{"schema_version":"1.0","name":"NATY Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"68940379-718e-41da-993d-690a04bf4175","symbol":"NATY","name":"YieldMax Future of Defence Option Income UCITS ETF USD Inc","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. The broader path remains constructive, so one softer week does not by itself establish weakening confirmation. 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 strength and control."},{"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":38,"displayedObservations":38,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. 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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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 0.0% of comparable cases moved higher after 12 weeks, with an average move of -5.2% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 1.8% across 2 completed cases, with the largest move arriving after 6.0 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":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[42.83,42.56,42.605,42.805,41.7,45.25,47.2,45.41,42.385,40.94,41.065,41.66,40.39,41.95,41.94,40.44,39.01,39.8,38.38,38.555,37.085,36.985,38.365,38.925,39.515,39.86,41.12,40.365,38.92,38.455,40.89,39.78,38.77,39.08,38.25,40.68,41.31,37.845],"consensus":[46.4118,-100.0,27.6283,-21.2912,-42.8257,60.9511,65.6934,0.0,-41.5607,-54.3473,-34.2757,0.0,-42.0319,22.7685,0.0,-50.7565,-54.8744,-8.8766,-63.0633,-38.375,-62.8299,-36.3724,0.0,0.0,28.0168,11.1493,38.5604,0.0,-25.6978,-14.5543,31.2764,-23.4242,-17.1388,10.8381,-47.3062,51.6998,40.6494,-59.0421],"supportDates":["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,64.8291,70.7911,0.0,-53.1291,-46.6096,-25.8457,0.0,-35.6443,12.9455,0.0,-49.0509,-57.5396,-4.063,-58.133,-42.9522,-70.2986,-33.0518,0.0,0.0,27.6516,6.567,37.3942,0.0,-30.6626,-4.2002,41.3159,-33.6391,-18.9212,7.4702,-39.5132,47.7104,36.3565,-58.8998],"force":[46.4118,-100.0,27.6283,-21.2912,-34.6925,53.4567,46.6579,0.0,-58.3504,-53.9431,-11.7333,0.0,-33.1358,65.7911,0.0,-61.0151,-63.0908,-17.0565,-83.3915,-17.8511,-61.6291,-11.8342,0.0,0.0,41.698,17.0315,29.5429,0.0,-26.0414,-4.1113,26.3653,-37.0402,-15.4652,30.5854,-70.553,82.0203,34.7022,-89.6412],"direction":[null,null,null,null,-48.6352,61.8723,73.4641,0.0,-16.3469,-63.4791,-60.0116,0.0,-55.6863,3.2645,0.0,-45.3783,-45.9597,-42.1884,-54.1778,-47.8039,-55.1521,-57.6948,0.0,0.0,18.662,27.1948,46.3344,0.0,-19.7783,-33.8469,23.3105,-2.0243,-16.2971,0.5818,-39.6077,34.6018,49.8036,-37.3481],"intensity":[null,null,null,null,25.0,100.0,83.3333,71.4286,87.5,66.6667,10.0,9.0909,33.3333,61.5385,7.1429,60.0,68.75,23.5294,55.5556,26.3158,60.0,57.1429,50.0,34.7826,8.3333,32.0,34.6154,14.8148,85.7143,10.3448,93.3333,32.2581,46.875,3.0303,23.5294,88.5714,75.0,97.2973],"confirmation":[37.5184,54.6667,31.5077,29.4799,58.6658,87.2169,88.3641,36.3554,81.6348,85.4967,78.4097,8.8096,81.2764,54.0801,24.8769,84.5807,85.7696,6.7528,88.8749,79.5848,87.9552,78.9419,30.3784,25.2671,77.3879,50.7513,80.0823,30.4978,76.1581,27.1636,77.7058,53.0884,73.4062,26.788,83.9652,85.5288,80.892,44.64],"persistence":[null,null,33.3333,0.0,20.0,0.0,14.2857,12.5,12.5,12.5,37.5,25.0,25.0,25.0,37.5,50.0,50.0,50.0,50.0,62.5,62.5,87.5,87.5,75.0,50.0,25.0,0.0,12.5,12.5,12.5,25.0,12.5,12.5,12.5,37.5,25.0,0.0,0.0],"assessmentRisk":[null,null,null,null,27.4695,16.1896,16.8801,46.7178,37.7459,21.818,32.7586,45.2392,20.5285,15.5546,26.7837,5.1466,5.4823,37.6491,17.8238,26.2198,14.466,31.4249,3.4574,15.7084,34.8552,44.0164,30.2859,45.8425,13.3161,37.6489,25.5041,12.2306,2.1403,20.6913,25.4982,5.3363,28.0775,3.4452],"volumeParticipation":true,"latest":{"consensus":-59.0,"control":-58.9,"force":-89.6,"direction":-37.3,"confirmation":44.6,"persistence":0.0,"assessmentRisk":3.4,"intensity":97.3,"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":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-59.0","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-58.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-89.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-37.3","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":"42.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"4.5%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"13.