{"schema_version":"1.0","name":"TAOZ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"14a197f5-0cd6-4c64-a49f-081499bf3a76","symbol":"TAOZ","name":"Thornburg American Opportunities Fund","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"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, Completed returns and cumulative progression, Range expansion and closing direction, Activity pressure and cumulative balance, 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":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","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":["2026-04-03","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"],"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],"opens":[81.16,81.36,84.7653,86.6014,84.5672,84.52,84.95,84.6527,85.7214,86.0939,85.5,87.22,85.31,86.43,87.86,88.29,87.35,87.2607,89.1747,92.1648,91.9663],"highs":[81.94,84.46,86.7215,86.6014,84.7478,85.5,84.95,85.6,85.8197,86.9991,85.826,87.22,86.0414,87.1362,88.47,88.585,87.595,88.6151,92.1856,92.8309,92.7023],"lows":[80.8272,81.03,84.7653,83.74,83.3811,84.2935,84.0569,84.0,85.4641,85.2813,84.6,85.8228,84.6989,85.75,86.999,87.5164,85.6987,87.2607,89.1747,92.1225,91.4844],"closes":[81.4627,83.7405,86.7215,84.5709,84.5471,85.0547,84.0569,85.4318,85.8197,85.2813,85.826,85.8228,86.0414,87.1362,88.2669,87.5164,86.0701,88.2121,92.1856,92.7004,92.7023],"hoverRows":[[{"label":"Open","value":"81.2","className":"is-ohlc","compact":true},{"label":"High","value":"81.9","className":"is-ohlc","compact":true},{"label":"Low","value":"80.8","className":"is-ohlc","compact":true},{"label":"Close","value":"81.5","className":"is-ohlc","compact":true},{"label":"Market 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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":"88.3","className":"is-ohlc","compact":true},{"label":"High","value":"88.6","className":"is-ohlc","compact":true},{"label":"Low","value":"87.5","className":"is-ohlc","compact":true},{"label":"Close","value":"87.5","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":"87.3","className":"is-ohlc","compact":true},{"label":"High","value":"87.6","className":"is-ohlc","compact":true},{"label":"Low","value":"85.7","className":"is-ohlc","compact":true},{"label":"Close","value":"86.1","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":"87.3","className":"is-ohlc","compact":true},{"label":"High","value":"88.6","className":"is-ohlc","compact":true},{"label":"Low","value":"87.3","className":"is-ohlc","compact":true},{"label":"Close","value":"88.2","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":"89.2","className":"is-ohlc","compact":true},{"label":"High","value":"92.2","className":"is-ohlc","compact":true},{"label":"Low","value":"89.2","className":"is-ohlc","compact":true},{"label":"Close","value":"92.2","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":"92.2","className":"is-ohlc","compact":true},{"label":"High","value":"92.8","className":"is-ohlc","compact":true},{"label":"Low","value":"92.1","className":"is-ohlc","compact":true},{"label":"Close","value":"92.7","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":"92.0","className":"is-ohlc","compact":true},{"label":"High","value":"92.7","className":"is-ohlc","compact":true},{"label":"Low","value":"91.5","className":"is-ohlc","compact":true},{"label":"Close","value":"92.7","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":[80.788324,93.376676],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"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":"Zone progression","detail":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","tone":"neutral"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Across the displayed history, price has progressed from the lower accumulation area, through the middle range and into the upper positioning zone. This describes price location only; it does not establish active distribution or a reversal.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Upper positioning zone","detail":"Price is in the area labelled as the distribution zone on the chart. With limited Market Dynamics history, the label describes location and extension only.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-10","price":83.7405}],"reversal_dangers":[{"date":"2026-04-17","price":86.7215}]}},"smTape":{"available":true,"dates":["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":[81.4627,83.7405,86.7215,84.5709,84.5471,85.0547,84.0569,85.4318,85.8197,85.2813,85.826,85.8228,86.0414,87.1362,88.2669,87.5164,86.0701,88.2121,92.1856,92.7004,92.7023],"consensus":[14.2164,58.0466,100.0,-24.3156,56.67,42.7882,-22.0993,61.8699,51.0892,0.0,50.229,0.0,39.0491,65.262,69.6322,0.0,-28.4378,60.6245,83.5501,57.9732,56.1211],"supportDates":["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,41.927,-22.9171,57.9105,56.5179,0.0,48.5093,0.0,42.3404,64.7001,64.3131,0.0,-28.4289,61.1439,89.2455,60.8944,62.1525],"force":[14.2164,58.0466,100.0,-24.3156,17.7593,22.5368,-42.3484,79.7379,28.504,0.0,41.0168,0.0,36.5197,64.3276,72.5302,0.0,-75.8957,80.6841,97.8562,37.0191,28.1522],"direction":[null,null,null,null,84.4634,58.2378,-6.7011,53.6321,61.0172,0.0,58.7747,0.0,37.0942,66.5716,73.6411,0.0,-5.4504,45.7026,66.8223,69.6018,69.2058],"intensity":[null,null,null,null,25.0,20.0,33.3333,42.8571,50.0,33.3333,30.0,54.5455,33.3333,23.0769,50.0,6.6667,75.0,82.3529,100.0,89.4737,5.0],"confirmation":[27.2159,41.2416,54.6667,30.4477,61.689,81.0882,53.0098,88.4032,83.5775,30.46,83.8187,6.804,80.3685,88.8639,90.4517,37.0157,57.0427,88.0033,95.0852,85.8683,55.0],"persistence":[null,null,100.0,50.0,60.0,66.6667,42.8571,50.0,50.0,37.5,37.5,50.0,50.0,50.0,75.0,62.5,37.5,50.0,50.0,62.5,62.5],"assessmentRisk":[null,null,null,null,17.1597,9.6409,34.2441,7.2599,8.0062,7.0103,17.0186,10.203,11.1996,12.1276,13.5695,46.1464,15.9537,9.5713,7.8644,20.9743,21.9353],"volumeParticipation":true,"latest":{"consensus":56.1,"control":62.2,"force":28.2,"direction":69.2,"confirmation":55.0,"persistence":62.5,"assessmentRisk":21.9,"intensity":5.0,"evidenceDepth":81},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","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 easing","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+56.1","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+62.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+28.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+69.2","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"85.7","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"1.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"99%","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 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envelope","values":[null,null,null,null,null,null,null,null,null,81.9717,82.1178,82.253,82.3684,82.376,82.2446,82.2951,82.412,82.4009,81.6869,81.2112,81.567],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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