{"schema_version":"1.0","name":"PZLV Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d67c3934-594a-4adf-a5e1-674a109803ce","symbol":"PZLV","name":"PZENA U.S. LARGE CAP VALUE ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","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, 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":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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":["2026-04-03","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"],"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],"opens":[25.16,25.15,25.75,26.96,26.67,26.58,26.5123,26.7826,27.555,27.85,28.06,29.16,28.33,28.595,28.97,29.45,29.7,30.25,30.87,31.21,31.28],"highs":[25.27,26.13,26.98,27.23,27.0532,26.97,26.6639,27.5852,27.92,28.2,28.89,29.16,28.6933,29.13,29.42,29.95,29.87,30.8957,31.32,31.5383,31.63],"lows":[24.99,25.13,25.74,26.615,26.5699,26.555,26.4,26.5515,27.555,27.7,27.983,28.0967,28.0901,28.5441,28.6635,29.0986,29.16,30.2369,30.74,31.0568,31.0661],"closes":[25.0711,25.8049,26.9195,26.6287,26.8087,26.8577,26.452,27.5852,27.76,28.0057,28.89,28.0967,28.6933,29.0252,29.125,29.8424,29.6135,30.5249,31.2563,31.5383,31.3667],"hoverRows":[[{"label":"Open","value":"25.2","className":"is-ohlc","compact":true},{"label":"High","value":"25.3","className":"is-ohlc","compact":true},{"label":"Low","value":"25.0","className":"is-ohlc","compact":true},{"label":"Close","value":"25.1","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"30.2","className":"is-ohlc","compact":true},{"label":"High","value":"30.9","className":"is-ohlc","compact":true},{"label":"Low","value":"30.2","className":"is-ohlc","compact":true},{"label":"Close","value":"30.5","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}],[{"label":"Open","value":"30.9","className":"is-ohlc","compact":true},{"label":"High","value":"31.3","className":"is-ohlc","compact":true},{"label":"Low","value":"30.7","className":"is-ohlc","compact":true},{"label":"Close","value":"31.3","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}],[{"label":"Open","value":"31.2","className":"is-ohlc","compact":true},{"label":"High","value":"31.5","className":"is-ohlc","compact":true},{"label":"Low","value":"31.1","className":"is-ohlc","compact":true},{"label":"Close","value":"31.5","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}],[{"label":"Open","value":"31.3","className":"is-ohlc","compact":true},{"label":"High","value":"31.6","className":"is-ohlc","compact":true},{"label":"Low","value":"31.1","className":"is-ohlc","compact":true},{"label":"Close","value":"31.4","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":[24.683068,31.926332],"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":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","tone":"neutral"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","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":"Upper positioning zone","detail":"Price is in the area labelled as the distribution zone on the chart. With limited Market Dynamics history, the label describes location and extension only.","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":27.5852},{"date":"2026-07-17","price":29.8424}],"reversal_dangers":[{"date":"2026-05-29","price":27.76},{"date":"2026-07-24","price":29.6135}]}},"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":[25.0711,25.8049,26.9195,26.6287,26.8087,26.8577,26.452,27.5852,27.76,28.0057,28.89,28.0967,28.6933,29.0252,29.125,29.8424,29.6135,30.5249,31.2563,31.5383,31.3667],"consensus":[-42.0714,34.98,90.2419,-55.4159,67.6703,54.742,0.0,78.2292,55.65,58.6228,88.2367,0.0,81.2264,69.4958,44.7214,77.3327,30.2316,65.7021,75.2218,65.1383,33.6004],"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,52.9209,0.0,84.9078,51.398,55.1389,91.2296,0.0,79.7882,68.5846,45.5678,77.4184,29.2838,57.7944,78.397,73.7384,32.7578],"force":[-42.0714,34.98,90.2419,-55.4159,23.6298,26.2451,0.0,64.628,28.2021,33.1825,87.4949,0.0,89.1158,58.2518,19.0947,71.2047,12.0856,76.0289,75.7483,41.6192,14.9798],"direction":[null,null,null,null,99.1278,77.1781,0.0,80.3116,80.115,80.776,85.3461,0.0,77.2348,78.5685,62.0589,81.6119,61.5413,67.3631,71.2168,72.1089,69.2635],"intensity":[null,null,null,null,25.0,20.0,50.0,100.0,75.0,33.3333,70.0,45.4545,41.6667,38.4615,28.5714,53.3333,18.75,88.2353,55.5556,31.5789,10.0],"confirmation":[36.1295,33.8603,51.5441,40.3998,64.9746,84.6767,5.7509,92.5171,85.0363,86.0371,96.1675,38.2853,94.2548,89.9099,81.5169,92.5584,33.6438,89.4599,92.0386,87.9964,35.1468],"persistence":[null,null,33.3333,0.0,20.0,33.3333,28.5714,37.5,62.5,62.5,62.5,75.0,75.0,75.0,87.5,87.5,87.5,87.5,87.5,100.0,100.0],"assessmentRisk":[null,null,null,null,16.0149,21.1392,32.7315,7.103,19.0078,19.4409,5.8723,34.1915,5.425,12.6547,2.2276,11.2249,32.2984,16.7707,12.3486,17.3137,33.1386],"volumeParticipation":true,"latest":{"consensus":33.6,"control":32.8,"force":15.0,"direction":69.3,"confirmation":35.1,"persistence":100.0,"assessmentRisk":33.1,"intensity":10.0,"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. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+33.6","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+32.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+15.0","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+69.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"35/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"87.2","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"2.0%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"96%","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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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}