{"schema_version":"1.0","name":"MUND Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1755d376-7d31-486e-ae41-87a402272e72","symbol":"MUND","name":"NORTHERN TRUST 2055 TAX-EXEMPT DISTRIBUTING LADDER ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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, Directional strength and control, Activity pressure and cumulative balance, Range pressure and compression, 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":53,"displayedObservations":53,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","tone":"negative","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.070161,0.020531,-0.218945,-0.460432,-0.682579,-0.801653,-0.699929,-0.682887,-0.732424,-0.696023,-0.761613,-0.830263,-0.763951,-0.846285,-0.903925,-0.739377,-0.599797,-0.407368,-0.205886,-0.295118,-0.593227,-0.913032,-1.065382,-1.183783,-1.119886],"opens":[103.082466,103.424308,102.606861,102.463189,101.710147,101.746121,102.066795,102.698003,102.293885,102.292897,102.561017,102.491504,102.104219,102.52497,102.37556,102.674379,102.918415,102.805682,102.72845,102.38461,101.846425,101.517535,101.24,95.25,101.085],"highs":[103.305406,103.424308,102.606861,102.552365,101.775048,104.03497,103.055853,102.737764,102.426957,102.724868,102.64046,102.491504,102.695077,102.729163,102.395481,102.943317,103.252097,103.032424,102.85303,102.464341,101.846425,101.66703,101.84,101.965,101.52],"lows":[102.522639,102.408692,102.022263,100.560768,101.189954,101.746121,101.89781,102.335182,101.788926,102.089324,101.528257,101.170763,101.756656,102.495088,102.275953,102.674379,102.68434,97.241958,102.424475,102.090602,100.29167,100.859754,98.64,95.25,100.8979],"closes":[102.691083,102.408692,102.022263,100.951953,101.674154,102.340152,103.055853,102.698003,102.426957,102.724868,101.642456,101.433918,102.695077,102.495088,102.275953,102.943317,103.027983,102.803198,102.509189,102.140433,100.939485,100.859754,101.81,101.43,101.04],"hoverRows":[[{"label":"Open","value":"103.1","className":"is-ohlc","compact":true},{"label":"High","value":"103.3","className":"is-ohlc","compact":true},{"label":"Low","value":"102.5","className":"is-ohlc","compact":true},{"label":"Close","value":"102.7","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-1.12","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[100.727988,103.187619],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-1.119886,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"strengthening","fourWeekDirection":"weakening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but 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":"Negative and weakening","detail":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Negative and weakening","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-08-22","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","2026-08-21"],"close":[97.3313,97.3493,98.3778,99.7018,99.9939,99.692,99.9504,100.4581,100.838,101.3272,101.0635,101.1452,101.3166,101.346,101.4439,101.3378,100.9328,101.2859,101.2465,101.5027,101.9904,102.1629,102.2086,102.3602,102.3331,102.6737,103.2024,103.3754,102.6911,102.4087,102.0223,100.952,101.6742,102.3402,103.0559,102.698,102.427,102.7249,101.6425,101.4339,102.6951,102.4951,102.276,102.9433,103.028,102.8032,102.5092,102.1404,100.9395,100.8598,101.81,101.43,101.04],"consensus":[66.0769,44.1779,92.9078,40.4243,63.9264,26.1991,69.3432,78.249,70.3266,75.7784,26.1268,41.4797,55.6507,18.1398,46.1529,30.0978,-16.9477,36.4094,0.0,27.1187,54.8692,50.9469,43.4706,46.5882,10.8059,42.8128,63.3483,42.7591,-11.5586,-29.0794,-44.3314,-66.2208,0.0,24.7094,58.4083,19.7695,13.49,36.8278,-58.5222,-43.1177,47.1749,-11.2743,-10.5517,47.9326,23.2239,9.1086,-13.5617,-28.4609,-53.3656,-46.5978,19.6272,0.0,-23.8359],"supportDates":["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","2026-08-21"],"control":[null,null,null,null,4.7531,75.3406,82.9628,67.3328,75.1474,8.8862,32.3469,58.9911,12.4093,54.4459,33.7829,