{"schema_version":"1.0","name":"VCSHA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b06639a8-c8d9-4514-99dc-df7a83dcfb14","symbol":"VCSHA","name":"Vanguard EUR Cash UCITS ETF EUR Acc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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, Directional strength and control, Range position and boundary pressure, Activity pressure and cumulative balance, Range pressure and compression, Directional pressure and rotation."},{"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":36,"displayedObservations":36,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure retains strong Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","take":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[3.781124,5.011227,5.113356,5.30093,5.481172,5.695089,5.758405,5.789305],"opens":[15.1683,15.1745,15.1795,15.1826,15.1892,15.1942,15.2013,15.2074],"highs":[15.1889,15.1771,15.1833,15.2162,15.2155,15.2035,15.2077,15.2154],"lows":[15.1669,15.1736,15.1793,15.181,15.1877,15.1937,15.2007,15.2072],"closes":[15.1697,15.1761,15.1823,15.1895,15.1941,15.2007,15.2072,15.2143],"hoverRows":[[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"3.78","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.01","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.11","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.30","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Positioning recovery","className":"is-positive","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.48","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.70","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.76","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.2","className":"is-ohlc","compact":true},{"label":"High","value":"15.2","className":"is-ohlc","compact":true},{"label":"Low","value":"15.2","className":"is-ohlc","compact":true},{"label":"Close","value":"15.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"5.79","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-6.599808,6.599808],"priceRange":[15.167024,15.216976],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":5.789305,"state":"Positive and strengthening","context":{"scenario":"positiveSustained","latestDirection":"slight strengthening","fourWeekDirection":"strengthening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"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":"Extended but supported","detail":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"label":"Latest positioning marker","value":"24 Jul 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"positive"},{"label":"Market Dynamics confirmation","value":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-07-24","price":15.1895}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[15.012,15.0166,15.0253,15.0315,15.046,15.049,15.0463,15.0667,15.059,15.0651,15.0695,15.0718,15.0793,15.0831,15.0871,15.0957,15.0971,15.1083,15.1108,15.1151,15.1217,15.1268,15.1325,15.1392,15.1448,15.1504,15.1564,15.1661,15.1697,15.1761,15.1823,15.1895,15.1941,15.2007,15.2072,15.2143],"consensus":[80.4511,87.7551,-24.2857,-38.1755,56.6037,34.0752,20.6721,72.6016,12.4137,32.4848,46.5176,34.0545,51.6429,40.8218,36.8121,60.2835,26.3137,63.5545,48.8055,48.1667,59.7643,42.7313,50.0255,41.536,49.2853,47.7463,46.5157,54.3614,33.8254,50.7813,52.0222,48.8421,38.5053,58.0419,58.9382,59.4303],"supportDates":["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,23.1672,8.4632,67.9874,5.3386,24.7174,48.5663,38.139,44.561,33.8488,24.6088,64.2501,18.9676,62.1624,52.0873,52.7934,60.3878,40.574,53.6053,34.3566,55.1746,51.2339,48.3666,56.9522,23.5036,53.3885,56.3423,36.3358,30.6366,55.6405,65.5112,65.0102],"force":[80.4511,87.7551,-24.2857,-38.1755,13.6541,12.7862,0.6641,86.9277,23.5965,19.372,28.2907,15.6742,51.8916,25.9158,24.5686,44.7547,7.1077,77.5839,34.8743,31.9929,61.5059,27.1098,32.083,30.8852,27.2524,25.7463,23.9166,38.4166,12.3517,30.8739,29.9932,52.2716,22.0548,59.1507,45.6353,47.1662],"direction":[null,null,null,null,87.282,61.7478,48.9164,67.6419,46.2212,50.7282,57.1954,42.5152,59.559,59.438,59.5042,66.8424,48.4277,55.1244,55.0057,54.4317,57.8078,56.3548,58.7503,57.3488,58.2926,59.4749,60.5425,62.7897,60.9601,62.021,62.8201,60.6852,59.2483,59.9944,60.9282,61.8132],"intensity":[null,null,null,null,100.0,80.0,16.6667,57.1429,62.5,33.3333,20.0,9.0909,25.0,23.0769,50.0,20.0,75.0,41.1765,44.4444,15.7895,20.0,42.8571,22.7273,91.3043,75.0,16.0,19.2308,55.5556,71.4286,51.7241,16.6667,87.0968,28.125,60.6061,29.4118,31.4286],"confirmation":[48.411,50.7483,30.4381,34.8828,61.4831,78.4215,51.5247,91.7394,8.0167,78.1139,82.2989,78.275,84.6412,80.7149,79.5927,86.757,53.2803,88.7862,83.1432,82.8499,87.1682,81.2308,83.4068,81.0763,83.0101,82.5552,82.1681,84.8702,78.327,83.6036,83.9099,83.9246,79.9402,86.6438,86.3546,94.5589],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,50.