{"schema_version":"1.0","name":"S2P0 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d97d461b-df58-44c3-be4b-de46112ea0a7","symbol":"S2P0","name":"iShares S&P 500 Top 20 UCITS ETF USD (Dist)","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","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, Range pressure and compression, Directional strength and control, Range position and boundary pressure, Activity pressure and cumulative balance, 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":39,"displayedObservations":39,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. 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The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-07-03","price":3.84925}],"reversal_dangers":[{"date":"2026-07-10","price":3.909}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[3.751,3.734,3.6595,3.665,3.6895,3.6378,3.6852,3.6538,3.5896,3.5698,3.5186,3.4427,3.5072,3.4945,3.5423,3.5025,3.406,3.292,3.4158,3.5343,3.7168,3.7412,3.7887,3.8995,4.0587,3.9965,4.0412,3.969,3.8432,3.9367,3.7853,3.8493,3.909,3.8511,3.8399,3.8097,4.0369,3.9732,3.8809],"consensus":[-100.0,-24.4179,-100.0,36.8435,0.0,-15.9302,12.0623,0.0,0.0,0.0,-22.0658,-27.5607,8.6467,-18.6896,9.9117,-12.5428,-23.3436,-33.3281,9.5266,22.393,40.0619,36.4105,40.51,53.2797,62.9163,18.5516,43.1998,0.0,-9.9131,17.0492,-19.5313,0.0,27.352,0.0,0.0,-13.6457,53.8044,0.0,-21.1128],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,null,-24.6155,21.909,0.0,0.0,0.0,-27.2597,-33.7359,17.0509,-27.2163,16.4857,-20.1986,-30.8944,-42.4567,21.7663,30.6011,46.8192,39.2962,42.93,53.7987,61.6495,16.5632,43.1616,0.0,-2.0871,24.3121,-0.2092,0.0,31.4614,0.0,0.0,-13.2241,61.3661,0.0,-27.9089],"force":[-100.0,-24.4179,-100.0,36.8435,0.0,-14.8369,13.5997,0.0,0.0,0.0,-21.6777,-24.3977,23.8689,-14.3224,16.3934,-13.4489,-21.3721,-26.7252,23.5662,34.116,40.4047,31.0627,38.4898,62.4349,78.7022,17.8574,35.6536,0.0,-35.2013,9.9269,-50.6502,0.0,32.7906,0.0,0.0,-19.0572,63.6983,0.0,-46.285],"direction":[null,null,null,null,0.0,-6.785,0.2893,0.0,0.0,0.0,-16.4071,-22.7626,11.8311,-12.0643,2.2312,-3.146,-16.1223,-27.6119,14.49,4.6389,32.0943,36.9324,39.1874,46.147,53.0883,46.8304,48.6336,0.0,-5.5646,13.836,-19.8641,0.0,18.7708,0.0,0.0,-10.2623,38.0953,0.0,-4.6342],"intensity":[null,null,null,null,25.0,40.0,16.6667,14.2857,87.5,55.5556,40.0,81.8182,66.6667,84.6154,21.4286,13.3333,93.75,94.1176,94.4444,89.4737,95.0,90.4762,40.9091,73.913,91.6667,44.0,11.5385,51.8519,89.2857,65.5172,96.6667,61.2903,37.5,39.3939,47.0588,37.1429,97.2222,62.1622,68.4211],"confirmation":[54.6667,30.4804,54.6667,34.4566,26.6714,50.2653,49.1518,0.8609,3.4762,24.5794,74.9701,76.6289,28.2934,73.7176,49.0784,49.258,75.2948,78.3247,29.0477,52.7313,80.7273,79.4444,80.8648,85.3206,88.6336,31.3334,81.5945,28.9281,27.2377,73.128,52.8772,24.9398,76.8558,25.1647,48.1578,72.538,85.4037,29.6524,53.7417],"persistence":[null,null,100.0,50.0,40.0,50.0,28.5714,25.0,12.5,0.0,0.0,25.0,12.5,12.5,12.5,25.0,37.5,50.0,25.0,0.0,0.0,25.0,25.0,50.0,75.0,100.0,100.0,87.5,62.5,62.5,37.5,25.0,25.0,12.5,0.0,12.5,12.5,0.0,0.0],"assessmentRisk":[null,null,null,null,49.3328,41.5409,21.1837,12.4487,51.5272,46.9377,38.9531,36.2177,51.7728,37.6262,18.2441,49.909,36.6922,33.2846,52.5366,8.9286,29.8674,31.7911,29.7241,23.333,18.4934,40.2875,27.9663,29.1404,43.4184,35.2777,39.4812,43.157,15.2217,38.4622,29.3237,13.5893,14.8754,42.789,29.9608],"volumeParticipation":true,"latest":{"consensus":-21.1,"control":-27.9,"force":-46.3,"direction":-4.6,"confirmation":53.7,"persistence":0.0,"assessmentRisk":30.0,"intensity":68.4,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-21.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-27.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-46.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-4.6","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"54/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"52.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.5%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"28.