{"schema_version":"1.0","name":"SMUP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"5220e846-001d-4aa9-bfb1-6107e46e65a6","symbol":"SMUP","name":"T-REX 2X LONG SMR 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. Underlying support has contracted across the recent completed path. 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, Activity pressure and cumulative balance, Range position and boundary pressure, Directional pressure and rotation, Range pressure and compression."},{"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":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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Price must respond to the improvement before the downward technical state can be considered resolved.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"accumulation","zoneContext":"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.","historical":{"label":"Broad directional cases","weeks":12,"sample":0},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price remains downward while Market Dynamics is positive","detail":"The positive Market Dynamics reading has not yet reversed the downward price structure."}},"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":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 0.0% of completed 12-week outcomes were higher across 2 cases. Distinct visits lasted 2.5 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 14.7% across 2 completed cases, with the largest move arriving after 4.0 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-04-17","price":13.36},{"date":"2026-05-08","price":12.08}],"reversal_warnings":[],"reversal_dangers":[]}},"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":[544.545,388.7011,304.1177,243.3345,235.8984,223.7847,219.5343,235.7922,377.225,246.312,269.6893,255.0253,311.3434,217.6216,297.1045,126.025,67.3692,45.0545,51.2176,56.3181,40.0602,30.2843,25.5,30.125,46.625,44.25,42.125,32.125,30.375,19.795,17.2275,15.695,12.775,12.82,12.0125,9.535,9.2225,7.39,13.36,11.55,11.54,12.08,9.43,9.49,11.78,7.7,6.71,9.11,6.73,6.24,5.26,3.74,4.06,4.28,5.76,5.15,5.07],"consensus":[71.3226,-68.8433,-85.3596,-38.0317,-59.8326,-60.7114,-46.3765,-16.4245,55.5576,-52.8939,0.0,-29.3972,0.0,-50.7607,32.3884,-70.4678,-67.0888,-50.7667,-23.93,-25.7274,-47.3285,-40.1916,-40.0898,-11.7169,0.0,-8.9906,-14.105,-33.1117,-13.9262,-37.5867,-32.2175,-18.6542,-31.2248,-17.3776,-21.5042,-25.9484,-15.4676,-25.1863,0.0,-15.666,0.0,0.0,-20.038,0.0,0.0,-20.1957,-11.1481,12.3478,-18.663,-14.0805,-12.2998,-18.7628,-10.1427,0.0,13.2594,0.0,-5.5189],"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":[-63.6524,-42.3475,-14.2664,44.6194,-54.7241,0.0,-34.0443,0.0,-44.0877,28.8039,-62.0376,-66.4905,-50.0018,-12.6094,-22.8793,-57.0998,-49.8183,-50.3943,-4.8151,0.0,-9.8689,-21.7436,-45.5217,-12.0747,-44.1741,-42.2578,-20.658,-42.7091,-24.7704,-33.3084,-40.1827,-24.3643,-41.0166,0.0,-31.1947,0.0,0.0,-35.0851,0.0,0.0,-33.1864,-20.4105,14.6874,-29.1531,-27.8801,-23.568,-28.7531,-19.1262,0.0,13.9032,0.0,-1.5238],"force":[-30.2025,-17.0183,-25.8164,97.0182,-79.7658,0.0,-29.1555,0.0,-76.7941,76.9999,-91.2371,-81.5383,-41.7113,-5.717,-2.6087,-38.2722,-25.6264,-21.8582,-15.1368,0.0,-4.7514,-1.2479,-31.2805,-1.3141,-37.9611,-20.2495,-6.3339,-21.2077,-4.0074,-10.2998,-16.8305,-4.8079,-15.9279,0.0,-11.5022,0.0,0.0,-18.3394,0.0,0.0,-21.7998,-7.8019,18.6619,-21.9954,-12.0813,-10.4011,-16.6711,-5.3528,0.0,18.0567,0.0,-5.7743],"direction":[-79.1425,-71.9511,-49.0631,38.4438,-31.6079,0.0,-24.2589,0.0,-39.7919,4.6195,-65.267,-57.4514,-58.1089,-58.0441,-49.2226,-42.6302,-39.5933,-41.3358,-38.786,0.0,-17.8025,-14.5588,-20.237,-25.0509,-29.7908,-29.2914,-25.1643,-25.255,-18.4789,-16.0166,-16.1935,-12.9139,-13.7078,0.0,-0.893,0.0,0.0,-4.0545,0.0,0.0,-4.2035,-2.9525,5.1639,-4.294,-0.2623,-0.778,-8.8395,-3.2972,0.0,9.097,0.0,-9.9022],"intensity":[20.0,33.3333,57.1429,75.0,66.6667,50.0,18.1818,100.0,92.3077,35.7143,86.6667,68.75,29.4118,5.5556,5.2632,15.0,19.0476,4.5455,4.3478,29.1667,12.0,3.8462