{"schema_version":"1.0","name":"CRCD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"3b1e0dcb-73ee-4388-9f3f-09c519354ebe","symbol":"CRCD","name":"T-REX 2X INVERSE CRCL DAILY TARGET ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. 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, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression, 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":48,"displayedObservations":48,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. 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":["2026-04-10","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":[-0.564004,-0.742028,-0.796317,-0.858211,-0.838098,-0.830535,-0.820749,-0.786225,-0.64018,-0.468863,-0.229709,0.041376,0.124891,0.158297,0.190848,0.211207,0.226046,0.241877,0.239805,0.212934],"opens":[7.02,7.92,5.29,5.39,4.29,2.95,2.95,2.91,3.0,4.57,4.59,4.69,5.32,6.54,6.43,6.89,5.81,6.62,5.03,4.35],"highs":[8.285,7.92,5.8796,6.36,4.33,3.695,3.1798,3.75,5.2151,5.2969,5.2299,6.66,7.15,6.96,7.41,6.89,6.63,6.84,5.4597,4.4],"lows":[5.79,4.42,4.68,5.005,2.8072,1.935,2.605,2.7129,2.950604,4.21,3.985,4.28,5.145,4.63,5.82,4.575,5.39,4.83,3.89,2.3399],"closes":[7.64,4.945,5.27,5.04,3.265,2.85,2.88,2.77,5.04,5.24,4.85,5.52,6.49,6.01,6.99,6.12,5.94,5.13,4.32,2.69],"hoverRows":[[{"label":"Open","value":"7.02","className":"is-ohlc","compact":true},{"label":"High","value":"8.29","className":"is-ohlc","compact":true},{"label":"Low","value":"5.79","className":"is-ohlc","compact":true},{"label":"Close","value":"7.64","className":"is-ohlc","compact":true},{"label":"Market 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steady","context":{"scenario":"positiveSteady","latestDirection":"easing","fourWeekDirection":"steady","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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 pressure","detail":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","tone":"negative"},"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, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","annotations":[{"label":"Current tape relationship","value":"Accumulation pressure","detail":"Market Dynamics eased this week but remains positive.","tone":"negative"},{"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":"Supported","detail":"The broader path has not changed enough to establish a new direction.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-09-26","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":[23.9955,16.4,19.09,21.5277,16.4494,19.94,28.18,42.06,52.74,40.03,33.06,34.1,29.3,32.6,30.48,30.55,32.87,39.03,46.92,52.36,46.04,41.4,12.35,7.55,5.61,4.51,7.17,7.54,7.64,4.945,5.27,5.04,3.265,2.85,2.88,2.77,5.04,5.24,4.85,5.52,6.49,6.01,6.99,6.12,5.94,5.13,4.32,2.69],"consensus":[-51.0526,-53.2782,96.0573,38.3201,-78.2989,23.1545,57.9424,84.2556,79.159,0.0,-19.0656,8.1877,-44.2115,12.7315,-21.3861,0.0,18.1133,44.6442,58.5918,41.2168,0.0,0.0,-69.5616,-63.6916,-50.5448,-43.0472,-11.9973,-22.6681,-16.3933,-47.2683,-25.7661,-38.8336,-44.377,-28.473,-26.3142,-35.1829,10.4705,0.0,0.0,0.0,10.9379,0.0,17.0753,0.0,0.0,-20.9495,-25.0473,-42.6292],"supportDates":["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,26.1148,51.217,74.6985,68.9441,0.0,-27.072,19.2386,-31.1909,26.3009,-23.934,0.0,17.0044,48.6742,53.3502,29.978,0.0,0.0,-60.9508,-62.0119,-46.7637,-35.251,-5.3051,-24.2471,-16.4597,-54.2518,-27.1546,-47.8393,-43.6117,-27.9654,-27.0066,-44.0581,12.4064,0.0,0.0,0.0,10.2985,0.0,15.8521,0.0,0.0,-29.522,-29.1312,-47.4323],"force":[-51.0526,-53.2782,96.0573,38.3201,-52.7585,45.5921,48.7702,99.1403,85.858,0.0,-72.712,8.937,-75.1636,26.0557,-28.8552,0.0,25.2398,46.613,72.1023,36.0433,0.0,0.0,-98.2007,-66.719,-35.2881,-22.176,-35.8809,-7.1229,-10.2339,-45.7311,-1.7041,-17.6069,-38.9971,-9.6472,-4.1538,-15.5405,40.9947,0.0,0.0,0.0,18.2042,0.0,19.7508,0.0,0.0,-23.6534,-22.4735,-47.1814],"direction":[null,null,null,null,-96.5421,3.7445,72.1802,84.5461,86.0481,0.0,-28.4033,4.9771,-36.9836,12.2936,-13.139,0.0,14.2903,38.6323,54.9317,57.7564,0.0,0.0,-58.9461,-63.4488,-65.7636,-66.8652,-53.8444,-42.1428,-35.3369,-40.3851,-43.8007,-43