{"schema_version":"1.0","name":"ZXLK-F Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"aa116bbc-3548-44a0-91d4-b8b766b6e3b5","symbol":"ZXLK-F","name":"BMO SPDR Technology Select Sector Index ETFH","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and 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, Strength versus the research benchmark."},{"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":78,"displayedObservations":78,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and 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 weakened this week and 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":["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"],"values":[0.561939,0.783547,0.665139,0.747488,0.732976,0.598063,0.647157,0.732039,0.547497,0.635374,0.355162,0.012082,-0.173384,-0.3341,-0.510469,-0.487807,-0.780415,-1.210999,-1.182816,-1.490688,-1.464922,-1.368177,-1.356217,-1.280097,-1.193887,-1.162917,-1.290864,-1.431295,-1.440706,-1.503944,-1.021567,-0.44289,0.086836,0.658926,0.82289,0.947699,1.016032,1.097187,1.154622,1.154646,1.085174,0.970698,0.765308,0.637214,0.417247,0.230246,0.177484,0.053677,0.017715,-0.061845],"opens":[37.522366,38.9352,39.822334,39.85519,40.698509,40.249474,40.709465,41.979923,42.910866,41.749927,40.578038,38.9352,40.840893,42.089447,40.567085,41.355647,41.695164,37.709999,37.799999,37.720001,37.59,37.48,36.419998,35.580002,35.759998,35.810001,36.049999,35.369999,35.330002,33.400002,35.200001,37.200001,39.610001,40.91,41.759998,45.439999,44.82,46.279999,48.290001,47.02,49.119999,46.220001,46.099998,47.439999,45.060001,45.349998,44.700001,46.900002,48.27,48.720001],"highs":[38.814725,39.767574,40.424706,40.983273,41.355648,40.621849,42.045639,43.173717,42.910866,42.177063,40.578038,40.709465,41.432312,42.111351,40.654705,41.585644,41.695164,38.0,38.040001,37.720001,38.700001,37.669998,37.07,36.169998,36.950001,36.200001,36.360001,35.740002,35.470001,34.709999,36.689999,39.73,40.349998,41.540001,44.900002,45.82,46.470001,49.02,48.290001,48.310001,49.119999,46.599998,46.099998,47.639999,45.259998,46.119999,45.02,48.259998,48.939999,48.720001],"lows":[37.522366,38.51902,39.789478,39.85519,40.446609,40.19471,40.709465,41.979923,40.654704,40.961365,38.92425,38.9352,40.797085,41.695164,39.723763,41.33374,37.349998,37.700001,37.380001,36.700001,37.060001,34.98,35.970001,35.580002,35.639999,35.220001,35.560001,35.240002,33.759998,33.400002,34.810001,37.200001,39.5,40.299999,41.540001,44.869999,44.82,46.279999,46.490002,47.009998,49.119999,46.220001,46.099998,47.189999,45.049999,44.990002,43.060001,46.75,47.889999,46.630001],"closes":[38.814724,39.767574,39.85519,40.983273,40.446609,40.621849,42.012783,42.98753,40.939461,41.158504,38.9352,40.709465,41.432312,42.111351,40.337086,41.585644,37.419998,37.860001,37.630001,37.66,37.060001,34.98,36.27,36.169998,35.790001,35.610001,35.560001,35.240002,33.790001,34.709999,36.689999,39.66,39.98,41.540001,44.900002,45.209999,46.470001,49.02,46.5,48.0,49.119999,46.48,46.099998,47.639999,45.049999,45.419998,45.02,48.0,48.52,46.669998],"hoverRows":[[{"label":"Open","value":"37.5","className":"is-ohlc","compact":true},{"label":"High","value":"38.8","className":"is-ohlc","compact":true},{"label":"Low","value":"37.5","className":"is-ohlc","compact":true},{"label":"Close","value":"38.8","className":"is-ohlc","compact":true},{"label":"Market 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Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 9.6% across 3 completed cases, with the largest move arriving after 4.3 weeks on average.","approach":"Avoid adding simply because price is rising. 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history."