{"schema_version":"1.0","name":"MJSC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"275049d1-e56e-4580-8313-b83817337736","symbol":"MJSC","name":"MUFG JAPAN SMALL CAP ACTIVE 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 rotational.","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, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, Acceleration, deceleration and rollover, Directional strength and control."},{"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":49,"displayedObservations":49,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":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"],"values":[-0.078463,-0.082315,-0.066482,-0.054182,-0.003917,0.157001,0.205169,0.289991,0.411733,0.44689,0.615554,0.805645,0.845124,0.919683,0.890949,0.545749,0.260251,0.003977,-0.211897,-0.154785,-0.153142],"opens":[52.8762,55.653,57.2,57.6332,57.21,57.76,61.1956,61.06,62.4752,62.0,60.32,61.22,62.9,61.78,63.3144,61.2019,59.72,60.6425,60.6043,62.18,63.4303],"highs":[56.37,58.3378,58.5439,57.6332,58.7704,60.629,61.6332,61.2105,62.8113,62.0,60.3411,63.23,63.33,62.95,63.3144,62.22,60.95,60.6425,63.81,63.3317,63.4303],"lows":[52.8762,54.871,57.2,56.2995,56.7416,57.5119,60.75,60.0513,61.923,60.2159,58.3859,61.0549,60.8924,61.76,60.91,59.51,59.37,57.7188,60.6043,61.7086,61.0954],"closes":[54.8721,57.2175,58.5439,56.6105,57.6937,60.629,61.0546,61.2105,62.8113,60.2159,60.3411,62.4386,61.23,62.2026,62.4061,59.8459,60.0912,59.9532,62.8474,63.1924,61.3431],"hoverRows":[[{"label":"Open","value":"52.9","className":"is-ohlc","compact":true},{"label":"High","value":"56.4","className":"is-ohlc","compact":true},{"label":"Low","value":"52.9","className":"is-ohlc","compact":true},{"label":"Close","value":"54.9","className":"is-ohlc","compact":true},{"label":"Market 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but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"60.6","className":"is-ohlc","compact":true},{"label":"High","value":"60.6","className":"is-ohlc","compact":true},{"label":"Low","value":"57.7","className":"is-ohlc","compact":true},{"label":"Close","value":"60.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.00","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"60.6","className":"is-ohlc","compact":true},{"label":"High","value":"63.8","className":"is-ohlc","compact":true},{"label":"Low","value":"60.6","className":"is-ohlc","compact":true},{"label":"Close","value":"62.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.21","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"62.2","className":"is-ohlc","compact":true},{"label":"High","value":"63.3","className":"is-ohlc","compact":true},{"label":"Low","value":"61.7","className":"is-ohlc","compact":true},{"label":"Close","value":"63.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.15","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"63.4","className":"is-ohlc","compact":true},{"label":"High","value":"63.4","className":"is-ohlc","compact":true},{"label":"Low","value":"61.1","className":"is-ohlc","compact":true},{"label":"Close","value":"61.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.15","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":[54.372882,63.691618],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.153142,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly 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 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":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","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":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":60.629}],"reversal_dangers":[{"date":"2026-06-05","price":60.2159}]}},"smTape":{"available":true,"dates":["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":[49.8252,49.0431,49.0308,46.5964,48.2462,49.1235,48.8552,48.772,49.358,48.5448,50.0942,50.0582,49.9242,49.7889,50.0762,50.2489,52.5033,52.8618,52.5702,53.0225,54.8933,58.6733,59.4253,60.5105,55.6543,54.231,52.8689,52.9408,54.8721,57.2175,58.5439,56.6105,57.6937,60.629,61.0546,61.2105,62.8113,60.2159,60.3411,62.4386,61.23,62.2026,62.4061,59.8459,60.0912,59.9532,62.8474,63.1924,61.3431],"consensus":[-41.0312,-73.6041,93.5848,-58.0,-37.3777,24.9658