{"schema_version":"1.0","name":"NEMG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"024c277c-e7f4-4dd5-b486-7852a4814231","symbol":"NEMG","name":"Leverage Shares 2x Long NEM Daily ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","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, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance, Acceleration, deceleration and rollover."},{"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":40,"displayedObservations":40,"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":["2026-06-05","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":[-0.686504,-1.112558,-1.396198,-1.803051,-2.076874,-2.335404,-2.568973,-2.647752,-2.731286,-2.248747,-1.599206,-0.921452],"opens":[18.4,15.99,17.99,16.215,14.0,14.97,13.43,12.65,13.34,13.48,20.0,21.42],"highs":[19.6,16.0299,19.7499,16.2858,14.79,14.97,14.56,14.37,13.9891,19.31,21.69,25.8699],"lows":[15.9003,13.6609,16.7,13.5045,13.38,13.15,12.424,12.2454,12.25,13.48,19.39,20.1],"closes":[15.9003,15.8434,16.9965,14.4293,14.602,14.0581,12.424,13.2634,13.3881,19.2086,20.7946,25.7263],"hoverRows":[[{"label":"Open","value":"18.4","className":"is-ohlc","compact":true},{"label":"High","value":"19.6","className":"is-ohlc","compact":true},{"label":"Low","value":"15.9","className":"is-ohlc","compact":true},{"label":"Close","value":"15.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.69","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"16.0","className":"is-ohlc","compact":true},{"label":"High","value":"16.0","className":"is-ohlc","compact":true},{"label":"Low","value":"13.7","className":"is-ohlc","compact":true},{"label":"Close","value":"15.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.11","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"18.0","className":"is-ohlc","compact":true},{"label":"High","value":"19.7","className":"is-ohlc","compact":true},{"label":"Low","value":"16.7","className":"is-ohlc","compact":true},{"label":"Close","value":"17.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.40","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"16.2","className":"is-ohlc","compact":true},{"label":"High","value":"16.3","className":"is-ohlc","compact":true},{"label":"Low","value":"13.5","className":"is-ohlc","compact":true},{"label":"Close","value":"14.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.80","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"14.0","className":"is-ohlc","compact":true},{"label":"High","value":"14.8","className":"is-ohlc","compact":true},{"label":"Low","value":"13.4","className":"is-ohlc","compact":true},{"label":"Close","value":"14.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-2.08","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.0","className":"is-ohlc","compact":true},{"label":"High","value":"15.0","className":"is-ohlc","compact":true},{"label":"Low","value":"13.2","className":"is-ohlc","compact":true},{"label":"Close","value":"14.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-2.34","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.4","className":"is-ohlc","compact":true},{"label":"High","value":"14.6","className":"is-ohlc","compact":true},{"label":"Low","value":"12.4","className":"is-ohlc","compact":true},{"label":"Close","value":"12.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-2.57","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"12.7","className":"is-ohlc","compact":true},{"label":"High","value":"14.4","className":"is-ohlc","compact":true},{"label":"Low","value":"12.2","className":"is-ohlc","compact":true},{"label":"Close","value":"13.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-2.65","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.3","className":"is-ohlc","compact":true},{"label":"High","value":"14.0","className":"is-ohlc","compact":true},{"label":"Low","value":"12.2","className":"is-ohlc","compact":true},{"label":"Close","value":"13.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-2.73","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.5","className":"is-ohlc","compact":true},{"label":"High","value":"19.3","className":"is-ohlc","compact":true},{"label":"Low","value":"13.5","className":"is-ohlc","compact":true},{"label":"Close","value":"19.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-2.25","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.0","className":"is-ohlc","compact":true},{"label":"High","value":"21.7","className":"is-ohlc","compact":true},{"label":"Low","value":"19.4","className":"is-ohlc","compact":true},{"label":"Close","value":"20.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.60","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"21.4","className":"is-ohlc","compact":true},{"label":"High","value":"25.9","className":"is-ohlc","compact":true},{"label":"Low","value":"20.1","className":"is-ohlc","compact":true},{"label":"Close","value":"25.