{"schema_version":"1.0","name":"FTMN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"250a3e04-bf3f-430d-9d54-cf83e195e239","symbol":"FTMN","name":"FRANKLIN MINNESOTA MUNICIPAL INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains downward.","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, Range pressure and compression, Activity pressure and cumulative balance, 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":41,"displayedObservations":41,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.116712,-0.127659,-0.044386,0.04448,0.189034,0.302106,0.29893,0.194068,-0.05955,-0.287003,-0.444659,-0.548364,-0.511068],"opens":[8.732599,8.765708,8.845386,8.845386,8.875303,8.856141,8.875792,8.830839,8.801038,8.711333,8.66,8.7301,8.75],"highs":[8.83206,8.855359,8.847879,8.875303,8.895248,8.8959,8.890742,8.840906,8.809011,8.761169,8.75,8.77,8.75],"lows":[8.732599,8.765708,8.800511,8.805497,8.835414,8.830939,8.797649,8.772232,8.641562,8.661796,8.66,8.71,8.64],"closes":[8.799337,8.81547,8.81547,8.85127,8.895248,8.870808,8.850874,8.796054,8.681431,8.691398,8.75,8.735,8.685],"hoverRows":[[{"label":"Open","value":"8.73","className":"is-ohlc","compact":true},{"label":"High","value":"8.83","className":"is-ohlc","compact":true},{"label":"Low","value":"8.73","className":"is-ohlc","compact":true},{"label":"Close","value":"8.80","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.12","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.77","className":"is-ohlc","compact":true},{"label":"High","value":"8.86","className":"is-ohlc","compact":true},{"label":"Low","value":"8.77","className":"is-ohlc","compact":true},{"label":"Close","value":"8.82","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.13","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.85","className":"is-ohlc","compact":true},{"label":"High","value":"8.85","className":"is-ohlc","compact":true},{"label":"Low","value":"8.80","className":"is-ohlc","compact":true},{"label":"Close","value":"8.82","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.30","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.83","className":"is-ohlc","compact":true},{"label":"High","value":"8.84","className":"is-ohlc","compact":true},{"label":"Low","value":"8.77","className":"is-ohlc","compact":true},{"label":"Close","value":"8.80","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.19","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.80","className":"is-ohlc","compact":true},{"label":"High","value":"8.81","className":"is-ohlc","compact":true},{"label":"Low","value":"8.64","className":"is-ohlc","compact":true},{"label":"Close","value":"8.68","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.06","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.71","className":"is-ohlc","compact":true},{"label":"High","value":"8.76","className":"is-ohlc","compact":true},{"label":"Low","value":"8.66","className":"is-ohlc","compact":true},{"label":"Close","value":"8.69","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.29","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.66","className":"is-ohlc","compact":true},{"label":"High","value":"8.75","className":"is-ohlc","compact":true},{"label":"Low","value":"8.66","className":"is-ohlc","compact":true},{"label":"Close","value":"8.75","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.44","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.73","className":"is-ohlc","compact":true},{"label":"High","value":"8.77","className":"is-ohlc","compact":true},{"label":"Low","value":"8.71","className":"is-ohlc","compact":true},{"label":"Close","value":"8.73","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.55","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.75","className":"is-ohlc","compact":true},{"label":"High","value":"8.75","className":"is-ohlc","compact":true},{"label":"Low","value":"8.64","className":"is-ohlc","compact":true},{"label":"Close","value":"8.69","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.51","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":[8.668602,8.908077],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.511068,"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":"Accumulation