{"schema_version":"1.0","name":"PEP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9ebfb360-5380-416b-b877-63343b25a86f","symbol":"PEP","name":"PepsiCo, 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 pressure and compression, Drawdown and recovery pressure, 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":35,"displayedObservations":35,"assetType":"ETF","state":"Rotational","stateTone":"caution","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 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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":"strengthening","zone":"distribution","zoneContext":"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.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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 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tape has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Completed tape","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+38.9","detail":"Completed tape has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+30.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+78.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+20.7","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"45.1","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"13.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"26%","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 is rotating through its trend references.","series":[{"label":"Close","values":[21.3896,21.2112,20.8246,21.7068,21.4293,22.7178,25.2255,24.829,24.383,25.1759,23.79,23.76,22.44,22.86,23.147,23.1965,23.3054,22.9491,23.2955,22.8798,21.9595,22.1871,21.3163,21.15,21.49,21.26,20.97,21.5,20.43,20.33,20.34,20.74,20.65,20.88,21.26],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,21.3575,21.6048,22.2631,22.7296,23.0302,23.4204,23.4876,23.5371,23.3376,23.2508,23.2319,23.2255,23.24,23.1871,23.2068,23.1474,22.9314,22.7961,22.527,22.2767,22.1336,21.9748,21.7921,21.739,21.501,21.2881,21.1157,21.0474,20.9751,20.9578,21.0128],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,22.5662,22.588,22.6294,22.6714,22.7184,22.7354,22.7769,22.7846,22.7234,22.6837,22.5824,22.4763,22.4033,22.3186,22.2187,22.1654,22.0369,21.9105,21.7941,21.716,21.6371,21.581,21.5572],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,26.3283,26.2908,26.245,26.0896,25.9683,25.8792,25.802,25.7398,25.6594,25.6065,25.5346,25.5002,25.4363,25.3731,25.4273,25.4218,25.4806,25.2066,24.917,24.7696,24.3439,24.1906,23.9574,23.9187,23.7969,23.6008],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,19.4502,19.6515,19.8288,19.8924,19.995,20.1061,20.2088,20.3062,20.3785,20.4605,20.5171,20.6084,20.7698,20.8823,20.7723,20.784,20.5793,20.4278,20.3845,20.1366,20.0778,19.8861,19.8172,19.6769,19.6007,19.6081],"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 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