{"schema_version":"1.0","name":"UNHG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"3e1ab516-a7a5-459f-955f-819ea5e135e9","symbol":"UNHG","name":"LEVERAGE SHARES 2X LONG UNH DAILY ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"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, Activity pressure and cumulative balance, Directional strength and control, Range pressure and compression, 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":57,"displayedObservations":57,"assetType":"ETF","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":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and 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 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-1.4,"sample":1},{"week":2,"averageReturn":-2.2,"sample":1},{"week":3,"averageReturn":-1.7,"sample":1},{"week":4,"averageReturn":-5.0,"sample":1},{"week":5,"averageReturn":-7.8,"sample":1},{"week":6,"averageReturn":-11.7,"sample":1},{"week":7,"averageReturn":-14.3,"sample":1},{"week":8,"averageReturn":-19.3,"sample":1},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Underlying support lags price","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"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.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":78.3,"sample":2},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"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."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 78.3% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 15.6% across 2 completed cases, with the largest move arriving after 2.0 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":18.45}],"reversal_warnings":[{"date":"2026-06-26","price":24.24}],"reversal_dangers":[{"date":"2026-07-24","price":23.02}]}},"smTape":{"available":true,"dates":["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":[13.2842,9.3556,10.3811,14.987,15.2569,15.4368,15.9495,19.7637,18.1895,18.9271,20.6993,19.9437,20.1056,20.7533,18.3334,16.4353,16.0935,15.8416,16.7951,16.7951,18.1085,16.5702,16.9661,17.39,18.12,16.71,19.27,11.71,10.81,12.09,11.82,12.0,11.42,11.18,10.71,9.36,10.68,12.76,14.43,17.13,18.45,19.49,20.87,20.23,19.32,21.22,22.1,21.47,24.24,23.91,23.71,23.82,23.02,22.3373,21.4,20.764,19.5523],"consensus":[-72.3213,-89.7029,69.0021,45.4335,46.8919,44.0959,46.8479,78.0066,11.1136,47.9184,64.9595,0.0,32.4255,40.3648,-36.3464,-44.5471,-30.0269,-23.4438,0.0,0.0,30.9124,-24.1508,12.4311,12.2249,17.05,-26.6243,50.1138,-69.9645,-51.7331,0.0,-37.4661,-9.8034,-32.23,-30.4213,-44.1354,-61.5146,0.0,38.7697,53.0432,71.286,61.0682,62.6973,58.9038,32.5072,15.2431,63.5219,48.7181,15.9427,73.0649,37.4736,28.9485,25.8936,0.0,-9.2194,-19.7095,-25.9589,-39.0565],"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":[41.133,44.4372,70.9313,5.3941,40.1573,61.0389,0.0,24.7228,35.5847,-29.2796,-36.2636,-23.9622,-13.9617,0.0,0.0,32.9382,-33.7856,21.5151,15.6308,21.7761,-34.0791,53.1492,-60.805,-48.2064,0.0,-31.729,-6.2825,-41.7834,-29.9144,-50.6895,-64.3518,0.0,33.4706,55.1997,69.1227,64.2626,69.1488,56.5581,25.9389,7.5665,66.3299,50.5096,4.5871,79.6734,35.0437,24.1573,15.8667,0.0,-8.3589,-15.8514,-22.991,-36.7596],"force":[24.393,27.1489,90.5013,38.7063,32.1729,58.4642,0.0,8.3806,21.4815,-81.2099,-56.4442,-26.0268,-12.6991,0.0,0.0,40.8115,-33.3479,22.467,16.8914,19.8697,-38.2463,63.1875,