{"schema_version":"1.0","name":"CMNG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e506ef3b-4016-4deb-b705-aa5597532d29","symbol":"CMNG","name":"LEGAL & GENERAL UCITS ETF PUBLI","exchange":"LSE","country":"GB","asset_type":"etf","currency":"GBP","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","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, Drawdown and recovery pressure, Directional strength and control, Range pressure and compression, 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":39,"displayedObservations":39,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics strengthened this week and remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics strengthened this week and remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.341905,0.466966,0.528059,0.559882,0.625919,0.626564,0.530845,0.453249,0.470208,0.452739,0.51012],"opens":[7.362,7.411,7.4475,7.3715,7.35,7.1785,7.1535,7.1765,7.188,7.1965,7.158],"highs":[7.41,7.454,7.4475,7.3715,7.3545,7.1785,7.1535,7.2295,7.2725,7.211,7.173],"lows":[7.3575,7.411,7.4475,7.3715,7.35,7.1785,7.0165,7.077,7.188,7.126,7.067],"closes":[7.3575,7.454,7.4475,7.3715,7.3545,7.1785,7.0775,7.077,7.2185,7.126,7.0895],"hoverRows":[[{"label":"Open","value":"7.36","className":"is-ohlc","compact":true},{"label":"High","value":"7.41","className":"is-ohlc","compact":true},{"label":"Low","value":"7.36","className":"is-ohlc","compact":true},{"label":"Close","value":"7.36","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.34","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.41","className":"is-ohlc","compact":true},{"label":"High","value":"7.45","className":"is-ohlc","compact":true},{"label":"Low","value":"7.41","className":"is-ohlc","compact":true},{"label":"Close","value":"7.45","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.47","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.45","className":"is-ohlc","compact":true},{"label":"High","value":"7.45","className":"is-ohlc","compact":true},{"label":"Low","value":"7.45","className":"is-ohlc","compact":true},{"label":"Close","value":"7.45","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.53","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.37","className":"is-ohlc","compact":true},{"label":"High","value":"7.37","className":"is-ohlc","compact":true},{"label":"Low","value":"7.37","className":"is-ohlc","compact":true},{"label":"Close","value":"7.37","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.56","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.35","className":"is-ohlc","compact":true},{"label":"High","value":"7.35","className":"is-ohlc","compact":true},{"label":"Low","value":"7.35","className":"is-ohlc","compact":true},{"label":"Close","value":"7.35","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.63","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.18","className":"is-ohlc","compact":true},{"label":"High","value":"7.18","className":"is-ohlc","compact":true},{"label":"Low","value":"7.18","className":"is-ohlc","compact":true},{"label":"Close","value":"7.18","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.63","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.15","className":"is-ohlc","compact":true},{"label":"High","value":"7.15","className":"is-ohlc","compact":true},{"label":"Low","value":"7.02","className":"is-ohlc","compact":true},{"label":"Close","value":"7.08","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.53","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.18","className":"is-ohlc","compact":true},{"label":"High","value":"7.23","className":"is-ohlc","compact":true},{"label":"Low","value":"7.08","className":"is-ohlc","compact":true},{"label":"Close","value":"7.08","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.45","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.19","className":"is-ohlc","compact":true},{"label":"High","value":"7.27","className":"is-ohlc","compact":true},{"label":"Low","value":"7.19","className":"is-ohlc","compact":true},{"label":"Close","value":"7.22","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.47","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.20","className":"is-ohlc","compact":true},{"label":"High","value":"7.21","className":"is-ohlc","compact":true},{"label":"Low","value":"7.13","className":"is-ohlc","compact":true},{"label":"Close","value":"7.13","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.45","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.16","className":"is-ohlc","compact":true},{"label":"High","value":"7.17","className":"is-ohlc","compact":true},{"label":"Low","value":"7.07","className":"is-ohlc","compact":true},{"label":"Close","value":"7.09","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.51","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[7.05438,7.47662],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.51012,"state":"Positive and broadly steady","context":{"scenario":"positiveSteady","latestDirection":"strengthening","fourWeekDirection":"steady","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"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":"Accumulation repair watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","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":"Supported","detail":"The broader path has not changed enough to establish a new direction.