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"76%","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 is rotating through its trend references.","series":[{"label":"Close","values":[3.751,3.734,3.6595,3.665,3.6895,3.6378,3.6852,3.6538,3.5896,3.5698,3.5186,3.4427,3.5072,3.4945,3.5423,3.5025,3.406,3.292,3.4158,3.5343,3.7168,3.7412,3.7887,3.8995,4.0587,3.9965,4.0412,3.969,3.8432,3.9367,3.7853,3.8493,3.909,3.8511,3.8399,3.8097,4.0369,3.9732,3.8809],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,3.7142,3.7003,3.6975,3.6896,3.6714,3.6529,3.6285,3.5947,3.5788,3.5635,3.5596,3.5492,3.5232,3.4812,3.4693,3.4811,3.5239,3.5634,3.6044,3.6581,3.7309,3.7792,3.8268,3.8527,3.851,3.8666,3.8518,3.8513,3.8618,3.8599,3.8562,3.8478,3.8822,3.8987,3.8955],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,3.6554,3.6435,3.636,3.6261,3.6098,3.5862,3.5736,3.5707,3.5815,3.5933,3.6078,3.6294,3.6612,3.6861,3.7124,3.7314,3.7397,3.7543,3.7566,3.7634,3.7742,3.7799,3.7844,3.7862,3.8048,3.8173,3.822],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,3.7708,3.7823,3.8037,3.8005,3.7973,3.7899,3.785,3.7907,3.812,3.8079,3.8006,3.7939,3.7954,3.8188,3.8668,3.951,4.0092,4.0679,4.1075,4.1267,4.1576,4.1667,4.1766,4.1935,4.2,4.2053,4.2034,4.2106,4.1682,4.1215],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,3.5562,3.5184,3.4623,3.4462,3.431,3.4288,3.4204,3.3915,3.337,3.3243,3.3285,3.3317,3.331,3.3205,3.296,3.2487,3.2263,3.2032,3.1952,3.2014,3.2072,3.2247,3.2555,3.2787,3.308,3.3323,3.365,3.4209,3.5314,3.6246],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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","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,14.4787,13.3984,12.6774,12.3413,12.104,11.091,10.246,9.4054,8.8077,8.1849,7.5873,7.0628,6.8232,6.3888,6.1705,6.1867,5.7917,5.9645,5.5782,5.2169,5.0443,4.8844,4.7831,4.6037,4.4586,4.4685],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,5.8572,7.2284,9.3964,9.7789,10.136,10.0048,10.1211,11.1177,13.2894,13.5612,13.2467,12.9734,13.0337,13.959,15.939,19.5117,21.6401,23.7837,24.9864,25.2538,25.8087,25.4892,24.7868,24.4853,23.7613,23.1641,22.1561,20.6973,16.5417,12.8304],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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","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,48.0125,47.498,45.1838,43.7128,40.6068,38.2272,36.4138,34.3422,32.9108,31.0372,30.4097,29.8271,28.3712],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,0.8974,0.8884,0.8817,0.8649,0.8472,1.1762,3.4801,7.0765,7.5021,8.4331,10.9477,14.6534,14.3039,14.6644,14.3554,13.7301,16.2026,15.1942,17.0905,18.6919,18.2205,20.1486,19.2572,24.1164,23.4929,22.2848],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,3.6786,3.8296,3.801,5.5253,7.1691,7.0018,6.8019,6.5427,6.4452,6.3595,6.1895,5.9319,5.7904,5.6788,6.0345,10.1276,9.807,15.1248,14.7673,14.4381,15.7063,15.1059,16.8454,15.3371,14.9405,18.4384],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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","2026-08-21"]},{"key":"range","eyebrow":"Acceptance map","title":"Range position and 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,2.5519,1.9474,4.1161,0.5855,-0.463,5.8961,5.0707,8.1622,5.5886,1.0186,0.0,7.4158,14.517,25.4535,26.9216,29.7681,36.4049,45.9481,42.2177,96.7398,87.4112,71.175,83.2473,63.6862,71.9496,79.6643,72.1939,70.7432,66.8421,96.1808,87.9595,76.0306],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-26.3462,-27.6405,-28.0383,-29.0707,-30.6017,-29.2997,-29.5568,-28.5942,-29.3955,-31.3408,-33.6388,-31.1442,-28.7555,-25.0766,-24.5827,-23.6252,-21.3926,-18.1824,-19.4373,-0.6209,-2.3976,-5.49,-3.1907,-6.9163,-5.3424,-3.8731,-5.2959,-5.5722,-6.3152,-0.7274,-2.2932,-4.5652],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,0.9456,0.7644,1.7011,0.242,-0.2028,2.6658,2.2926,3.6903,2.5268,0.472,0.0,3.7591,7.3587,12.9025,13.6467,15.0896,18.4538,23.2913,21.4004,22.7597,20.565,16.7451,19.5854,14.9833,16.9274,18.7424,16.9849,16.6436,15.7258,22.6282,20.694,17.8875],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","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 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