{"schema_version":"1.0","name":"0120J0 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ab716b2c-1b1c-455f-a426-d5add5382427","symbol":"0120J0","name":"Bnk Bnk Kakao Group Focus ETF","exchange":"KSC","country":"KR","asset_type":"etf","currency":"KRW","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. 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This is an early repair watch until price confirms it.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price remains in a downward structure","detail":"Improving Market Dynamics has not yet produced a positive price response."}},"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":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 0.4% across 1 completed cases, with the largest move arriving after 2.0 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":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[10095.0,9925.0,9925.0,10135.0,10565.0,9995.0,9895.0,11115.0,11140.0,11075.0,11405.0,11750.0,11590.0,10445.0,10190.0,10400.0,9790.0,9035.0,9610.0,10090.0,9825.0,9760.0,9585.0,9100.0,8925.0,8510.0,8410.0,8635.0,8165.0,7125.0,7805.0,7980.0,7850.0,7745.0,7865.0,8110.0,8200.0,7775.0],"consensus":[54.1667,0.0,73.1343,-8.8706,75.2553,-30.1239,-26.5126,74.1879,30.8006,28.4533,60.853,60.6633,16.3349,-50.8824,-34.0581,-9.3965,-51.7009,-68.3045,0.0,15.6201,-27.8247,-19.4235,-33.1367,-57.1439,-33.4893,-54.338,-40.2864,-24.3504,-51.8259,-62.977,-20.9009,-15.3249,-31.0122,-16.3022,-9.0044,11.6845,10.973,-38.782],"supportDates":["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,-42.3673,-31.8243,58.0673,14.9031,15.6559,45.2784,57.523,9.4534,-35.8972,-20.2672,-5.381,-45.0291,-71.1167,0.0,27.0902,-34.0462,-36.9238,-38.368,-50.9875,-22.4363,-48.4283,-36.7402,-21.8098,-55.3869,-67.7999,-13.5719,-3.2342,-31.1827,-25.9543,-9.0372,14.9252,8.9667,-39.6333],"force":[54.1667,0.0,73.1343,-8.8706,53.277,-38.4718,-18.6506,96.9863,0.3286,4.8924,70.0718,50.6829,35.9512,-83.8264,-23.9855,-16.6307,-57.6551,-69.5983,0.0,49.06,-27.0298,-9.3829,-32.2833,-69.813,-20.2479,-54.9655,-17.1777,-4.857,-37.1843,-47.7979,-13.5924,-11.532,-15.314,-0.1472,-9.9157,32.1466,20.5296,-64.4528],"direction":[null,null,null,null,90.954,-10.1686,-26.0578,76.3269,70.7351,66.8972,72.0677,71.381,61.5468,-44.4769,-57.0138,-44.8758,-55.0728,-64.1664,0.0,21.3743,-21.2822,-6.595,-27.7677,-55.1306,-55.5795,-60.6438,-60.8456,-48.1163,-58.2145,-68.3072,-53.915,-48.3263,-42.0302,-17.0209,-22.4813,6.6349,6.4398,-19.4728],"intensity":[null,null,null,null,100.0,100.0,83.3333,100.0,100.0,33.3333,60.0,27.2727,16.6667,100.0,78.5714,26.6667,75.0,76.4706,66.6667,57.8947,30.0,4.7619,22.7273,78.2609,70.8333,44.0,50.0,22.2222,57.1429,89.6552,76.6667,16.129,6.25,21.2121,11.7647,37.1429,30.5556,51.3514],"confirmation":[40.0,0.0,46.0697,25.5053,68.4103,77.7075,76.1635,92.6806,54.5031,54.6609,87.9912,87.1559,34.0748,85.5147,78.8018,7.1347,84.8274,89.854,33.9541,33.0693,76.7849,50.9762,78.498,86.766,78.4815,85.4973,80.2414,53.3102,84.0838,87.6165,31.3151,6.7299,77.4429,49.9331,27.0863,51.0621,49.1665,89.1796],"persistence":[null,null,66.6667,25.0,40.0,16.6667,0.0,12.5,12.5,25.0,25.0,50.0,50.0,50.0,50.0,25.0,0.0,25.0,37.5,37.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0],"assessmentRisk":[null,null,null,null,10.8596,25.1892,8.4718,10.5635,25.7498,34.784,19.4523,14.605,31.1597,16.0939,31.9421,44.666,23.9918,15.126,38.1205,31.5937,17.4762,54.8086,14.0154,19.8327,31.3576,22.4026,29.6612,29.4467,22.1626,18.3333,32.6424,37.7414,17.6144,54.0121,11.9272,9.3583,29.5656,23.0163],"volumeParticipation":true,"latest":{"consensus":-38.8,"control":-39.6,"force":-64.5,"direction":-19.5,"confirmation":89.2,"persistence":50.0,"assessmentRisk":23.0,"intensity":51.4,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and 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":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-38.8","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-39.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-64.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-19.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"89/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"36.3","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"8.