{"schema_version":"1.0","name":"METL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1914157b-4c2a-482f-93e7-403e61e73760","symbol":"METL","name":"Sprott Active Metals & Miners 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. The upward price structure has improving support, but confirmation is not complete.","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, Range position and boundary pressure, Drawdown and recovery pressure, Directional strength and control, Activity pressure and cumulative balance, Directional pressure and rotation."},{"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":50,"displayedObservations":50,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving but remains below zero","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","take":"Continued repair would strengthen the upward case. Renewed weakness would leave price ahead of the underlying position.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.470429,-0.670293,-0.726037,-0.6587,-0.618292,-0.585944,-0.572762,-0.616195,-0.642279,-0.610538,-0.726446,-0.690963,-0.774493,-1.03623,-1.173761,-1.484866,-1.696565,-1.794445,-1.854989,-1.592935,-1.285847,-0.8361],"opens":[24.65,26.0,27.7,28.25,29.73,29.23,29.03,30.6,29.0,28.76,29.7,27.48,29.25,27.56,25.87,25.82,24.865,23.95,24.91,24.06,27.55,27.86],"highs":[26.89,27.895,29.12,31.1,30.49,29.425,31.11,31.41,29.0,30.14,31.116,28.42,29.6,27.95,26.48,25.995,25.4501,25.365,24.91,27.6699,28.6,29.245],"lows":[24.63,25.205,26.7101,28.25,28.63,27.9569,28.2801,28.4,26.93,28.5701,27.105,25.63,27.8658,25.4801,25.23,23.97,23.2989,23.68,23.6,24.02,27.43,27.06],"closes":[25.7078,27.355,28.8124,30.46,29.03,28.8446,30.1802,28.5639,28.14,30.04,27.1576,28.19,28.0363,25.7725,25.645,25.195,23.9499,24.485,24.21,27.6426,27.78,29.245],"hoverRows":[[{"label":"Open","value":"24.6","className":"is-ohlc","compact":true},{"label":"High","value":"26.9","className":"is-ohlc","compact":true},{"label":"Low","value":"24.6","className":"is-ohlc","compact":true},{"label":"Close","value":"25.7","className":"is-ohlc","compact":true},{"label":"Market 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weeks","context":{"scenario":"negativeRepair","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 and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":22,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-09-12","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":[19.8831,20.7145,21.5656,22.243,22.4662,22.6543,22.006,22.5673,21.0312,21.5013,20.7244,23.6836,23.8617,24.3764,24.8718,26.48,26.09,27.6191,29.41,32.32,29.76,29.34,29.74,30.405,32.2639,28.2609,27.21,24.2,25.7078,27.355,28.8124,30.46,29.03,28.8446,30.1802,28.5639,28.14,30.04,27.1576,28.19,28.0363,25.7725,25.645,25.195,23.9499,24.485,24.21,27.6426,27.78,29.245],"consensus":[-20.7166,64.2106,64.467,23.0901,58.9152,33.4189,0.0,45.8922,-42.5389,0.0,-37.1203,63.1106,47.8535,49.3378,48.0419,77.3309,37.4972,70.3832,77.7791,85.4839,0.0,18.7849,26.0794,37.6496,71.0062,-41.5899,-37.3851,-67.1678,-10.1766,15.2911,35.2775,50.2275,0.0,9.7529,33.4931,-28.9553,-12.1872,38.7971,-45.9146,13.1853,-16.2366,-53.9634,-29.7783,-32.3467,-48.9316,-19.266,-31.2009,50.5935,18.3627,54.5881],"supportDates":["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,null,16.5629,0.0,45.8434,-38.0349,0.0,-31.4606,63.0699,42.9564,43.0272,38.8532,79.9255,37.9833,66.7196,77.1557,87.1019,0.0,13.0039,22.1722,54.9907,71.8034,-39.7784,-27.0898,-64.7925,-0.5825,24.8027,37.9248,50.4034,0.0,6.7506,36.2837,-28.9196,-9.7945,48.5046,-45.682,17.8657,-21.0249,-54.2448,-30.213,