-97.9236,-40.3843,0.0,-16.5316,-17.1609,-17.3808,-11.4011,-29.4798,-60.4894,0.0,81.1042,64.5452,91.9754,51.8617,46.2978,47.7635,2.297,19.1196,65.0755,34.5898,16.3678,69.8359,6.5555,1.0157,5.4253,0.0,-29.4707,-33.2501,-29.6037,-38.6138],"direction":[61.5557,63.6736,77.1679,65.5652,68.0351,74.0796,0.0,58.4034,59.3159,-12.3774,-45.516,-39.8154,-41.9553,0.0,0.0,21.5262,-6.5703,5.1189,4.9991,9.6347,-9.8032,37.3065,-60.4618,-63.87,0.0,-58.9759,-33.0875,-31.9183,-44.5864,-47.1132,-59.0042,0.0,14.5871,42.363,58.9803,63.9935,67.0381,69.5421,64.874,48.5612,59.2029,56.7621,51.9995,67.8187,62.335,54.3761,51.9731,0.0,-4.2623,-14.4468,-26.7474,-41.9978],"intensity":[20.0,33.3333,85.7143,37.5,11.1111,40.0,36.3636,41.6667,7.6923,64.2857,93.3333,6.25,47.0588,38.8889,10.5263,45.0,52.381,45.4545,26.087,41.6667,48.0,76.9231,100.0,96.4286,37.931,30.0,29.0323,21.875,6.0606,5.8824,57.1429,50.0,78.3784,68.4211,79.4872,72.5,26.8293,73.8095,27.907,25.0,66.6667,63.0435,10.6383,81.25,46.9388,4.0,80.3922,76.9231,25.0,59.6154,13.4615,57.6923],"confirmation":[81.5554,82.4277,93.4507,11.6977,82.9723,88.6488,8.2425,77.7607,80.4141,81.1058,82.7439,77.5791,75.319,27.7038,1.3227,78.1628,53.1951,50.5708,49.3356,73.4699,76.7604,84.3886,91.3803,84.2625,11.1818,79.4386,6.03,77.7155,77.1629,81.5768,87.6102,32.1485,81.7773,85.2915,91.475,87.2126,87.465,86.5455,55.2651,8.0264,88.3316,83.1319,7.7818,91.1817,56.4196,53.8186,53.1483,6.0545,49.8231,74.7785,76.4632,80.5196],"persistence":[33.3333,42.8571,50.0,75.0,100.0,100.0,87.5,87.5,87.5,62.5,37.5,12.5,12.5,25.0,25.0,25.0,50.0,25.0,0.0,25.0,25.0,37.5,25.0,0.0,12.5,12.5,37.5,62.5,62.5,87.5,87.5,75.0,62.5,37.5,12.5,12.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,62.5,37.5,12.5,12.5],"assessmentRisk":[26.8296,25.4684,8.5887,35.3197,20.8322,15.9147,0.3129,19.3813,15.2331,24.7272,25.0136,34.4091,38.0943,37.7619,13.5011,31.029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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":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-39.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-36.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-38.6","detail":"Downward 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trend","values":[null,null,null,null,13.1516,13.5671,14.0003,15.0482,15.6193,16.2207,17.035,17.5639,18.026,18.5219,18.4876,18.1145,17.747,17.4006,17.2905,17.2004,17.3655,17.2209,17.1746,17.2138,17.3785,17.257,17.623,16.5479,15.5046,14.8838,14.3267,13.9037,13.4521,13.039,12.6155,12.0236,11.7793,11.9576,12.4072,13.2659,14.2084,15.1687,16.2053,16.9371,17.3703,18.0703,18.8029,19.2879,20.1883,20.8649,21.3822,21.8255,22.0426,22.0962,21.9696,21.7504,21.3508],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,15.7778,16.1463,16.3083,16.3177,16.3011,16.2671,16.3062,16.3424,16.4732,16.4804,16.5164,16.5811,16.6951,16.6962,16.8869,16.5034,16.0817,15.786,15.4922,15.2335,14.951,14.6717,14.3782,14.0065,13.7601,13.686,13.7411,13.9922,14.3224,14.7052,15.1618,15.5372,15.8174,16.2176,16.6534,17.0101,17.5457,18.0171,18.4388,18.8374,19.1472,19.3835,19.5329,19.6241,19.6188],"stroke":"#07865c","width":1.8},{"label":"Upper 