53.6263,-38.5918,-40.9005,9.2574,0.0,-50.5016],"intensity":[null,null,null,null,75.0,20.0,66.6667,42.8571,25.0,77.7778,100.0,100.0,100.0,84.6154,7.1429,60.0,37.5,52.9412,66.6667,100.0,55.0,38.0952,9.0909,21.7391,29.1667,56.0,38.4615,48.1481,10.7143,34.4828,86.6667,41.9355,84.375,63.6364,17.6471,22.8571,27.7778,2.7027,57.8947,71.7949,75.0],"confirmation":[0.0,47.1909,38.929,45.641,68.8967,88.1119,93.0063,37.8581,91.0133,89.2208,97.3324,92.9592,11.8929,83.0576,84.3874,85.7429,10.4539,52.4832,83.2299,87.1551,35.9748,27.2857,3.102,52.5911,78.8579,27.5652,82.9056,77.1946,75.6412,81.8613,80.7257,85.199,80.6355,30.7508,51.9303,79.2735,53.485,52.0666,79.928,4.3067,90.2468],"persistence":[null,null,0.0,25.0,0.0,16.6667,28.5714,25.0,37.5,62.5,62.5,87.5,87.5,87.5,87.5,100.0,87.5,87.5,62.5,37.5,37.5,25.0,12.5,12.5,25.0,37.5,37.5,37.5,62.5,75.0,87.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,75.0,62.5,37.5],"assessmentRisk":[null,null,null,null,11.0052,17.2009,9.4829,39.8477,11.4191,16.1413,4.3892,11.558,41.8621,25.1729,11.2703,29.0283,41.6726,21.0522,17.2473,21.0427,54.5756,43.899,17.3653,48.7971,14.9479,12.4771,20.2065,22.9608,14.9949,25.8658,28.7072,21.7738,29.3578,38.9509,20.7627,23.873,15.6207,23.3517,25.7241,50.0324,16.4416],"volumeParticipation":true,"latest":{"consensus":-67.0,"control":-65.5,"force":-92.5,"direction":-50.5,"confirmation":90.2,"persistence":37.5,"assessmentRisk":16.4,"intensity":75.0,"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":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-67.0","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-65.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-92.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-50.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"90/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"55.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"17.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"38%","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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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}