{"schema_version":"1.0","name":"WMT Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9cbeb415-c2f9-4526-b72d-a605d8c2569b","symbol":"WMT","name":"Walmart Inc.","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","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, Range pressure and compression, Drawdown and recovery pressure, Acceleration, deceleration and rollover."},{"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 downward","stateTone":"negative","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 risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.90735,-1.292805,-1.320472,-1.291649,-1.267907,-1.141343,-1.142659],"opens":[46.889999,48.693172,47.595803,45.840018,45.440975,46.298915,47.605782],"highs":[47.75,49.28176,47.725493,48.383914,47.725493,48.383915,48.653269],"lows":[46.880001,47.446164,44.573057,45.840018,45.291336,46.239058,42.73],"closes":[47.720001,47.745445,45.690376,46.418629,46.827644,48.044727,43.299999],"hoverRows":[[{"label":"Open","value":"46.9","className":"is-ohlc","compact":true},{"label":"High","value":"47.8","className":"is-ohlc","compact":true},{"label":"Low","value":"46.9","className":"is-ohlc","compact":true},{"label":"Close","value":"47.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed 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price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","tone":"neutral"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics weakened this week and remains below zero.","tone":"neutral"},{"label":"Price location","value":"Accumulation zone","detail":"Price is in the lower accumulation area. With limited Market Dynamics history, the zone describes location rather than a completed positioning signal.","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":0.07,"forwardCorrelation":-0.0,"directionalAgreement":66.7,"sample":3,"correlationSample":26,"label":"Variable relationship"},"accumulation":{"label":"Accumulation","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 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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":"negative","direction":"weakening","zone":"accumulation","zoneContext":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"The broader path remains constructive, so one softer week does not by itself establish weakening confirmation."},"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. 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":[],"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":[47.0641,47.4924,48.2394,50.4407,49.6439,50.1419,55.3314,56.3275,51.8053,53.8074,51.9747,53.1102,50.0347,51.8014,52.6996,53.2486,53.548,54.5262,55.1849,54.79,55.37,50.7,48.59,49.88,50.72,48.97,48.44,47.5,47.72,47.7454,45.6904,46.4186,46.8276,48.0447,43.3],"consensus":[-47.6511,100.0,67.8262,31.5438,45.8704,49.1627,77.0314,72.8694,-15.389,65.2289,-24.9311,30.496,-52.5509,20.6118,36.1571,24.1197,35.0383,39.6055,40.0659,22.1316,35.0816,-59.4862,-65.4397,-25.4925,0.0,-51.4593,-37.3594,-30.1446,-17.022,-34.9546,-63.769,-17.3613,-8.6563,23.2088,-68.1905],"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,48.0588,83.922,70.6993,-28.994,63.4049,-18.0264,49.0633,-46.9811,32.2332,38.0864,22.6353,34.0646,36.113,38.5837,22.4591,32.762,-50.6368,-60.8404,-24.3185,0.0,-61.7932,-47.5606,-20.1615,-0.8628,-36.8581,-57.4202,-20.1462,-3.7927,21.5719,-63.0074],"force":[-47.6511,100.0,67.8262,31.5438,6.3625,30.5131,57.6787,63.4183,-76.8464,67.1995,-59.9154,35.0456,-80.5435,43.5003,40.1307,20.9013,31.1684,39.3368,35.4061,1.7643,32.4648,-94.7282,-84.8231,-4.6526,0.0,-42.2747,-20.7529,-10.6212,-10.0762,-18.4414,-79.8492,-25.5107,-22.5407,70.3533,-93.1302],"direction":[null,null,null,null,83.1797,63.7454,82.9798,82.1004,-44.0577,65.9059,-7.8334,6.0265,-38.9216,9.0188,31.114,28.1149,38.9152,43.7888,45.0882,36.3054,39.6018,-44.427,-56.8507,-48.3664,0.0,-46.2095,-37.5628,-55.4993,-54.8455,-44.5743,-59.539,-44.8014,-36.4982,8.595,-56.3001],"intensity":[null,null,null,null,50.0,60.0,100.0,85.7143,87.5,55.5556,50.0,45.4545,75.0,46.1538,42.8571,46.6667,25.0,64.7059,5.5556,42.1053,30.0,95.2381,100.0,47.8261,16.6667,56.0,11.5385,55.5556,3.5714,48.2759,80.0,41.9355,6.25,42.4242,94.1176],"confirmation":[37.915,54.6667,44.371,32.7607,36.9934,83.1805,91.9553,91.0633,38.6558,88.9611,54.4827,54.9478,85.7543,31.7069,79.662,75.6428,79.1091,80.7188,80.7017,51.7897,79.1817,88.2445,89.6015,53.5827,29.4805,84.0296,79.2935,77.2034,7.017,78.6532,88.9929,32.3155,6.702,33.3888,55.0],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,75.0,75.0,50.0,50.0,25.0,25.0,25.0,25.0,50.0,50.0,75.0,75.0,100.0,75.0,50.0,25.0,12.5,12.5,37.5,62.5,87.5,87.5,87.5,87.5,100.0,75.0,75.0],"assessmentRisk":[null,null,null,null,26.275,25.0273,11.4236,13.4322,42.1832,12.6361,31.4995,59.2454,4.6236,44.565,3.3937,9.1722,27.7735,21.4549,19.4246,22.8184,20.1686,18.5723,17.2002,36.7597,46.4545,12.65,14.0679,30.118,39.2861,15.1028,15.1908,21.1109,20.9839,2.6071,10.594],"volumeParticipation":true,"latest":{"consensus":-68.2,"control":-63.0,"force":-93.1,"direction":-56.3,"confirmation":55.0,"persistence":75.0,"assessmentRisk":10.6,"intensity":94.1,"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 downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-68.2","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-63.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-93.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-56.3","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"35.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"5.8%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"27.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"4%","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 downward.","series":[{"label":"Close","values":[47.0641,47.4924,48.2394,50.4407,49.6439,50.1419,55.3314,56.3275,51.8053,53.8074,51.9747,53.1102,50.0347,51.8014,52.6996,53.2486,53.548,54.5262,55.1849,54.79,55.37,50.7,48.59,49.88,50.72,48.97,48.44,47.5,47.72,47.7454,45.6904,46.4186,46.8276,48.0447,43.3],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,48.2211,48.5704,49.7996,50.9865,51.1354,51.6212,51.6855,51.9445,51.5973,51.6344,51.8281,52.0863,52.3521,52.7474,53.1906,53.4814,53.8248,53.2566,52.4082,51.9485,51.7251,51.2242,50.718,50.1329,49.6942,49.3399,48.6763,48.2658,48.0043,48.0117,47.155],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,49.9336,50.0719,50.2666,50.4875,50.7142,50.9965,51.3068,51.5648,51.8467,51.7617,51.5268,51.4048,51.3541,51.1775,50.9747,50.7173,50.4953,50.2916,49.9508,49.6891,49.4772,49.3711,48.9214],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,57.1603,56.9861,57.0095,56.7289,56.5806,56.5489,56.588,56.6551,56.8581,57.1356,57.299,57.3696,57.0532,57.0031,57.0385,56.9701,57.0773,56.9036,56.5161,56.644,56.5081,56.733,56.6462,56.7145,56.5872,56.7181],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,44.8985,45.2446,45.5536,45.6424,45.8787,46.1063,46.3074,46.4874,46.6127,46.6983,46.8222,47.5822,48.2194,48.3046,48.2131,48.3891,48.1647,47.6492,47.154,46.6176,46.1473,45.2939,44.7116,44.3226,44.0743,43.0034],"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,147.6785,166.1608,80.791,79.9844,87.6795,98.4777,100.13,122.5078,121.5889,103.9816,111.3496,99.7277,80.4642,118.662,444.2543,169.8562,59.6064,21.4027,8.4212,37.3208,7.2374,28.8129,47.3049,207.8346,207.1894,154.683,199.1462,513.2818],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,125.2381,129.8854,125.3748,130.2646,124.7795,130.3571,135.0,135.0,135.0,135.0,135.0,132.4148,135.0,117.1405,110.0224,112.509,113.3916,113.0523,111.6192,111.3558,112.3429,113.9421,106.3826,114.4855,120.7945,129.4834,100.6454],"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,98.3366,53.8612,73.5093,55.523,66.6667,36.4848,53.8222,62.6378,68.0251,70.9637,80.5629,87.0277,83.1521,88.8441,42.0109,21.7865,34.1512,42.2026,25.4288,20.3488,11.3389,9.1549,9.4109,9.1757,15.1563,18.5152,28.5102,4.0656],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.2997,-8.3201,-4.777,-8.0204,-6.0109,-11.4536,-8.3271,-6.7374,-5.766,-5.236,-3.505,-2.3393,-3.0381,-2.0117,-10.6608,-14.3789,-12.1057,-10.6255,-13.7092,-14.6432,-16.2996,-15.9119,-15.8671,-19.4883,-18.2051,-17.4843,-15.3397,-23.7004],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,21.6129,11.8495,16.172,12.2151,14.6667,8.0267,11.8409,13.7803,14.9655,15.612,17.7238,19.1461,18.2935,19.5457,9.463,4.9075,7.6926,9.5062,5.7279,4.5836,2.5541,1.944,1.9984,2.5067,4.1406,5.0582,7.7887,1.334],"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":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,4.446,4.2068,4.3119,4.2531,4.1531,4.1979,4.0739,4.12,5.1304,5.4604,5.2428,4.9088,4.9763,4.8174,4.807,4.5732,4.5189,4.8808,4.8756,4.8591,4.7166,5.8367],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,24.0287,22.9706,22.3393,21.6593,20.8902,20.345,19.9827,19.7159,19.8035,20.1039,20.1243,18.6513,16.7828,16.5201,16.7701,16.2891,16.9375,17.7028,18.0614,19.4194,20.1855,22.4237,23.5495,24.5293,24.8614,27.5061],"stroke":"#b87806","width":1.7}],"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":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected 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