{"schema_version":"1.0","name":"TONX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"33b4457f-0a22-4da7-8b31-c370cc9e096e","symbol":"TONX","name":"TON Strategy Co","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Technology","industry":"Software - Application"},"summary":"Market Dynamics weakened this week and 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, Drawdown and recovery pressure, Range pressure and compression, Activity pressure and cumulative balance, Directional strength and control, 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":51,"displayedObservations":51,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.580438,0.772443,0.777945,0.706073,0.644059,0.627916,0.713456,1.087818,1.461547,1.858667,2.152889,2.103275,1.925837,1.755927,1.536108,1.335551,1.185842,0.941925,0.754227,0.499458,0.23215,0.102278,-0.010368],"opens":[3.39,2.95,2.42,2.36,2.08,2.37,2.39,2.14,3.54,3.63,3.94,3.94,3.16,3.28,3.25,2.58,2.93,3.2,3.26,3.28,3.03,2.98,2.7],"highs":[3.55,3.21,2.65,2.41,2.7,2.6799,2.43,3.73,3.9,4.1,4.1,4.44,3.57,3.66,3.33,3.47,3.55,3.59,3.68,3.49,3.2,3.45,3.17],"lows":[2.6,2.38,2.15,2.03,2.07,2.33,2.01,2.07,3.1,3.15,3.5,3.04,2.89,3.1001,2.35,2.47,2.93,3.15,3.16,2.93,2.78,2.62,2.57],"closes":[2.95,2.435,2.39,2.08,2.41,2.38,2.12,3.64,3.67,3.94,3.98,3.11,3.15,3.35,2.56,2.88,3.21,3.26,3.24,2.98,2.99,2.69,3.06],"hoverRows":[[{"label":"Open","value":"3.39","className":"is-ohlc","compact":true},{"label":"High","value":"3.55","className":"is-ohlc","compact":true},{"label":"Low","value":"2.60","className":"is-ohlc","compact":true},{"label":"Close","value":"2.95","className":"is-ohlc","compact":true},{"label":"Market 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weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.454293,2.454293],"priceRange":[1.966,4.094],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.010368,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and 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 weakened this week and 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":"8 May 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":23,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-05-08","price":3.64}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":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"],"close":[10.71,7.24,6.8,6.94,6.87,5.56,3.69,3.95,4.31,3.3,3.31,2.88,3.41,3.06,2.675,2.43,2.19,2.41,3.0,2.87,2.58,2.61,1.96,2.1,1.87,1.94,2.73,3.35,2.95,2.435,2.39,2.08,2.41,2.38,2.12,3.64,3.67,3.94,3.98,3.11,3.15,3.35,2.56,2.88,3.21,3.26,3.24,2.98,2.99,2.69,3.06],"consensus":[-47.6995,-92.5532,-70.5882,-15.1092,-41.5823,-41.6257,-54.7761,-26.6059,-17.897,-46.4529,-29.8417,-38.0551,-8.0657,-30.2732,-33.527,-34.2165,-32.6206,0.0,8.1466,-12.7122,-19.9477,0.0,-38.845,0.0,-28.1362,-13.3826,32.9099,41.0909,0.0,-19.8852,-8.6036,-32.8321,0.0,-10.0711,-22.8365,64.9257,34.5748,45.8753,37.8402,-28.9355,0.0,0.0,-44.1425,0.0,16.9393,0.0,0.0,-17.0595,0.0,-32.5102,-17.2717],"supportDates":["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,null,-48.7069,-62.3779,-17.5198,-4.811,-47.2639,-35.7272,-41.1073,-1.2385,-36.7662,-37.4479,-41.511,-38.3404,0.0,8.095,-22.5105,-33.9762,0.0,-43.4401,0.0,-34.3284,-11.8611,33.4125,40.7658,0.0,-32.985,-10.3093,-37.1961,0.0,-18.0881,-28.8646,56.9159,30.3988,41.8701,34.436,-31.6533,0.0,0.0,-42.0759,0.0,14.5493,0.0,0.0,-25.4053,0.0,-30.8446,-23.5497],"force":[-47.6995,-92.5532,-70.5882,-15.1092,-12.4251,-27.4373,-36.2485,-0.0319,-6.505,-34.1853,-8.9673,-22.07,-18.2669,-16.5221,-19.2185,-16.9417,-18.53,0.0,28.9877,-7.3243,-13.3695,0.0,-41.38,0.0,-18.7893,-0.1367,53.6101,46.2724,0.0,-34.8156,-5.6212,-34.2765,0.0,-9.9754,-27.1708,94.7329,18.4035,39.6408,19.6308,-62.6651,0.0,0.0,-66.4157,0.0,29.734,0.0,0.0,-28.7666,0.0,-47.0948,-33.3787],"direction":[null,null,null,null,-62.4088,-43.6675,-59.3223,-56.0169,-50.2824,-54.2885,-38.0256,-45.9848,-37.5082,-32.6747,-39.2663,-38.2192,-36.1482,0.0,6.681,-5.3626,-8.6138,0.0,-31.7827,0.0,-27.7359,-24.5828,17.5497,37.7616,0.0,-5.7504,-8.7845,-26.8129,0.0,-0.9772,-12.8513,52.7887,50.8984,54.906,54.7374,-1.7367,0.0,0.0,-30.5949,0.0,10.5317,0.0,0.0,-0.8407,0.0,-23.9961,-1.4081],"intensity":[null,null,null,null,25.0,80.0,83.3333,57.1429,25.0,55.5556,10.0,54.5455,33.3333,23.0769,35.7143,40.0,18.75,17.6471,61.1111,26.3158,25.0,9.5238,63.6364,47.8261,16.6667,4.0,73.0769,66.6667,39.2857,51.7241,63.3333,29.0323,34.375,21.2121,32.3529,94.2857,86.1111,24.3243,42.1053,82.0513,82.5,12.1951,73.8095,30.2326,50.0,13.3333,4.3478,23.4043,29.1667,30.6122,48.0],"confirmation":[37.9305,52.2837,45.2549,27.5016,57.3068,80.7799,84.8479,53.1806,29.2372,82.4787,76.8235,79.644,6.0814,77.1694,78.2328,78.3117,77.922,4.4781,50.0014,26.4211,73.969,24.9127,80.4376,4.4635,76.6244,49.2353,79.1544,81.312,28.6373,53.1788,47.9696,78.4838,3.5198,48.431,75.3479,89.8067,78.6347,82.5511,79.6058,55.5792,0.943,24.4367,82.8359,27.2412,73.8469,23.9166,25.9405,51.2013,1.3824,78.8731,51.5559],"persistence":[null,null,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,62.5,62.5,50.0,50.0,37.5,37.5,50.0,50.0,25.0,12.5,25.0,25.0,37.5,25.0,25.0,50.0,50.0,37.5,12.5,12.5,12.5,12.5,25.0,25.0,12.5,12.5,0.0,12.5,12.5,12.5,25.0,0.0],"assessmentRisk":[null,null,null,null,28.6848,21.9547,21.9474,35.8544,39.4018,24.6317,1.0312,18.4749,29.5226,4.0672,20.2743,12.2958,31.3536,34.2509,19.0895,44.7888,46.1715,24.7254,30.2936,46.4825,34.2491,42.0636,31.8322,29.2591,49.506,50.756,28.7229,33.4126,45.0476,1.7021,17.4242,17.2073,31.7248,26.7589,30.9796,22.0757,35.8736,43.0965,27.303,22.9764,3.1472,9.0895,39.6924,17.4111,24.639,29.2995,30.7136],"volumeParticipation":true,"latest":{"consensus":-17.3,"control":-23.5,"force":-33.4,"direction":-1.4,"confirmation":51.6,"persistence":0.0,"assessmentRisk":30.7,"intensity":48.0,"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":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-17.3","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-23.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-33.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-1.4","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"52/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"37.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"25.9%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"20.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"49%","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 is rotating through its trend references.","series":[{"label":"Close","values":[10.71,7.24,6.8,6.94,6.87,5.56,3.69,3.95,4.31,3.3,3.31,2.88,3.41,3.06,2.675,2.43,2.19,2.41,3.0,2.87,2.58,2.61,1.96,2.1,1.87,1.94,2.73,3.35,2.95,2.435,2.39,2.08,2.41,2.38,2.12,3.64,3.67,3.94,3.98,3.11,3.15,3.35,2.56,2.88,3.21,3.26,3.24,2.98,2.99,2.69,3.06],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,8.6295,8.0714,7.2748,6.6703,6.2412,5.7064,5.2707,4.836,4.5767,4.301,4.0053,3.7189,3.4409,3.2535,3.2074,3.1461,3.0431,2.9644,2.7818,2.6578,2.5146,2.4101,2.4683,2.6286,2.687,2.6412,2.5955,2.5018,2.4851,2.466,2.4031,2.628,2.8174,3.0215,3.1958,3.1802,3.1747,3.2066,3.089,3.051,3.0799,3.1127,3.1358,3.1075,3.0861,3.0141,3.0224],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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 tape.","series":[{"label":"Drawdown","values":[0.0,-32.3996,-36.5079,-35.2007,-35.8543,-48.0859,-65.5462,-63.1186,-59.7572,-69.1877,-69.0943,-73.1092,-68.1606,-71.4286,-75.0233,-77.3109,-79.5518,-77.4977,-71.9888,-73.2026,-75.9104,-75.6303,-81.6993,-80.3922,-82.5397,-81.8861,-74.5098,-68.7208,-72.4556,-77.2642,-77.6844,-80.5789,-77.4977,-77.7778,-80.2054,-66.0131,-65.733,-63.212,-62.8385,-70.9617,-70.5882,-68.7208,-76.0971,-73.1092,-70.028,-69.5612,-69.7479,-72.1755,-72.0822,-74.8833,-71.4286],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,7.0461,16.8022,0.0,0.303,0.0,18.4028,6.25,0.0,0.0,0.0,10.0457,36.9863,31.0502,17.8082,19.1781,0.0,7.1429,0.0,3.7433,45.9893,79.1444,57.754,30.2139,27.8075,11.2299,28.877,27.2727,13.369,94.6524,96.2567,110.6952,112.8342,66.3102,68.4492,79.1444,36.8984,54.0107,71.6578,74.3316,73.262,59.3583,59.893,43.8503,57.732],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,77.3625,84.2185,87.0866,90.8372,78.4391,60.3451,59.5684,62.4723,58.1368,74.9301,66.0619,70.0722,63.9343,44.4276,35.4161,39.6458,47.0348,45.9918,50.3766,42.2402,40.7675,43.9133,27.0065,26.4295,24.5821,23.6737,31.3476,30.2808,27.6331,36.3677,32.498,28.5653,27.0822,26.4493,28.0452,26.9582,30.0283,25.9125],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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,81.3346,47.5557,77.7574,71.3595,114.7949,78.8851,77.7392,72.5732,53.6693,51.8787,96.8985,98.7389,85.3989,32.1881,51.7488,97.9751,60.4567,44.9024,44.5529,87.6199,69.8879,111.07,105.7791,54.8577,67.9268,80.8413,47.4739,84.4066,203.6554,150.1804,108.2244,65.5145,78.7632,55.8507,57.8506,102.1359,187.5578,133.2832,62.5926,63.9088,72.3906,63.3643,123.7874,70.1023],"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 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