},"events":{"positioning_recoveries":[{"date":"2026-04-24","price":39.98}],"reversal_warnings":[{"date":"2026-05-22","price":46.470001},{"date":"2026-08-07","price":48.0}],"reversal_dangers":[{"date":"2026-06-05","price":46.5},{"date":"2026-08-14","price":48.52}]}},"smTape":{"available":true,"dates":["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":[32.1996,31.0605,29.8668,30.7539,29.7353,26.6577,28.0158,27.7639,29.571,30.7539,31.3563,33.6891,33.021,33.0319,33.8753,34.7186,34.3462,36.1752,36.8652,36.8105,37.369,37.4457,37.5771,37.6319,38.3657,37.0514,37.4567,37.4676,38.8147,39.7676,39.8552,40.9833,40.4466,40.6218,42.0128,42.9875,40.9395,41.1585,38.9352,40.7095,41.4323,42.1114,40.3371,41.5856,37.42,37.86,37.63,37.66,37.06,34.98,36.27,36.17,35.79,35.61,35.56,35.24,33.79,34.71,36.69,39.66,39.98,41.54,44.9,45.21,46.47,49.02,46.5,48.0,49.12,46.48,46.1,47.64,45.05,45.42,45.02,48.0,48.52,46.67],"consensus":[-100.0,-100.0,-100.0,-15.3878,-72.3858,-76.4862,-15.8846,-56.2808,27.0602,49.1637,49.4636,73.5372,15.0755,41.0614,71.0492,64.0908,12.1998,81.5764,69.1659,44.5827,67.3614,52.6944,30.1105,52.0207,69.1373,-22.2795,22.2764,28.0851,70.9179,76.1769,31.0054,79.0885,0.0,52.0333,76.1154,76.5567,-13.2267,19.4184,-63.8822,37.0275,45.9104,56.1536,-10.111,54.3379,-63.8128,-28.4815,-46.0074,-25.5746,-51.1378,-80.8601,-17.3641,-20.7438,-46.6904,-28.3871,-41.9081,-46.8094,-75.9285,0.0,48.4997,70.514,46.987,72.1874,82.513,44.0481,79.4025,88.6459,0.0,70.6347,52.7362,0.0,14.6448,49.7637,-37.4024,0.0,0.0,58.6943,42.0418,-19.7432],"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":[12.7439,41.3666,79.0293,78.8216,19.3024,84.5297,0.0,62.7033,85.299,77.093,-23.0648,9.7763,-58.1172,50.2352,59.4592,61.6956,-21.1781,59.7851,-62.0875,-20.4709,-39.5807,-10.1176,-54.8704,-79.7063,-20.8029,-3.42,-43.9056,-34.6993,-47.9486,-53.4484,-76.0087,0.0,45.9812,77.1983,43.6226,78.9576,91.9131,33.752,83.8125,91.9076,0.0,68.7878,49.2154,0.0,17.5817,69.4523,-41.4338,0.0,0.0,66.4977,41.5202,-29.166],"force":[25.2917,8.7393,88.9879,89.2729,4.8998,87.0493,0.0,29.5974,75.5575,87.0533,-68.7417,10.6359,-97.0099,75.7719,44.9132,65.8143,-17.4868,79.2238,-66.7645,-5.9896,-32.4557,-0.4645,-47.3206,-96.4046,-43.1896,-1.5353,-38.7809,-13.5354,-24.1347,-29.6232,-91.7385,0.0,91.4998,77.6419,31.8585,66.5506,75.925,12.9407,71.5994,91.7235,0.0,68.7153,27.4766,0.0,9.3472,36.3971,-58.6843,0.0,0.0,79.5276,28.8191,-62.9058],"direction":[31.0167,26.7248,48.7406,63.8002,63.027,67.1836,0.0,55.8647,66.0183,68.4461,-37.6706,36.7112,-46.8081,5.7416,31.1383,42.9194,-7.8055,30.337,-63.6763,-62.2586,-63.0321,-61.839,-49.5984,-71.0754,-56.6865,-56.456,-55.5226,-31.7815,-47.6999,-51.4979,-64.5441,0.0,20.6636,57.7833,61.6381,68.4764,76.4756,78.0347,79.9363,82.72,0.0,74.1166,74.8024,0.0,28.4256,36.8101,-17.5937,0.0,0.0,34.8952,52.0825,-21.8561],"intensity":[15.3846,7.4074,67.8571,44.8276,63.3333,51.6129,28.125,33.3333,76.4706,62.8571,91.6667,32.4324,92.1053,79.4872,87.5,39.0244,88.0952,69.7674,100.0,97.7778,4.3478,25.5319,39.5833,87.7551,58.0,37.2549,28.8462,28.8462,7.6923,23.0769,67.3077,44.2308,86.5385,96.1538,90.3846,69.2308,96.1538,94.2308,53.8462,90.3846,88.4615,63.4615,82.6923,90.3846,13.4615,63.4615,88.4615,28.8462,69.2308,96.1538,38.4615,63.4615],"confirmation":[75.3656,76.1953,91.1208,92.7354,54.6378,93.468,12.8116,83.8043,92.2,92.8099,36.4776,74.0932,89.5398,59.3865,82.4545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Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"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":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-19.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-29.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-62.9","detail":"Downward commitment","tone":"negative"},{"label":"SM 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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 norm","values":[null,null,null,null,null,null,null,13.8728,84.8168,0.0,0.0,0.0,13.4715,14.359,66.1765,15.534,32.381,81.8182,172.7273,86.9565,40.201,39.7351,0.0,34.188,217.0543,250.0,218.9781,57.971,333.3333,200.0,24.6914,94.1176,240.8377,10.5263,53.7634,160.0,87.8049,296.9432,437.7358,152.7273,50.3597,190.7895,6.5574,248.5549,26.1335,53.4117,287.5026,81.3315,111.2966,279.0428,418.3663,222.7382,135.5709,236.2727,131.0217,51.6074,343.6732,180.7904,406.1913,52.9639,124.9483,63.0348,44.8544,39.924,87.5912,99.5633,220.6002,108.6113,0.0,95.4617,0.0,29.9296,44.484,82.1168,324.5823,121.2121,65.3061,88.1131],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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