{"schema_version":"1.0","name":"9903 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"efd3e9ff-1a5c-4b19-9244-2ae322e00085","symbol":"9903","name":"Shanghai Iluvatar Corex","exchange":"HKG","country":"HK","asset_type":"equity","currency":"HKD","sector":"Technology","industry":"Semiconductors"},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Directional strength and control, 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":"2026-08-21","observations":33,"displayedObservations":33,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.080432,-0.161125,-0.253306,-0.261759,-0.348292],"opens":[519.5,563.5,427.0,485.0,419.399994],"highs":[649.5,599.5,502.0,487.0,460.0],"lows":[490.200012,363.0,410.200012,401.399994,359.0],"closes":[563.0,425.399994,478.399994,412.0,403.799988],"hoverRows":[[{"label":"Open","value":"519.5","className":"is-ohlc","compact":true},{"label":"High","value":"649.5","className":"is-ohlc","compact":true},{"label":"Low","value":"490.2","className":"is-ohlc","compact":true},{"label":"Close","value":"563.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"563.5","className":"is-ohlc","compact":true},{"label":"High","value":"599.5","className":"is-ohlc","compact":true},{"label":"Low","value":"363.0","className":"is-ohlc","compact":true},{"label":"Close","value":"425.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"427.0","className":"is-ohlc","compact":true},{"label":"High","value":"502.0","className":"is-ohlc","compact":true},{"label":"Low","value":"410.2","className":"is-ohlc","compact":true},{"label":"Close","value":"478.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"485.0","className":"is-ohlc","compact":true},{"label":"High","value":"487.0","className":"is-ohlc","compact":true},{"label":"Low","value":"401.4","className":"is-ohlc","compact":true},{"label":"Close","value":"412.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"419.4","className":"is-ohlc","compact":true},{"label":"High","value":"460.0","className":"is-ohlc","compact":true},{"label":"Low","value":"359.0","className":"is-ohlc","compact":true},{"label":"Close","value":"403.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[394.247987,572.552001],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Zone progression","detail":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. 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Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"accumulation","zoneContext":"Across the displayed history, price has moved from the upper positioning area into the lower accumulation zone. Market Dynamics history is not yet sufficient to classify the move.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"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 no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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tape 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":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-27.8","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-20.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-18.5","detail":"Downward 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envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[174.0,173.8,203.8,176.3,165.2,268.6,263.2,310.0,259.6,291.4,293.4,243.4,219.8,314.8,415.0,457.0,465.8,554.0,492.0,487.0,500.5,410.0,528.0,630.0,684.0,641.0,482.2,495.2,563.0,425.4,478.4,412.0,403.8],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,176.3493,193.1221,205.8636,224.7975,231.1252,242.0843,251.4144,249.9572,244.4741,257.2606,285.9405,317.0422,344.0891,382.2547,402.2084,417.6251,432.6932,428.5672,446.6459,479.983,517.077,539.6085,529.1706,522.9941,530.2679,511.201,505.2372,488.285,472.9241],"stroke":"#176fa3","width":1.7},{"label":"Slow 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current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-0.1149,0.0,-13.4936,-18.9401,0.0,-2.0104,0.0,-16.2581,-6.0,-5.3548,-21.4839,-29.0968,0.0,0.0,0.0,0.0,0.0,-11.1913,-12.0939,-9.657,-25.9928,-4.6931,0.0,0.0,-6.2865,-29.5029,-27.6023,-17.6901,-37.807,-30.0585,-39.7661,-40.9649],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,87.6513,57.1429,76.3923,77.6029,47.3366,33.0509,90.5569,151.2107,176.6344,181.9613,235.3511,197.8208,194.7942,202.9661,148.184,219.6126,281.3559,314.0436,288.0145,191.8886,199.7579,240.799,157.5061,117.6524,87.4431,83.7125],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"impulse","eyebrow":"Price 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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}