{"schema_version":"1.0","name":"443A Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f89836d1-6fb1-48d3-892a-6ed3a254683e","symbol":"443A","name":"iFreeETF Tokyo Stock Exchange REIT Index (Feb/May/Aug/Nov Dividend Type)","exchange":"JPX","country":"JP","asset_type":"etf","currency":"JPY","sector":null,"industry":null},"summary":"Market Dynamics remains positive and was little changed this week. 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, Acceleration, deceleration and rollover, Range pressure and compression, Activity pressure and cumulative balance, 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":43,"displayedObservations":43,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics remains positive and was little changed this week. 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 remains positive and was little changed this week. 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":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-1.13121,-1.624434,-1.771022,-1.917914,-1.907015,-1.86299,-1.630838,-1.415068,-1.110568,-0.658482,-0.293968,0.035027,0.215135,0.299124,0.299124],"opens":[1909.0,1891.0,1850.0,1813.0,1860.0,1820.0,1862.0,1853.190875,1885.859342,1878.929633,1900.70863,1886.849246,1900.70862,1862.0,1867.0],"highs":[1989.0,1891.0,1879.0,1821.0,1860.0,1828.0,1875.0,1877.939685,1885.859342,1899.718633,1980.894775,1952.186157,1900.70862,1872.0,1942.0],"lows":[1878.0,1847.0,1842.0,1801.0,1850.0,1820.0,1857.0,1853.190875,1868.040199,1878.929633,1890.809101,1886.849246,1848.0,1844.0,1843.0],"closes":[1886.0,1848.0,1869.0,1801.0,1854.0,1828.0,1875.0,1868.040161,1869.030151,1883.879395,1926.447388,1907.638306,1853.0,1856.0,1929.0],"hoverRows":[[{"label":"Open","value":"1,909","className":"is-ohlc","compact":true},{"label":"High","value":"1,989","className":"is-ohlc","compact":true},{"label":"Low","value":"1,878","className":"is-ohlc","compact":true},{"label":"Close","value":"1,886","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.13","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,891","className":"is-ohlc","compact":true},{"label":"High","value":"1,891","className":"is-ohlc","compact":true},{"label":"Low","value":"1,847","className":"is-ohlc","compact":true},{"label":"Close","value":"1,848","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.62","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,850","className":"is-ohlc","compact":true},{"label":"High","value":"1,879","className":"is-ohlc","compact":true},{"label":"Low","value":"1,842","className":"is-ohlc","compact":true},{"label":"Close","value":"1,869","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-1.63","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,853","className":"is-ohlc","compact":true},{"label":"High","value":"1,878","className":"is-ohlc","compact":true},{"label":"Low","value":"1,853","className":"is-ohlc","compact":true},{"label":"Close","value":"1,868","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.42","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,886","className":"is-ohlc","compact":true},{"label":"High","value":"1,886","className":"is-ohlc","compact":true},{"label":"Low","value":"1,868","className":"is-ohlc","compact":true},{"label":"Close","value":"1,869","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.11","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,879","className":"is-ohlc","compact":true},{"label":"High","value":"1,900","className":"is-ohlc","compact":true},{"label":"Low","value":"1,879","className":"is-ohlc","compact":true},{"label":"Close","value":"1,884","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.66","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,901","className":"is-ohlc","compact":true},{"label":"High","value":"1,981","className":"is-ohlc","compact":true},{"label":"Low","value":"1,891","className":"is-ohlc","compact":true},{"label":"Close","value":"1,926","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.29","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,887","className":"is-ohlc","compact":true},{"label":"High","value":"1,952","className":"is-ohlc","compact":true},{"label":"Low","value":"1,887","className":"is-ohlc","compact":true},{"label":"Close","value":"1,908","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Positioning