{"schema_version":"1.0","name":"FNGU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"27abf571-0156-438d-a471-cd6ec6b9f43d","symbol":"FNGU","name":"MICROSECTORS FANG+ 3X LEVERAGED ETNS DUE FEBRUARY 17, 2045","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 strengthened across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Strength versus the research benchmark, Drawdown and recovery pressure, Range position and boundary pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover."},{"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":79,"displayedObservations":79,"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. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.471772,0.692881,0.855231,0.860871,0.740775,0.632645,0.493638,0.403307,0.525053,0.435047,0.230431,-0.055498,-0.382732,-0.550808,-0.758324,-0.898342,-1.1599,-1.464498,-1.542216,-1.571928,-1.534996,-1.429002,-1.490842,-1.593241,-1.727567,-1.736548,-1.718119,-1.729964,-1.740228,-1.838045,-1.809175,-1.416497,-0.709236,-0.061286,0.492249,0.828796,0.882872,0.877141,0.893471,0.826043,0.739864,0.659385,0.485912,0.335005,0.190191,0.038063,-0.167051,-0.306308,-0.243072,-0.215712,-0.075453],"opens":[23.865,27.695,28.92,30.8,29.42,28.8,28.95,28.96,31.53,33.695,30.83,28.68,26.88,29.16,30.01,27.2,26.18,25.96,24.87,24.72,22.36,23.06,22.35,19.28,17.205,18.23,17.79,19.3,19.33,17.9,14.67,16.76,19.5,23.6,24.63,25.64,29.29,29.06,29.95,35.75,28.49,28.6,29.06,25.06,26.93,28.06,27.075,25.93,27.19,33.21,33.34],"highs":[28.13,29.225,31.1,31.1463,30.08,31.0186,29.66,30.61,34.14,33.78,31.99,29.91,29.975,30.61,30.36,27.26,26.845,26.31,26.18,25.6001,23.22,24.69,23.34,20.76,19.1,18.685,20.69,21.045,19.82,18.5,16.76,19.865,24.14,24.8099,25.75,29.36,30.94,29.66,34.99,36.78,29.29,29.91,29.34,27.6192,29.03,29.88,27.97,26.845,33.94,34.5,33.62],"lows":[23.51,27.64,28.32,27.88,28.26,27.45,27.25,27.82,31.28,27.58,27.06,24.82,26.805,28.565,26.845,24.13,25.65,23.7401,24.2,23.23,20.7,21.39,18.15,17.21,16.58,16.4501,17.61,18.59,16.79,14.28,13.485,16.0992,19.2,22.41,23.0,25.18,27.19,26.89,29.91,26.72,24.09,26.825,23.08,24.36,26.36,25.1,24.665,23.28,26.97,32.1,30.3201],"closes":[27.14,28.62,31.08,29.08,28.91,27.54,28.4,30.28,32.53,29.53,28.99,25.94,29.94,29.79,27.26,25.68,26.55,24.13,25.1,23.59,22.84,22.54,19.34,17.6,18.43,18.39,19.94,18.81,17.18,14.39,16.55,19.57,23.84,24.71,25.24,29.2,28.97,28.73,34.76,26.99,26.26,29.36,23.97,26.49,28.64,26.54,24.82,26.66,33.53,33.06,31.42],"hoverRows":[[{"label":"Open","value":"23.9","className":"is-ohlc","compact":true},{"label":"High","value":"28.1","className":"is-ohlc","compact":true},{"label":"Low","value":"23.5","className":"is-ohlc","compact":true},{"label":"Close","value":"27.1","className":"is-ohlc","compact":true},{"label":"Market 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Distinct visits lasted 1.3 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 30.2% across 3 completed cases, with the largest move arriving after 4.7 