{"schema_version":"1.0","name":"392A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e15f355d-9665-4e9b-b159-1607d633fd50","symbol":"392A","name":"iShares Nasdaq Top 30 ETF","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. 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, Acceleration, deceleration and rollover, Range pressure and compression, Directional strength and control, Activity pressure and cumulative balance, 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":57,"displayedObservations":57,"assetType":"ETF","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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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.4,"sample":2},{"week":2,"averageReturn":1.2,"sample":2},{"week":3,"averageReturn":2.8,"sample":1},{"week":4,"averageReturn":0.4,"sample":1},{"week":5,"averageReturn":3.4,"sample":1},{"week":6,"averageReturn":-0.4,"sample":1},{"week":7,"averageReturn":1.4,"sample":1},{"week":8,"averageReturn":1.6,"sample":1},{"week":9,"averageReturn":-1.4,"sample":1},{"week":10,"averageReturn":-1.2,"sample":1},{"week":11,"averageReturn":-3.6,"sample":1},{"week":12,"averageReturn":-1.0,"sample":1},{"week":13,"averageReturn":1.1,"sample":1},{"week":14,"averageReturn":-2.6,"sample":1},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"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":0.0,"averageReturn":22.8,"sample":2},"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, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 22.8% across 2 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 2.5 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 4.7% across 2 completed cases, with the largest move arriving after 2.0 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":"2026-04-24","price":255.800003}],"reversal_warnings":[{"date":"2026-05-15","price":279.299988},{"date":"2026-08-07","price":276.5}],"reversal_dangers":[{"date":"2026-06-12","price":280.5},{"date":"2026-08-14","price":282.299988}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[199.9111,203.7094,202.9097,206.808,201.8102,204.3091,207.0079,207.7076,211.2061,213.505,214.3047,225.6996,214.9044,222.7009,236.8946,228.1985,227.9986,222.601,233.8959,232.2967,233.1963,229.7978,235.8951,234.3957,235.8951,238.9937,237.4944,233.3962,224.8,220.1,225.1,226.8,231.0,229.5,228.5,221.9,225.0,236.2,249.0,255.8,257.8,269.0,279.3,281.5,290.5,287.2,280.5,288.9,278.1,283.1,283.7,275.4,275.9,269.3,276.5,282.3,272.0],"consensus":[0.0,-73.6111,88.2353,31.428,0.0,35.9409,57.0484,44.1755,71.8483,64.7485,57.2009,90.3116,0.0,71.5543,89.9118,0.0,25.191,-17.3283,56.2722,22.3614,31.8891,19.4194,49.3471,15.3436,40.7955,39.9022,25.8654,0.0,-51.3292,-53.5235,0.0,0.0,33.6576,13.1601,0.0,-37.5984,0.0,48.5445,69.2355,65.7951,36.2375,75.217,65.2205,63.4249,77.0464,33.4483,8.0256,54.789,-11.3874,35.6177,19.2538,-27.6788,0.0,-40.6876,24.2523,42.9894,-41.7506],"supportDates":["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","2026-08-21"],"control":[42.0391,56.8448,50.3106,70.8003,60.7138,51.0853,90.9202,0.0,73.4656,92.0161,0.0,12.7811,-22.9559,77.5876,20.9101,30.0072,16.4506,55.5575,13.164,50.3466,35.9948,31.9095,0.0,-41.8997,-51.98,0.0,0.0,30.1652,9.9994,0.0,-39.718,0.0,55.5567,74.1582,75.4726,25.1248,80.3165,54.3692,65.1955,75.7392,26.4589,2.3329,52.3294,-5.8286,51.7409,15.5464,-28.2777,0.0,-27.994,34.2975,48.8949,-41.5452],"force":[28.1721,46.7019,27.0936,67.6522,52.138,39.4991,94.6962,0.0,61.7292,92.4548,0.0,2.4674,-59.1862,55.9378,10.4705,11.2261,2.9328,52.6248,9.1004,28.9988,29.8286,7.7285,0.0,-74.8948,-53.1508,0.0,0.0,62.9083,16.7705,0.0,-33.9756,0.0,58.3641,79.5594,55.2277,15.3026,75.1865,73.113,48.0393,81.9527,9.083,39.1626,49.6845,-56.2688,21.5607,3.5215,-50.198,0.0,-67.6938,52.9737,51.7351,-70.3131],"direction":[34.5207,64.6715,49.3653,76.0433,78.3671,76.8342,86.4841,0.0,76.388,85.6905,0.0,59.1298,-19.0018,32.1506,47.4714,48.799,38.7781,39.9083,35.2945,38.306,51.5631,31.9127,0.0,-45.2732,-55.5537,0.0,0.0,16.7555,14.1936,0.0,-37.7638,0.0,33.5166,56.2355,62.2833,63.8913,69.4107,71.9845,72.3912,75.0361,71.8158,48.2375,61.246,-14.3178,27.2318,39.7589,-10.9092,0.0,-35.9046,7.7432,29.9931,-21.5834],"intensity":[20.0,33.3333,42.8571,50.