recovery","className":"is-positive","wide":true}],[{"label":"Open","value":"1,901","className":"is-ohlc","compact":true},{"label":"High","value":"1,901","className":"is-ohlc","compact":true},{"label":"Low","value":"1,848","className":"is-ohlc","compact":true},{"label":"Close","value":"1,853","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.22","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,862","className":"is-ohlc","compact":true},{"label":"High","value":"1,872","className":"is-ohlc","compact":true},{"label":"Low","value":"1,844","className":"is-ohlc","compact":true},{"label":"Close","value":"1,856","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.30","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1,867","className":"is-ohlc","compact":true},{"label":"High","value":"1,942","className":"is-ohlc","compact":true},{"label":"Low","value":"1,843","className":"is-ohlc","compact":true},{"label":"Close","value":"1,929","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.30","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":[1793.32,1936.68],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.299124,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"steady","fourWeekDirection":"strengthening","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"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":"caution"},"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 remains positive and was little changed this week.","tone":"caution"},{"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":"31 Jul 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"positive"},{"label":"Market Dynamics confirmation","value":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"caution"}],"relationshipEvidence":{"available":false,"observations":15,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-07-31","price":1907.638306}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[1971.7764,1997.4666,2026.0439,2023.0876,2040.8254,1972.8307,2000.4229,2028.0149,2029.0002,2042.7964,2066.4465,2096.0095,2025.0586,2015.2042,2030.0906,2009.2742,2032.0731,2046.9419,2016.213,1997.3791,2008.283,1952.7727,1937.9038,1955.7465,1974.5803,1949.799,1944.0,1908.0,1886.0,1848.0,1869.0,1801.0,1854.0,1828.0,1875.0,1868.0402,1869.0302,1883.8794,1926.4474,1907.6383,1853.0,1856.0,1929.0],"consensus":[100.0,38.0954,67.7416,99.9998,74.0254,-60.9081,23.3579,65.9639,16.4766,47.1148,77.9117,83.7921,-42.6279,-30.7169,13.4923,-47.54,29.9526,22.3913,-38.7512,-30.005,-8.0589,-67.8429,-50.7368,-19.3756,0.0,-45.8599,-19.3064,-66.2675,-52.281,-65.4328,-18.2925,-67.1042,-17.6283,-23.6317,15.9569,0.0,-16.9332,12.0484,44.5374,0.0,-49.8522,-16.7582,49.0726],"supportDates":["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":[null,null,null,null,null,-57.3354,43.8176,64.9125,20.3998,32.8589,68.1061,80.6642,-42.5472,-16.4348,18.5545,-45.0174,28.7313,17.8425,-32.2313,-24.7803,-0.165,-68.2087,-40.4989,-11.1502,0.0,-44.1881,-18.865,-65.6087,-41.4777,-73.2477,-5.5576,-77.6812,-13.2382,-15.9754,27.0806,0.0,-29.0303,0.3381,32.7348,0.0,-51.6348,-17.749,48.1223],"force":[100.0,38.0954,67.7416,99.9998,37.6864,-57.323,32.8338,85.2792,5.7612,32.5465,93.8555,92.5031,-90.6012,-44.9474,48.1722,-51.2436,61.0928,16.0071,-76.2403,-36.9352,-5.3964,-79.1302,-54.0102,-8.2275,0.0,-67.7578,-11.7734,-85.7736,-62.2133,-56.164,-14.7504,-51.4655,-13.8544,-4.6424,38.7735,0.0,-11.2382,26.4477,70.0359,0.0,-82.3578,-2.2408,82.0508],"direction":[null,null,null,null,99.9818,-67.5518,6.7929,53.369,27.877,73.8133,77.7297,81.1446,-8.4534,-36.8747,17.0644,-47.7776,9.1052,32.1499,-19.4245,-31.0261,-26.6915,-59.3626,-60.099,-48.4927,0.0,-32.1293,-25.1916,-53.0876,-57.5332,-63.122,-56.4487,-66.1867,-45.1332,-45.9454,13.0535,0.0,-7.1758,15.9192,39.8129,0.0,-24.5966,-25.9954,26.6028],"intensity":[null,null,null,null,100.0,100.0,66.6667,57.1429,25.0,33.