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"42.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"16%","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 references are aligned downward.","series":[{"label":"Close","values":[10095.0,9925.0,9925.0,10135.0,10565.0,9995.0,9895.0,11115.0,11140.0,11075.0,11405.0,11750.0,11590.0,10445.0,10190.0,10400.0,9790.0,9035.0,9610.0,10090.0,9825.0,9760.0,9585.0,9100.0,8925.0,8510.0,8410.0,8635.0,8165.0,7125.0,7805.0,7980.0,7850.0,7745.0,7865.0,8110.0,8200.0,7775.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,10148.7846,10120.8237,10079.7649,10267.9894,10426.5368,10544.4392,10700.9048,10891.6494,11018.6222,10914.3273,10782.6314,10713.0621,10545.2326,10270.6449,10150.5276,10139.5226,10082.3367,10023.73,9943.9609,9790.5135,9633.1474,9428.9388,9243.6772,9133.0086,8957.007,8623.9148,8475.0212,8385.0174,8287.7415,8189.0612,8130.141,8126.479,8139.8465,8073.5107],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,10563.791,10554.9917,10527.9552,10518.4771,10464.5158,10358.6257,10303.172,10287.3815,10253.131,10216.6028,10169.8174,10090.5716,10004.233,9893.5491,9783.6566,9698.5709,9584.973,9402.7528,9284.4008,9187.7785,9088.6838,8989.1516,8905.8812,8846.927,8799.0065,8723.1541],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,11401.0743,11609.8896,11875.6135,12013.0204,11953.169,11898.8281,11848.9915,11823.0369,11886.0017,11855.5575,11810.2172,11813.6331,11818.0825,11830.3919,11878.1904,11904.2883,11990.7751,12068.0997,11981.4373,11901.2913,11925.2653,11720.8819,11352.9835,10954.6136,10790.6499,10634.3336,10389.1527,10244.7878,10209.4109],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,9371.9257,9348.2922,9294.3865,9311.595,9340.4024,9333.8385,9356.6335,9286.9631,9055.1095,8994.9688,9006.7828,8976.3669,8955.4175,8909.1081,8757.8096,8567.7117,8332.7249,8106.9003,7945.5627,7728.2087,7309.2347,7153.6181,7144.5165,7168.8864,7062.8501,6986.6664,7002.8473,6988.2122,6897.5891],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,357.984,293.4333,219.1736,175.2473,90.1741,-37.7343,-91.6485,-94.5539,-116.8923,-138.2469,-167.3624,-226.9559,-285.0197,-360.3686,-423.2731,-449.7849,-502.9233,-621.7877,-653.5841,-657.0875,-662.7144,-667.9468,-654.8617,-617.6028,-574.1937,-567.5434],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,250.8064,193.0983,136.1489,90.0084,48.6282,11.2532,-24.4699,-64.9671,-108.9776,-159.2558,-212.0593,-259.6044,-308.2682,-370.9721,-427.4945,-473.4131,-511.2733,-542.608,-565.0588,-575.5676,-575.2928,-573.7429],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-160.6324,-230.8326,-227.7974,-184.5622,-165.5205,-149.5001,-142.8925,-161.9888,-176.0421,-201.1128,-211.2138,-190.1805,-194.6551,-250.8156,-226.0896,-183.6744,-151.4411,-125.3388,-89.8029,-42.0352,1.0991,6.1996],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-1.684,-1.684,0.0,0.0,-5.3952,-6.3417,0.0,0.0,-0.5835,0.0,0.0,-1.3617,-11.1064,-13.2766,-11.4894,-16.6809,-23.1064,-18.2128,-14.1277,-16.383,-16.9362,-18.4255,-22.5532,-24.0426,-27.5745,-28.4255,-26.5106,-30.5106,-39.3617,-33.5745,-32.0851,-33.1915,-34.0851,-33.0638,-30.9787,-30.2128,-33.8298],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,12.3295,12.5821,11.9252,15.2602,18.7468,17.1299,5.5584,2.9813,5.1036,0.0,0.0,6.3641,11.6768,8.7438,8.0243,6.0874,0.7194,0.0,0.0,0.0,2.6754,0.0,0.0,9.5439,12.0,10.1754,8.7018,10.386,13.8246,15.0877,9.1228],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"participation","eyebrow":"Participation","title":"Activity 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,472.9027,316.5456,255.0122,118.1266,36.9065,115.9164,140.1057,50.5061,45.0284,58.2039,50.9468,24.2031,49.5504,37.4507,28.2677,67.4097,87.6208,69.0477,79.1886,7.1287,37.3827,10.3164,17.1897,3.9923,7.1655,45.1553,77.5618,34.9746,45.7657,62.15,160.1418],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,115.2214,124.5524,127.3095,118.5334,107.5883,103.7775,107.0549,102.9263,99.4139,101.0151,104.2085,101.7809,99.9622,95.5253,89.5763,84.7403,79.1224,78.6264,80.8553,80.3424,79.6518,79.7938,80.0398,78.6568,76.6271,77.4908,78.5707,79.9519,76.389],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}