{"schema_version":"1.0","name":"SPY5 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a9a9788f-7599-4833-aeb0-c6a5d78b3bde","symbol":"SPY5","name":"State Street SPDR S&P 500 UCITS ETF","exchange":"EBS","country":"CH","asset_type":"etf","currency":"CHF","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","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, Activity pressure and cumulative balance, Range position and boundary pressure, 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":84,"displayedObservations":84,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still 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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. 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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":"2025-08-15","price":640.823242}],"reversal_warnings":[{"date":"2026-05-08","price":734.303589}],"reversal_dangers":[{"date":"2026-06-26","price":730.900024},{"date":"2026-07-17","price":745.900024}]}},"smTape":{"available":true,"dates":["2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","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":[591.0865,603.7174,602.0398,600.757,602.5333,601.2504,582.6001,569.6732,549.2466,558.9172,553.3171,509.6733,521.1533,525.4088,542.7278,559.8489,561.1354,585.679,575.0895,583.4026,592.5075,592.6065,591.8148,611.7446,619.3864,620.6766,625.8373,632.4867,632.7844,631.0973,640.8232,642.2126,643.4036,641.121,653.3281,659.5805,657.1898,669.1297,660.3738,652.6129,667.3387,681.169,663.6573,673.3087,655.7968,679.9751,682.9601,679.3781,678.8806,685.3265,688.8174,691.5105,693.7048,691.4108,687.2216,686.3239,684.7281,683.4315,686.8226,681.3368,665.5776,654.8055,641.4,649.9,681.2,712.2,711.0605,712.6566,734.3036,740.688,746.4738,755.0529,753.8558,739.9897,747.0724,730.9,749.2,754.5,745.9,739.9,741.4,773.6,779.8,613.0],"consensus":[100.0,100.0,100.0,58.0,39.5974,0.0,-56.6391,-74.147,-84.1841,-21.9109,-61.2382,-87.7855,-8.9839,-43.794,11.4653,41.8138,28.1831,61.6598,0.0,48.9506,59.1281,16.1191,29.006,68.2262,58.5824,50.0422,65.2938,62.3456,27.127,41.706,68.0661,51.6303,53.0331,35.668,65.8924,63.9779,18.0944,76.5407,0.0,-22.5713,36.983,63.7488,-16.839,31.0102,-45.7391,58.5275,49.1184,0.0,34.5034,55.8895,33.6979,53.6864,50.009,27.8111,-15.3381,0.0,-14.4296,0.0,22.7741,-12.6746,-67.927,-70.227,-77.9078,-20.7542,48.4527,68.1092,48.7459,41.7002,82.4197,63.6811,68.7406,74.8132,52.5936,8.3823,38.6805,-25.0025,36.8094,54.0759,0.0,-15.4911,12.1449,74.5967,68.0401,-77.6736],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","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":[59.7429,38.6097,78.393,70.6644,9.0402,81.2297,0.0,-17.1774,33.1618,61.4007,-26.438,22.4969,-40.8681,73.6954,59.0952,0.0,36.8215,62.4532,37.7286,60.7136,54.0537,36.1034,-12.7362,0.0,-6.879,0.0,33.728,-0.2927,-62.6834,-73.7748,-78.9942,-4.973,54.4288,80.0621,56.93,38.2254,86.7891,70.0058,74.548,72.0008,56.8675,16.9986,44.096,-29.5129,50.527,64.449,0.0,-20.7555,22.6025,77.9768,70.0484,-65.702],"force":[32.5877,4.6192,52.5877,51.8883,26.4099,82.8535,0.0,-80.0321,23.4226,76.4067,-64.7105,17.8529,-91.0257,74.3876,30.8457,0.0,17.9542,69.5448,17.0118,49.6985,43.1054,1.8643,-58.5529,0.0,-31.8831,0.0,30.0464,-21.1099,-86.9619,-67.257,-82.0121,-19.0087,63.5615,65.1299,21.5217,20.2073,94.67,43.208,53.9744,79.5752,18.2321,52.2445,20.559,-49.6801,23.5363,35.1474,0.0,-62.5094,12.9318,93.3712,73.1812,-99.9994],"direction":[59.9687,54.4838,61.1095,64.9718,60.231,66.6726,0.0,-12.3077,51.036,57.3908,-28.3253,50.1379,-18.9583,29.864,50.7682,0.0,43.6751,38.6342,41.01,48.5038,50.3177,36.8677,-12.5559,0.0,-10.5919,0.0,5.0608,-20.8,-60.3234,-68.294,-73.7346,-67.192,30.8307,56.5768,58.8385,61.0236,68.6758,71.0765,72.6507,74.6259,72.253,41.8399,45.4352,-2.2209,30.6131,55.7414,0.0,-24.11,0.3685,57.3233,62.0727,-75.4084],"intensity":[37.5,24.2424,64.7059,62.8571,11.1111,64.8649,42.1053,33.3333,72.5,73.1707,76.1905,46.5116,77.2727,86.6667,65.2174,8.5106,22.9167,55.102,28.0,5.8824,5.7692,44.2308,40.3846,13.4615,15.3846,23.0769,21.1538,42.3077,76.9231,65.3846,71.1538,46.1538,98.0769,98.0769,94.2308,15.3846,88.4615,82.6923,25.0,73.0769,15.3846,76.9231,53.8462,80.7692,90.3846,23.0769,48.0769,25.0,32.6923,100.0,88.4615,100.0],"confirmation":[84.2453,55.756,88.4896,88.0026,32.8727,92.614,33.1761,34.3485,79.4795,88.8212,35.4105,77.652,84.0909,86.981,83.009,6.5604,78.5014,86.2008,78.2134,84.951,83.7309,53.3158,31.6101,25.0964,50.5978,48.7918,52.6758,49.8349,90.3967,90.3281,93.039,9.7252,83.8742,89.522,82.6443,80.742,94.6811,87.6576,89.4585,92.1282,83.7176,34.5155,79.743,54.0175,79.1655,84.5694,30.8769,34.12,49.163,92.3916,89.8989,93.7184],"persistence":[100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,62.5,62.5,37.5,37.5,12.5,12.5,25.0,37.5,37.5,37.5,62.5,62.5,87.5,87.5,62.5,62.5,37.5,25.0,25.0,0.0,25.0,50.0,50.0,62.5,37.5,25.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,62.5,37.5,37.5,37.5,37.5,37.5],"assessmentRisk":[20.9968,28.9238,15.3105,17.704,40.7124,11.7283,39.4658,27.8763,25.5597,13.6275,24.8105,33.1467,16.1591,33.975,21.0332,19.5715,30.4349,7.5337,5.7353,12.0591,18.2474,11.5187,0.0372,23.3926,31.3998,36.7481,17.8227,38.7122,15.9609,14.8802,11.0461,39.6146,19.8393,15.9156,25.6219,29.1369,8.7088,16.0406,14.8072,12.2689,17.2681,6.6134,17.1399,34.4746,34.1752,14.0037,2.609,41.7342,36.8612,8.1565,15.5327,10.7193],"volumeParticipation":true,"latest":{"consensus":-77.7,"control":-65.7,"force":-100.0,"direction":-75.4,"confirmation":93.7,"persistence":37.5,"assessmentRisk":10.7,"intensity":100.0,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-77.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-65.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-100.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-75.4","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"94/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"31.2","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"24.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"0%","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":[591.0865,603.7174,602.0398,600.757,602.5333,601.2504,582.6001,569.6732,549.2466,558.9172,553.3171,509.6733,521.1533,525.4088,542.7278,559.8489,561.1354,585.679,575.0895,583.4026,592.5075,592.6065,591.8148,611.7446,619.3864,620.6766,625.8373,632.4867,632.7844,631.0973,640.8232,642.2126,643.4036,641.121,653.3281,659.5805,657.1898,669.1297,660.3738,652.6129,667.3387,681.169,663.6573,673.3087,655.7968,679.9751,682.9601,679.3781,678.8806,685.3265,688.8174,691.5105,693.7048,691.4108,687.2216,686.3239,684.7281,683.4315,686.8226,681.3368,665.5776,654.8055,641.4,649.9,681.2,712.2,711.0605,712.6566,734.3036,740.688,746.4738,755.0529,753.8558,739.9897,747.0724,730.9,749.2,754.5,745.9,739.9,741.4,773.6,779.8,613.0],"stroke":"#10243b","width":2.1},{"label":"Fast 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