{"schema_version":"1.0","name":"HOT Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"ec9d30b4-1621-4477-844a-adaf37ec52e5","symbol":"HOT","name":"HOCHTIEF Aktiengesellschaft","exchange":"GER","country":"DE","asset_type":"equity","currency":"EUR","sector":"Industrials","industry":"Engineering & Construction"},"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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Directional strength and control, Drawdown and recovery pressure, Range pressure and compression."},{"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":260,"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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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.9,"sample":17},{"week":2,"averageReturn":3.0,"sample":17},{"week":3,"averageReturn":4.5,"sample":17},{"week":4,"averageReturn":6.5,"sample":17},{"week":5,"averageReturn":5.0,"sample":17},{"week":6,"averageReturn":5.4,"sample":17},{"week":7,"averageReturn":8.4,"sample":17},{"week":8,"averageReturn":9.0,"sample":17},{"week":9,"averageReturn":9.6,"sample":17},{"week":10,"averageReturn":10.3,"sample":17},{"week":11,"averageReturn":12.2,"sample":16},{"week":12,"averageReturn":15.5,"sample":16},{"week":13,"averageReturn":15.0,"sample":16},{"week":14,"averageReturn":16.4,"sample":16},{"week":15,"averageReturn":17.8,"sample":16},{"week":16,"averageReturn":20.7,"sample":16},{"week":17,"averageReturn":21.0,"sample":16},{"week":18,"averageReturn":21.7,"sample":16},{"week":19,"averageReturn":21.2,"sample":16},{"week":20,"averageReturn":21.2,"sample":16},{"week":21,"averageReturn":20.3,"sample":16},{"week":22,"averageReturn":22.6,"sample":15},{"week":23,"averageReturn":24.9,"sample":15},{"week":24,"averageReturn":26.9,"sample":15},{"week":25,"averageReturn":27.9,"sample":15},{"week":26,"averageReturn":30.9,"sample":15}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":4,"completedEpisodes":2,"activeEpisodes":2,"medianExpectedMove":10.3,"averageExpectedMove":10.3,"averageWeeksToLargestMove":6.5,"horizons":[{"weeks":4,"sample":3,"expectedCount":1,"expectedPercent":33.3,"averageReturn":1.1,"medianReturn":0.8,"confidenceLow":6.1,"confidenceHigh":79.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-10.0,"medianReturn":-10.0,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.9,"sample":4},{"week":2,"averageReturn":-3.9,"sample":3},{"week":3,"averageReturn":2.9,"sample":3},{"week":4,"averageReturn":1.1,"sample":3},{"week":5,"averageReturn":-5.8,"sample":3},{"week":6,"averageReturn":-3.0,"sample":3},{"week":7,"averageReturn":-3.6,"sample":3},{"week":8,"averageReturn":-4.5,"sample":3},{"week":9,"averageReturn":-4.8,"sample":3},{"week":10,"averageReturn":-6.3,"sample":3},{"week":11,"averageReturn":-4.7,"sample":2},{"week":12,"averageReturn":-10.0,"sample":2},{"week":13,"averageReturn":-9.1,"sample":2},{"week":14,"averageReturn":-10.8,"sample":2},{"week":15,"averageReturn":-3.3,"sample":1},{"week":16,"averageReturn":-1.3,"sample":1},{"week":17,"averageReturn":-3.3,"sample":1},{"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":27.8,"averageReturn":9.7,"sample":18},"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 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, 27.8% of comparable cases moved lower after 12 weeks, with an average move of 9.7% across 18 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 1 cases. Distinct visits lasted 100.0 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 6.9% across 18 completed cases, with the largest move arriving after 4.6 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":"2025-07-25","price":189.277527}],"distribution_rollovers":[{"date":"2026-07-24","price":447.399994},{"date":"2026-08-14","price":443.0}],"price_pressure_gaps":[{"date":"2026-04-17","price":458.167847},{"date":"2026-05-08","price":549.0},{"date":"2026-06-05","price":496.0},{"date":"2026-08-07","price":452.399994}]}},"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":[105.0474,105.6204,100.8455,102.7555,104.6654,106.7664,106.5754,106.6709,112.2098,108.3899,108.0079,108.5808,108.9628,111.4458,112.4963,123.574,120.7091,121.9505,123.383,126.4389,126.9164,129.0174,136.6572,133.5058,136.3707,140.8591,144.87,143.724,156.3297,167.6939,166.7389,157.0937,133.7923,139.9041,152.7963,160.3406,170.4581,154.4962,160.6051,162.6742,159.6198,162.1816,155.8756,151.4417,163.8566,160.9007,171.3449,180.9024,189.2775,183.6613,205.9292,218.147,222.6794,213.0234,214.5999