{"schema_version":"1.0","name":"TEY Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"9ab10215-7ea3-40df-9a6a-bfad6432ccfe","symbol":"TEY","name":"TERADYNE INC.                 R","exchange":"GER","country":"DE","asset_type":"equity","currency":"EUR","sector":"Technology","industry":"Semiconductor Equipment & Materials"},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. The upward price structure is leading its underlying support.","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, Acceleration, deceleration and rollover, Range pressure and compression, Directional strength and control, Drawdown and recovery pressure."},{"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":"2026-08-14","observations":192,"displayedObservations":104,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":9,"completedEpisodes":9,"activeEpisodes":0,"medianExpectedMove":13.4,"averageExpectedMove":15.7,"averageWeeksToLargestMove":6.3,"horizons":[{"weeks":4,"sample":9,"expectedCount":4,"expectedPercent":44.4,"averageReturn":-1.6,"medianReturn":-6.4,"confidenceLow":18.9,"confidenceHigh":73.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":9,"expectedCount":5,"expectedPercent":55.6,"averageReturn":3.5,"medianReturn":6.5,"confidenceLow":26.7,"confidenceHigh":81.1,"confidence":"Mixed historical record"},{"weeks":26,"sample":7,"expectedCount":6,"expectedPercent":85.7,"averageReturn":11.8,"medianReturn":5.3,"confidenceLow":48.7,"confidenceHigh":97.4,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-3.5,"sample":9},{"week":2,"averageReturn":-5.1,"sample":9},{"week":3,"averageReturn":-3.9,"sample":9},{"week":4,"averageReturn":-1.6,"sample":9},{"week":5,"averageReturn":0.9,"sample":9},{"week":6,"averageReturn":3.7,"sample":9},{"week":7,"averageReturn":1.4,"sample":9},{"week":8,"averageReturn":0.9,"sample":9},{"week":9,"averageReturn":-0.3,"sample":9},{"week":10,"averageReturn":-0.2,"sample":9},{"week":11,"averageReturn":1.3,"sample":9},{"week":12,"averageReturn":3.5,"sample":9},{"week":13,"averageReturn":4.0,"sample":9},{"week":14,"averageReturn":7.3,"sample":9},{"week":15,"averageReturn":5.6,"sample":8},{"week":16,"averageReturn":2.9,"sample":8},{"week":17,"averageReturn":0.5,"sample":8},{"week":18,"averageReturn":-5.1,"sample":8},{"week":19,"averageReturn":-2.6,"sample":8},{"week":20,"averageReturn":4.9,"sample":8},{"week":21,"averageReturn":6.2,"sample":8},{"week":22,"averageReturn":7.7,"sample":8},{"week":23,"averageReturn":6.5,"sample":7},{"week":24,"averageReturn":8.7,"sample":7},{"week":25,"averageReturn":9.8,"sample":7},{"week":26,"averageReturn":11.8,"sample":7}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-28.7,"medianReturn":-28.7,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"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,"averageReturn":-0.3,"sample":1},{"week":2,"averageReturn":-11.4,"sample":1},{"week":3,"averageReturn":-18.8,"sample":1},{"week":4,"averageReturn":-28.7,"sample":1},{"week":5,"averageReturn":-18.0,"sample":1},{"week":6,"averageReturn":-15.4,"sample":1},{"week":7,"averageReturn":-13.1,"sample":1},{"week":8,"averageReturn":-9.6,"sample":1},{"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":"Price ahead of underlying support","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":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","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":40.0,"averageReturn":24.0,"sample":10},"nowContext":{"label":"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, 