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-05-01","price":25.24}],"reversal_warnings":[{"date":"2026-05-29","price":34.76},{"date":"2026-08-07","price":33.53}],"reversal_dangers":[{"date":"2026-06-05","price":26.99},{"date":"2026-08-14","price":33.06},{"date":"2026-08-21","price":31.42}]}},"smTape":{"available":true,"dates":["2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","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":[22.71,19.4684,16.0,15.52,15.38,13.49,9.5,12.15,10.88,14.58,16.35,15.68,19.35,18.36,19.78,21.39,20.87,20.68,24.44,25.06,23.77,24.39,25.01,23.49,25.73,26.27,24.9,25.26,27.14,28.62,31.08,29.08,28.91,27.54,28.4,30.28,32.53,29.53,28.99,25.94,29.94,29.79,27.26,25.68,26.55,24.13,25.1,23.59,22.84,22.54,19.34,17.6,18.43,18.39,19.94,18.81,17.18,14.39,16.55,19.57,23.84,24.71,25.24,29.2,28.97,28.73,34.76,26.99,26.26,29.36,23.97,26.49,28.64,26.54,24.82,26.66,33.53,33.06,31.42],"consensus":[-43.6508,-27.0991,-47.8813,46.5105,-59.2011,-64.2084,-71.8021,0.0,-61.0578,30.9784,43.0795,0.0,67.2515,9.066,46.8304,64.3369,13.0615,14.5435,74.4729,51.2748,10.1292,45.112,37.91,-14.9346,57.4388,38.8958,0.0,21.6739,47.7841,48.2738,70.5552,8.8069,19.0698,-18.1076,10.3415,46.7756,50.0538,-12.8073,0.0,-48.1602,31.7814,11.2386,-38.0649,-30.2826,0.0,-53.3352,-14.9051,-45.9986,-27.5923,-31.7923,-67.7713,-61.5082,-20.949,-25.4425,9.8876,-32.7601,-49.6493,-69.4279,0.0,32.6177,64.4048,50.6563,43.9818,73.7217,33.5248,35.2302,78.044,-32.2719,-11.2114,38.7498,-48.5449,17.6406,36.9021,-20.5657,-24.6044,19.0865,64.5429,26.7655,10.1226],"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":[15.7294,48.2673,48.9996,75.5943,1.0791,13.539,-17.5826,17.7339,52.3015,46.1258,-23.819,0.0,-41.6219,49.8179,14.929,-38.3106,-32.451,0.0,-54.8744,-10.1994,-48.2653,-15.5309,-30.0559,-61.5632,-63.2456,-9.7238,-12.8891,8.4641,-42.8709,-55.1571,-70.8967,0.0,33.5826,59.9781,52.5834,42.6167,77.5474,26.9074,31.7737,84.381,-35.0149,-9.6018,44.3748,-45.3109,22.014,40.2322,-18.1485,-35.3436,23.9181,66.3652,20.2633,0.9051],"force":[11.2926,54.4718,42.3263,73.071,34.851,2.9721,-52.3529,7.6115,50.0447,50.67,-49.3138,0.0,-71.4929,46.5717,3.7794,-58.022,-31.4784,0.0,-52.2619,-9.4229,-42.7548,-12.195,-17.443,-85.3896,-53.8997,-15.402,-1.0055,58.6379,-28.9112,-48.0333,-80.3841,0.0,73.5462,93.2724,43.3176,30.1619,79.2224,3.501,7.6363,77.6724,-83.3966,-25.3261,41.3661,-75.4124,31.9294,41.926,-38.5518,-30.904,33.3468,80.0771,2.3746,17.7397],"direction":[35.883,42.4551,51.6925,62.9993,51.2893,41.1348,-5.7533,3.843,38.1253,54.1027,-25.8535,0.0,-38.9664,0.6038,12.349,-23.5289,-26.9502,0.0,-52.3428,-37.6601,-45.725,-52.3748,-44.0262,-62.2818,-64.9573,-59.7428,-57.2441,23.3072,-23.954,-44.5089,-59.9233,0.0,2.2804,48.8443,53.6957,55.4132,65.4206,62.5332,58.8903,71.0671,-7.3807,-2.9691,30.4524,-33.0498,2.436,29.5078,-10.4812,-7.8313,3.3789,51.3644,51.6185,42.6274],"intensity":[33.3333,50.0,89.6552,60.0,51.6129,18.75,27.2727,26.4706,51.4286,77.7778,86.4865,44.7368,69.2308,90.0,41.4634,61.9048,69.7674,31.8182,57.7778,8.6957,31.9149,64.5833,30.6122,76.0,64.7059,40.3846,3.8462,55.7692,17.3077,48.0769,75.0,59.6154,80.7692,100.0,82.6923,9.6154,94.2308,57.6923,19.2308,100.0,100.0,98.0769,73.0769,94.2308,61.5385,51.9231,50.0,40.3846,34.6154,96.1538,90.3846,28.8462],"confirmation":[74.7099,83.4874,83.2553,90.5775,9.3034,51.4822,53.4068,25.7801,82.9836,84.0958,33.2252,26.4225,84.222,55.6793,48.6461,80.7852,77.6938,5.3,85.0111,28.7768,82.5861,76.5441,77.7627,90.3184,87.4243,31.7193,52.9215,32.3103,78.2119,83.7546,90.5284,34.6306,57.0036,89.5568,83.957,81.6738,91.7003,55.2471,55.8187,92