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envelope","values":[null,null,null,null,null,null,null,null,null,8.6616,8.6948,8.9398,9.191,9.399,9.7068,9.9087,10.0678,10.195,10.3744,10.5401,10.9555,12.4183,13.9069,14.2236,14.5521,14.7589,15.0095,13.6349,12.2897,11.5203,10.9174,10.4185,9.9371,9.6284,9.1098,8.3352,7.8968,7.7584,7.762,7.7462,7.7161,7.5016,7.1646,6.964,6.8899,6.6197,6.3624,6.5232,6.661,6.8438,7.2393,7.7407,8.5287,9.5316,10.8157,12.7301,14.5547],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"drawdown","eyebrow":"Path 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,-29.5732,-21.8533,0.0,0.0,0.0,0.0,0.0,-7.9654,-4.233,0.0,-3.6506,-2.8683,0.0,-11.6602,-20.8062,-22.4534,-23.6671,-19.0724,-19.0724,-12.7438,-20.156,-18.2488,-16.206,-12.6885,-19.4826,-7.1472,-43.5752,-47.9119,-41.7442,-43.0452,-42.1778,-44.9726,-46.129,-48.3937,-54.8987,-48.5383,-38.5157,-30.4688,-17.4588,-11.0984,-6.0871,0.0,-3.0666,-7.4269,0.0,0.0,-2.8507,0.0,-1.3614,-2.1865,-1.7327,-5.033,-7.8494,-11.7162,-14.3399,-19.3387],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,111.25,94.4231,102.3077,121.25,113.1731,114.9038,121.8269,95.9615,75.6731,72.0192,69.3269,79.5192,79.5192,93.5577,77.1154,81.3462,85.8776,93.6804,78.6092,105.9725,12.8007,0.0,11.8409,9.3432,11.0083,5.6429,3.4228,0.0,0.0,14.1026,36.3248,54.1667,83.0128,97.1154,108.2265,122.9701,116.1325,106.4103,126.7094,136.1111,129.3803,158.9744,155.4487,153.312,154.4872,145.9402,138.6464,128.6325,121.8376,108.8921],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"participation","eyebrow":"Participation","title":"Activity 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,130.6325,76.8383,80.924,77.4302,100.6373,61.623,53.8373,124.7964,88.5855,102.9367,72.7579,36.4219,41.3359,40.5267,39.2418,20.8163,28.3311,64.8567,51.9183,46.8021,350.2038,118.6982,108.5033,41.9033,85.9082,69.717,77.963,57.6828,80.9282,50.6569,144.8282,63.1704,127.821,56.8373,39.4049,61.6482,40.8852,26.4213,66.6232,58.6201,29.5207,56.6151,40.7273,48.0377,161.3588,51.6865,46.3968,56.7492,36.3252,46.8567],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,36.7827,34.9527,33.6986,32.4608,31.28,30.6561,30.0767,29.7119,29.4365,29.8048,30.1467,28.552,26.5257,26.027,26.0596,26.3064,27.2979,28.2184,28.6634,29.5147,30.659,31.7215,33.0632,34.3497,35.6489,37.4656,39.1526,39.9773,39.6617,39.2282,37.8833],"stroke":"#10243b","width":2.0},{"label":"Positive 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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,10.8249,13.3323,15.0726,15.4556,15.6222,14.4173,14.1699,13.2094,14.3275,13.4122,12.6783,12.0572,12.8589,11.5054,22.5157,23.9267,20.9478,20.3249,19.6733,19.8276,19.3848,19.5337,22.1931,19.1436,16.4515,14.4341,12.7312,11.8626,11.1971,10.6989,10.7857,11.0102,10.2946,9.9414,10.0711,9.1641,9.1677,9.2077,10.0188,10.2828,10.566,10.9653,11.0876,11.6074],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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map","title":"Range position and boundary pressure","description":"Price 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,90.5819,77.1822,83.4609,92.9913,80.793,82.0019,86.8374,67.0157,53.2068,50.7199,48.8874,55.8246,55.8246,65.3796,54.1885,57.0681,60.1523,65.4631,55.2052,73.8294,17.7533,5.9295,15.916,13.8095,15.2138,10.6887,8.8162,5.1493,1.5668,11.1862,26.344,38.514,58.19,90.5949,100.0,91.068,86.0971,79.0291,93.7864,93.5042,88.9571,99.4728,96.283,92.5761,79.5609,75.2236,71.5224,66.4408,62.9927,56.4234],"stroke":"#10243b","width":2.0},{"label":"From 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