{"schema_version":"1.0","name":"SAPP34 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"aa01e423-737f-4127-9699-d3a90c841159","symbol":"SAPP34","name":"SAP SE","exchange":"SAO","country":"BR","asset_type":"equity","currency":"BRL","sector":"Technology","industry":"Software - Application"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Drawdown and recovery pressure, Range position and boundary pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance."},{"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":260,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":20,"completedEpisodes":19,"activeEpisodes":1,"medianExpectedMove":8.2,"averageExpectedMove":11.1,"averageWeeksToLargestMove":7.2,"horizons":[{"weeks":4,"sample":20,"expectedCount":11,"expectedPercent":55.0,"averageReturn":1.6,"medianReturn":1.7,"confidenceLow":34.2,"confidenceHigh":74.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":19,"expectedCount":14,"expectedPercent":73.7,"averageReturn":5.7,"medianReturn":4.9,"confidenceLow":51.2,"confidenceHigh":88.2,"confidence":"Historically consistent"},{"weeks":26,"sample":19,"expectedCount":13,"expectedPercent":68.4,"averageReturn":8.0,"medianReturn":13.3,"confidenceLow":46.0,"confidenceHigh":84.6,"confidence":"Mixed historical 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consistent"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-3.7,"sample":4},{"week":2,"averageReturn":-2.5,"sample":4},{"week":3,"averageReturn":-2.5,"sample":4},{"week":4,"averageReturn":-4.6,"sample":4},{"week":5,"averageReturn":-5.2,"sample":4},{"week":6,"averageReturn":-6.1,"sample":4},{"week":7,"averageReturn":-7.1,"sample":4},{"week":8,"averageReturn":-4.2,"sample":4},{"week":9,"averageReturn":-4.8,"sample":4},{"week":10,"averageReturn":-3.5,"sample":4},{"week":11,"averageReturn":-4.9,"sample":4},{"week":12,"averageReturn":-6.0,"sample":4},{"week":13,"averageReturn":-7.2,"sample":4},{"week":14,"averageReturn":-8.9,"sample":4},{"week":15,"averageReturn":-10.6,"sample":4},{"week":16,"averageReturn":-9.5,"sample":4},{"week":17,"averageReturn":-9.8,"sample":4},{"week":18,"averageReturn":-9.9,"sample":4},{"week":19,"averageReturn":-11.4,"sample":4},{"week":20,"averageReturn":-12.7,"sample":4},{"week":21,"averageReturn":-15.1,"sample":4},{"week":22,"averageReturn":-14.0,"sample":4},{"week":23,"averageReturn":-14.5,"sample":4},{"week":24,"averageReturn":-15.4,"sample":4},{"week":25,"averageReturn":-18.6,"sample":4},{"week":26,"averageReturn":-19.2,"sample":4}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":73.7,"averageReturn":5.7,"sample":19},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 73.7% of comparable cases moved higher after 12 weeks, with an average move of 5.7% across 19 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 4 cases. Distinct visits lasted 5.2 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 11.1% across 19 completed cases, with the largest move arriving after 7.2 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"distribution_rollovers":[{"date":"2025-03-14","price":106.50631},{"date":"2025-06-20","price":111.913994},{"date":"2025-08-01","price":110.823639},{"date":"2025-08-15","price":105.857117}],"price_pressure_gaps":[{"date":"2025-03-07","price":112.250786},{"date":"2025-05-02","price":119.054764},{"date":"2025-06-27","price":116.989838},{"date":"2025-08-08","price":112.166481}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","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"],"close":[85.4315,87.3094,82.6847,84.1702,87.2366,87.2828,84.3629,90.586,92.562,95.2591,95.6375,96.9093,93.7084,96.5743,99.5916,108.2343,107.4677,105.5968,108.8026,104.8975,107.2764,111.9677,113.9311,114.0972,113.4567,117.502,113.5009,114.1329,112.2508,106.5063,108.5811,107.8005,102.3812,106.5091,105.6017,110.8802,119.0548,116.9372,118.2516,117.8996,121.4479,122.5001,114.6004,111.914,116.9898,114.3923,118.3559,120.2397,112.7702,110.8236,112.1665,105.8571,104.0897,103.2095,103.0233,97.2486,100.2488,99.2473,100.8497,103.5692,104.3803,102.5113,98.0328,94.479,92.019,90.363,91.0711,94.711,94.7794,95.1144,96.3,89.9222,91.6536,89.3671,86.4776,74.4076,74.8886,75.6052,73.9887,73.4611,74.7588,70.5977,65.9429,60.8847,62.5181,57.5841,65.517,61.6055,59.769,60.3571,60.7129,63.2143,65.7329,67.7893,58.68,57.7143,56.925,60.7143,57.51,58.1,58.5707,66.71,70.72,77.75],"consensus":[76.2556,66.5969,-15.3358,50.1769,66.332,12.266,-19.0945,73.8057,72.5737,78.877,41.2972,66.1547,0.0,66.1471,68.7055,85.8609,38.3999,14.9012,71.4576,-14.8186,53.1268,75.0516,54.1809,30.314,37.5398,62.8985,-18.2944,17.3771,-21.7026,-51.7956,0.0,-33.9196,-68.97,23.5385,-35.5423,40.1475,64.3436,8.2176,42.9425,14.3956,55.2736,44.0526,-44.5053,-42.3074,26.9685,-42.4591,35.7102,40.2259,-51.6448,-49.471,-8.6042,-57.2413,-61.2343,-52.3818,-49.4666,-72.1969,0.0,-50.3011,0.0,17.7618,18.579,-20.3547,-64.8337,-70.9575,-61.8974,-55.242,-24.009,17.7482,0.0,8.5733,16.9,-61.8237,0.0,-56.0772,-57.2721,-77.3157,-35.9414,-38.6189,-59.325,-33.095,0.0,-64.6892,-70.3058,-81.8368,-25.2095,-81.0782,18.6864,-47.3044,-56.0397,-26.8081,-14.7152,12.2038,32.4111,25.8077,-54.7964,-43.7517,-25.0672,9.0511,-35.4556,0.0,0.0,60.5065,61.5086,69.3488],"supportDates":["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"],"control":[-61.2306,-57.4233,-52.9863,-82.038,0.0,-56.8102,0.0,8.0894,22.8587,-31.9133,-64.7308,-68.9023,-70.3201,-57.1576,-10.157,18.7687,0.0,6.4152,8.891,-66.0488,0.0,-59.7279,-47.802,-73.8691,-29.8109,-38.326,-67.1855,-33.0882,0.0,-75.9932,-82.4465,-85.2206,-13.7456,-83.9645,24.0742,-48.4482,-65.069,-46.3725,-4.8908,1.7803,30.4398,14.0291,-61.8105,-51.4219,-13.6197,23.9901,-46.1524,0.0,0.0,53.5211,52.7826,71.3145],"force":[-60.6967,-30.3707,-24.7119,-60.0739,0.0,-30.06,0.0,57.2088,28.7936,-21.3319,-88.3607,-87.6535,-44.4005,-37.1275,-8.0303,78.1656,0.0,25.8359,36.3657,-68.0374,0.0,-56.9777,-72.0987,-95.2977,-1.2309,-0.8581,-36.5261,-10.1642,0.0,-53.3071,-56.8228,-92.6349,-15.9922,-91.65,85.7401,-63.0267,-52.1155,-0.1195,-11.5562,56.9988,50.0971,27.6232,-73.8604,-32.7458,-13.63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Dynamics 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":"Market Dynamics","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":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+69.3","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+71.3","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+64.5","detail":"Upward 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