.8662,58.7512,49.3757,80.394,84.4025,51.3471,79.911,75.166,53.2351,51.802,89.0994,53.254,4.7057],"persistence":[62.5,62.5,62.5,62.5,87.5,87.5,62.5,75.0,75.0,75.0,50.0,37.5,12.5,12.5,37.5,12.5,12.5,25.0,25.0,37.5,37.5,62.5,87.5,87.5,87.5,100.0,100.0,75.0,75.0,75.0,75.0,62.5,37.5,12.5,12.5,12.5,37.5,62.5,87.5,100.0,75.0,50.0,50.0,25.0,25.0,25.0,0.0,25.0,0.0,25.0,25.0,50.0],"assessmentRisk":[31.2096,13.385,22.0157,14.693,45.1215,32.6592,22.6924,52.7718,9.7394,24.2549,47.7177,18.7007,24.9553,57.6691,0.5275,13.9191,8.9384,42.8778,22.8295,30.7499,14.4689,33.5872,18.4551,15.8773,19.0503,38.6586,37.0814,14.3435,51.4567,10.9265,14.9214,49.2513,3.5631,17.5872,24.6648,27.9773,13.1272,32.6008,30.431,10.9344,12.2176,27.3654,10.2685,25.4365,15.5196,10.0483,22.5078,23.8319,7.2169,9.9424,33.0363,41.4032],"volumeParticipation":true,"latest":{"consensus":10.1,"control":0.9,"force":17.7,"direction":42.6,"confirmation":4.7,"persistence":50.0,"assessmentRisk":41.4,"intensity":28.8,"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+10.1","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+0.9","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+17.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+42.6","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"5/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"56.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"12.9%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"16.9","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 envelope.","reason":"Selected as the anchor because price and its trend references are aligned upward.","series":[{"label":"Close","values":[22.71,19.4684,16.0,15.52,15.38,13.49,9.5,12.15,10.88,14.58,16.35,15.68,19.35,18.36,19.78,21.39,20.87,20.68,24.44,25.06,23.77,24.39,25.01,23.49,25.73,26.27,24.9,25.26,27.14,28.62,31.08,29.08,28.91,27.54,28.4,30.28,32.53,29.53,28.99,25.94,29.94,29.79,27.26,25.68,26.55,24.13,25.1,23.59,22.84,22.54,19.34,17.6,18.43,18.39,19.94,18.81,17.18,14.39,16.55,19.57,23.84,24.71,25.24,29.2,28.97,28.73,34.76,26.99,26.26,29.36,23.97,26.49,28.64,26.54,24.82,26.66,33.53,33.06,31.42],"stroke":"#10243b","width":2.1},{"label":"Fast 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envelope","values":[null,null,null,null,null,null,null,null,null,7.5215,7.9494,8.2947,8.5154,8.8111,9.0081,9.0702,9.2306,9.4197,9.2458,9.1141,9.0273,8.8089,8.7948,9.0319,9.2206,9.7802,11.5341,12.8701,14.8004,15.8463,16.3668,17.6265,18.2043,19.2517,20.0731,20.514,20.9462,21.9611,22.273,22.3812,22.8521,23.2815,23.5763,24.0445,24.1673,23.7593,23.7979,23.4412,22.7078,21.9333,20.5635,18.8979,17.727,16.6989,16.0897,15.4935,15.0412,13.8552,13.3055,13.0899,13.5331,14.0487,14.2297,13.8134,13.5423,13.2369,12.0762,12.049,12.0845,12.0163,12.3652,13.03,13.6004,14.2973,14.7586,15.505,16.3896,18.443,20.4331],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","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"]},{"key":"relative","eyebrow":"Relative leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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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 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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 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