{"schema_version":"1.0","name":"FTMS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6ac8ce00-461a-4bbe-96d7-aa63d6c5e98c","symbol":"FTMS","name":"FRANKLIN SHORT-TERM MUNICIPAL INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Activity pressure and cumulative balance, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover, 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":43,"displayedObservations":43,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Evidence conflict","headline":"Price is ahead of Market Dynamics","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"The gap can close through stronger Market Dynamics or weaker price. Until then, the upward structure should be treated as vulnerable rather than fully aligned.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.363097,-0.503752,-0.47092,-0.391507,-0.28681,-0.127624,0.022344,0.036748,0.142191,0.169321,0.006093,-0.167024,-0.16011,-0.08574,0.093699],"opens":[9.856012,9.853725,9.856012,9.884382,9.902236,9.934253,9.894356,9.88594,9.901581,9.891609,9.921523,9.861695,9.87,9.9,9.905],"highs":[9.865958,9.856012,9.895794,9.904331,9.914305,9.934253,9.944227,9.906566,9.911552,9.911552,9.921523,9.891609,9.91,9.93,9.92],"lows":[9.826176,9.81623,9.836221,9.874408,9.884382,9.884382,9.894356,9.861695,9.871667,9.871667,9.831781,9.841752,9.8511,9.85,9.88],"closes":[9.846067,9.826176,9.885849,9.904331,9.894356,9.904331,9.904331,9.891609,9.891609,9.881638,9.853818,9.861695,9.89,9.9,9.9],"hoverRows":[[{"label":"Open","value":"9.86","className":"is-ohlc","compact":true},{"label":"High","value":"9.87","className":"is-ohlc","compact":true},{"label":"Low","value":"9.83","className":"is-ohlc","compact":true},{"label":"Close","value":"9.85","className":"is-ohlc","compact":true},{"label":"Market 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but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.90","className":"is-ohlc","compact":true},{"label":"High","value":"9.93","className":"is-ohlc","compact":true},{"label":"Low","value":"9.85","className":"is-ohlc","compact":true},{"label":"Close","value":"9.90","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.09","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.90","className":"is-ohlc","compact":true},{"label":"High","value":"9.92","className":"is-ohlc","compact":true},{"label":"Low","value":"9.88","className":"is-ohlc","compact":true},{"label":"Close","value":"9.90","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.09","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[9.821487,9.90902],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.093699,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"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."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"caution"}],"relationshipEvidence":{"available":false,"observations":15,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-31","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":[9.7312,9.741,9.7459,9.7557,9.7606,9.7717,9.7636,9.7672,9.7918,9.7968,9.8412,9.8412,9.831,9.8658,9.8766,9.9063,9.907,9.931,9.8829,9.8877,9.848,9.8282,9.84,9.8649,9.8798,9.8846,9.856,9.8461,9.8461,9.8262,9.8858,9.9043,9.8944,9.9043,9.9043,9.8916,9.8916,9.8816,9.8538,9.8617,9.89,9.9,9.9],"consensus":[37.4997,66.6669,42.8555,0.0,14.3828,17.234,0.0,8.6879,21.5121,15.3874,55.4334,32.0058,17.0018,46.9345,29.365,43.5937,26.3047,44.5536,-16.0648,10.6547,-32.4512,-29.275,0.0,11.0633,19.389,18.5402,-13.4141,-18.7916,-10.1587,-30.4986,35.9131,38.7887,0.0,17.3972,9.0826,0.0,0.0,-13.5375,-36.0375,-8.1943,24.769,15.194,11.9216],