{"schema_version":"1.0","name":"PGRI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9f1f5921-282b-480f-9d35-c1ef5850b4bc","symbol":"PGRI","name":"PUTNAM INTERNATIONAL STOCK ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, 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":"2026-08-21","observations":44,"displayedObservations":44,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.100012,0.192627,0.271023,0.403775,0.414015,0.431629,0.494326,0.518666,0.593828,0.539127,0.33655,0.138286,-0.06945,-0.187743,-0.174143,-0.159642],"opens":[25.8001,26.9515,26.7141,27.2975,27.4095,26.6917,27.26,27.718,27.06,27.4892,26.2223,25.9085,26.0136,26.38,27.16,27.3376],"highs":[27.2731,27.2181,26.9603,27.33,27.86,26.8,27.7884,27.718,27.5675,27.4892,26.5726,26.3804,26.5038,27.1608,27.36,27.3376],"lows":[25.8,26.45,26.2038,27.17,26.4383,26.096,27.25,26.8467,26.97,26.7927,26.023,25.9085,25.6899,26.38,27.16,26.7896],"closes":[27.0232,26.5003,26.9603,27.3208,26.4383,26.096,27.7884,26.8467,27.038,26.8061,26.023,25.9147,26.3957,27.1608,27.36,26.9133],"hoverRows":[[{"label":"Open","value":"25.8","className":"is-ohlc","compact":true},{"label":"High","value":"27.3","className":"is-ohlc","compact":true},{"label":"Low","value":"25.8","className":"is-ohlc","compact":true},{"label":"Close","value":"27.0","className":"is-ohlc","compact":true},{"label":"Market 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and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"26.4","className":"is-ohlc","compact":true},{"label":"High","value":"27.2","className":"is-ohlc","compact":true},{"label":"Low","value":"26.4","className":"is-ohlc","compact":true},{"label":"Close","value":"27.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.19","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"27.2","className":"is-ohlc","compact":true},{"label":"High","value":"27.4","className":"is-ohlc","compact":true},{"label":"Low","value":"27.2","className":"is-ohlc","compact":true},{"label":"Close","value":"27.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.17","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"27.3","className":"is-ohlc","compact":true},{"label":"High","value":"27.3","className":"is-ohlc","compact":true},{"label":"Low","value":"26.8","className":"is-ohlc","compact":true},{"label":"Close","value":"26.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.16","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[25.802278,27.900822],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.159642,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","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 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":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":16,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":27.0232},{"date":"2026-07-31","price":26.3957}],"reversal_dangers":[{"date":"2026-06-05","price":26.4383},{"date":"2026-08-07","price":27.1608}]}},"smTape":{"available":true,"dates":["2025-10-24","2025-10-31","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","2026-08-21"],"close":[25.0521,24.9034,24.8133,24.7146,24.0783,24.7457,24.5867,24.6169,24.6727,25.0202,25.1675,25.5714,25.7335,25.7379,25.9428,25.9091,26.3277,26.74,26.8315,24.9704,24.7495,23.8032,23.6329,24.4194,25.6468,26.1795,26.1536,26.1219,27.0232,26.5003,26.9603,27.3208,26.4383,26.096,27.7884,26.8467,27.038,26.8061,26.023,25.9147,26.3957,27.1608,27.36,26.9133],"consensus":[-33.3333,-96.1612,0.0,-58.0,-79.6254,14