{"schema_version":"1.0","name":"VUL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"be6e6ebb-b42a-466a-9259-24baeef73f81","symbol":"VUL","name":"Vulcan Two Group Plc","exchange":"LSE","country":"GB","asset_type":"equity","currency":"GBP","sector":"Financial Services","industry":"Asset Management"},"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 evidence","description":"Six condition-selected views: Trend, acceptance and volatility envelope, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression."},{"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":50,"displayedObservations":50,"assetType":"Equity","state":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","tone":"negative","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.722799,-0.971798,-0.996797,-1.008872,-0.956241,-0.696825,-0.403946,-0.026825,0.33561,0.594534,0.82722,0.984066,1.052936,1.048529,1.036732,1.024562,1.037316,1.035806,0.875168,0.662379,0.262987,-0.142124],"opens":[225.0,220.0,215.0,205.0,205.0,219.0,230.0,230.0,230.0,235.0,255.0,270.0,263.0,272.0,276.0,276.0,276.0,276.0,263.0,260.0,255.0,202.5],"highs":[235.0,227.0,220.0,208.899994,224.0,239.0,240.0,240.0,244.0,268.5,270.0,280.0,268.0,284.0,280.0,276.0,276.0,280.0,266.0,270.0,260.0,220.0],"lows":[200.0,206.0,193.309998,200.0,204.800003,220.0,223.0,220.0,225.0,230.0,253.5,265.0,260.0,272.0,272.0,272.0,272.0,260.0,254.0,250.1,196.0,195.0],"closes":[220.0,215.0,205.0,205.0,219.0,230.0,230.0,230.0,235.0,255.0,265.0,272.0,263.0,277.0,276.0,276.0,276.0,263.0,257.0,255.0,202.5,215.0],"hoverRows":[[{"label":"Open","value":"225.0","className":"is-ohlc","compact":true},{"label":"High","value":"235.0","className":"is-ohlc","compact":true},{"label":"Low","value":"200.0","className":"is-ohlc","compact":true},{"label":"Close","value":"220.0","className":"is-ohlc","compact":true},{"label":"Market 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weakening","context":{"scenario":"negativeWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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":"Negative and weakening","detail":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Negative and weakening","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":22,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-29","price":265.0}],"reversal_dangers":[{"date":"2026-06-05","price":272.0}]}},"smTape":{"available":true,"dates":["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":[237.5,250.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,250.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,245.0,235.0,235.0,220.0,215.0,227.5,225.0,220.0,215.0,205.0,205.0,219.0,230.0,230.0,230.0,235.0,255.0,265.0,272.0,263.0,277.0,276.0,276.0,276.0,263.0,257.0,255.0,202.5,215.0],"consensus":[62.5,50.0,-50.0,0.0,10.0532,0.0,13.2789,0.0,0.0,0.0,0.0,26.7453,0.0,-9.9595,0.0,-13.4034,-9.8506,-9.7585,-10.2949,-10.5013,0.0,0.0,-46.5404,-10.5338,-63.2424,-52.5847,13.3624,-25.2101,-25.1961,-31.1884,-52.8553,-28.4382,23.3767,38.4519,14.8773,15.19,30.6785,59.3153,52.912,43.0775,18.0149,51.3905,30.1572,38.2566,41.1297,-30.301,-26.6857,-21.6301,-72.5231,-5.7979],"supportDates":["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":[null,null,null,null,null,0.0,22.3569,0.0,0.0,0.0,0.0,32.2562,0.0,-18.4034,0.0,-18.6616,-17.3865,-17.0524,-18.3039,-18.742,0.0,0.0,-40.4049,-1.177,-62.8097,-44.1421,19.1191,-19.0565,-19.6363,-30.0822,-42.1849,-22.9998,23.4177,29.5617,6.8309,6.9534,22.0799,50.3088,54.346,39.2355,10.5939,44.596,27.6793,48.6755,46.9406,-24.2158,-22.0902,-15.9532,-64.7407,-1.0313],"force":[62.5,50.0,-50.0,0.0,2.348,0.0,11.6,0.0,0.0,0.0,0.0,31.1397,0.0,-11.6,0.0,-14.4725,-11.6,-11.6,-11.6,-11.6,0.0,0.0,-72.2257,-4.564,-72.3379,-55.693,64.985,-23.1851,-34.3109,-36.9171,-71.2489,-7.2756,71.4501,70.4235,7.3376,9.3482,41.7764,82.7578,41.4221,21.9742,20.9806,51.437,4.0816,14.0801,18.7162,-81.6812,-46.6555,-28.4469,-97.3147,-58.7904],"direction":[null,null,null,null,15.557,0.0,4.1032,0.0,0.0,0.0,0.0,17.3082,0.0,-0.8623,0.0,-6.6304,-0.0114,-0.1073,-0.2097,-0.2985,0.0,0.0,-35.2058,-34.7016,-57.2402,-60.0133,30.09,-33.6894,-25.0397,-28.3607