{"schema_version":"1.0","name":"009817 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"bf3ea1dc-4d33-4054-91c6-1d6f4b6324d5","symbol":"009817","name":"Cathay Daiwa Japan REITs Div Inc ETF","exchange":"TAI","country":"TW","asset_type":"etf","currency":"TWD","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, Directional strength and control, Activity pressure and cumulative balance, Range pressure and compression, Acceleration, deceleration and rollover, Range position and boundary 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":29,"displayedObservations":29,"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 risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-08-21"],"values":[0.063405],"opens":[9.15],"highs":[9.19],"lows":[8.97],"closes":[9.05],"hoverRows":[[{"label":"Open","value":"9.15","className":"is-ohlc","compact":true},{"label":"High","value":"9.19","className":"is-ohlc","compact":true},{"label":"Low","value":"8.97","className":"is-ohlc","compact":true},{"label":"Close","value":"9.05","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[7.93,10.17],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","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":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"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":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2026-01-30","2026-02-06","2026-02-13","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":[10.01,9.95,10.16,10.09,9.85,9.71,9.76,9.44,9.33,9.43,9.45,9.29,9.24,9.25,9.03,8.88,8.92,8.56,8.85,8.65,8.92,9.02,9.03,9.12,9.17,9.42,9.19,9.1,9.05],"consensus":[100.0,-60.0,100.0,0.0,-78.7394,-75.8513,-31.4493,-87.7626,-72.338,-35.9759,-40.4419,-74.8317,-54.8356,-48.4464,-84.2364,-79.6291,-25.7067,-85.5741,-9.6621,-69.4817,0.0,18.2063,0.0,18.5045,26.9726,67.5593,-14.3821,-20.3074,-21.0762],"supportDates":["2026-01-30","2026-02-06","2026-02-13","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,-83.3459,-15.8473,-89.7233,-70.3905,-27.0298,-31.5722,-80.1631,-57.6464,-47.2967,-87.7443,-80.0414,-11.9976,-92.9622,-7.6201,-79.4315,0.0,13.9076,0.0,6.9254,18.6753,63.0265,-30.5821,-30.2705,-22.6586],"force":[100.0,-60.0,100.0,0.0,-50.2684,-50.6265,-9.8,-83.8077,-54.6281,-10.9472,-5.1373,-64.9392,-29.9845,-14.9224,-81.4685,-72.8117,-12.3775,-87.9977,-33.5363,-59.4399,0.0,34.2328,0.0,13.1362,19.0992,80.7269,-53.8208,-33.7565,-25.5787],"direction":[null,null,null,null,-99.0758,-85.3037,-78.7441,-88.3468,-87.2137,-79.7165,-75.7963,-75.8048,-69.3741,-73.706,-82.2044,-84.0275,-68.5773,-75.3994,-60.2692,-65.2832,0.0,11.6717,0.0,35.5724,42.0789,63.3344,-32.3027,-0.6855,-16.0516],"intensity":[null,null,null,null,100.0,60.0,16.6667,100.0,62.5,44.4444,10.0,54.5455,41.6667,23.0769,85.7143,86.6667,37.5,100.0,88.8889,63.1579,85.0,38.0952,31.8182,65.2174,12.5,80.0,73.0769,88.8889,32.1429],"confirmation":[54.6667,41.8667,54.6667,0.0,69.2284,91.3895,33.8018,95.9336,90.6381,35.2206,57.334,91.5634,84.7472,82.4987,94.8178,93.2673,32.5816,95.345,10.8187,89.7765,32.0491,74.38,48.0662,51.2676,76.5177,90.0894,35.1153,52.236,55.0],"persistence":[null,null,33.3333,25.0,0.0,16.6667,28.5714,37.5,62.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,50.0,25.0,0.0,25.0,25.0,25.0,12.5],"assessmentRisk":[null,null,null,null,1.4328,8.1952,33.9116,6.0826,13.7159,29.3171,28.1894,1.1746,0.8923,19.142,7.6038,10.0867,36.5757,7.2082,34.1829,8.8106,3.8874,40.2269,34.9875,40.1573,30.6584,14.6892,40.0764,5.0444,17.3411],"volumeParticipation":true,"latest":{"consensus":-21.1,"control":-22.7,"force":-25.6,"direction":-16.1,"confirmation":55.0,"persistence":12.5,"assessmentRisk":17.3,"intensity":32.1,"evidenceDepth":100},"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. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-21.1","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-22.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-25.