3333,30.0,54.5455,100.0,84.6154,21.4286,26.6667,31.25,47.0588,83.3333,100.0,15.0,80.9524,77.2727,69.5652,20.8333,36.0,76.9231,96.2963,46.4286,100.0,23.3333,87.0968,75.0,42.4242,64.7059,2.8571,11.1111,10.8108,94.7368,38.4615,77.5,39.0244,90.4762],"confirmation":[54.6667,34.8572,44.344,54.6666,67.3602,87.4358,54.2341,89.7131,51.0974,82.85,93.5671,95.1266,83.1042,78.4807,31.6044,83.3641,78.5525,75.04,81.6422,77.8924,26.107,90.0482,84.4915,29.9062,7.3748,83.368,73.9552,89.8101,85.1972,88.5369,8.1874,88.8356,30.3708,52.4334,31.0835,2.197,50.394,49.8885,83.2089,6.0043,84.9162,50.2384,84.7228],"persistence":[null,null,100.0,100.0,100.0,66.6667,71.4286,75.0,75.0,75.0,75.0,75.0,50.0,50.0,50.0,25.0,25.0,25.0,0.0,25.0,25.0,25.0,50.0,50.0,62.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,75.0,62.5,62.5,37.5,12.5,0.0,0.0,0.0,0.0],"assessmentRisk":[null,null,null,null,12.9859,0.64,43.3634,25.5089,26.601,25.6445,10.1674,7.4284,15.6428,18.519,46.7845,25.7397,4.5863,25.9536,3.2922,5.03,31.2471,15.865,24.078,34.5793,40.2989,16.5861,22.4538,15.0887,23.8001,17.2693,40.6781,16.4063,28.5379,15.4503,0.7456,48.1655,29.591,40.6622,22.6515,39.5022,4.5642,23.63,21.366],"volumeParticipation":true,"latest":{"consensus":49.1,"control":48.1,"force":82.1,"direction":26.6,"confirmation":84.7,"persistence":0.0,"assessmentRisk":21.4,"intensity":90.5,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+49.1","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+48.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+82.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+26.6","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"85/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"54.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"13.0","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 envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[1971.7764,1997.4666,2026.0439,2023.0876,2040.8254,1972.8307,2000.4229,2028.0149,2029.0002,2042.7964,2066.4465,2096.0095,2025.0586,2015.2042,2030.0906,2009.2742,2032.0731,2046.9419,2016.213,1997.3791,2008.283,1952.7727,1937.9038,1955.7465,1974.5803,1949.799,1944.0,1908.0,1886.0,1848.0,1869.0,1801.0,1854.0,1828.0,1875.0,1868.0402,1869.0302,1883.8794,1926.4474,1907.6383,1853.0,1856.0,1929.0],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,2001.1272,1995.9824,1996.7897,2002.467,2007.2913,2013.7467,2023.3285,2036.5432,2034.4551,2030.955,2030.7978,2026.8844,2027.8278,2031.3031,2028.5595,2022.8903,2020.2344,2007.9687,1995.2296,1988.0508,1985.6017,1979.0921,1972.7117,1960.9459,1947.3194,1929.2613,1918.3047,1896.9766,1889.1627,1878.0422,1877.4891,1875.7711,1874.5455,1876.2425,1885.3707,1889.4193,1882.7976,1877.9253,1887.2116],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,2009.1087,2009.5602,2011.081,2010.9472,2012.5121,2015.0624,2015.1476,2013.8315,2013.4205,2008.928,2003.667,2000.1173,1998.2257,1994.6385,1990.8875,1984.7477,1977.4331,1967.8454,1960.5235,1948.707,1941.6916,1933.27,1928.9537,1924.4416,1920.3371,1917.6365,1918.2892,1917.5002,1912.7224,1908.5208,1910.0377],"stroke":"#07865c","width":1.8},{"label":"Upper 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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,20.7651,18.0567,16.9165,14.1698,13.6751,14.3178,12.2069,8.9114,7.0978,1.1679,-4.6776,-7.7807,-8.6208,-11.1576,-13.4806,-18.0188,-23.1239,-29.8916,-33.178,-40.7992,-42.0774,-44.6733,-42.4488,-40.7775,-38.9243,-35.8442,-29.6269,-25.9185,-27.0764,-27.4357,-21.5811],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,17.5219,16.8811,15.9462,14.5393,13.051,10.6744,7.604,4.5271,1.8975,-0.7135,-3.2669,-6.2173,-9.5986,-13.6572,-17.5614,-22.2089,-26.1826,-29.8808,-32.3944,-34.071,-35.0417,-35.2022,-34.0871,-32.4534,-31.378,-30.5895,-28.7878],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-3.8468,-2.5633,-3.7394,-5.6278,-5.9532,-9.5065,-12.2815,-12.3077,-10.5183,-10.4441,-10.2136,-11.8015,-13.5253,-16.2343,-15.6166,-18.5903,-15.8947,-14.7926,-10.0545,-6.7065,-3.8826,-0.6421,4.4602,6.5349,4.3016,3.1539,7.2067],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}