,-51.9118,-49.7697,11.0082,25.7754,29.4587,28.7759,32.5784,52.8638,59.4803,62.5423,54.35,59.1226,51.6145,43.6182,50.4982,-0.5553,-17.6737,-23.2488,-63.7089,-59.7372],"intensity":[null,null,null,null,50.0,60.0,66.6667,71.4286,12.5,77.7778,20.0,81.8182,83.3333,84.6154,21.4286,26.6667,12.5,11.7647,22.2222,15.7895,45.0,90.4762,95.4545,86.9565,95.8333,84.0,96.1538,81.4815,96.4286,75.8621,86.6667,83.871,90.625,90.9091,29.4118,31.4286,61.1111,97.2973,94.7368,76.9231,77.5,90.2439,28.5714,30.2326,4.5455,80.0,80.4348,31.9149,100.0,97.9592],"confirmation":[42.6667,38.6667,38.6667,0.0,25.5315,0.5369,49.3931,0.691,0.638,0.5064,1.4252,76.6084,25.9778,48.6257,1.1981,49.5749,48.4264,48.401,48.5454,48.6016,0.0739,47.8008,83.7692,26.9805,88.5214,85.0505,34.8474,76.0993,76.4253,78.1717,85.6369,53.8715,33.9601,81.4145,27.3202,50.1416,78.2864,87.8326,84.5598,81.2002,31.8319,84.5499,54.2267,79.3465,80.3899,56.6882,77.2181,75.2159,92.0815,20.753],"persistence":[null,null,33.3333,25.0,40.0,33.3333,42.8571,37.5,25.0,12.5,25.0,37.5,25.0,12.5,0.0,12.5,25.0,37.5,50.0,75.0,75.0,62.5,75.0,75.0,75.0,75.0,50.0,50.0,62.5,75.0,75.0,75.0,50.0,25.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,12.5],"assessmentRisk":[null,null,null,null,36.0267,35.2085,6.6394,1.2008,1.1088,0.4521,1.2346,28.2587,3.9124,4.9798,1.6208,42.6917,4.9253,4.8792,5.1475,5.2506,0.0041,3.7497,26.4934,44.4967,18.3767,23.7074,48.8222,33.7877,12.5981,15.5942,23.4799,35.5803,18.0025,27.8058,42.263,42.178,32.5491,20.023,23.5147,28.4572,40.8182,23.5744,27.5451,4.6017,26.0585,30.9465,35.3584,38.3341,13.7209,46.706],"volumeParticipation":true,"latest":{"consensus":-5.8,"control":-1.0,"force":-58.8,"direction":-59.7,"confirmation":20.8,"persistence":12.5,"assessmentRisk":46.7,"intensity":98.0,"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-5.8","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-1.0","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-58.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-59.7","detail":"Downward 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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,13.6367,0.0,15.3577,28.1921,31.1682,91.182,45.1811,67.8261,36.3,2.9251,31.5452,20.533,10.7435,19.9054,19.9524,141.6729,44.5526,79.1905,509.6142,595.7202,104.9868,1718.519,246.4359,99.211,40.7173,46.8339,302.2044,50.9647,179.9314,152.2736,141.4328,16.3201,3.1923,38.4113,46.4451,4.283,2.4819,1.6007,159.9107,60.267,74.44,187.137,391.8696],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,2.2396,2.0926,1.9536,1.8224,1.6989,1.5827,1.4737,1.3715,1.2757,1.1862,0.3048,-0.3892,-2.1251,-3.8598,-4.1777,-4.5786,-5.2394,-6.0963,-7.4958,-8.507,-8.0854,-6.7855,-5.6897,-4.7663,-3.5897,-1.0315,1.7822,4.5248,5.9041,8.0342,9.5318,10.5965,11.3099,10.7029,9.6268,8.5144,3.3578,0.2766],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,2.0131,1.927,1.8363,1.7434,1.6498,1.5571,1.3067,0.9675,0.349,-0.4928,-1.2298,-1.8995,-2.5675,-3.2733,-4.1178,-4.9956,-5.6136,-5.8479,-5.8163,-5.6063,-5.203,-4.3687,-3.1385,-1.6058,-0.1038,1.5238,3.1254,4.6196,5.9577,6.9067,7.4507,7.6635,6.8023,5.4972],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.3142,-0.3443,-0.3626,-0.3719,-0.3741,-0.3709,-1.0018,-1.3567,-2.4741,-3.367,-2.9479,-2.6791,-2.6719,-2.823,-3.3781,-3.5114,-2.4718,-0.9375,0.1266,0.84,1.6133,3.3372,4.9207,6.1307,6.0079,6.5105,6.4064,5.9769,5.3522,3.7962,2.176,0.8509,-3.4446,-5.2206],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-09-05","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"]},{"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 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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,72.7273,72.7273,72.7273,72.7273,81.8182,72.7273,72.7273,72.7273,72.7273,72.7273,72.7273,72.7273,72.7273,72.7273,72.7273,54.5455,54.5455,27.2727,18.1818,38.6792,33.9623,40.0,30.0,20.6209,20.6209,45.3166,64.7204,64.7204,64.7204,73.5403,82.0455,93.4802,90.7717,80.3899,92.2814,91.1787,91.1787,91.1787,76.8442,70.2283,68.0229,10.1334,23.9166],"stroke":"#10243b","width":2.0},{"label":"From 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