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-16.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"40.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"2.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"50.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"31%","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 downward.","series":[{"label":"Close","values":[10.01,9.95,10.16,10.09,9.85,9.71,9.76,9.44,9.33,9.43,9.45,9.29,9.24,9.25,9.03,8.88,8.92,8.56,8.85,8.65,8.92,9.02,9.03,9.12,9.17,9.42,9.19,9.1,9.05],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,10.0051,9.9514,9.9166,9.83,9.7391,9.6829,9.6405,9.5768,9.5156,9.4673,9.3878,9.2955,9.2272,9.1059,9.0594,8.9849,8.9731,8.9816,8.9904,9.014,9.0424,9.111,9.1254,9.1208,9.1079],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,9.7433,9.7068,9.6566,9.5991,9.5488,9.4756,9.4292,9.3715,9.3381,9.3145,9.2934,9.2806,9.2724,9.2833,9.2764,9.2633,9.2475],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,10.3289,10.3053,10.2992,10.2918,10.277,10.2859,10.3048,10.3039,10.3454,10.3323,10.3342,10.2563,10.1746,10.0287,9.8772,9.7725,9.7174,9.6151,9.5748,9.5485],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,9.2171,9.182,9.1125,9.0482,9.003,8.9128,8.8039,8.7302,8.5824,8.5309,8.4508,8.4197,8.4084,8.4413,8.4958,8.5325,8.5586,8.6039,8.6102,8.6085],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2026-01-30","2026-02-06","2026-02-13","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,55.5567,52.5848,50.3852],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,7.5408,6.6523,6.0819,5.7097,4.7671,4.152,3.7367,6.4582,10.5175,10.4722,18.0794,18.9778,25.5492,22.3894,21.1113,19.3652],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,35.8612,42.3942,47.3339,45.9672,50.7597,44.2103,46.4569,40.943,38.6383,38.4717,35.2027,32.8015,28.3725,25.613,27.9566,30.1557],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["2026-01-30","2026-02-06","2026-02-13","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":"participation","eyebrow":"Participation","title":"Activity 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,57.722,36.542,20.6014,32.0971,37.1759,27.2395,41.1848,45.3055,51.4099,16.1398,49.5725,13.4203,21.8672,18.4151,8.7115,0.0,25.2042,43.9646,121.0775,65.0144,34.9799,37.3765],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,84.7971,77.7635,81.4074,86.7236,80.8988,76.8749,82.6956,76.5333,69.76,71.7805,65.7535,67.3102,65.0,67.0634,67.8913,67.8913,69.2453,71.3303,76.8126,74.118,72.8551,71.6135],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2026-01-30","2026-02-06","2026-02-13","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":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,1.432,1.544,1.5947,1.5702,1.8198,1.8766,1.981,2.024,1.9695,1.8347,1.8435,1.8271,1.9094,2.0739,2.0625,2.0994],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,11.3766,11.5283,12.2261,12.8596,13.2158,14.3038,15.7087,16.5357,18.628,19.0996,20.0517,19.6679,19.0096,17.1892,15.0364,13.5481,12.6811,11.1002,10.6092,10.3549],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["2026-01-30","2026-02-06","2026-02-13","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":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,-0.1822,-0.1935,-0.2178,-0.2462,-0.2625,-0.301,-0.3046,-0.3199,-0.3067,-0.2849,-0.2638,-0.237,-0.2094,-0.1654,-0.1474,-0.1388,-0.1344],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.2142,-0.2316,-0.2462,-0.2609,-0.2701,-0.273,-0.2712,-0.2643,-0.2534,-0.2358,-0.2181,-0.2022,-0.1887],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.0483,-0.0694,-0.0584,-0.059,-0.0366,-0.0118,0.0074,0.0273,0.044,0.0704,0.0707,0.0634,0.0542],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2026-01-30","2026-02-06","2026-02-13","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 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