{"schema_version":"1.0","name":"XNDU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"9d52bd59-4686-4972-b21d-95c489840161","symbol":"XNDU","name":"Xanadu Quantum Technologies Limited Class B Subordinate Voting Shares","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Technology","industry":"Software - Infrastructure"},"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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, 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":"2026-08-14","observations":33,"displayedObservations":33,"assetType":"Equity","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":["2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14"],"values":[-0.502176,-0.687845,-0.706113,-0.723245,-0.713148],"opens":[10.92,9.99,10.5,10.695,10.87],"highs":[11.435,11.265,11.33,11.86,11.79],"lows":[9.5,9.98,9.57,10.23,10.305],"closes":[9.99,10.28,10.76,11.0,11.53],"hoverRows":[[{"label":"Open","value":"10.9","className":"is-ohlc","compact":true},{"label":"High","value":"11.4","className":"is-ohlc","compact":true},{"label":"Low","value":"9.50","className":"is-ohlc","compact":true},{"label":"Close","value":"9.99","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.99","className":"is-ohlc","compact":true},{"label":"High","value":"11.3","className":"is-ohlc","compact":true},{"label":"Low","value":"9.98","className":"is-ohlc","compact":true},{"label":"Close","value":"10.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.5","className":"is-ohlc","compact":true},{"label":"High","value":"11.3","className":"is-ohlc","compact":true},{"label":"Low","value":"9.57","className":"is-ohlc","compact":true},{"label":"Close","value":"10.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.7","className":"is-ohlc","compact":true},{"label":"High","value":"11.9","className":"is-ohlc","compact":true},{"label":"Low","value":"10.2","className":"is-ohlc","compact":true},{"label":"Close","value":"11.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.9","className":"is-ohlc","compact":true},{"label":"High","value":"11.8","className":"is-ohlc","compact":true},{"label":"Low","value":"10.3","className":"is-ohlc","compact":true},{"label":"Close","value":"11.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[9.8976,11.6224],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"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.","tone":"neutral"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"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.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics improved this week but remains below zero.","tone":"neutral"},{"label":"Price location","value":"Upper positioning zone","detail":"Price is in the area labelled as the distribution zone on the chart. 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":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[10.89,11.13,11.29,11.0,10.62,10.42,10.5,10.41,10.37,10.29,10.28,8.33,11.5,8.39,8.96,30.2,30.95,36.12,15.71,13.6,15.18,16.17,12.9,11.79,13.37,11.18,11.62,11.17,9.99,10.28,10.76,11.0,11.53],"consensus":[0.0,19.1489,21.9512,-50.9697,-71.1054,-63.9282,-33.065,-58.6677,-49.4593,-59.6086,-45.0774,-80.9461,66.0069,-67.5574,-9.6058,75.3531,56.1028,79.3815,-19.4003,-44.7068,0.0,-17.0846,-47.325,-37.2193,0.0,-46.4304,-13.7846,-25.3623,-36.2853,-21.8592,-8.4309,-9.327,-7.9811],"supportDates":["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":[null,null,null,null,null,-66.0019,-20.8974,-59.2322,-49.6647,-60.7347,-43.1907,-68.4104,47.4661,-48.141,-5.1183,52.7561,51.3732,76.5119,-26.1884,-43.4778,0.0,-18.4218,-44.7215,-41.8651,0.0,-47.2126,-12.3249,-31.4566,-37.8859,-25.6048,-4.164,-9.3231,-10.0111],"force":[0.0,19.1489,21.9512,-50.9697,-50.1029,-45.8141,-4.0829,-42.3213,-28.0252,-58.3159,-20.4011,-90.7114,92.8399,-91.5552,-33.0955,91.4193,37.2627,88.2981,-50.5663,-59.5045,0.0,-5.0247,-75.986,-37.8908,0.0,-52.1219,-3.9701,-13.7031,-26.373,-4.8953,-7.537,-2.3745,-19.6966],"direction":[null,null,null,null,-86.1072,-74.497,-67.6723,-69.6984,-64.5347,-59.2451,-64.8596,-88.2974,68.0299,-72.6062,-56.9341,89.7025,74.9654,76.292,-10.6188,-35.5417,0.0,-24.1706,-29.8284,-31.4302,0.0,-41.4712,-28.1346,-26.7254,-41.5362,-29.6956,-24.713,-17.6897,-2.7071],"intensity":[null,null,null,null,100.0,60.0,16.6667,28.5714,37.5,11.1111,40.0,100.0,100.0,92.3077,78.5714