,18.5185,21.4286,20.6897,23.3333,6.4516,6.25,6.0606,2.9412,11.4286,13.8889,5.4054,26.3158,23.0769,20.0,4.878,19.0476,27.907,20.4545,31.1111,39.1304,10.6383,10.4167,6.1224,4.0,7.8431,1.9231,1.9231,11.5385,7.6923,5.7692],"confirmation":[86.4531,82.0071,32.1756,87.2087,85.7171,6.4235,77.3289,7.3586,85.1385,57.1118,91.3111,89.9179,83.981,53.4795,53.3025,82.7202,80.2707,80.1161,6.2654,29.4496,48.7918,49.3387,78.3508,49.4336,79.9388,77.7919,50.8967,77.5117,50.3741,74.36,75.8087,49.8225,75.5362,25.5511,49.9829,1.3342,24.7388,51.4644,0.723,25.0042,51.6469,25.9909,49.4414,51.2472,49.6239,49.0397,73.7881,25.6295,0.9272,72.3794,27.0537,17.641],"persistence":[66.6667,71.4286,75.0,75.0,75.0,62.5,62.5,50.0,50.0,25.0,25.0,50.0,50.0,62.5,62.5,75.0,75.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,75.0,62.5,62.5,50.0,37.5,37.5,50.0,25.0,37.5,50.0,50.0,62.5,75.0,62.5,37.5,50.0,37.5],"assessmentRisk":[19.4138,22.5427,1.526,19.2948,39.6054,25.3111,26.8731,37.9691,7.5861,2.0396,10.6588,16.1996,23.1662,37.7871,21.6603,7.5463,9.44,0.2337,14.499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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":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-5.5","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-1.5","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-5.8","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction 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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,-28.6191,-44.152,-55.3142,-56.6797,-58.9043,-59.6848,-56.6992,-30.7266,-54.7674,-50.4744,-53.1673,-42.825,-60.0361,-45.4399,-76.8568,-87.6284,-91.7262,-90.5944,-89.6578,-92.6434,-94.4386,-95.3172,-94.4679,-91.4378,-91.8739,-92.2642,-94.1006,-94.4219,-96.3649,-96.8363,-97.1178,-97.654,-97.6457,-97.794,-98.249,-98.3064,-98.6429,-97.5466,-97.879,-97.8808,-97.7816,-98.2683,-98.2573,-97.8367,-98.586,-98.7678,-98.327,-98.7641,-98.8541,-99.0341,-99.3132,-99.2544,-99.214,-98.9422,-99.0543,-99.0689],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,7.4056,71.8296,12.1975,22.8461,16.1665,41.8199,0.0,36.5234,0.0,0.0,0.0,13.6792,25.0,0.0,0.0,0.0,18.1373,82.8431,73.5294,65.1961,25.9804,19.1176,0.0,0.0,0.0,0.0,0.3523,0.0,0.0,0.0,0.0,80.7848,56.2923,56.157,63.4641,27.6049,28.4168,59.4046,4.1949,0.0,35.7675,0.2981,0.0,0.0,0.0,8.5561,14.4385,54.0107,37.7005,35.5615],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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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,191.9035,386.439,247.4531,212.9353,289.3532,346.7426,265.2991,244.5226,264.1636,252.4989,269.1766,190.2235,462.1441,339.2942,270.4137,289.5939,214.3597,527.9349,325.1407,437.3018,363.3858,223.744,260.5722,123.6792,153.487,125.6331,94.1036,83.2594,75.3745,55.631,25.3756,10.9601,8.6816,4.4597,7.9233,10.7286,6.9533,6.7439,17.1484,18.7688,25.6111,35.0702,27.5313,22.795,21.0739,22.1559,35.7856,39.7484,24.4855,42.9499],"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 is stretched and deserves mean-reversion context.","series":[{"label":"Momentum","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,18.3238,16.1107,15.4229,15.1578,15.5894,15.9704,15.7267,15.5729,15.493,15.9419,17.6229,17.5684,17.5163,17.2566,17.2086,16.902,16.8237,16.7737,16.6721,16.6805,16.6481,16.5422,16.5279,16.4382,17.9992,17.8901,17.8894,18.0613,17.8637,17.8856,18.776,18.3933,18.2959,19.4105,19.1318,19.0711,18.9416,18.7292,18.9353,19.0872,20.171,20.0518,20.0351],"stroke":"#063b66","width":2.0},{"label":"Rotation","values":[null,null,null,null,null,null,9.9524,14.0021,49.2324,16.6226,22.4457,18.793,32.8216,13.8105,32.6613,7.3076,1.2652,1.6452,2.9346,4.0018,0.6003,0.3277,0.102,1.5333,4.883,4.4008,6.159,3.3675,3.233,1.463,0.6355,3.6564,0.4136,2.1527,1.5533,0.6369,2.04,0.1232,16.0117,11.5938,12.0091,19.9622,10.7019,19.3909,47.6555,8.8583,9.4321,32.5313,9.6246,4.9086,4.4855,3.356,5.8541,8.4708,21.3967,16.0691,15.3704],"stroke":"#1678a7","width":1.5},{"label":"Rotation 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