{"schema_version":"1.0","name":"MAXM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"aad67f83-3453-4905-94f6-d3e3ea85894d","symbol":"MAXM","name":"ISHARES VI PLC ISHARES US LARGE","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","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, Completed returns and cumulative progression, Range expansion and closing direction, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range pressure and compression."},{"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":20,"displayedObservations":20,"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 risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[3.89125,3.8575,3.8545,3.8555,3.85525,3.866,3.9555,3.90475,3.9205,3.9485,3.96,3.967,3.9445,3.9315,3.9255,3.9205,3.965,3.94675,3.931,3.9215],"highs":[3.89125,3.8575,3.865,3.87075,3.85525,3.93275,3.9555,3.919,3.9205,3.9485,3.96275,3.967,3.9445,3.936,3.9255,3.96,3.9725,3.94675,3.94,3.924],"lows":[3.85125,3.834,3.8545,3.83725,3.841,3.8565,3.893,3.89725,3.9205,3.8935,3.9215,3.967,3.9445,3.9245,3.9255,3.92,3.92675,3.93375,3.9245,3.89725],"closes":[3.85125,3.84975,3.8645,3.83725,3.8455,3.93275,3.90625,3.89725,3.9205,3.91425,3.96275,3.967,3.9445,3.9295,3.9255,3.95725,3.92675,3.93375,3.9245,3.89725],"hoverRows":[[{"label":"Open","value":"3.89","className":"is-ohlc","compact":true},{"label":"High","value":"3.89","className":"is-ohlc","compact":true},{"label":"Low","value":"3.85","className":"is-ohlc","compact":true},{"label":"Close","value":"3.85","className":"is-ohlc","compact":true},{"label":"Market 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history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"price":{"label":"Price and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-10","price":3.85125}],"reversal_dangers":[{"date":"2026-04-17","price":3.84975}]}},"smTape":{"available":true,"dates":["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":[3.8512,3.8497,3.8645,3.8373,3.8455,3.9327,3.9062,3.8973,3.9205,3.9143,3.9628,3.967,3.9445,3.9295,3.9255,3.9573,3.9268,3.9337,3.9245,3.8973],"consensus":[-100.0,34.0426,90.4762,-100.0,-11.4628,78.422,0.0,8.5872,42.8825,0.0,72.0862,41.8801,20.4086,0.0,0.0,53.0842,-35.9962,0.0,-17.6745,-55.5838],"supportDates":["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,71.0195,0.0,6.9055,38.1598,0.0,67.5662,33.9754,11.7055,0.0,0.0,58.8403,-31.504,0.0,-23.3315,-54.0926],"force":[-100.0,34.0426,90.4762,-100.0,-8.0135,97.0615,0.0,24.7058,21.9626,0.0,82.2274,13.3647,6.0659,0.0,0.0,76.4201,-85.3561,0.0,-30.276,-73.2297],"direction":[null,null,null,null,-13.9267,73.5683,0.0,50.0737,63.2227,0.0,70.0081,71.2822,49.2652,0.0,0.0,29.8372,-5.8731,0.0,-2.2082,-44.6837],"intensity":[null,null,null,null,25.0,100.0,83.3333,85.7143,37.5,55.5556,90.0,81.8182,25.0,15.3846,7.1429,66.6667,56.25,41.1765,5.5556,52.6316],"confirmation":[54.6667,33.5603,51.619,54.6667,48.8438,93.7759,33.8311,8.7131,81.1568,5.7421,91.4455,80.653,52.4839,7.6709,48.1197,85.6104,58.4249,25.3873,51.287,55.0],"persistence":[null,null,33.3333,0.0,20.0,0.0,0.0,12.5,37.5,25.0,25.0,50.0,75.0,62.5,62.5,62.5,37.5,37.5,12.5,12.5],"assessmentRisk":[null,null,null,null,11.5159,9.5022,37.1792,42.2301,27.3261,25.015,10.6941,27.8229,21.6723,22.2134,40.1309,41.3544,7.0712,5.4132,6.6109,21.7265],"volumeParticipation":true,"latest":{"consensus":-55.6,"control":-54.1,"force":-73.2,"direction":-44.7,"confirmation":55.0,"persistence":12.5,"assessmentRisk":21.7,"intensity":52.6,"evidenceDepth":77},"analysis":{"status":"Completed tape 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":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-55.6","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-54.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-73.2","detail":"Downward 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