{"schema_version":"1.0","name":"MMB Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"b2df1c3b-f169-493f-95a7-cb06b1e0b68d","symbol":"MMB","name":"Lagardere SA","exchange":"PAR","country":"FR","asset_type":"equity","currency":"EUR","sector":"Consumer Cyclical","industry":"Specialty Retail"},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has 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, Range position and boundary pressure, Activity pressure and cumulative balance, Strength versus the research benchmark, Range pressure and compression, Drawdown and recovery pressure."},{"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":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":2,"activeEpisodes":0,"medianExpectedMove":7.0,"averageExpectedMove":7.0,"averageWeeksToLargestMove":11.0,"horizons":[{"weeks":4,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-3.0,"medianReturn":-3.0,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-6.1,"medianReturn":-6.1,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-7.6,"medianReturn":-7.6,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.4,"sample":2},{"week":2,"averageReturn":-0.8,"sample":2},{"week":3,"averageReturn":-3.1,"sample":2},{"week":4,"averageReturn":-3.0,"sample":2},{"week":5,"averageReturn":-4.4,"sample":2},{"week":6,"averageReturn":-4.4,"sample":2},{"week":7,"averageReturn":-4.9,"sample":2},{"week":8,"averageReturn":-5.1,"sample":2},{"week":9,"averageReturn":-6.1,"sample":2},{"week":10,"averageReturn":-6.2,"sample":2},{"week":11,"averageReturn":-7.0,"sample":2},{"week":12,"averageReturn":-6.1,"sample":2},{"week":13,"averageReturn":-7.1,"sample":2},{"week":14,"averageReturn":-9.7,"sample":2},{"week":15,"averageReturn":-9.5,"sample":2},{"week":16,"averageReturn":-13.0,"sample":2},{"week":17,"averageReturn":-11.0,"sample":2},{"week":18,"averageReturn":-11.2,"sample":2},{"week":19,"averageReturn":-10.7,"sample":2},{"week":20,"averageReturn":-10.7,"sample":2},{"week":21,"averageReturn":-11.5,"sample":2},{"week":22,"averageReturn":-7.2,"sample":2},{"week":23,"averageReturn":-7.4,"sample":2},{"week":24,"averageReturn":-5.3,"sample":2},{"week":25,"averageReturn":-5.2,"sample":2},{"week":26,"averageReturn":-7.6,"sample":2}]},"currentApplication":{"status":"Confirmation weakening","tone":"caution","headline":"Market Dynamics remains positive but has weakened over four weeks","use":"The upward structure still has positive support, but renewed strength is needed to restore full confirmation.","confirm":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 3 cases. Distinct visits lasted 1.7 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 7.0% across 21 completed cases, with the largest move arriving after 7.4 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":"2024-09-06","price":20.810833}],"price_pressure_gaps":[{"date":"2024-08-30","price":21.090172},{"date":"2024-09-13","price":20.997059}]}},"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":[20.4384,21.0902,20.8108,20.9971,20.6712,20.7643,20.1125,20.0659,20.1125,20.159,19.9263,19.7866,19.6004,19.6935,19.5538,19.8331,19.5538,18.1757,18.5482,18.4551,18.902,18.902,18.6692,18.6692,18.5668,20.3918,20.3918,19.4607,19.5072,19.4141,18.8555,19.1348,18.064,18.064,18.362,17.8964,18.5958,18.9623,19.9172,19.9172,19.4832,19.2903,19.7725,19.0781,20.4477,20.6406,20.737,20.2065,19.869,19.7725,19.7725,19.8207,19.9172,19.7725,19.9172,19.4832,19.3385,19.1938,19.0781,18.0364,17.8628,18.5765,18.2293,17.8628,18.2486,18.2293,18.1907,17.8628,18.0364,18.0364,17.8435,18.0557,18.1714,18.2486,18.1521,18.1907,17.8628,17.7663,18.345,18.4415,18.075,17.1105,17.3034,17.2262,17.9978,18.4994,19.1552,17.9978,17.8821,18.14,17.78,17.62,18.52,18.28,18.8,19.26,19.12,19.9,20.0,18.62,17.74,18.08,18.84,19.14],"consensus":[0.0,43.1138,0.0,25.0236,-12.0102,0.0,-40.1613,-9.8348,0.0,0.0,-26.7695,-29.1513,-30.9809,0.0,-27.5998,13.3573,-19.7482,-71.0069,-16.9625,-36.8116,0.0,0.0,-29.2722,-9.8274,-17.2634,63.1727,19.8383,