{"schema_version":"1.0","name":"TFGZ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6c2d1dda-cf48-4be3-8cce-6c9b40f50b67","symbol":"TFGZ","name":"THORNBURG FOCUS GROWTH FUND ETF CLASS","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Activity pressure and cumulative balance, 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":21,"displayedObservations":21,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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"],"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],"opens":[30.455,30.58,32.357,34.0956,34.065,34.2424,35.1386,34.47,35.2403,36.3952,35.05,36.1746,36.1,35.7664,36.5294,35.915,35.4665,34.6382,36.1734,37.5881,37.95],"highs":[30.95,31.775,34.0834,34.4,34.2327,35.62,35.1386,34.9243,36.3151,36.468,35.3804,36.1746,36.1,36.3775,36.667,36.3766,35.6403,35.2,37.5913,37.9737,37.95],"lows":[30.3754,30.5,32.357,33.7549,33.4769,34.2424,34.46,33.7901,35.1841,34.9681,34.5554,35.5622,35.3229,35.7664,35.89,35.11,34.3238,33.9054,36.1734,37.3891,36.3039],"closes":[30.6039,31.6252,34.0834,34.1381,34.2327,34.979,34.5394,34.9243,36.3151,34.9681,35.3726,36.1634,35.4241,35.8612,36.3861,35.1565,34.3238,35.1878,37.5913,37.9283,36.5903],"hoverRows":[[{"label":"Open","value":"30.5","className":"is-ohlc","compact":true},{"label":"High","value":"30.9","className":"is-ohlc","compact":true},{"label":"Low","value":"30.4","className":"is-ohlc","compact":true},{"label":"Close","value":"30.6","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"35.9","className":"is-ohlc","compact":true},{"label":"High","value":"36.4","className":"is-ohlc","compact":true},{"label":"Low","value":"35.1","className":"is-ohlc","compact":true},{"label":"Close","value":"35.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"35.5","className":"is-ohlc","compact":true},{"label":"High","value":"35.6","className":"is-ohlc","compact":true},{"label":"Low","value":"34.3","className":"is-ohlc","compact":true},{"label":"Close","value":"34.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"34.6","className":"is-ohlc","compact":true},{"label":"High","value":"35.2","className":"is-ohlc","compact":true},{"label":"Low","value":"33.9","className":"is-ohlc","compact":true},{"label":"Close","value":"35.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"36.2","className":"is-ohlc","compact":true},{"label":"High","value":"37.6","className":"is-ohlc","compact":true},{"label":"Low","value":"36.2","className":"is-ohlc","compact":true},{"label":"Close","value":"37.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"37.6","className":"is-ohlc","compact":true},{"label":"High","value":"38.0","className":"is-ohlc","compact":true},{"label":"Low","value":"37.4","className":"is-ohlc","compact":true},{"label":"Close","value":"37.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"38.0","className":"is-ohlc","compact":true},{"label":"High","value":"38.0","className":"is-ohlc","compact":true},{"label":"Low","value":"36.3","className":"is-ohlc","compact":true},{"label":"Close","value":"36.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[30.164436,38.367764],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","tone":"neutral"},{"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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":34.979},{"date":"2026-07-31","price":35.1878},{"date":"2026-08-07","price":37.5913}],"reversal_dangers":[{"date":"2026-05-15","price":34.5394},{"date":"2026-08-14","price":37.9283}]}},"smTape":{"available":true,"dates":["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":[30.6039,31.6252,34.0834,34.1381,34.2327,34.979,34.5394,34.9243,36.3151,34.9681,35.3726,36.1634,35.4241,35.8612,36.3861,35.1565,34.3238,35.1878,37.5913,37.9283,36.5903],"consensus":[-20.4664,76.502,100.0,10.9059,69.762,63.5682,16.5428,70.759,80.0382,0.0,56.8438,64.1406,-18.6506,36.4918,49.0024,-38.2295,-45.1511,30.1524,67.5714,54.4689,10.9125],"supportDates":["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,62.9696,1.0577,68.5287,88.953,0.0,61.2474,69.5293,-10.7225,26.4829,46.4013,-30.4649,-46.1223,37.2693,83.6858,62.8978,20.3215],"force":[-20.4664,76.502,100.0,10.9059,27.8788,37.6004,23.5591,73.3726,61.9357,0.0,38.5476,41.9222,-82.6145,15.3301,26.0666,-89.8888,-53.4811,69.9936,61.9291,34.1576,69.935],"direction":[null,null,null,null,99.6785,82.8006,65.3018,71.4409,82.7803,0.0,64.8797,73.8525,-17.9772,63.046,68.3577,-10.2039,-38.0911,6.4391,53.1853,59.344,41.9997],"intensity":[null,null,null,null,25.0,60.0,33.3333,42.8571,75.0,55.5556,50.0,36.3636,33.3333,15.3846,28.5714,66.6667,43.75,47.0588,94.4444,63.1579,70.0],"confirmation":[29.2159,47.1473,54.6667,26.1566,65.7425,87.5595,9.5913,90.7565,92.9247,35.2799,85.5653,87.7658,34.5402,79.185,83.0214,81.9261,82.6874,57.4615,89.2053,84.6826,36.774],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,100.0,87.5,87.5,87.5,62.5,62.5,62.5,37.5,12.5,25.0,25.0,25.0,25.0],"assessmentRisk":[null,null,null,null,15.0604,18.1692,14.3089,0.4603,9.2187,3.1147,6.1018,11.2426,27.0775,19.0691,15.7723,23.8797,21.104,48.1335,7.2238,22.3197,53.8096],"volumeParticipation":true,"latest":{"consensus":10.9,"control":20.3,"force":69.9,"direction":42.0,"confirmation":36.8,"persistence":25.0,"assessmentRisk":53.8,"intensity":70.0,"evidenceDepth":81},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+10.9","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+20.3","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+69.9","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+42.0","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"37/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"70.4","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"2.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"82%","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 upward.","series":[{"label":"Close","values":[30.6039,31.6252,34.0834,34.1381,34.2327,34.979,34.5394,34.9243,36.3151,34.9681,35.3726,36.1634,35.4241,35.8612,36.3861,35.1565,34.3238,35.1878,37.5913,37.9283,36.5903],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,32.3146,32.7991,33.1155,33.4444,33.9663,34.1485,34.371,34.6969,34.8291,35.0168,35.2657,35.2459,35.0782,35.0982,35.5515,35.9836,36.0939],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,33.2313,33.4261,33.6454,33.7573,33.7993,33.9021,34.1754,34.4534,34.6117],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,37.2432,37.3098,37.5392,37.5523,37.6321,37.7923,37.7347,37.6273,37.5836,37.9438,38.3061,37.9915],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,30.8386,31.0141,31.1183,31.2738,31.4008,31.4899,31.612,31.6783,31.7814,31.7274,31.6743,32.5875],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period 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