.894,-40.7799,-17.7095,10.7237,60.2067,63.3196,74.4717,49.7521,56.0969,50.0842,30.4059,63.3068,80.1855,55.7944,-66.3673,-55.5416,-76.335,-62.5223,0.0,55.6919,66.6252,37.5287,37.2789,60.9474,-8.3783,52.4249,57.8037,-25.3336,-34.1698,67.4033,-21.9771,19.445,0.0,-45.3861,-33.7572,17.169,46.9291,46.5843,4.5443],"supportDates":["2025-10-24","2025-10-31","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","2026-08-21"],"control":[null,null,null,null,null,35.4364,-42.456,-13.9707,1.8516,59.319,50.6283,68.4279,42.5319,53.301,41.4818,20.494,55.7716,82.9058,50.1311,-60.1976,-61.6573,-79.1071,-68.3854,0.0,52.6717,66.7143,38.6532,37.123,64.9854,-12.104,58.6252,61.0297,-30.5708,-31.3632,79.2636,-28.4459,8.5359,0.0,-49.6797,-35.3988,23.9803,56.556,53.0961,16.7638],"force":[-33.3333,-96.1612,0.0,-58.0,-51.3685,40.6763,-26.252,-1.946,21.2469,72.9761,82.4081,81.3847,21.9943,35.3695,27.7085,1.406,74.3094,89.7383,44.7523,-99.4284,-44.6914,-84.9902,-44.6226,0.0,87.6669,88.4562,17.6759,21.7967,56.2129,-68.8592,41.2577,49.7622,-55.2051,-70.69,66.8835,-52.5203,17.5119,0.0,-47.8025,-23.978,54.4231,54.5345,38.0906,30.1899],"direction":[null,null,null,null,-99.809,26.9989,-49.2415,-33.2423,13.3467,52.1001,64.1893,76.4411,77.8307,74.0974,75.8982,64.4565,64.0595,70.2533,70.1538,-49.8033,-56.3024,-66.9845,-68.607,0.0,36.3042,50.9298,50.4242,48.5159,59.7144,-39.0803,53.3154,59.8608,-1.9885,-11.2915,54.2199,-7.2325,33.2934,0.0,-38.7531,-38.8662,17.2255,30.4945,45.209,27.7391],"intensity":[null,null,null,null,100.0,80.0,50.0,14.2857,37.5,77.7778,20.0,81.8182,50.0,76.9231,85.7143,60.0,93.75,52.9412,33.3333,100.0,95.0,95.2381,63.6364,82.6087,95.8333,96.0,3.8462,11.1111,89.2857,65.5172,53.3333,87.0968,78.125,87.8788,97.0588,77.1429,13.8889,24.3243,76.3158,15.3846,50.0,63.4146,64.2857,37.2093],"confirmation":[33.3333,53.4383,1.3219,41.2267,69.5217,33.6652,80.5813,50.5769,49.2208,87.6688,89.0374,92.1337,83.1847,85.3619,83.4761,54.5447,88.7083,93.9091,85.604,90.3391,85.3494,92.6487,87.3723,34.3266,86.8419,89.984,79.387,79.4598,87.2974,35.4713,84.3412,86.2029,54.6949,80.0901,89.3725,54.7412,74.3297,29.6615,82.5318,78.4793,32.8671,83.1024,82.5489,22.0564],"persistence":[null,null,66.6667,75.0,80.0,50.0,57.1429,62.5,37.5,12.5,0.0,25.0,50.0,50.0,75.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5,12.5,37.5,37.5,62.5,75.0,50.0,25.0,25.0,0.0,0.0,12.5,12.5,37.5,12.5,12.5,12.5,25.0],"assessmentRisk":[null,null,null,null,10.1678,25.4846,6.1742,4.5269,41.8214,3.3042,15.5927,12.4557,24.9977,21.0455,24.3691,25.2572,16.2913,9.8944,22.0975,13.2896,21.8322,11.8242,18.7359,34.861,14.1979,16.5172,31.1199,30.3408,16.6717,23.4502,12.2578,16.395,23.2813,10.4894,7.6667,16.4426,23.3724,40.7162,26.5604,26.077,43.7635,0.726,24.4778,46.6153],"volumeParticipation":true,"latest":{"consensus":4.5,"control":16.8,"force":30.2,"direction":27.7,"confirmation":22.1,"persistence":25.0,"assessmentRisk":46.6,"intensity":37.2,"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":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+4.5","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+16.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+30.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+27.7","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"22/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"53.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"9.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"78%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}