{"schema_version":"1.0","name":"489A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"c7c8c6d2-2be7-415a-b774-bb7409352b59","symbol":"489A","name":"TSE REIT Logistics Focus ETF","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","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, Range position and boundary pressure, Directional strength and control, 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":"2026-08-21","observations":36,"displayedObservations":36,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.124302,-0.176826,-0.051632,0.077795,0.198944,0.335305,0.361631,0.398583],"opens":[895.039552,906.999989,909.0,915.0,930.0,920.0,900.0,893.0],"highs":[896.036255,906.999989,909.0,925.0,930.0,930.0,909.0,906.0],"lows":[887.065925,893.046143,909.0,903.0,915.0,879.0,892.0,866.0],"closes":[896.036255,893.046143,909.0,903.0,923.0,897.0,893.0,888.0],"hoverRows":[[{"label":"Open","value":"895.0","className":"is-ohlc","compact":true},{"label":"High","value":"896.0","className":"is-ohlc","compact":true},{"label":"Low","value":"887.1","className":"is-ohlc","compact":true},{"label":"Close","value":"896.0","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.20","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"920.0","className":"is-ohlc","compact":true},{"label":"High","value":"930.0","className":"is-ohlc","compact":true},{"label":"Low","value":"879.0","className":"is-ohlc","compact":true},{"label":"Close","value":"897.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.34","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"900.0","className":"is-ohlc","compact":true},{"label":"High","value":"909.0","className":"is-ohlc","compact":true},{"label":"Low","value":"892.0","className":"is-ohlc","compact":true},{"label":"Close","value":"893.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.36","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"893.0","className":"is-ohlc","compact":true},{"label":"High","value":"906.0","className":"is-ohlc","compact":true},{"label":"Low","value":"866.0","className":"is-ohlc","compact":true},{"label":"Close","value":"888.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.40","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[885.9,925.1],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.398583,"state":"Positive and strengthening","context":{"scenario":"positiveSustained","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Accumulation repair watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","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":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[987.8987,971.1045,993.8262,996.7899,987.8987,971.1045,946.407,953.3223,939.4917,954.3102,963.2013,936.528,930.6006,958.2618,922.6974,926.649,935.5402,937.5159,923.6854,925.6611,913.8063,903.0,891.0,880.0,859.0,887.0659,862.1483,897.033,896.0363,893.0461,909.0,903.0,923.0,897.0,893.0,888.0],"consensus":[67.4418,-42.1053,39.3942,36.2502,0.0,-20.4212,-47.1228,-26.5759,-46.7578,-13.558,16.3045,-44.1266,-33.8385,22.5539,-61.2895,-30.6408,0.0,-13.0165,-30.2027,-22.9786,-41.3996,-41.9674,-31.5332,-49.4724,-57.2786,-8.503,-52.1069,0.0,14.4726,-17.1498,25.7639,-9.8346,38.6314,-29.2258,-23.2357,-18.4579],"supportDates":["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":[null,null,null,null,null,-25.2957,-47.125,-19.6313,-41.1259,-11.244,18.9404,-46.6381,-38.899,30.1565,-56.2138,-38.3985,0.0,-10.3139,-41.3506,-34.5185,-45.0859,-38.3151,-25.3843,-53.9352,-65.0484,-2.9405,-57.8342,0.0,13.4822,-28.9692,21.242,-19.5495,30.7271,-29.7076,-27.0656,-13.5287],"force":[67.4418,-42.1053,39.3942,36.2502,0.0,-18.5652,-36.6658,-11.112,-47.5471,-1.5496,27.085,-46.6608,-22.691,38.6031,-80.9435,-13.7501,0.0,-7.4051,-28.9147,-13.4431,-44.8936,-47.1741,-21.3535,-39.5294,-43.8605,-16.8356,-46.814,0.0,19.6234,-18.8887,25.5094,-22.155,48.4382,-68.9052,-25.8922,-24.2482],"direction":[null,null,null,null,0.0,-16.176,-54.5895,-45.5583,-52.6306,-26.9938,5.5915,-39.4461,-36.0176,2.4016,-53.0517,-33.8397,0.0,-20.1133,-18.3823,-16.6012,-34.6909,-42.4223,-45.8317,-51.4743,-57.9831,-32.9592,-49.3421,0.0,11.9253,-2.4,31.1137,-10.0684,40.66,-0.3328,-16.9612,-19.9553],"intensity":[null,null,null,null,25.0,100.0,83.3333,14.2857,62.5,100.0,30.0,81.8182,41.6667,84.6154,100.0,80.0,37.5,11.7647,33.3333,31.5789,45.0,66.6667,86.3636,21.7391,58.3333,84.0,69.2308,100.0,17.8571,20.6897,46.6667,48.3871,56.25,100.0,55.8824,71.4286],"confirmation":[44.2481,36.1404,35.2728,34.2667,24.5949,74.4039,82.7606,76.1388,83.0724,49.5773,50.8391,82.1595,78.4115,52.9239,88.289,77.1721,25.0495,49.3688,77.4557,74.8867,81.2982,81.6439,77.8741,83.4602,85.8018,5.6251,84.4256,25.7519,72.8033,50.6942,76.3056,28.1891,80.7814,55.8875,75.458,44.64],"persistence":[null,null,33.3333,50.0,40.0,16.6667,0.0,12.5,37.5,37.5,37.5,62.5,75.0,50.0,50.0,50.0,37.5,37.5,62.5,62.5,62.5,87.5,87.5,87.5,100.0,100.0,100.0,87.5,62.5,62.5,37.5,37.5,12.5,12.5,12.5,25.0],"assessmentRisk":[null,null,null,null,2.5366,10.2106,26.1952,36.3628,26.4844,33.1819,32.1983,17.1239,9.3305,0.136,18.0065,10.2944,15.3368,34.6542,17.9,8.5141,22.5084,27.5285,32.665,25.0044,21.299,31.9618,21.4537,36.4285,41.4702,25.6795,36.6461,21.5707,25.7999,24.7553,22.6732,23.8901],"volumeParticipation":true,"latest":{"consensus":-18.5,"control":-13.5,"force":-24.2,"direction":-20.0,"confirmation":44.6,"persistence":25.0,"assessmentRisk":23.9,"intensity":71.4,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"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":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-18.5","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-13.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-24.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-20.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"38.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"28.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"28%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}