40.0% of comparable cases moved lower after 12 weeks, with an average move of 24.0% across 10 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, 50.0% of completed 12-week outcomes were higher across 6 cases. Distinct visits lasted 15.8 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 10.2% across 10 completed cases, with the largest move arriving after 7.0 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":"2023-07-21","price":102.609489},{"date":"2025-11-21","price":143.424393}],"distribution_rollovers":[{"date":"2026-07-03","price":339.5}],"price_pressure_gaps":[{"date":"2026-06-19","price":383.25}]}},"smTape":{"available":true,"dates":["2022-09-23","2022-09-30","2022-10-07","2022-10-14","2022-10-21","2022-10-28","2022-11-04","2022-11-11","2022-11-18","2022-11-25","2022-12-02","2022-12-09","2022-12-16","2022-12-23","2022-12-30","2023-01-06","2023-01-13","2023-01-20","2023-01-27","2023-02-03","2023-02-10","2023-02-17","2023-02-24","2023-03-03","2023-03-10","2023-03-17","2023-03-24","2023-03-31","2023-04-07","2023-04-14","2023-04-21","2023-04-28","2023-05-05","2023-05-12","2023-05-19","2023-05-26","2023-06-02","2023-06-09","2023-06-16","2023-06-23","2023-06-30","2023-07-07","2023-07-14","2023-07-21","2023-07-28","2023-08-04","2023-08-11","2023-08-18","2023-08-25","2023-09-01","2023-09-08","2023-09-15","2023-09-22","2023-09-29","2023-10-06","2023-10-13","2023-10-20","2023-10-27","2023-11-03","2023-11-10","2023-11-17","2023-11-24","2023-12-01","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":[79.9811,77.9071,82.194,73.5409,76.6766,82.3924,83.7916,91.4126,88.3166,88.7514,86.7246,89.1786,89.7648,80.1872,80.4256,83.5056,89.576,87.2114,92.7354,101.1406,97.2957,97.3124,95.5222,95.2039,96.5665,98.2872,97.4119,98.8143,91.4841,91.1757,89.2661,81.0208,82.1646,82.7912,86.9387,90.2414,95.6786,97.6005,101.0162,97.1126,101.773,97.8694,101.3149,102.6095,101.3348,97.1325,94.0355,91.9144,94.6628,100.2322,92.466,89.4154,89.9139,91.2697,94.6394,92.4062,86.6439,79.6554,81.2605,80.5227,83.4039,84.4195,84.4195,84.4195,148.156,143.4244,156.2123,173.7557,170.3589,165.8232,168.2809,174.1953,187.6826,196.3144,194.3962,208.0533,248.565,264.4303,274.8755,269.8778,250.1867,250.9864,253.1854,259.9823,266.0295,316.0569,319.7053,355.0392,299.2645,304.2622,296.3658,306.15,318.2,329.65,349.25,383.25,382.0,339.5,311.05,273.2,314.15,324.05,333.0,346.5],"consensus":[-45.7499,-50.0131,-10.484,-55.9999,0.0,29.1614,16.4643,62.5368,0.0,14.695,0.0,26.872,21.9428,-52.139,-19.4204,13.8766,49.211,0.0,64.7713,76.3805,10.5526,21.2914,9.1778,18.7616,25.1633,42.5134,0.0,39.0163,-46.2292,-34.7923,-46.891,-76.124,-27.7493,-29.883,9.9456,31.7964,59.4073,56.5729,61.6595,0.0,69.3159,-16.1164,51.8243,36.5098,0.0,-25.8371,-45.7454,-45.7322,0.0,48.6895,-52.4333,-51.3255,-27.3831,0.0,13.6099,-24.487,-58.944,-71.395,-17.9341,-43.8046,0.0,0.0,-8.6293,0.0,68.7091,35.2645,81.7999,92.5515,28.6865,26.5715,57.4976,70.6703,74.5699,73.9618,34.0427,80.7369,83.3617,70.7843,71.9635,28.0053,-8.855,26.2974,14.0893,29.1117,41.9161,80.864,55.5072,83.7223,-13.7546,16.9095,0.0,19.9459,25.2761,21.6054,57.7772,48.6995,25.3424,0.0,-34.3798,-63.0605,16.9553,11.1667,18.4125,31.8775],"supportDates":["2023-09-22","2023-09-29","2023-10-06","2023-10-13","2023-10-20","2023-10-27","2023-11-03","2023-11-10","2023-11-17","2023-11-24","2023-12-01","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