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.92","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-3.113666,3.113666],"priceRange":[11.625862,26.524438],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.921452,"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":12,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-21","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":[13.4521,15.8423,15.555,18.4247,19.6356,21.2216,19.2676,22.2482,24.2913,28.7076,22.7831,23.7691,27.9738,26.4596,29.7424,23.6466,20.8474,15.7126,17.7466,22.1233,24.5982,22.8322,24.1743,19.4245,22.1863,19.2568,18.737,19.4125,15.9003,15.8434,16.9965,14.4293,14.602,14.0581,12.424,13.2634,13.3881,19.2086,20.7946,25.7263],"consensus":[-62.8487,80.6715,-54.7619,23.2725,70.7816,63.5072,29.6118,76.0125,63.9362,87.5236,-13.0882,30.722,73.7706,0.0,73.3934,-35.7857,-46.8894,-70.8497,0.0,26.2187,41.4073,0.0,36.8585,-50.3478,15.8502,-45.3668,-28.8872,0.0,-64.7129,-20.072,-22.0046,-47.5102,-14.1638,-30.6998,-52.6058,-16.966,-17.5413,57.6648,44.2266,-75.8848],"supportDates":["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,69.4397,18.7302,76.8069,58.339,86.6014,-28.1105,22.1643,74.8121,0.0,66.0204,-37.0824,-38.9651,-66.8642,0.0,35.8375,43.9462,0.0,32.6536,-49.7084,23.9566,-45.3693,-20.837,0.0,-61.2837,-9.2029,-22.3517,-49.0056,-6.3583,-30.318,-59.2282,-15.3947,-13.6954,55.4766,42.821,-77.3648],"force":[-62.8487,80.6715,-54.7619,23.2725,35.3559,36.0675,1.4035,78.5038,53.9054,94.7033,-79.6881,24.9058,79.2283,0.0,86.3097,-84.3391,-69.6821,-93.4423,0.0,59.4012,53.195,0.0,53.4425,-73.6641,42.511,-59.0594,-24.7295,0.0,-86.6979,-0.9828,-6.3061,-38.6164,-8.6576,-14.8321,-38.2423,-10.6739,-1.5832,85.4186,38.1782,-91.6905],"direction":[null,null,null,null,96.0856,76.327,62.1965,73.3252,77.4979,83.4492,-51.6515,44.6567,68.682,0.0,72.5938,-0.3772,-39.6652,-59.267,0.0,8.4761,30.0859,0.0,29.8184,-34.424,12.4578,-35.5836,-41.0574,0.0,-52.9286,-47.5328,-32.8212,-52.1538,-39.3855,-42.4702,-55.2971,-38.5045,-35.597,40.3415,50.1533,-62.9035],"intensity":[null,null,null,null,75.0,40.0,33.3333,85.7143,100.0,100.0,100.0,100.0,75.0,7.6923,64.2857,93.3333,81.25,76.4706,61.1111,68.4211,50.0,9.5238,9.0909,78.2609,33.3333,40.0,69.2308,3.7037,57.1429,58.6207,66.6667,51.6129,6.25,3.0303,14.7059,8.5714,2.7778,91.8919,92.1053,82.0513],"confirmation":[42.7783,48.4815,40.1905,30.1139,66.364,87.3956,54.1152,92.3878,88.2392,96.2404,39.6747,77.7842,91.7571,30.8655,91.9919,58.3252,83.82,91.4212,10.8566,33.7296,81.5709,4.7668,80.3642,84.8316,31.0854,82.9346,77.2399,3.5686,89.4304,51.49,51.8911,82.9094,5.8028,77.3462,84.2952,29.5545,50.7601,87.3319,81.9896,92.7423],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,75.0,75.0,75.0,75.0,62.5,62.5,37.5,12.5,12.5,0.0,0.0,0.0,0.0,0.0,0.0,25.0,25.0,12.5,0.0,25.0,37.5,62.5,62.5,87.5,87.5,87.5,100.0,100.0,75.0,50.0,25.0],"assessmentRisk":[null,null,null,null,14.6053,18.2412,34.1166,10.9612,17.7474,6.2159,48.772,10.0826,6.7033,36.7908,12.6357,16.0755,25.0366,14.2861,46.8703,31.8894,16.9262,47.3716,28.7654,7.2138,37.3073,16.3422,31.6079,1.4689,16.1851,31.1806,18.2911,24.0711,18.8371,19.3778,22.4813,17.3025,21.7318,20.1273,27.8429,12.0529],"volumeParticipation":true,"latest":{"consensus":-75.9,"control":-77.4,"force":-91.7,"direction":-62.9,"confirmation":92.7,"persistence":25.0,"assessmentRisk":12.1,"intensity":82.1,"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":"-75.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-77.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-91.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-62.9","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"93/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"65.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"13.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"23.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"73%","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":[13.4521,15.8423,15.555,18.4247,19.6356,21.2216,19.2676,22.2482,24.2913,28.7076,22.7831,23.7691,27.9738,26.4596,29.7424,23.6466,20.8474,15.7126,17.7466,22.1233,24.5982,22.8322,24.1743,19.4245,22.1863,19.2568,18.737,19.4125,15.9003,15.8434,16.9965,14.4293,14.602,14.0581,12.424,13.2634,13.3881,19.2086,20.7946,25.7263],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,15.8101,16.794,17.2437,18.1536,19.2696,20.9856,21.3124,21.7591,22.889,23.5382,24.6663,24.4809,23.8202,22.3461,21.5098,21.6214,22.1626,22.2844,22.628,22.0455,22.0711,21.5594,21.0463,20.7492,19.8676,19.1359,18.7469,17.9619,17.351,16.7523,15.9653,15.4741,15.0948,15.8428,16.7431,18.3764],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,18.9457,19.5023,20.2608,20.5116,20.5365,20.1792,19.999,20.1563,20.4854,20.6592,20.9196,20.8088,20.9109,20.7883,20.6364,20.5457,20.2016,19.8788,19.6653,19.2774,18.9311,18.5701,18.1149,17.7555,17.432,17.5636,17.8029,18.3898],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,28.436,28.4729,28.6704,29.8892,30.4036,31.5985,31.4337,31.1004,30.9506,30.663,30.4686,30.3229,30.1741,29.9759,29.9159,29.8963,29.95,29.9814,29.9943,30.1123,29.3711,29.3218,29.3195,28.419,27.6967,25.9696,25.4599,25.2752,25.4044,25.6524,26.3592],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}