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Price has moved below the distribution zone after Market Dynamics weakened.","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, Strength versus the research benchmark, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover, Activity pressure and cumulative balance."},{"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":142,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. 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Further price weakness would confirm the downside transition; a recovery in both readings would remove the 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":5,"completedEpisodes":2,"activeEpisodes":3,"medianExpectedMove":19.2,"averageExpectedMove":19.2,"averageWeeksToLargestMove":8.0,"horizons":[{"weeks":4,"sample":4,"expectedCount":3,"expectedPercent":75.0,"averageReturn":-6.6,"medianReturn":-6.6,"confidenceLow":30.1,"confidenceHigh":95.4,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-10.5,"medianReturn":-10.5,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":-1.7,"medianReturn":-1.7,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.7,"sample":5},{"week":2,"averageReturn":-2.4,"sample":5},{"week":3,"averageReturn":-6.9,"sample":4},{"week":4,"averageReturn":-6.6,"sample":4},{"week":5,"averageReturn":-8.7,"sample":4},{"week":6,"averageReturn":-7.9,"sample":4},{"week":7,"averageReturn":-10.2,"sample":3},{"week":8,"averageReturn":-13.3,"sample":3},{"week":9,"averageReturn":-12.1,"sample":3},{"week":10,"averageReturn":-11.6,"sample":3},{"week":11,"averageReturn":-9.0,"sample":3},{"week":12,"averageReturn":-10.5,"sample":2},{"week":13,"averageReturn":-9.6,"sample":2},{"week":14,"averageReturn":-7.1,"sample":2},{"week":15,"averageReturn":-4.6,"sample":2},{"week":16,"averageReturn":-2.7,"sample":2},{"week":17,"averageReturn":-1.5,"sample":2},{"week":18,"averageReturn":-1.5,"sample":2},{"week":19,"averageReturn":-2.7,"sample":2},{"week":20,"averageReturn":-1.1,"sample":2},{"week":21,"averageReturn":-1.0,"sample":2},{"week":22,"averageReturn":0.1,"sample":2},{"week":23,"averageReturn":-0.2,"sample":2},{"week":24,"averageReturn":0.1,"sample":2},{"week":25,"averageReturn":-4.5,"sample":2},{"week":26,"averageReturn":-1.7,"sample":2}]},"currentApplication":{"status":"Rollover warning","tone":"negative","headline":"Price has moved below distribution as Market Dynamics weakened","use":"The upward trend may still be visible, but this transition increases downside risk. Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":50.0,"averageReturn":5.7,"sample":6},"nowContext":{"label":"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 moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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":"In this ticker's completed record, 50.0% of comparable cases moved lower after 12 weeks, with an average move of 5.7% across 6 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 4 cases. Distinct visits lasted 2.7 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 8.6% across 6 completed cases, with the largest move arriving after 5.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-05-23","price":93.739998}],"distribution_rollovers":[{"date":"2025-10-17","price":149.940002},{"date":"2026-02-06","price":143.940002},{"date":"2026-06-26","price":148.369995},{"date":"2026-07-24","price":150.529999},{"date":"2026-08-07","price":149.589996}],"price_pressure_gaps":[{"date":"2026-01-02","price":160.600006},{"date":"2026-01-30","price":152.520004},{"date":"2026-05-29","price":161.690002},{"date":"2026-07-03","price":152.970001},{"date":"2026-07-31","price":154.440002}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","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":[121.66,119.97,119.21,122.4,119.08,117.85,115.21,113.73,111.15,101.38,107.54,103.0,99.03,93.96,114.78,116.58,113.38,106.78,105.82,104.76,100.15,97.72,95.29,94.65,95.45,90.29,93.72,93.55,91.45,86.0,90.73,82.51,87.88,84.01,90.58,89.97,88.34,84.0,90.35,93.74,98.18,104.09,117.23,115.25,114.65,117.46,114.89,125.99,126.18,131.06,126.09,135.17,142.03,135.66,136.39,150.08,148.0,148.64,154.99,155.92,149.94,141.4,141.67,137.89,145.35,143.14,146.76,144.53,142.68,141.23,147.72,160.6,155.08,159.55,145.25,152.52,143.94,141.75,134.04,130.87,126.68,126.47,134.18,130.29,136.26,143.11,146.79,149.32,146.23,147.38,151.58,155.01,161.69,160.58,152.79,154.57,148.37,152.97,159.34,158.6,150.53,154.44,149.59,150.87],"consensus":[16.7314,-27.7918,-23.8065,24.4589,-28.0261,-25.7041,-38.2621,-31.2937,-43.2329,-70.7417,0.0,-54.7988,-57.3774,-63.717,54.3703,35.2479,0.0,-27.8849,-24.6275,-21.9945,-51.5913,-41.4119,-47.5269,-20.6774,-19.8729,-54.7958,0.0,-12.6277,-29.913,-54.5638,0.0,-68.278,0.0,-26.9711,22.7962,0.0,-20.1102,-42.1786,30.1936,33.0882,52.1927,65.88,82.6083,29.5044,29.4425,52.0594,0.0,78.3984,38.033,61.5766,11.858,68.9955,72.8526,0.0,31.2581,68.5045,20.465,27.4702,62.7154,27.1502,0.0,-32.2807,-15.2258,-28.2127,24.8589,0.0,21.771,0.0,0.0,-9.8218,25.4203,62.6522,0.0,35.9699,-41.1359,14.7697,-20.5014,-29.9921,-47.4231,-40.6553,-43.1192,-27.2971,10.1133,-19.7646,22.2618,34.6601,32.6086,27.5808,0.0,13.6211,29.3992,35.8608,49.0088,21.2976,0.0,0.0,-19.8059,0.0,41.7667,0.0,-25.3939,19.117,-34.3839,-7.9444],"supportDates":["2025-08-22","2025-08-29","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":[71.0286,0.0,24.9776,63.3852,16.2515,16.4272,61.4575,21.4198,0.0,-29.9559,-11.7178,-22.0416,35.6543,0.0,20.2342,0.0,0.0,-8.1243,32.0818,59.9415,0.0,22.9956,-39.8699,23.542,-11.1867,-27.7356,-51.505,-37.3997,-42.2811,-19.3352,14.6385,-18.7346,23.9394,34.8435,31.5875,21.4942,0.0,10.7474,25.5803,39.9968,45.3629,13.2443,0.0,0.0,-16.3321,0.0,47.9254,0.0,-28.8863,22.1157,-32.0061,-3.7566],"force":[83.9516,0.0,11.5908,85.2269,17.2917,4.4173,67.6026,5.205,0.0,-67.4389,-19.0303,-35.4202,41.2968,0.0,29.1494,0.0,0.0,-8.5797,33.6222,86.7416,0.0,47.1991,-81.6883,26.0601,-26.9002,-27.1648,-45.9059,-30.8891,-28.7005,-6.2444,40.7617,-15.3754,42.2496,43.6191,33.7934,19.8975,0.0,7.4609,36.3124,31.4009,53.8106,0.246,0.0,0.0,-23.8319,0.0,43.7431,0.0,-52.5644,30.7456,-53.2285,-0.9002],"direction":[67.0094,0.0,52.484,62.4106,52.2495,56.5571,60.6622,49.37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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":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-7.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-3.8","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-0.9","detail":"Commitment is limited","tone":"negative"},{"label":"SM 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