":[-24.5279,0.0,14.0197,-34.0739,-67.3745,-77.8587,-0.201,-39.042,0.0,0.0,-16.6663,0.0,59.2781,24.3213,91.9519,94.1095,18.9053,5.9282,48.5197,75.9847,66.0675,65.5915,27.4134,79.6911,81.2793,61.2439,68.5962,14.8828,-13.9732,34.6507,21.9153,33.9992,45.2782,84.3499,59.8205,88.8095,-27.4331,21.2374,0.0,36.2405,22.4594,15.1806,69.0094,48.7837,15.5212,0.0,-34.4495,-53.7836,27.1819,14.8914,15.8002,27.0406],"force":[-6.1721,0.0,19.0423,-40.4315,-60.2757,-68.8788,-16.8923,-23.4923,0.0,0.0,-6.8181,0.0,69.2923,11.7065,61.4862,97.7416,34.5498,18.3258,41.6064,74.4699,80.8669,80.4785,11.6957,90.2236,94.2677,75.3634,67.4046,16.4878,-78.7367,11.2461,6.6103,25.9356,30.897,97.9035,35.3214,94.9023,-70.868,8.8118,0.0,20.5964,16.7746,4.741,47.742,33.196,4.6085,0.0,-36.5902,-86.496,62.9389,31.2772,25.4443,37.8771],"direction":[-45.7969,0.0,9.2614,-2.1416,-48.3579,-65.8053,-63.5359,-63.7564,0.0,0.0,-10.478,0.0,79.0708,81.3218,84.7075,87.0637,85.0336,82.2332,79.109,61.8828,79.7891,78.8732,74.2892,75.1559,77.9516,78.4167,79.0681,74.7834,-46.9098,27.5016,19.9307,25.7946,45.9445,64.7091,64.9963,69.9228,-42.6732,17.7474,0.0,0.8587,34.5677,40.994,52.1083,59.6772,57.9601,0.0,-32.7214,-56.9232,27.5777,7.4546,16.3754,33.1201],"intensity":[5.7692,9.6154,59.6154,17.3077,76.9231,86.5385,69.2308,15.3846,34.6154,38.4615,1.9231,1.9231,100.0,98.0769,98.0769,98.0769,96.1538,65.3846,23.0769,76.9231,98.0769,90.3846,50.0,92.3077,98.0769,96.1538,88.4615,92.3077,94.2308,94.2308,92.3077,76.9231,71.1538,96.1538,92.3077,90.3846,98.0769,86.5385,63.4615,82.6923,90.3846,71.1538,73.0769,94.2308,63.4615,98.0769,78.8462,86.5385,82.6923,55.7692,82.6923,44.2308],"confirmation":[53.493,7.3113,72.5145,53.509,86.7742,90.6712,8.6004,81.471,9.6043,26.7142,48.956,3.1377,90.1484,35.184,93.4022,97.7509,37.4388,11.3586,86.0517,90.6493,92.1838,91.9939,34.7625,94.1409,95.0398,90.9359,90.9407,33.9898,37.5594,75.8292,50.502,77.1445,81.0261,94.3427,85.0814,95.0544,37.7039,73.0983,26.3342,51.4875,75.8722,51.831,86.0117,83.1101,53.6629,28.6167,79.0678,89.035,35.2212,51.0531,74.1461,44.64],"persistence":[62.5,50.0,25.0,25.0,37.5,62.5,62.5,62.5,50.0,50.0,75.0,62.5,37.5,12.5,12.5,37.5,50.0,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,87.5,75.0,62.5,37.5,37.5,37.5,37.5,37.5],"assessmentRisk":[28.6901,45.8436,20.2251,47.174,6.2171,14.0182,40.9128,27.8567,31.1504,44.5357,39.9165,46.1593,15.5884,32.2504,9.0712,3.7196,27.8731,29.1432,1.0798,34.0785,0.6991,10.1391,28.2045,7.6661,8.1601,14.6067,14.0182,35.9941,10.2655,50.9019,53.3003,46.1267,20.5842,9.5079,22.1937,8.1353,49.7267,31.1769,33.4935,58.3024,20.2356,29.2045,20.0526,25.4766,36.791,18.7692,27.6227,18.4304,57.6011,33.5436,26.4913,33.8097],"volumeParticipation":true,"latest":{"consensus":31.9,"control":27.0,"force":37.9,"direction":33.1,"confirmation":44.6,"persistence":37.5,"assessmentRisk":33.8,"intensity":44.2,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+31.9","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+27.0","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+37.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+33.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"60.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"11.5%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"30.6","detail":"Directional","tone":"positive"},{"label":"Range position","value":"67%","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 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