"supportDates":["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,16.6634,0.0,7.9419,18.9351,12.3595,51.9846,28.5087,15.2204,46.604,26.1177,41.341,22.7309,46.4156,-21.754,13.8964,-27.3095,-25.6994,0.0,16.5284,15.4556,15.409,-17.398,-20.1781,-6.3165,-29.5405,39.6121,44.02,0.0,8.9782,5.8442,0.0,0.0,-12.2102,-31.9024,-5.6766,22.7289,13.0039,7.1131],"force":[37.4997,66.6669,42.8555,0.0,0.6488,11.7823,0.0,5.4271,17.9621,7.2273,68.56,17.2792,2.6743,42.6705,14.4946,30.9954,6.436,38.4663,-53.3928,6.9688,-61.2164,-32.8729,0.0,21.9071,27.5495,15.4895,-26.4717,-24.1556,-6.7355,-32.347,52.2286,39.0766,0.0,8.7566,1.5675,0.0,0.0,-22.8667,-52.541,-3.8789,55.8502,18.2378,5.6899],"direction":[null,null,null,null,25.1196,21.7801,0.0,11.8696,26.9931,24.6765,49.9988,46.5214,33.0922,50.3579,43.6979,55.1669,44.5809,46.7737,-17.1,9.5827,-17.7809,-30.7914,0.0,2.9282,18.0556,24.2979,-0.4659,-13.3757,-16.9948,-30.2734,20.0317,32.6043,0.0,33.1908,20.3907,0.0,0.0,-8.3908,-28.975,-19.6953,4.8998,15.5229,21.8682],"intensity":[null,null,null,null,25.0,40.0,66.6667,71.4286,12.5,33.3333,80.0,9.0909,16.6667,38.4615,35.7143,33.3333,87.5,17.6471,61.1111,36.8421,55.0,42.8571,9.0909,60.8696,37.5,8.0,92.3077,92.5926,10.7143,20.6897,86.6667,51.6129,12.5,24.2424,11.7647,54.2857,11.1111,10.8108,68.4211,46.1538,32.5,29.2683,50.0],"confirmation":[34.6666,44.0001,36.3804,1.6873,26.7896,73.3574,25.1235,25.3588,74.815,50.0548,86.1913,77.8463,50.7719,82.8941,76.9931,81.6004,53.1998,82.0433,32.5063,48.5811,79.3394,77.5321,25.4988,49.7455,74.5131,73.8876,50.0625,74.1557,25.8717,77.8305,79.9331,80.3414,26.4852,73.4321,25.6323,24.9278,1.1262,72.6366,80.098,25.7868,54.2377,72.9882,34.3649],"persistence":[null,null,100.0,75.0,80.0,83.3333,71.4286,75.0,75.0,75.0,75.0,87.5,87.5,87.5,100.0,100.0,100.0,100.0,75.0,75.0,50.0,25.0,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,0.0,0.0,12.5,12.5,12.5,25.0,37.5,37.5,12.5,12.5,0.0,0.0,0.0],"assessmentRisk":[null,null,null,null,42.8086,41.383,48.8447,43.417,39.1738,42.0936,22.2822,33.9956,41.1428,26.522,34.4124,28.1765,36.8396,27.6894,21.3704,39.1398,32.6839,35.3207,44.0026,41.9575,33.071,39.724,35.5648,23.1423,40.2201,34.1756,21.6001,29.6555,43.8673,41.2059,30.3272,26.2624,7.5433,32.9589,30.9469,40.4836,16.0479,26.5867,42.8483],"volumeParticipation":true,"latest":{"consensus":11.9,"control":7.1,"force":5.7,"direction":21.9,"confirmation":34.4,"persistence":0.0,"assessmentRisk":42.8,"intensity":50.0,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+11.9","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+7.1","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+5.7","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+21.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"34/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"59.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"0.6%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"23.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"46%","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 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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,0.8004,0.7782,0.7846,0.7499,0.7303,0.7316,0.7291,0.7373,0.7329,0.7063,0.7046,0.6821,0.6618,0.7457,0.722,0.6993,0.6796,0.6775,0.6495,0.6253,0.6161,0.608,0.5977,0.5838,0.5715,0.5972,0.5902,0.589,0.6041,0.5898],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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FTMS Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/6ac8ce00-461a-4bbe-96d7-aa63d6c5e98c/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}