,229.7736,228.0001,217.3588,252.6328,255.5887,247.7062,250.6622,244.9474,266.033,280.0243,266.033,300.3216,310.1747,322.7867,332.0485,326.3338,333.4279,348.9958,367.5196,359.0459,349.587,360.2283,364.9578,398.6553,406.5378,370.0814,374.6138,382.1021,371.8549,400.2318,445.5559,458.1678,452.256,457.2,549.0,514.5,469.2,486.6,496.0,485.4,511.0,497.8,500.0,455.2,455.6,447.4,443.2,452.4,443.0],"consensus":[48.7704,29.3687,-30.1798,21.9932,29.0255,37.1242,31.1662,29.406,66.177,-10.0813,0.0,18.6203,0.0,43.7583,38.2539,75.9815,14.3635,57.7396,54.4969,59.9972,41.963,58.5209,75.7164,29.1598,61.1012,65.1223,60.818,29.4467,67.6908,77.0717,28.2902,0.0,-62.7468,11.6045,31.727,48.7677,65.8879,-22.4737,39.8723,24.4232,-15.4492,25.3241,-21.5273,-33.4684,45.2341,0.0,55.3384,62.0658,63.9048,8.1582,79.0893,74.2668,58.4938,15.5575,40.1884,69.6389,21.6346,0.0,78.9311,44.4098,8.8939,42.5963,0.0,63.321,53.755,0.0,80.6998,59.5201,58.3129,63.6078,21.9096,51.4338,55.011,69.6909,37.1889,15.1169,51.887,29.8571,71.3163,56.2441,-17.2676,27.0259,11.5973,-12.565,54.0158,69.9705,58.0089,34.3714,47.3229,82.4756,8.1213,-13.4347,44.9818,19.6363,0.0,59.7189,0.0,30.1773,-46.9447,-18.3945,-37.3871,-28.8218,0.0,-27.959],"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":[59.3386,6.1026,41.7245,77.3036,17.0047,0.0,77.3057,38.3157,4.9448,38.2304,0.0,61.8869,48.3723,0.0,84.5496,58.1809,55.883,64.1102,8.7529,55.5761,49.6242,74.7656,39.8252,9.0354,60.3869,37.5146,74.4917,58.919,-21.4453,26.4204,16.6817,-4.1812,56.9369,74.5724,63.6556,32.2196,51.5074,84.3107,1.658,-21.6484,49.7114,37.1777,0.0,65.3285,0.0,43.2762,-53.9011,-7.2324,-33.4306,-17.8813,0.0,-25.8008],"force":[39.8043,37.6659,17.0576,68.372,14.1715,0.0,98.4495,23.9925,39.4007,26.067,0.0,81.2021,50.0255,0.0,97.3976,54.749,51.4773,57.6847,12.679,31.6038,53.2129,66.3959,0.2371,21.636,46.2262,13.0347,80.4398,43.1329,-75.1407,27.8842,4.0173,-32.6198,65.6557,79.4516,45.812,4.6116,27.389,98.4075,51.0793,-63.7709,41.0435,1.7487,0.0,66.6587,0.0,18.4514,-49.2251,-5.6073,-31.8299,-20.3926,0.0,-23.4877],"direction":[70.8779,64.3798,54.9549,61.7841,52.5016,0.0,66.8469,65.9584,59.2056,59.3926,0.0,52.1879,62.5705,0.0,64.373,64.4584,65.9724,67.2644,61.652,60.864,62.4517,66.2448,60.9089,48.3193,46.2164,33.1216,61.1704,62.5523,-28.845,27.1049,11.2007,-7.8215,42.3634,57.9392,60.2676,58.0876,56.7792,68.9985,61.5837,-31.9069,42.3898,12.3657,0.0,48.3508,0.0,23.5828,-37.3655,-40.2849,-45.8783,-47.3459,0.0,-33.6194],"intensity":[86.5385,65.3846,36.5385,86.5385,59.6154,76.9231,100.0,100.0,48.0769,48.0769,36.5385,92.3077,92.3077,76.9231,96.1538,82.6923,92.3077,42.3077,59.6154,28.8462,94.2308,76.9231,34.6154,40.3846,50.0,73.0769,94.2308,82.6923,100.0,75.0,90.3846,65.3846,86.5385,100.0,98.0769,13.4615,9.6154,100.0,98.0769,92.3077,78.8462,51.9231,34.6154,69.2308,42.3077,30.7692,90.3846,48.0769,36.5385,61.5385,48.0769,21.1538],"confirmation":[86.1356,11.5358,80.132,90.129,31.5923,32.8479,93.8776,81.6818,11.0454,81.1936,7.6107,88.8295,85.17,35.6185,94.2742,86.9214,86.4888,88.1663,31.5289,83.7914,85.6308,90.1233,56.1036,31.0923,84.3018,76.9249,91.0509,85.5578,36.046,76.6837,48.736,27.4264,85.5953,90.6094,86.1051,55.458,82.4721,94.8498,12.1942,35.1814,82.2021,50.8045,3.6265,87.2361,5.4673,77.0998,82.9858,28.3333,79.8548,77.1328,4.9257,76.8435],"persistence":[87.5,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,75.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,87.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,50.0,50.0,50.0,50.0,75.0,75.0,75.0,75.0,75.0,75.0,62.5,62.5,50.0,50.0,25.0,25.0,0.0,25.0,25.0,50.0],"assessmentRisk":[20.7161,42.0668,16.9795,8.1353,16.1759,22.2555,10.3155,26.2494,40.9985,28.1259,23.9565,1.954,22.4587,42.034,9.5706,19.9093,20.4604,18.1795,36.1881,21.8852,20.885,14.8462,30.7383,34.1866,9.1118,24.8178,14.0948,21.874,35.624,13.2612,44.4377,42.2953,19.8099,14.9144,20.9386,32.779,26.0342,8.6671,42.9292,29.1863,11.7001,55.9707,33.4841,12.4368,13.8451,9.1316,11.9098,37.084,26.3666,32.1499,6.1203,13.795],"volumeParticipation":true,"latest":{"consensus":-28.0,"control":-25.8,"force":-23.5,"direction":-33.6,"confirmation":76.8,"persistence":50.0,"assessmentRisk":13.8,"intensity":21.2,"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":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-28.0","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-25.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-23.5","detail":"Downward 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