{"schema_version":"1.0","name":"M44 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"bb7fb228-e26f-466c-8bb7-8bb4b1111a35","symbol":"M44","name":"MARA Holdings, Inc.","exchange":"GER","country":"DE","asset_type":"equity","currency":"EUR","sector":"Financial Services","industry":"Capital Markets"},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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 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Distinct visits lasted 2.5 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 19.8% across 2 completed cases, with the largest move arriving after 4.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-03-20","price":7.604}],"reversal_warnings":[{"date":"2025-10-03","price":16.438}],"reversal_dangers":[{"date":"2025-10-17","price":16.368}]}},"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":[13.344,13.9,12.1,11.35,11.612,9.502,10.678,10.832,12.592,12.866,13.38,14.872,13.132,12.838,13.99,13.16,12.516,12.89,15.09,16.708,17.052,14.478,13.536,13.114,13.278,14.11,13.272,12.688,13.712,15.84,13.728,16.438,16.816,16.368,16.96,15.552,13.012,10.796,8.711,10.048,10.176,9.712,8.697,8.305,8.374,8.891,9.693,8.868,8.076,6.756,6.272,6.741,7.776,7.03,8.687,7.604,6.786,6.727,8.229,10.082,9.728,10.358,10.602,10.616,12.052,12.104,10.666,12.306,12.33,12.496,11.11,11.268,9.274,11.058,9.955,8.816,7.844,9.561],"consensus":[37.5482,21.2894,-44.6809,-37.6942,-36.5463,-55.4968,0.0,-21.1531,33.7475,29.0009,31.3562,52.8899,-16.7667,-9.719,35.788,-21.6734,-20.3069,9.8957,50.1344,55.7183,38.0748,-20.5665,-30.6628,-32.6469,-19.4594,24.9406,-21.5138,-29.2866,23.7137,54.7785,-28.8455,59.4567,28.1276,0.0,27.0004,-24.9646,-58.2543,-61.7686,-66.5542,-12.1457,-24.3388,-40.5847,-44.0273,-48.6928,-18.818,-13.7451,13.7606,-29.5196,-42.306,-55.6823,-53.0504,-19.3977,0.0,-35.2875,43.0916,-27.0005,-44.7745,-26.5977,27.2936,66.9639,18.8928,52.1011,40.6254,20.1299,71.3416,31.914,-14.8009,50.8915,37.7318,36.831,0.0,0.0,-55.7496,26.4119,-33.6994,-48.9011,-59.7767,-17.9514],"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":[-22.0303,-33.8224,23.6098,56.6631,-33.1259,58.9112,17.7288,0.0,14.7282,-27.7885,-52.0877,-57.9502,-70.2205,-0.3999,-16.2107,-45.2849,-56.0536,-56.7442,-5.5784,-10.0987,14.5988,-37.3788,-52.1942,-48.6388,-55.5399,-10.0261,0.0,-44.9474,40.4255,-38.2153,-49.7656,-35.6315,35.8333,63.2779,11.1913,49.8257,35.4772,15.6246,68.1849,23.8398,-25.8049,53.2191,48.6082,43.7242,0.0,0.0,-65.6412,37.3534,-30.7443,-47.8936,-64.9687,-25.536],"force":[-32.5201,-32.3181,52.2965,71.9627,-63.2164,76.6882,17.0969,0.0,23.9612,-54.5208,-90.8451,-77.4259,-66.4235,-31.3324,-0.2173,-27.9323,-31.098,-29.0762,-6.7431,-16.3504,43.3352,-29.9413,-36.4823,-68.5061,-41.4632,-10.6174,0.0,-38.6009,73.8677,-42.9964,-52.993,-14.219,47.1391,92.3327,11.879,50.8816,28.9928,1.776,90.2992,7.5115,-49.1224,41.702,14.6643,17.6068,0.0,0.0,-54.9148,56.8971,-46.5377,-52.3778,-63.3619,-68.3245],"direction":[-13.062,-21.9377,3.4162,40.3502,-0.597,47.7719,47.891,0.0,43.1965,-0.6256,-42.0228,-54.9486,-62.4577,-56.6252,-51.1682,-44.2503,-39.5182,-53.5032,-52.207,-39.4092,8.322,-20.2364,-35.1649,-54.5723,-58.4817,-51.5475,0.0,-21.8808,24.1558,-2.758,-33.1999,-25.1153,3.3586,53.0559,49.6744,55.5725,54.8182,40.9258,61.4081,58.5719,-22.2905,54.7954,41.7785,42.6847,0.0,0.0,-45.0412,7.8678,-27.9065,-47.5691,-51.2821,-26.6975],"intensity":[26.9231,14.8148,35.7143,82.7586,80.0,100.0,87.5,39.3939,50.0,51.4286,91.6667,94.5946,100.0,46.1538,7.5,7.3171,33.3333,18.6047,15.9091,17.7778,23.913,25.5319,18.75,81.6327,38.0,7.8431,61.5385,19.2308,63.4615,42.3077,26.9231,21.1538,61.5385,76.9231,55.7692,15.3846,38.4615,5.7692,65.3846,73.0769,63.4615,69.2308,13.4615,7.6923,63.4615,26.9231,82.6923,80.7692,51.9231,53.8462,63.4615,76.9231],"confirmation":[75.212,77.395,53.7944,86.0241,55.6735,87.5596,76.8231,5.5817,76.7345,54.1797,87.7286,88.3013,89.2375,9.4248,52.5436,80.5299,81.5114,82.8612,29.5497,29.6916,29.734,77.3394,81.2098,86.3165,84.585,30.367,29.6535,79.2458,82.7679,54.2901,82.5022,75.9963,54.542,90.2578,30.4261,84.6698,80.7241,51.5548,91.4552,54.9251,33.0366,83.9698,79.2054,79.095,2.9621,23.9873,85.6637,56.2259,79.2201,83.7696,87.1587,43.5262],"persistence":[25.0,50.0,50.0,25.0,25.0,0.0,25.0,12.5,37.5,37.5,12.5,12.5,12.5,37.5,62.5,75.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,37.5,12.5,0.0,25.0,25.0,50.0,75.0,100.0,75.0,75.0,75.0,75.0,62.5,50.0,25.0,25.0,25.0,0.0,25.0,25.0],"assessmentRisk":[0.075,2.644,5.5244,16.1098,29.7323,19.592,34.5976,16.0108,35.9269,17.2876,20.3014,19.0272,16.7188,43.7795,34.4677,8.4892,21.5475,17.5902,36.6372,23.9834,27.1355,37.307,8.3515,20.6862,23.431,39.9567,22.6593,35.8696,28.0614,51.2098,17.7057,3.0015,35.3713,15.4757,40.1524,23.8529,29.0046,15.8426,13.482,31.455,10.4825,20.8751,4.8161,2.0074,18.3898,38.1685,21.888,56.0988,21.3049,23.9851,11.616,50.8443],"volumeParticipation":true,"latest":{"consensus":-18.0,"control":-25.5,"force":-68.3,"direction":-26.7,"confirmation":43.5,"persistence":25.0,"assessmentRisk":50.8,"intensity":76.9,"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 easing","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-18.0","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-25.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-68.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-26.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"44/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"48.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"17.2%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"13.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"49%","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 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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