0,44.4444,10.0,81.8182,75.0,61.5385,85.7143,60.0,12.5,52.9412,77.7778,15.7895,10.0,57.1429,54.5455,52.1739,8.3333,64.0,46.1538,37.037,78.5714,44.8276,63.3333,58.0645,68.75,42.4242,61.7647,68.5714,72.2222,91.8919,92.1053,94.8718,60.0,80.4878,95.2381,67.4419,70.4545,20.0,54.3478,68.0851,85.4167,28.5714,20.0,66.6667,19.2308,94.2308,57.6923,98.0769,76.9231],"confirmation":[79.1714,85.9433,81.5221,90.8796,88.3967,85.858,97.0241,37.8,90.5688,96.8172,37.4771,53.267,33.4553,85.6721,31.0776,77.6034,51.5372,83.7963,28.8063,80.5495,80.5212,52.9654,26.3277,85.2872,85.1397,32.6184,26.2868,79.7151,72.3694,24.7948,79.8888,29.0881,83.7267,90.395,88.5849,79.1273,91.9908,89.2764,87.8001,92.8243,34.1182,9.5715,85.4144,8.151,78.7236,51.6082,77.5344,24.2468,82.0365,55.4682,81.9331,82.2338],"persistence":[33.3333,42.8571,50.0,62.5,87.5,87.5,87.5,87.5,87.5,87.5,75.0,75.0,50.0,50.0,50.0,62.5,62.5,62.5,75.0,75.0,100.0,100.0,87.5,62.5,37.5,25.0,12.5,12.5,12.5,0.0,12.5,0.0,25.0,37.5,50.0,50.0,50.0,62.5,87.5,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,37.5,12.5,12.5,12.5,12.5],"assessmentRisk":[9.2276,14.4574,7.2565,13.9351,17.5121,21.0492,4.837,34.0635,11.3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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":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-41.8","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-41.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-70.3","detail":"Downward 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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,4.3533,4.9689,6.5268,6.9794,7.2384,6.9283,7.5074,7.748,7.9199,7.6933,7.9145,7.8779,7.8791,8.0375,7.9503,7.4645,6.3131,4.9642,4.2496,3.7769,3.6985,3.4753,3.1811,2.3878,1.9864,2.5427,3.9707,5.5866,6.9486,8.8299,11.0249,12.7945,14.753,15.8562,16.0052,16.6098,16.0325,15.7965,15.4794,14.3924,13.4166,11.9728,11.2795,11.0704,9.9588],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,5.6918,5.9391,6.2527,6.5518,6.8254,6.999,7.1821,7.3213,7.4328,7.5538,7.6331,7.5994,7.3421,6.8665,6.3431,5.8299,5.4036,5.018,4.6506,4.198,3.7557,3.5131,3.6046,4.001,4.5905,5.4384,6.5557,7.8035,9.1934,10.5259,11.6218,12.6194,13.302,13.8009,14.1366,14.1878,14.0335,13.6214,13.153,12.7365,12.181],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,1.5467,0.9892,1.2547,1.1962,1.0945,0.6943,0.7324,0.5567,0.4463,0.4837,0.3173,-0.1348,-1.029,-1.9024,-2.0936,-2.053,-1.7051,-1.5426,-1.4695,-1.8102,-1.7693,-0.9704,0.366,1.5856,2.358,3.3915,4.4692,4.991,5.5597,5.3302,4.3835,3.9904,2.7305,1.9956,1.3428,0.2046,-0.6169,-1.6486,-1.8735,-1.6661,-2.2221],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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","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,2.1307,2.2879,2.5559,2.6228,2.8601,2.8725,2.867,2.8051,2.9135,2.8928,2.7795,2.6614,2.6484,2.7182,2.7917,3.2409,3.4923,3.431,3.4045,3.5677,3.6707,3.5672,3.6845,3.9996,3.8795,3.8447,3.665,3.5652,3.4701,3.6328,3.5322,3.4045,3.312,3.3323,3.2441,3.4838,3.3242,3.1784,3.266,3.2421,3.5246,3.6448,3.4794,3.65],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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,57.3816,55.3572,51.5798,47.9479,44.7391,42.1876,39.6535,37.1457,34.8171,33.6662,33.4252,32.4824,30.4545,29.2821,28.8103,28.8827,30.1707,31.3667,32.9002,34.3241,34.8101,35.6557,34.925,34.3061,33.9151,32.6617,31.7532,29.5185,27.5512,26.0813,24.2371],"stroke":"#10243b","width":2.0},{"label":"Positive 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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,54.0093,49.3616,66.3767,137.2365,77.0342,58.9299,34.5695,78.7668,87.4932,113.8166,75.3869,49.7991,70.4317,42.6707,54.9911,82.9639,16.9462,63.5414,67.314,75.4467,83.43,106.764,41.8107,63.4199,39.9564,149.1098,38.4721,43.4594,27.8278,50.9135,42.677,89.1527,55.2036,112.1822,104.5733,284.3522,289.3791,436.1318,57.8774,51.8405,63.9748,44.4688,24.2231,13.7741,18.3937,42.4595,101.7364,81.809,67.9869,72.958],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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392A Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/e15f355d-9665-4e9b-b159-1607d633fd50/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}