{"schema_version":"1.0","name":"447A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e4566792-c9d6-4a7a-96f4-9d44138958da","symbol":"447A","name":"State Street SPDR Gold ETF (JPY Unhedged)","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Range pressure and compression, Range position and boundary pressure, Drawdown and recovery pressure, Directional strength and control."},{"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":41,"displayedObservations":41,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.625184,-0.899372,-1.10309,-1.356863,-1.639278,-1.775834,-1.879267,-1.94324,-1.905809,-1.940307,-1.665983,-1.250512,-0.811849],"opens":[292.399994,284.600006,266.100006,271.700012,258.899994,265.5,267.899994,259.0,260.799988,267.399994,261.0,275.200012,277.600006],"highs":[292.399994,286.0,271.399994,272.299988,259.799988,269.100006,267.899994,259.100006,268.799988,268.200012,270.600006,282.0,289.0],"lows":[277.5,282.399994,266.100006,265.200012,257.100006,265.100006,264.600006,257.0,259.200012,260.399994,251.199997,271.600006,274.899994],"closes":[286.799988,283.299988,266.5,266.399994,259.0,267.299988,265.100006,259.100006,266.5,261.299988,270.200012,275.200012,289.0],"hoverRows":[[{"label":"Open","value":"292.4","className":"is-ohlc","compact":true},{"label":"High","value":"292.4","className":"is-ohlc","compact":true},{"label":"Low","value":"277.5","className":"is-ohlc","compact":true},{"label":"Close","value":"286.8","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-0.81","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[257.2,290.8],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.811849,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-14","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":[250.0,255.3,261.2,260.8,265.8,269.2,281.0,272.1,280.9,291.0,313.6,330.0,303.8,302.2,310.3,322.8,321.9,324.1,306.7,283.6,297.0,302.2,305.2,297.7,288.1,295.3,288.7,287.0,286.8,283.3,266.5,266.4,259.0,267.3,265.1,259.1,266.5,261.3,270.2,275.2,289.0],"consensus":[0.0,-28.7726,78.1827,-26.154,81.9374,78.2499,75.4215,0.0,87.4442,70.818,88.7558,68.0458,0.0,16.0376,47.2679,38.5831,17.5684,39.8138,-26.4966,-50.6586,0.0,0.0,14.0647,-15.8679,-45.9298,0.0,-42.6782,-23.6309,-16.3496,-35.4076,-60.1434,-46.5163,-42.4352,-19.4291,-37.2753,-27.9699,0.0,-46.805,28.0457,21.063,-63.6827],"supportDates":["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":[null,null,null,null,null,86.679,78.363,0.0,86.3555,55.3267,83.9576,52.72,0.0,1.8024,59.3991,47.7297,6.3322,37.3318,-31.0982,-38.6623,0.0,0.0,22.1452,-28.3216,-51.047,0.0,-40.8178,-17.5135,-15.2558,-36.3173,-67.6463,-48.0952,-34.9397,-8.4451,-46.7024,-18.3207,0.0,-51.1332,26.971,11.8495,-64.3766],"force":[0.0,-28.7726,78.1827,-26.154,56.6584,49.2791,48.3221,0.0,93.93,72.8619,93.6106,62.128,0.0,18.3097,41.7639,27.1646,16.1254,22.3523,-60.6898,-68.707,0.0,0.0,17.424,-22.2716,-47.8882,0.0,-47.19,-11.1625,-4.1685,-22.5207,-44.8645,-22.8556,-21.1971,-11.7877,-18.0475,-8.4714,0.0,-44.3029,71.4164,33.2173,-82.2317],"direction":[null,null,null,null,99.9938,89.3101,91.4165,0.0,84.0557,87.0624,90.7717,89.7879,0.0,56.8402,37.3352,36.286,54.4768,55.1228,-3.1861,-51.4769,0.0,0.0,2.4303,-2.939,-38.6827,0.0,-41.5817,-39.5283,-26.3004,-43.5727,-62.4823,-61.6125,-66.1716,-54.28,-40.2356,-52.9252,0.0,-43.6458,1.7052,22.9111,-49.6403],"intensity":[null,null,null,null,50.0,40.0,100.0,71.4286,62.5,88.8889,100.0,90.9091,100.0,76.9231,35.7143,73.3333,37.5,52.9412,66.6667,100.0,50.0,47.619,9.0909,26.087,50.0,24.0,23.0769,55.5556,14.2857,24.1379,73.3333,3.2258,62.5,51.5152,5.8824,45.7143,61.1111,21.6216,52.6316,87.1795,70.0],"confirmation":[0.0,31.8739,47.6851,31.036,70.3977,92.0286,91.2642,40.3309,96.1964,90.9601,96.6229,89.8278,36.7917,8.2083,82.7731,79.8592,8.2063,80.2461,55.4639,84.9436,31.812,27.844,49.8133,51.0434,82.6792,28.3331,81.8229,75.2751,50.2106,78.9238,86.6659,82.1401,81.0462,30.6147,79.1985,76.5032,29.5462,82.8354,56.0099,75.251,88.9332],"persistence":[null,null,0.0,25.0,0.0,16.6667,28.5714,25.0,37.5,62.5,62.5,87.5,75.0,75.0,75.0,87.5,87.5,87.5,62.5,37.5,37.5,25.0,25.0,0.0,25.0,37.5,37.5,37.5,50.0,62.5,87.5,87.5,87.5,100.0,100.0,100.0,87.5,87.5,62.5,37.5,12.5],"assessmentRisk":[null,null,null,null,9.0309,10.8745,12.2875,46.0705,5.6956,14.5311,5.5994,15.9771,44.4562,29.2728,37.4054,46.3674,36.6676,27.6266,0.0058,24.1986,50.2492,47.0828,12.1869,47.3321,7.9059,29.397,24.1936,26.7636,1.4632,24.6877,18.687,25.4691,28.7113,39.276,8.2463,26.5711,35.8334,12.2974,17.4245,38.4843,17.7954],"volumeParticipation":true,"latest":{"consensus":-63.7,"control":-64.4,"force":-82.2,"direction":-49.6,"confirmation":88.9,"persistence":12.5,"assessmentRisk":17.8,"intensity":70.0,"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":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-63.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-64.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-82.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-49.6","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"89/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"57.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"16.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"43%","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 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