-24.6164,14.2373,0.0,-46.1921,11.1738,-66.1925,-22.4247,-14.0205,-45.0187,27.8312,31.4621,56.0921,38.4832,0.0,0.0,33.5934,-43.2957,64.5426,33.2557,28.7813,0.0,-13.1244,-14.2737,-20.2042,0.0,18.6913,0.0,16.4753,-37.5906,-30.9148,-34.6796,-32.5615,-76.5063,-55.7171,8.4042,-45.3267,-43.549,0.0,-12.1584,-18.4793,-39.6002,0.0,-13.9801,-37.8394,0.0,12.2244,8.0474,0.0,10.6206,-29.9113,-27.6262,41.9376,26.567,-14.1093,-63.1432,-8.6297,-28.2443,36.8508,50.7865,66.2971,-25.4932,-11.3334,13.6763,-33.0107,-15.0015,51.7571,0.0,42.812,30.2617,25.4539,45.7485,43.1549,-46.6268,-59.4315,-11.7242,25.7877,32.2057],"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":[27.7483,0.0,20.284,-42.3892,-27.9708,-35.8623,-29.5184,-77.1723,-59.9548,22.3054,-42.3947,-46.5559,0.0,-4.0157,-21.493,-51.2127,0.0,-12.1077,-46.7133,0.0,13.8364,4.9386,0.0,12.2958,-29.051,-27.4282,37.6688,25.7655,-10.9046,-65.0406,-4.1431,-20.8774,41.5738,48.541,68.8703,-34.1378,-9.6276,14.2707,-19.3576,-7.4631,46.4648,0.0,38.2205,17.4172,22.6405,41.3139,41.9361,-43.3343,-57.6214,-6.0082,37.4662,30.8637],"force":[21.1481,0.0,21.6052,-47.3993,-30.9411,-27.6564,-21.7164,-94.609,-36.3454,58.3099,-40.6866,-38.6293,0.0,-3.6664,-6.9382,-34.5032,0.0,-1.4635,-27.5287,0.0,26.4864,12.592,0.0,16.161,-36.7999,-20.8575,79.45,29.7451,-44.5944,-81.2734,-23.2069,-13.8928,73.3701,61.48,72.9774,-68.1365,-17.4328,36.8774,-61.0974,-15.2551,85.3457,0.0,48.3503,16.5113,2.6407,31.1186,19.7929,-93.4463,-80.0947,-16.851,55.6954,39.673],"direction":[6.5857,0.0,8.4583,-25.1004,-34.2607,-38.3446,-43.7858,-62.8147,-64.7108,43.1297,-51.992,-43.6266,0.0,-32.7677,-23.2787,-29.9695,0.0,-25.0604,-35.0626,0.0,0.1949,8.3541,0.0,4.7486,-25.9741,-32.6872,20.0218,25.213,-4.0032,-48.0246,-45.9678,-46.9148,5.3679,45.7146,58.5849,-14.8458,-8.9263,3.5751,-28.5525,-23.4357,33.8135,0.0,44.1035,54.7629,44.9642,61.2667,61.235,-16.9471,-46.7408,-38.6676,8.9217,28.4057],"intensity":[42.3077,59.6154,63.4615,44.2308,28.8462,7.6923,17.3077,86.5385,78.8462,73.0769,36.5385,40.3846,36.5385,17.3077,48.0769,28.8462,9.6154,1.9231,11.5385,21.1538,3.8462,30.7692,5.7692,15.3846,44.2308,11.5385,69.2308,3.8462,42.3077,90.3846,84.6154,23.0769,80.7692,88.4615,71.1538,94.2308,78.8462,30.7692,90.3846,40.3846,88.4615,69.2308,59.6154,73.0769,42.3077,92.3077,5.7692,100.0,100.0,42.3077,76.9231,61.5385],"confirmation":[51.2514,0.7296,73.3704,80.2548,77.9384,78.8654,78.1355,93.0236,85.1745,35.8661,82.4078,81.7399,6.8632,26.9813,50.8491,80.3398,4.8808,49.454,79.6592,25.6946,49.6552,48.0944,1.8544,48.8753,77.7947,76.6371,82.6283,76.6105,51.6802,88.7294,7.8206,76.7131,58.1666,84.6118,89.3795,35.1595,71.8386,51.1705,79.6275,50.2564,85.6666,27.9591,81.9386,77.4604,52.8262,82.2612,81.1162,84.3976,87.6754,6.5629,33.5556,86.5539],"persistence":[0.0,12.5,12.5,25.0,25.0,25.0,25.0,37.5,62.5,50.0,75.0,75.0,62.5,62.5,62.5,62.5,50.0,75.0,75.0,62.5,50.0,25.0,12.5,12.5,0.0,0.0,25.0,37.5,12.5,12.5,25.0,50.0,25.0,0.0,0.0,25.0,25.0,0.0,0.0,0.0,0.0,12.5,12.5,12.5,37.5,37.5,62.5,62.5,37.5,25.0,25.0,25.0],"assessmentRisk":[4.5592,1.0332,6.2342,11.3451,27.6014,32.1761,33.696,11.7388,22.1373,50.6976,26.2258,0.4914,33.5534,28.8602,4.4575,19.8001,21.7128,15.4502,16.1088,20.2644,14.9313,26.6871,44.8486,23.795,30.8224,35.9057,13.0542,26.3,42.6918,16.1797,45.4055,35.7768,27.7075,24.4462,16.8175,56.5653,4.3859,34.942,32.6739,22.3105,13.2746,14.4124,26.3331,34.6165,27.1017,26.8453,27.2426,14.5318,19.1825,43.8561,60.1667,17.4284],"volumeParticipation":true,"latest":{"consensus":32.2,"control":30.9,"force":39.7,"direction":28.4,"confirmation":86.6,"persistence":25.0,"assessmentRisk":17.4,"intensity":61.5,"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 easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+32.2","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+30.9","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+39.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+28.4","detail":"Upward 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