-25.7608,-48.3428,-14.7295,-29.9731,49.7589,11.1847,55.8641],"force":[-20.7166,64.2106,64.467,23.0901,2.5744,0.3771,0.0,40.5888,-57.6346,0.0,-38.9703,61.0872,24.0407,28.2315,28.0792,72.3021,3.7699,81.157,87.5441,95.1808,0.0,18.5046,12.8213,31.7136,86.3021,-90.4448,-62.317,-84.8449,-25.5999,39.6247,47.51,57.9603,0.0,3.3941,33.7299,-49.3807,-12.9552,42.1238,-59.2937,37.4312,-18.7321,-60.454,-12.7799,-19.7475,-39.0512,-6.0026,-15.586,82.9849,8.9849,63.2562],"direction":[null,null,null,null,99.1586,76.2844,0.0,49.736,-36.9037,0.0,-42.2669,64.6024,70.4592,71.6259,72.8022,77.9577,61.0325,66.8746,71.5166,76.7083,0.0,52.0272,40.0147,22.0713,59.1695,-8.7638,-31.3427,-57.256,-46.6958,12.9603,23.5144,44.5031,0.0,17.7261,30.1347,-14.4065,-14.3733,25.3266,-36.624,9.4822,-8.9817,-49.0056,-41.4232,-48.8728,-56.6619,-42.4995,-43.7577,28.4105,33.2646,46.9384],"intensity":[null,null,null,null,100.0,20.0,100.0,14.2857,100.0,11.1111,40.0,100.0,91.6667,38.4615,14.2857,86.6667,6.25,88.2353,88.8889,94.7368,90.0,90.4762,50.0,47.8261,83.3333,100.0,80.7692,96.2963,53.5714,58.6207,50.0,70.9677,46.875,36.3636,67.6471,57.1429,83.3333,70.2703,89.4737,84.6154,75.0,75.6098,40.4762,34.8837,34.0909,8.8889,4.3478,97.8723,95.8333,42.8571],"confirmation":[29.296,43.214,43.2961,30.0555,38.9439,55.2773,31.3922,82.5246,82.1411,3.2858,80.0211,88.1343,82.662,83.241,82.905,92.5531,56.2971,90.9068,93.1964,95.6257,39.2361,31.5771,76.0009,79.6027,91.176,82.8253,80.88,90.0686,7.7737,30.9214,79.6212,84.3058,29.1472,25.6396,78.6825,77.8887,71.9598,80.3685,83.104,29.5764,73.1988,85.4618,77.0044,78.0673,83.366,52.078,77.5271,85.1898,73.6997,44.64],"persistence":[null,null,33.3333,50.0,60.0,66.6667,57.1429,62.5,62.5,50.0,25.0,25.0,25.0,25.0,37.5,37.5,62.5,75.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,62.5,37.5,12.5,0.0,0.0,0.0,0.0,12.5,12.5,37.5,37.5,37.5,37.5,12.5,12.5,0.0,25.0,50.0,50.0,50.0,75.0,75.0,75.0,50.0,25.0],"assessmentRisk":[null,null,null,null,20.5424,33.2904,31.6412,6.134,26.249,45.814,28.094,6.8217,25.6089,24.9868,25.9528,10.8365,29.718,14.5048,11.0659,7.247,50.3975,31.7643,2.0438,62.5227,12.3373,5.9226,25.2489,16.1937,44.7573,28.2052,14.837,24.6572,47.1785,29.0439,14.846,23.7051,15.9989,8.7163,24.1515,17.2949,4.6133,22.5737,23.3061,32.3177,25.3116,27.6606,23.9568,20.0136,40.0552,22.4263],"volumeParticipation":true,"latest":{"consensus":54.6,"control":55.9,"force":63.3,"direction":46.9,"confirmation":44.6,"persistence":25.0,"assessmentRisk":22.4,"intensity":42.9,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"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":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+54.6","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+55.9","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+63.3","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+46.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"58.2","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"7.6%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"19.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"65%","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 upward.","series":[{"label":"Close","values":[19.8831,20.7145,21.5656,22.243,22.4662,22.6543,22.006,22.5673,21.0312,21.5013,20.7244,23.6836,23.8617,24.3764,24.8718,26.48,26.09,27.6191,29.41,32.32,29.76,29.34,29.74,30.405,32.2639,28.2609,27.21,24.2,25.7078,27.355,28.8124,30.46,29.03,28.8446,30.1802,28.5639,28.14,30.04,27.1576,28.19,28.0363,25.7725,25.645,25.195,23.9499,24.485,24.21,27.6426,27.78,29.245],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,20.9914,21.2937,21.4232,21.6313,21.5221,21.5184,21.374,21.7939,22.1699,22.5711,22.9894,23.624,24.0724,24.7172,25.5705,26.7977,27.3363,27.7006,28.0714,28.4957,29.1808,29.0136,28.6856,27.8701,27.4769,27.4548,27.7016,28.2031,28.3535,28.4428,28.7587,28.7233,28.6172,28.8759,28.5635,28.4956,28.4121,27.9321,27.5163,27.0942,26.5225,26.1521,25.799,26.1342,26.4334,26.9446],"stroke":"#176fa3","width":1.7},{"label":"Slow 