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"assessmentRisk":[null,null,null,null,21.6981,32.9624,39.6301,13.6944,39.5005,32.0912,26.5351,13.3803,23.8914,29.1328,31.0767,19.7795,36.3264,18.1817,25.5311,25.7416,20.1166,28.6343,24.9873,29.232,25.3573,26.1268,26.7422,22.8193,33.0873,24.6094,23.9889,25.579,30.7474,20.979,20.5309,20.2849],"volumeParticipation":true,"latest":{"consensus":59.4,"control":65.0,"force":47.2,"direction":61.8,"confirmation":94.6,"persistence":100.0,"assessmentRisk":20.3,"intensity":31.4,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and 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":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+59.4","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+65.0","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+47.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+61.8","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"95/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"98.4","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"0.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"100.0","detail":"Directional","tone":"positive"},{"label":"Range position","value":"99%","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 upward.","series":[{"label":"Close","values":[15.012,15.0166,15.0253,15.0315,15.046,15.049,15.0463,15.0667,15.059,15.0651,15.0695,15.0718,15.0793,15.0831,15.0871,15.0957,15.0971,15.1083,15.1108,15.1151,15.1217,15.1268,15.1325,15.1392,15.1448,15.1504,15.1564,15.1661,15.1697,15.1761,15.1823,15.1895,15.1941,15.2007,15.2072,15.2143],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,15.0232,15.0279,15.0312,15.0377,15.0415,15.0458,15.0501,15.0541,15.0587,15.0631,15.0675,15.0726,15.0771,15.0827,15.0878,15.0928,15.098,15.1033,15.1086,15.1142,15.1197,15.1253,15.131,15.1373,15.1432,15.1492,15.1552,15.1615,15.1674,15.1734,15.1796,15.1859],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,15.0391,15.0423,15.0456,15.0493,15.0529,15.057,15.061,15.065,15.0692,15.0735,15.0778,15.0824,15.087,15.0917,15.0965,15.1016,15.1067,15.1118,15.117,15.1224,15.1277,15.1331,15.1386,15.1442],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,15.0789,15.0831,15.0868,15.0915,15.0959,15.1003,15.1058,15.1104,15.1166,15.122,15.1273,15.1318,15.1361,15.1409,15.1461,15.1526,15.1589,15.1644,15.1726,15.179,15.1857,15.1923,15.1989,15.2054,15.2119,15.2182,15.2251],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,15.0046,15.0054,15.0064,15.0067,15.0071,15.0074,15.0072,15.0074,15.0067,15.0064,15.0062,15.0127,15.0194,15.0253,15.0309,15.0343,15.0381,15.0436,15.0454,15.0501,15.0545,15.0591,15.0643,15.0693,15.0746,15.0803,15.0852],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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 direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,32.2604,34.9489,33.841,39.109,36.723,36.3763,37.1798,38.276,40.6549,39.8236,46.5,45.3595,46.7083,48.0649,50.5497,53.9068,52.091,53.2508,59.3708,52.5669,50.3752,50.6743,52.305],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,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":"#c13f3f","width":1.6}],"guides":[],"dates":["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":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,54.1396,47.8896,52.8409,56.4123,58.2792,64.3669,67.4513,70.6981,77.6786,78.8149,87.9058,89.9351,93.4253,98.7825,95.2667,98.7332,82.4645,85.782,89.0995,92.0918,97.5952,88.3495,91.8419,95.7087,85.2568,87.0,90.6004,94.389,98.7549],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-0.3736,-0.4245,-0.3842,-0.3551,-0.3399,-0.2903,-0.2652,-0.2387,-0.1818,-0.1726,-0.0985,-0.082,-0.0536,-0.0099,-0.0416,-0.0112,-0.1951,-0.1582,-0.1213,-0.0817,-0.0237,-0.1264,-0.0843,-0.0435,-0.1755,-0.1452,-0.1019,-0.0591,-0.0125],"stroke":"#c13f3f","width":1.5},{"label":"From 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