{"schema_version":"1.0","name":"ISEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"bd27085f-14de-4736-bb25-36b5b948abaf","symbol":"ISEM","name":"IncomeShares Semiconductors Leaders ETP","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, 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":"2026-08-21","observations":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","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 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displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","tone":"neutral"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","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":"Accumulation zone","detail":"Price is in the lower accumulation area. With limited Market Dynamics history, the zone describes location rather than a completed positioning signal.","tone":"caution"},{"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":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-22","price":1017.447815}],"reversal_dangers":[{"date":"2026-05-29","price":1068.619751}]}},"smTape":{"available":true,"dates":["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":[776.6942,829.7471,857.4594,925.2422,930.3096,941.314,959.4114,1017.4478,1068.6198,926.8135,956.0301,989.4204,952.5519,1009.75,920.0,817.875,861.25,802.875,787.0,796.75,764.5],"consensus":[16.4579,82.8488,16.9902,38.2346,60.3749,53.5262,41.1011,75.717,72.5152,-22.948,34.1139,9.2619,-28.9044,59.3641,-42.152,-42.4562,-9.1375,-57.7832,-25.1986,-23.2098,-56.5595],"supportDates":["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,52.1869,31.5091,68.1771,63.0918,-33.203,46.3876,8.4364,-22.618,64.6534,-49.7116,-28.0895,-8.7098,-45.1239,-8.6293,-26.8606,-49.1811],"force":[16.4579,82.8488,16.9902,38.2346,9.8334,29.618,12.9753,89.2395,78.7413,-43.6385,31.1073,9.0458,-63.4931,49.9735,-51.0785,-25.2563,-41.6923,-77.7609,-5.4201,-8.619,-68.1584],"direction":[null,null,null,null,96.4759,72.1341,72.1533,74.675,78.8378,-3.551,22.2346,23.2824,-11.3827,60.0267,-27.1365,-71.161,-45.9332,-57.9811,-58.2625,-41.7724,-56.7069],"intensity":[null,null,null,null,25.0,20.0,66.6667,71.4286,100.0,100.0,20.0,72.7273,50.0,53.8462,85.7143,86.6667,75.0,88.2353,77.7778,21.0526,20.0],"confirmation":[27.9332,49.1783,28.1035,34.9017,62.3428,84.4202,80.4413,92.7564,91.5382,53.9085,78.6378,27.0149,78.3993,86.6297,81.6455,81.2807,32.9424,87.2924,53.0466,30.9069,55.0],"persistence":[null,null,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,50.0,25.0,0.0,25.0,25.0,50.0,75.0,75.0],"assessmentRisk":[null,null,null,null,19.8123,23.2274,29.437,12.1073,13.742,0.4075,20.0243,28.3157,34.1663,16.016,5.9879,28.2348,39.9834,20.9292,35.7405,4.1154,17.5465],"volumeParticipation":true,"latest":{"consensus":-56.6,"control":-49.2,"force":-68.2,"direction":-56.7,"confirmation":55.0,"persistence":75.0,"assessmentRisk":17.5,"intensity":20.0,"evidenceDepth":81},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. 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