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,60.6982,28.387,38.2755,21.9335,84.1785,87.9257,87.1409,90.2056,99.5607,93.712,95.6729,97.2996,97.6059,68.2014,65.3592,68.0661,72.5662,85.1456,58.0569,50.0637,27.828,38.4353,50.0234,60.2762,71.867,61.807,60.5027,69.8987,58.528,53.3853,61.7644,33.6421,41.6068,38.415,16.7082,15.4857,11.6789,5.8333,10.628,9.9129,47.2598,48.7548,64.6941],"stroke":"#10243b","width":2.0},{"label":"From 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centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,0.0,0.0,-2.8615,-0.384,-7.1647,-5.0896,-8.519,0.0,0.0,0.0,0.0,0.0,-1.4728,0.0,0.0,0.0,-7.9208,-9.2203,-7.9827,-5.9251,-0.1736,-12.5591,-15.8106,-25.1238,-20.4585,-15.362,-10.8527,-5.755,-10.1795,-10.7531,-6.6207,-11.6216,-12.9332,-7.0545,-15.9728,-12.7785,-13.254,-20.2584,-20.6528,-22.0452,-25.8976,-24.242,-25.0928,-14.4722,-14.047,-9.5142],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,13.4998,5.774,8.1384,4.231,19.114,20.01,22.5983,25.0901,33.1783,31.2169,38.9073,47.9145,62.55,49.6748,47.5624,49.5742,52.9187,62.2679,42.1352,31.3575,16.7708,24.0463,31.9944,39.0267,46.9768,40.0767,39.1821,45.6267,37.8277,18.8166,25.892,12.2215,16.4876,15.8525,6.4979,5.9711,4.1116,0.0,2.2342,1.086,15.4184,15.9921,22.1091],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-09-12","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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,48.4637,45.0083,41.7998,39.2964,37.5081,36.6004,35.7575,34.5627,34.0941,33.766,32.5463,31.8678,30.3983,28.2876,26.8575,25.4318,24.2115,23.5881,23.2675,22.9697,22.7272,21.2363,20.2801,19.6792],"stroke":"#10243b","width":2.0},{"label":"Positive 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pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,51.0876,40.4068,28.5387,24.7964,22.02,44.6407,38.3662,72.973,68.2207,82.6363,154.504,222.9784,209.5114,450.8882,170.5791,150.6484,61.8243,111.4429,118.5885,137.2497,81.3416,77.2303,62.9993,62.1334,68.1727,30.8654,24.6355,29.4763,37.0243,32.4465,18.1509,27.7504,98.4618,52.5834,66.7833,24.3536,61.972,38.3795,35.1678,37.215,88.6522,48.1404,103.8092],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed character across the latest observations.","series":[{"label":"Momentum","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,83.1067,85.3399,82.4919,84.6543,86.7226,89.2565,75.5897,73.5986,74.2931,75.4494,78.3771,61.3971,57.8536,49.1107,52.9467,56.7796,59.8926,63.126,58.7025,58.1337,61.0608,55.9618,54.6723,59.2092,50.8878,53.4133,52.9765,46.8942,46.5699,45.3771,42.1596,43.9974,43.2371,53.9377,54.309,58.1798],"stroke":"#063b66","width":2.0},{"label":"Rotation","values":[null,null,null,null,null,null,48.8925,60.6982,28.387,38.2755,21.9335,84.1785,87.9257,87.1409,89.7404,99.5212,93.1481,95.358,97.1385,97.4971,66.9425,63.9878,66.8018,71.4801,83.8069,46.3707,34.1183,4.4416,16.0878,31.8823,45.8567,61.655,47.9432,46.1655,72.6974,53.5922,48.5816,71.0402,37.3668,56.3686,54.2859,16.851,7.0911,16.4651,8.026,14.6232,11.2328,53.5525,55.2465,76.0653],"stroke":"#1678a7","width":1.5},{"label":"Rotation 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