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"19%","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 downward.","series":[{"label":"Close","values":[42.83,42.56,42.605,42.805,41.7,45.25,47.2,45.41,42.385,40.94,41.065,41.66,40.39,41.95,41.94,40.44,39.01,39.8,38.38,38.555,37.085,36.985,38.365,38.925,39.515,39.86,41.12,40.365,38.92,38.455,40.89,39.78,38.77,39.08,38.25,40.68,41.31,37.845],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,42.5666,43.0545,43.8082,44.0994,43.7877,43.2699,42.869,42.6492,42.2385,42.186,42.1413,41.832,41.3189,41.0427,40.5586,40.1943,39.629,39.1482,39.0058,38.9911,39.0864,39.227,39.5712,39.7155,39.5709,39.368,39.6447,39.6693,39.5058,39.4284,39.2141,39.4807,39.8133,39.4554],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,42.6978,42.6424,42.5903,42.4311,42.1776,42.0015,41.7333,41.4978,41.171,40.8609,40.676,40.5463,40.4699,40.4247,40.4762,40.468,40.3533,40.2127,40.2629,40.2271,40.1192,40.0422,39.9094,39.9665,40.066,39.9015],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,47.0499,46.9107,46.7204,46.6424,46.4688,46.3119,46.2251,46.2826,46.2063,46.2597,46.2459,46.3922,46.4788,46.3776,46.1987,46.1067,45.4331,44.0771,43.0055,42.6453,42.5217,42.4966,42.2494,42.1584,41.7629,41.2989,41.3422,41.6499,41.6139],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,39.6871,39.4075,39.3479,39.0191,39.0669,39.1135,38.9161,38.4398,38.2315,37.774,37.4416,36.7208,36.0767,35.7539,35.5448,35.4183,35.5529,36.3009,36.868,36.8817,36.7568,36.7644,36.8236,36.7526,36.8611,36.9561,36.9368,36.8591,36.6996],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,-0.6304,-0.5253,-0.0584,-2.6383,0.0,0.0,-3.7924,-10.2013,-13.2627,-12.9979,-11.7373,-14.428,-11.1229,-11.1441,-14.322,-17.3517,-15.678,-18.6864,-18.3157,-21.4301,-21.6419,-18.7182,-17.5318,-16.2818,-15.5508,-12.8814,-14.4809,-17.5424,-18.5275,-13.3686,-15.7203,-17.8602,-17.2034,-18.9619,-13.8136,-12.4788,-19.8199],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,8.8969,1.6427,0.0,0.3053,1.7587,0.0,3.8623,3.8376,0.1238,0.0,2.0251,0.0,0.456,0.0,0.0,3.7312,5.2454,6.8406,7.7734,11.1802,9.1388,5.2318,3.9746,10.5583,7.5571,4.8263,5.6645,3.4203,9.9905,11.6939,2.3253],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"range","eyebrow":"Acceptance 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,66.8837,17.6566,10.2139,11.9392,20.1518,7.7175,28.123,27.9921,8.3715,2.2595,12.8775,4.0233,5.8761,-0.145,2.6524,15.4956,20.7073,26.1982,29.409,41.1354,34.1089,20.6607,16.3332,38.9949,28.6645,21.0046,32.0755,25.5776,65.6766,76.0726,18.8944],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-4.2892,-10.665,-13.7106,-13.4472,-12.1931,-14.8699,-11.5818,-11.6029,-14.7645,-17.7785,-16.1134,-19.1063,-18.7375,-21.8358,-22.0466,-19.1379,-17.9576,-16.7141,-15.9869,-13.3312,-14.9225,-17.9682,-18.9483,-13.816,-16.1556,-16.7222,-11.4234,-10.5472,-4.8644,-3.391,-11.4944],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,9.9516,2.6271,1.8408,2.1517,3.6318,1.4824,5.402,5.3769,1.608,0.5024,2.9222,1.0,1.4605,-0.0404,0.7766,4.5368,6.0627,7.6703,8.6104,12.0436,9.9864,6.049,4.782,11.4169,8.3924,5.6403,6.485,4.2234,10.8447,12.5613,3.1199],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"volatility","eyebrow":"Risk 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,4.9154,4.682,4.9425,5.1569,4.9465,5.1856,4.9638,5.1194,4.8921,4.6809,4.5638,4.3011,4.1484,3.9529,3.8728,3.9949,3.8649,3.8005,3.8268,3.8846,3.7494,3.8587,3.9195,3.7587,4.4638],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,16.9771,17.385,17.1316,17.7987,17.307,16.8531,17.169,18.514,18.8893,20.1961,21.0409,23.2727,25.2003,25.87,26.0668,26.2209,24.3999,19.3489,15.3678,14.4948,14.5436,14.4643,13.7237,13.701,12.469,11.0992,11.2558,12.2045,12.5503],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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,176.8401,60.4683,82.4079,95.26,159.3719,56.0415,236.24,37.4892,76.3084,103.2051,7.7172,209.8954,33.5734,65.3069,28.5643,30.0974,50.9257,60.6672,176.557,0.0,0.9375,0.0,3.4842,0.0,13.3716,24.0166,110.7519,138.8336,97.1702,66.0199,79.4859],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,77.4257,69.607,65.0,75.3037,93.5256,87.3445,116.451,112.0295,103.1695,91.1626,92.0142,67.3461,71.1586,65.0,65.0,68.0335,73.2452,78.9294,96.2553,96.2553,96.1807,96.1807,95.9271,95.9271,95.1165,93.7092,99.075,92.1377,96.8421,99.7862,96.126],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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