.7034,-49.0943,-42.5001,-41.3517,-39.0701,13.5448,0.0,0.0,0.0,6.4785,0.0,16.5622,0.0,0.0,-9.2209,-22.2183,-33.8883],"intensity":[null,null,null,null,75.0,40.0,100.0,100.0,100.0,77.7778,70.0,45.4545,33.3333,46.1538,21.4286,6.6667,6.25,58.8235,66.6667,100.0,90.0,33.3333,100.0,100.0,41.6667,4.0,15.3846,3.7037,3.5714,24.1379,13.3333,6.4516,18.75,9.0909,8.8235,8.5714,27.7778,16.2162,2.6316,20.5128,17.5,9.7561,21.4286,23.2558,15.9091,15.5556,30.4348,34.0426],"confirmation":[39.0035,39.7157,53.405,34.9291,69.2214,53.3815,86.3645,95.5611,93.6907,39.8404,36.34,48.8696,83.2894,29.5627,75.0324,24.6783,74.0304,82.2847,87.241,81.203,9.0408,28.8043,91.2637,88.4992,83.767,81.2578,10.1366,53.1747,29.2833,82.9726,53.0837,79.6426,82.0483,76.5454,53.068,78.5247,29.8076,26.063,2.288,24.7796,49.0647,1.0566,73.5643,1.6315,1.4468,74.6556,75.8745,44.64],"persistence":[null,null,33.3333,0.0,20.0,0.0,14.2857,25.0,50.0,62.5,37.5,37.5,37.5,37.5,12.5,0.0,0.0,12.5,37.5,37.5,50.0,37.5,37.5,25.0,0.0,25.0,50.0,75.0,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,62.5,50.0,37.5,12.5,0.0,25.0,37.5,25.0,12.5,0.0,12.5],"assessmentRisk":[null,null,null,null,7.3773,20.7826,17.7287,7.6363,10.4178,50.0595,36.0084,42.3493,27.6641,44.3691,6.658,19.8964,14.1241,13.8786,19.6758,29.1861,46.2643,22.8541,15.1702,18.1495,24.7156,28.4506,20.2012,11.278,19.3777,26.0904,1.9614,4.3718,3.5807,0.9352,1.8371,25.6438,36.7136,44.7438,47.1025,47.7154,36.983,30.1268,40.4984,28.823,23.4845,28.4407,37.2586,28.5889],"volumeParticipation":true,"latest":{"consensus":-42.6,"control":-47.4,"force":-47.2,"direction":-33.9,"confirmation":44.6,"persistence":12.5,"assessmentRisk":28.6,"intensity":34.0,"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 downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"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":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-42.6","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-47.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-47.2","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-33.9","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"30.8","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"129.2%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"10.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"2%","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 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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,-31.6539,-20.4434,-10.2844,-31.448,-16.9011,0.0,0.0,0.0,-24.0994,-37.3151,-35.3432,-44.4444,-38.1873,-42.2071,-42.0743,-37.6754,-25.9954,-11.0353,-0.7205,-12.7038,-21.5017,-76.5832,-85.6845,-89.3629,-91.4486,-86.405,-85.7035,-85.5138,-90.6238,-90.0076,-90.4437,-93.8093,-94.5961,-94.5392,-94.7478,-90.4437,-90.0645,-90.8039,-89.5336,-87.6943,-88.6045,-86.7463,-88.3959,-88.7372,-90.273,-91.8089,-94.8995],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,156.4634,221.5854,144.0854,101.5854,107.9268,78.6585,98.7805,85.8537,86.2805,100.4268,137.9878,186.0976,219.2683,180.7317,152.439,0.0,0.0,0.0,0.0,58.98,67.184,69.4013,9.6452,16.8514,11.7517,0.0,0.0,1.0526,0.0,81.9495,89.1697,75.0903,99.278,134.296,116.9675,152.3466,120.9386,114.4404,85.1986,55.9567,0.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,98.069,77.6653,52.432,38.5944,40.6591,31.1296,37.6812,33.4723,33.6113,38.2172,50.4467,66.1108,65.1092,54.4874,46.6891,3.1091,1.6647,1.0262,1.0242,4.8615,5.3953,5.5395,1.6518,2.1206,1.7888,0.6511,1.2854,1.3275,1.173,4.3619,4.6428,4.095,5.0362,6.3988,5.7245,7.1012,5.879,5.6262,6.0209,4.8768,1.7067],"stroke":"#10243b","width":2.0},{"label":"From 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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,23.5423,24.5061,24.2034,22.8158,19.2515,17.4812,18.1202,21.0827,23.9517,95.2462,151.1521,192.2534,224.9294,134.505,120.9048,113.1319,167.3589,147.4469,145.0834,212.845,230.8322,213.537,208.8328,110.0422,99.7636,101.9351,86.245,70.3218,73.2832,60.133,66.5942,65.2024,72.9035,82.9845,129.2199],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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