-12.6174,55.2212,0.0,33.6108,62.2231,61.8473,44.2731,55.2169,1.0086,38.3235,76.7712,40.4916,-15.0768,-24.3964,-40.8082,-53.9099,0.0,21.7109,55.693,18.9782,12.0697,38.0438,-51.079,-36.1261,49.6623,-15.1947,-26.2079,57.2141,26.0095,8.074,-17.8058,-31.6824,-51.0542,-49.4194,23.7072,0.0,-29.2648],"force":[44.1779,92.9078,40.4243,13.4573,17.6406,41.3465,64.6503,60.5477,66.795,17.0903,14.0923,33.0474,7.048,21.4072,4.5427,-51.8409,29.0749,0.0,14.4875,49.8672,33.3462,33.8874,27.6951,14.3309,43.9198,50.4432,23.8849,-69.2166,-73.9903,-62.9973,-92.9514,0.0,58.6494,88.7191,3.463,11.7856,58.3077,-90.5589,-50.0041,83.767,-21.6098,-14.422,46.4914,11.6809,4.9124,-30.3281,-28.6195,-58.0381,-33.5682,68.247,0.0,-23.724],"direction":[null,null,null,99.9758,82.023,82.4866,82.5751,80.7329,82.9164,76.6997,71.4796,67.9782,42.6801,54.3507,44.1399,-3.0271,20.1491,0.0,28.7214,50.0376,51.0612,49.3986,50.2217,39.9577,47.1527,57.2259,58.8321,-33.6466,-2.3521,-35.0252,-61.1972,0.0,3.8933,39.8609,32.3212,16.3308,20.0953,-44.1453,-46.1891,18.1948,-0.5888,-10.1056,38.3547,28.2855,13.2883,-3.2647,-24.6659,-52.6696,-52.68,19.7642,0.0,-17.7115],"intensity":[null,null,null,75.0,40.0,33.3333,57.1429,62.5,44.4444,60.0,18.1818,16.6667,100.0,92.8571,33.3333,37.5,35.2941,11.1111,26.3158,55.0,71.4286,72.7273,78.2609,45.8333,32.0,57.6923,59.2593,78.5714,27.5862,76.6667,90.3226,71.875,93.9394,79.4118,37.1429,52.7778,24.3243,84.2105,30.7692,87.5,65.8537,23.8095,60.4651,22.7273,100.0,97.8261,31.9149,87.5,57.1429,90.0,92.1569,100.0],"confirmation":[36.8036,52.3972,35.6024,63.4826,11.1378,89.2452,92.5534,90.2521,91.9849,33.6188,80.578,85.0684,51.9613,81.8884,54.1297,52.5318,79.1408,3.2603,76.1941,85.2936,83.6005,81.6063,82.2009,5.8984,81.8022,87.6736,81.1423,35.2469,56.0788,82.8086,90.1929,34.375,54.3204,87.6558,51.1747,72.2865,80.421,87.8169,82.1141,84.1732,49.322,28.0784,83.1531,75.0374,48.136,50.8158,77.0632,85.2546,82.4712,34.5833,27.0688,83.5414],"persistence":[null,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,87.5,87.5,100.0,100.0,75.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5,12.5,37.5,37.5,37.5,50.0,25.0,0.0,0.0,0.0,0.0,0.0,0.0,25.0,25.0,0.0,12.5,37.5],"assessmentRisk":[null,null,null,18.0324,36.8531,14.95,5.6197,11.7502,12.0265,35.9124,24.1035,11.3288,6.9553,11.8298,7.2701,35.1655,28.4388,31.0851,13.7741,22.5296,24.4195,28.2406,26.6768,40.7254,27.5837,18.2926,28.5927,45.6205,19.7741,27.7508,16.8875,51.0735,19.1356,18.7516,39.9482,37.145,11.5323,19.6969,27.0253,5.3345,10.6766,41.9451,24.7916,13.372,19.3733,26.0481,30.8083,23.1996,26.5156,48.6547,40.4312,19.92],"volumeParticipation":true,"latest":{"consensus":-23.8,"control":-29.3,"force":-23.7,"direction":-17.7,"confirmation":83.5,"persistence":37.5,"assessmentRisk":19.9,"intensity":100.0,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-23.8","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-29.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-23.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-17.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"84/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"43.3","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.5%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"43.7","detail":"Directional","tone":"positive"},{"label":"Range position","value":"66%","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 downward.","series":[{"label":"Close","values":[97.3313,97.3493,98.3778,99.7018,99.9939,99.692,99.9504,100.4581,100.838,101.3272,101.0635,101.1452,101.3166,101.346,101.4439,101.3378,100.9328,101.2859,101.2465,101.5027,101.9904,102.1629,102.2086,102.3602,102.3331,102.6737,103.2024,103.3754,102.6911,102.4087,102.0223,100.952,101.6742,102.3402,103.0559,102.698,102.427,102.7249,101.6425,101.4339,102.6951,102.4951,102.276,102.9433,103.028,102.8032,102.5092,102.1404,100.9395,100.8598,101.81,101.43,101.04],"stroke":"#10243b","width":2.1},{"label":"Fast 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