repair watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-14","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":[8.6399,8.689,8.6983,8.6543,8.6623,8.6831,8.6831,8.7176,8.7571,8.7522,8.7431,8.7719,8.8028,8.8324,8.8522,8.8819,8.8047,8.76,8.651,8.6262,8.7106,8.7852,8.8349,8.8449,8.7724,8.797,8.6978,8.6829,8.7993,8.8155,8.8155,8.8513,8.8952,8.8708,8.8509,8.7961,8.6814,8.6914,8.75,8.735,8.685],"consensus":[-73.3333,30.0004,31.6663,-56.0452,0.0,0.0,0.0,24.8908,34.9001,14.9318,21.5033,29.6733,36.3306,34.9113,36.1701,48.0196,-19.6396,-22.6312,-59.3759,-40.1234,0.0,31.6849,43.1296,30.461,-18.7471,9.4772,-49.4286,-32.8162,34.656,19.2817,11.5722,33.4457,48.827,17.1401,0.0,-25.1705,-56.0916,-29.0202,14.8691,-20.8614,-34.9859],"supportDates":["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,0.0,0.0,22.2871,30.9647,7.0067,20.483,27.6388,35.9833,27.44,31.2306,41.4383,-21.4283,-17.9438,-51.9011,-35.5798,0.0,32.5279,42.3883,26.8457,-28.3143,9.1088,-45.6861,-26.9029,37.9308,22.2217,2.7165,30.5658,52.4575,16.7662,0.0,-24.8082,-53.685,-26.3365,25.6575,-15.5451,-36.9577],"force":[-73.3333,30.0004,31.6663,-56.0452,0.0,0.0,0.0,21.8365,29.5222,0.9621,12.3148,24.9055,32.5421,28.348,19.741,46.2191,-59.2209,-39.1749,-88.6707,-33.2678,0.0,54.6775,50.1379,22.1018,-45.5788,9.6076,-72.3766,-31.1909,55.7202,16.8169,0.3055,29.1234,50.0579,3.6168,0.0,-38.5321,-67.5274,-7.3617,56.9871,-21.1073,-44.9119],"direction":[null,null,null,null,0.0,0.0,0.0,30.048,43.2391,35.3417,29.2327,35.4041,39.4337,48.138,53.5505,56.8272,-10.6769,-16.1712,-46.9937,-50.2128,0.0,14.2983,38.9708,40.5635,-11.3523,9.805,-37.3143,-40.7351,15.8676,17.6824,29.7407,39.8244,43.7987,32.3936,0.0,-16.0406,-50.6737,-47.5577,27.5449,-26.7615,-25.6424],"intensity":[null,null,null,null,25.0,20.0,16.6667,57.1429,62.5,77.7778,90.0,54.5455,41.6667,92.3077,78.5714,26.6667,93.75,82.3529,100.0,100.0,85.0,80.9524,68.1818,21.7391,75.0,12.0,92.3077,81.4815,96.4286,24.1379,30.0,32.2581,43.75,9.0909,26.4706,54.2857,100.0,48.6486,55.2632,51.2821,70.0],"confirmation":[46.1333,32.2668,32.7999,40.6011,25.0455,24.9382,1.0716,75.9116,79.0641,27.2865,74.6166,77.3812,79.5156,79.0854,79.149,83.4117,32.4081,75.8176,88.007,80.6998,30.9431,78.8271,82.0264,77.5478,31.7595,71.0423,84.5735,78.5418,79.682,74.0502,26.1614,78.6148,83.6068,50.9628,26.1245,76.4673,86.3345,54.0006,34.4202,74.7641,87.4679],"persistence":[null,null,33.3333,0.0,0.0,0.0,0.0,12.5,37.5,37.5,37.5,62.5,75.0,87.5,100.0,100.0,75.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,25.0,25.0,25.0,25.0,50.0,50.0,62.5,62.5,37.5,12.5,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,27.6973,13.4268,25.8174,36.5813,32.4533,41.9961,38.2802,33.8147,29.3923,32.4138,31.9097,25.9843,13.0266,37.4018,20.2985,29.937,51.4262,6.1064,28.3131,34.736,48.6606,5.2374,24.0323,33.0478,0.8993,3.7151,41.4103,32.9757,22.1934,29.5353,25.8746,26.227,21.8662,35.2743,53.9927,30.0939,20.6882],"volumeParticipation":true,"latest":{"consensus":-35.0,"control":-37.0,"force":-44.9,"direction":-25.6,"confirmation":87.5,"persistence":37.5,"assessmentRisk":20.7,"intensity":70.0,"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":"-35.0","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-37.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-44.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-25.6","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"87/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"46.3","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"23.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"31%","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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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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}