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":19,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-28","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":[9.8846,9.7456,10.168,10.2014,10.1829,10.287,10.4057,7.789,7.341,7.131,7.3235,7.4115,7.5135,7.5265,7.4545,7.3085,7.137,7.2205,7.0065,6.849,7.087,7.092,6.982,7.018,7.0935,7.1495,7.219,7.3195,7.3575,7.454,7.4475,7.3715,7.3545,7.1785,7.0775,7.077,7.2185,7.126,7.0895],"consensus":[-100.0,-100.0,100.0,100.0,43.9738,68.9736,70.9144,-83.6256,-90.0667,-82.0232,-26.5765,-38.3505,-15.1587,-8.0248,-47.4952,-27.9287,-60.7724,-30.8669,-64.0982,-62.9551,-31.7222,-15.6853,-44.2268,-25.7382,0.0,8.8775,16.214,43.2566,14.0746,50.6911,28.039,0.0,17.9271,-34.7983,-40.7127,-38.3889,12.5378,-44.7667,-29.0372],"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,65.4905,71.0528,-66.8856,-90.0294,-80.6397,-4.4559,-26.6528,-21.2691,-15.8185,-64.1372,-17.7092,-73.9912,-27.1425,-78.6617,-76.397,-41.5386,-7.8503,-64.3719,-48.515,0.0,10.5172,1.6775,31.981,4.1964,53.3742,17.8752,0.0,22.2667,-40.904,-47.2059,-45.7441,7.9535,-51.1188,-39.4642],"force":[-100.0,-100.0,100.0,100.0,14.2131,72.463,69.9892,-99.9999,-88.0961,-71.497,-23.7148,-2.1188,-32.3793,-36.2787,-28.5011,-5.0783,-37.2596,-0.8082,-43.8274,-41.0334,-5.534,-7.7621,-25.3252,-3.1016,0.0,26.6001,42.7462,70.1001,3.0812,38.7878,7.8841,0.0,8.5222,-34.2812,-34.813,-29.629,49.7476,-74.587,-36.6082],"direction":[null,null,null,null,85.5358,70.4619,71.417,-91.0611,-91.5169,-91.123,-87.7795,-80.6259,-42.1311,-30.7631,-42.0429,-63.1846,-62.46,-57.7483,-61.9333,-63.2512,-39.2092,-41.3878,-34.7049,-15.8767,0.0,5.6554,17.7099,36.9691,42.8081,56.1271,54.0512,0.0,19.6854,-28.1898,-37.5061,-36.24,8.8015,-16.207,-11.7129],"intensity":[null,null,null,null,25.0,40.0,50.0,100.0,100.0,66.6667,50.0,27.2727,25.0,7.6923,14.2857,73.3333,50.0,29.4118,66.6667,47.3684,70.0,47.619,27.2727,4.3478,16.6667,24.0,46.1538,25.9259,25.0,27.5862,3.3333,16.129,3.125,69.697,58.8235,20.0,58.3333,29.7297,10.5263],"confirmation":[54.6667,54.6667,54.6667,54.6667,15.9598,90.231,90.6623,95.5143,96.7619,93.9477,12.368,57.0024,32.8831,31.5051,82.366,54.5037,86.5291,54.4746,87.6717,87.2727,54.5367,28.7467,81.2695,52.5326,6.68,49.8958,51.9609,82.832,28.0091,83.8175,53.8465,4.5345,73.3839,79.0267,80.7493,79.9054,7.0936,83.1374,44.64],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,25.0,25.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,37.5,12.5,12.5,37.5,62.5,75.0,87.5,62.5,37.5,12.5,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,22.4748,15.1942,8.5532,7.5367,4.7876,8.9299,36.6582,3.1353,18.7593,28.7056,32.6089,6.771,6.0331,4.8646,3.9269,2.5706,2.7716,27.1772,13.4702,56.1469,1.8319,17.1006,39.5497,27.4034,41.5353,24.1363,34.1489,20.9601,10.7552,32.4939,29.6261,30.7443,52.0441,3.9409,21.2315],"volumeParticipation":true,"latest":{"consensus":-29.0,"control":-39.5,"force":-36.6,"direction":-11.7,"confirmation":44.6,"persistence":37.5,"assessmentRisk":21.2,"intensity":10.5,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-29.0","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-39.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-36.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-11.7","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"33.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"2.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"39.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"33%","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 downward.","series":[{"label":"Close","values":[9.8846,9.7456,10.168,10.2014,10.1829,10.287,10.4057,7.789,7.341,7.131,7.3235,7.4115,7.5135,7.5265,7.4545,7.3085,7.137,7.2205,7.0065,6.849,7.087,7.092,6.982,7.018,7.0935,7.1495,7.219,7.3195,7.3575,7.454,7.4475,7.3715,7.3545,7.1785,7.0775,7.077,7.2185,7.126,7.0895],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,10.0066,10.0576,10.1209,9.6969,9.2686,8.8799,8.5969,8.3814,8.2236,8.0969,7.9801,7.858,7.7269,7.6348,7.5206,7.3985,7.3418,7.2964,7.2392,7.199,7.1798,7.1743,7.1824,7.2074,7.2347,7.2745,7.306,7.3179,7.3246,7.298,7.2579,7.225,7.2238,7.206,7.1849],"stroke":"#176fa3","width":1.7},{"label":"Slow 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return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-1.4062,0.0,0.0,-0.1813,0.0,0.0,-25.1468,-29.4521,-31.4703,-29.6203,-28.7746,-27.7944,-27.6695,-28.3614,-29.7645,-31.4126,-30.6101,-32.6667,-34.1803,-31.8931,-31.845,-32.9022,-32.5562,-31.8306,-31.2925,-30.6246,-29.6587,-29.2936,-28.3662,-28.4286,-29.159,-29.3224,-31.0138,-31.9844,-31.9892,-30.6294,-31.5183,-31.8691],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,0.0,0.0,2.6995,3.9335,5.3639,5.5462,4.5365,2.4891,0.0841,1.2551,0.0,0.0,3.475,3.548,1.9419,2.4675,3.5699,4.3875,5.4022,6.8696,7.4244,8.8334,8.7385,7.6289,7.3806,4.8109,3.3363,3.329,5.3949,4.0444,3.5115],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}