,-21.332,0.0,32.2084,-33.4467,69.7092,41.1298,8.8203,11.7761,35.3157,33.503,77.147,61.1363,39.9621,47.4249,84.7584,85.2403,78.6045,77.832,-18.9118,-40.6433,-53.2455,-35.7944,21.922,50.4845,65.0514,0.0,46.4508,76.1061,37.5906,50.4644,72.6399,-22.6987,22.2015,58.5956,-20.3199,42.8531,27.9451,-41.258,0.0,-13.1137,50.4978,41.3477,-15.6289],"supportDates":["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,34.6072,-24.4447,0.0,25.9938,-30.066,62.2252,38.4952,5.9068,3.1543,37.2577,34.354,86.6264,64.08,45.2721,37.5247,87.1393,92.7663,79.2724,70.6718,-30.2365,-31.6746,-50.5721,-32.6967,33.1208,52.6152,72.0773,0.0,35.5759,78.5842,30.5371,55.8579,73.5443,-24.1601,30.5475,57.5752,-11.8032,33.0509,22.054,-36.9544,0.0,-3.4066,52.4971,45.8141,-28.4737],"force":[-41.0312,-73.6041,93.5848,-58.0,-29.9689,35.5268,-24.1385,0.0,30.0021,-34.1808,94.6631,23.2696,13.7329,5.6595,45.8051,29.6343,77.2537,45.8748,4.2579,36.1709,98.0706,79.8556,71.4994,80.7363,-82.7771,-81.0329,-70.5368,-30.0068,33.8543,48.9414,65.1908,0.0,64.3162,95.4328,18.6152,26.5479,81.3615,-85.1798,14.9271,75.6643,-78.3703,55.5007,15.5808,-70.1744,0.0,-13.323,78.1762,30.6984,-34.9729],"direction":[null,null,null,null,-85.4825,6.4034,-15.7699,0.0,40.8869,-36.7859,60.4382,56.898,41.7607,41.2936,25.6039,35.2937,66.2371,68.6731,65.4793,66.7779,72.5288,80.4853,82.9164,83.9406,-39.6487,-22.0435,-43.9499,-43.4686,0.6003,49.1516,56.9224,0.0,46.1182,59.4693,59.2057,61.3835,65.3765,-23.6009,17.8591,47.5698,-11.4114,45.0216,43.5095,-25.522,0.0,-24.0581,28.4427,43.8501,-12.868],"intensity":[null,null,null,null,75.0,60.0,16.6667,28.5714,37.5,66.6667,80.0,27.2727,25.0,46.1538,7.1429,6.6667,93.75,58.8235,11.1111,68.4211,90.0,100.0,90.9091,69.5652,100.0,92.0,57.6923,11.1111,78.5714,86.2069,83.3333,74.1935,43.75,93.9394,94.1176,28.5714,66.6667,86.4865,60.5263,89.7436,42.5,36.5854,30.9524,83.7209,45.4545,60.0,93.4783,36.1702,62.5],"confirmation":[35.7967,46.22,52.6138,41.2267,18.4722,53.4973,74.8643,2.8553,78.3342,78.7768,91.1815,80.6574,6.5494,28.0115,79.5911,78.5901,92.5458,87.0536,57.601,82.9838,95.4921,94.9981,92.9267,93.1039,38.9506,82.3734,85.6063,79.325,52.5414,84.0755,88.7136,34.9656,83.5744,92.9052,79.5582,83.3375,91.4968,36.847,74.7556,87.2863,33.5024,82.2478,76.6554,82.1494,24.8447,49.684,84.9724,80.8387,30.8069],"persistence":[null,null,33.3333,50.0,60.0,33.3333,42.8571,37.5,12.5,12.5,12.5,12.5,37.5,37.5,62.5,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,12.5,12.5,37.5,62.5,87.5,87.5,62.5,62.5,75.0,50.0,50.0,50.0,25.0,12.5,12.5,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,20.8699,9.6345,3.8862,46.1905,21.4166,7.3588,4.5449,20.4965,19.9804,36.0726,18.559,7.3088,11.1857,19.3927,29.8449,26.2126,7.2302,7.3717,10.6971,11.0838,28.5818,28.6433,23.2364,32.0516,29.1711,19.5695,17.0585,50.5825,19.8633,7.3817,23.4478,23.7232,13.0147,0.7644,32.099,3.6294,27.2557,20.95,29.9494,25.0698,28.9369,38.2417,11.3366,28.0351,40.0488],"volumeParticipation":true,"latest":{"consensus":-15.6,"control":-28.5,"force":-35.0,"direction":-12.9,"confirmation":30.8,"persistence":12.5,"assessmentRisk":40.0,"intensity":62.5,"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":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-15.6","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-28.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-35.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-12.9","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"31/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"55.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"18.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"77%","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 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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,6.865,0.0688,0.4823,5.9602,0.0126,0.3305,0.4218,8.701,9.944,1.0862,3.4577,16.0661,5.4584,105.937,27.3178,65.75,378.4059,577.0492,382.4924,44.3524,24.8024,13.8668,12.3681,49.249,89.8543,109.1273,279.9361,71.9324,25.8586,96.0511,460.5904,554.1448,655.9252,91.2726,313.2232,198.2614,26.8838,33.8559,184.1827,50.3972,12.6568,7.6598],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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