,100.0,93.75,88.2353,94.4444,78.9474,60.0,80.9524,72.7273,78.2609,45.8333,56.0,42.3077,37.037,46.4286,41.3793,43.3333,45.1613,43.75],"confirmation":[2.1333,28.7943,29.6911,38.977,67.127,87.8734,55.2163,86.2669,83.1706,87.0182,81.7015,94.3914,90.2225,90.6456,10.1491,92.947,85.4508,93.7175,31.9865,82.7759,6.8814,50.4125,84.0572,79.8598,6.1737,83.0193,50.0725,75.6677,79.2848,51.7542,26.5508,48.468,48.7909],"persistence":[null,null,66.6667,25.0,0.0,16.6667,28.5714,37.5,50.0,75.0,100.0,100.0,75.0,75.0,75.0,50.0,25.0,0.0,0.0,0.0,12.5,12.5,12.5,37.5,50.0,75.0,75.0,75.0,87.5,87.5,87.5,87.5,87.5],"assessmentRisk":[null,null,null,null,2.4596,17.7109,33.3457,20.22,17.3049,0.4037,19.1174,9.4588,5.8708,10.6558,32.7529,12.2655,21.8191,10.301,43.0085,25.7408,47.6774,40.5847,7.6918,8.1167,8.2998,3.2542,0.6498,9.0071,7.9934,3.2511,3.5098,1.1438,36.2979],"volumeParticipation":true,"latest":{"consensus":-8.0,"control":-10.0,"force":-19.7,"direction":-2.7,"confirmation":48.8,"persistence":87.5,"assessmentRisk":36.3,"intensity":43.8,"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-8.0","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-10.0","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-19.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-2.7","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"49/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"47.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"31.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"20.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"13%","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":[10.89,11.13,11.29,11.0,10.62,10.42,10.5,10.41,10.37,10.29,10.28,8.33,11.5,8.39,8.96,30.2,30.95,36.12,15.71,13.6,15.18,16.17,12.9,11.79,13.37,11.18,11.62,11.17,9.99,10.28,10.76,11.0,11.53],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,10.9299,10.8372,10.7759,10.7093,10.6476,10.5826,10.5276,10.128,10.3775,10.0161,9.8241,13.5288,16.6963,20.2279,19.4064,18.3507,17.7742,17.4826,16.6494,15.7658,15.3302,14.5756,14.0383,13.5168,12.8755,12.4036,12.1048,11.9039,11.8359],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,10.6092,10.4448,10.3348,11.8063,13.2244,14.9203,14.9788,14.8767,14.8992,14.9933,14.8382,14.6124,14.5204,14.273,14.0765,13.8612,13.5744,13.3304,13.14,12.9815,12.8739],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,11.3686,11.3417,11.9044,12.0342,12.2033,12.1855,21.347,25.8712,30.7052,30.3685,29.9336,30.0875,30.2924,30.3226,30.3297,30.372,30.3711,30.3726,30.3704,30.3745,30.3746,30.3715,30.3205,30.3206],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,10.0154,9.9673,9.0172,9.0473,8.571,8.3985,1.7255,-0.5147,-2.7441,-2.2253,-1.8376,-1.5625,-1.2634,-1.1326,-1.0607,-0.828,-0.7511,-0.6406,-0.5624,-0.6045,-0.6056,-0.5545,-0.2365,-0.2336],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"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 because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,-2.5686,-5.9345,-7.7059,-6.9973,-7.7945,-8.1488,-8.8574,-8.946,-26.2179,0.0,-27.0435,-22.087,0.0,0.0,0.0,-56.5061,-62.3477,-57.9734,-55.2326,-64.2857,-67.3588,-62.9845,-69.0476,-67.8295,-69.0753,-72.3422,-71.5393,-70.2104,-69.546,-68.0786],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,0.0,0.0,0.0,0.0,38.0552,0.7203,7.563,262.545,271.5486,333.6134,88.5954,63.2653,82.2329,94.1176,54.8619,41.5366,60.5042,34.2137,39.4958,34.0936,19.928,23.4094,29.1717,32.0528,38.4154],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"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 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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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"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,1.8868,1.8182,0.8547,0.8475,27.2727,76.9504,24.336,34.1157,65.4904,67.605,82.1813,24.6371,18.6882,23.1429,25.9341,16.7146,13.5851,18.0397,11.8652,13.1058,11.837,8.5101,9.3277,10.6811,11.3577,12.852],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-9.083,-9.4323,-10.131,-10.2183,-27.2489,-10.1562,-34.4531,-30.0,-28.8407,-27.0735,-14.8916,-62.983,-67.9548,-64.2319,-61.8992,-69.6041,-72.2196,-68.4967,-73.6569,-72.6202,-73.6805,-76.4609,-75.7776,-74.6466,-74.0811,-72.8322],"stroke":"#c13f3f","width":1.5},{"label":"From 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