{"schema_version":"1.0","name":"FTMA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"70f21cf9-4830-46ce-a223-fa933f4a1293","symbol":"FTMA","name":"FRANKLIN MASSACHUSETTS MUNICIPAL INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but 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, Acceleration, deceleration and rollover, Directional strength and control, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance."},{"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":41,"displayedObservations":41,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.03358,0.041802,0.203584,0.402706,0.550314,0.575332,0.533282,0.39127,0.121718,-0.149883,-0.413248,-0.597668,-0.592849],"opens":[8.967141,8.983779,9.003721,9.013692,9.053575,9.031673,9.038143,9.058073,9.048108,8.988319,8.91,8.97,8.92],"highs":[9.02679,9.063546,9.053575,9.063546,9.093459,9.101223,9.087967,9.058073,9.048108,8.988319,8.99,9.0,8.97],"lows":[8.9572,8.983779,9.003721,9.013692,9.043605,9.031673,8.998284,8.988319,8.86874,8.86874,8.9,8.95,8.895],"closes":[9.016848,9.033634,9.033833,9.058561,9.078503,9.078003,9.043126,9.008248,8.918565,8.9086,8.9583,8.96,8.91],"hoverRows":[[{"label":"Open","value":"8.97","className":"is-ohlc","compact":true},{"label":"High","value":"9.03","className":"is-ohlc","compact":true},{"label":"Low","value":"8.96","className":"is-ohlc","compact":true},{"label":"Close","value":"9.02","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.03","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.98","className":"is-ohlc","compact":true},{"label":"High","value":"9.06","className":"is-ohlc","compact":true},{"label":"Low","value":"8.98","className":"is-ohlc","compact":true},{"label":"Close","value":"9.03","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.00","className":"is-ohlc","compact":true},{"label":"High","value":"9.05","className":"is-ohlc","compact":true},{"label":"Low","value":"9.00","className":"is-ohlc","compact":true},{"label":"Close","value":"9.03","className":"is-ohlc","compact":true},{"label":"Market 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but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.99","className":"is-ohlc","compact":true},{"label":"High","value":"8.99","className":"is-ohlc","compact":true},{"label":"Low","value":"8.87","className":"is-ohlc","compact":true},{"label":"Close","value":"8.91","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.15","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.91","className":"is-ohlc","compact":true},{"label":"High","value":"8.99","className":"is-ohlc","compact":true},{"label":"Low","value":"8.90","className":"is-ohlc","compact":true},{"label":"Close","value":"8.96","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.41","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.97","className":"is-ohlc","compact":true},{"label":"High","value":"9.00","className":"is-ohlc","compact":true},{"label":"Low","value":"8.95","className":"is-ohlc","compact":true},{"label":"Close","value":"8.96","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.60","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.92","className":"is-ohlc","compact":true},{"label":"High","value":"8.97","className":"is-ohlc","compact":true},{"label":"Low","value":"8.89","className":"is-ohlc","compact":true},{"label":"Close","value":"8.91","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.59","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[8.898406,9.088697],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.592849,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Accumulation repair watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"chartSummary":"Price is in the accumulation zone. The Market Dynamics bars show whether underlying conditions are repairing or continuing to weaken.","summary":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Accumulation zone","detail":"Price is being tested for a confirmed recovery through the lower zone.","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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-14","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":[8.8149,8.8345,8.8539,8.8271,8.8197,8.8332,8.8775,8.8844,8.912,8.9219,8.9022,8.912,8.9402,8.9649,8.9945,9.0242,8.9547,8.9397,8.8506,8.8308,8.9266,8.9614,9.0061,9.026,8.9622,8.992,8.9373,8.9274,9.0168,9.0336,9.0338,9.0586,9.0785,9.078,9.0431,9.0082,8.9186,8.9086,8.9583,8.96,8.91],"consensus":[-55.5561,41.1763,-38.7685,0.0,0.0,0.0,26.7987,30.5342,38.076,28.8858,0.0,0.0,27.3308,28.0308,46.3821,38.6921,-16.7159,-8.6946,-28.0917,-29.4057,22.4037,17.1041,38.145,29.7923,-17.0558,20.4932,-21.9417,-11.912,40.6778,24.5928,22.7834,38.225,31.2301,25.0077,0.0,-21.1286,-52.4154,-35.0464,0.0,-16.3469,-32.6043],"supportDates":["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,0.0,29.818,29.9127,30.1147,20.4333,0.0,0.0,20.4845,22.8304,43.2619,27.2486,-23.9329,-7.5211,-14.4884,-25.83,27.2726,17.9922,38.1349,27.4433,-17.2693,21.7572,-18.364,-6.0639,43.5504,26.9992,21.3446,41.2969,34.0486,27.282,0.0,-20.7927,-43.8211,-31.189,0.0,-16.1445,-36.0372],"force":[-55.5561,41.1763,-38.7685,0.0,0.0,0.0,20.6659,23.4487,35.9365,15.1197,0.0,0.0,28.3921,14.905,36.5175,25.5646,-48.6903,-21.4107,-46.7698,-26.4928,47.8742,22.3765,44.5762,22.0041,-54.8042,24.9939,-38.7426,-10.0703,58.6943,19.9455,13.4862,33.4139,21.7403,13.9777,0.0,-34.7403,-78.6696,-28.2717,0.0,-12.2936,-37.8054],"direction":[null,null,null,null,0.0,0.0,27.7285,36.3056,48.7028,48.3789,0.0,0.0,34.397,43.3495,56.9943,61.1471,-14.3708,-0.9527,-30.2969,-35.5729,1.354,12.3232,33.563,38.0399,-10.1513,15.8338,-14.03,-19.9111,24.5259,25.1621,31.0685,38.1507,34.7873,30.287,0.0,-11.7899,-43.4844,-44.2941,0.0,-19.4735,-24.9659],"intensity":[null,null,null,null,25.0,20.0,50.0,42.8571,50.0,44.4444,50.0,54.5455,33.3333,61.5385,57.1429,100.0,81.25,88.2353,100.0,94.7368,80.0,66.6667,63.6364,43.4783,58.3333,40.0,53.8462,14.8148,82.1429,44.8276,13.3333,16.129,43.75,3.0303,50.0,51.4286,94.4444,62.1622,55.2632,56.4103,62.5],"confirmation":[40.4446,35.8431,35.0726,0.8437,0.9102,24.6816,76.3427,77.5645,80.2404,76.9527,4.5508,26.3829,76.8825,76.6491,82.5892,80.1558,31.946,25.8544,77.7659,77.3755,53.4934,73.6205,80.4026,77.332,31.4373,74.6757,75.5879,49.1782,81.5222,75.6914,75.0293,80.0386,77.6615,75.6317,3.4133,75.1811,85.704,79.0672,29.6999,73.1106,78.5396],"persistence":[null,null,33.3333,25.0,20.0,16.6667,0.0,12.5,37.5,37.5,50.0,50.0,62.5,75.0,75.0,75.0,50.0,25.0,12.5,0.0,0.0,0.0,0.0,0.0,0.0,25.0,25.0,25.0,25.0,25.0,25.0,25.0,50.0,50.0,62.5,62.5,37.5,12.5,0.0,25.0,50.0],"assessmentRisk":[null,null,null,null,13.3401,6.8062,25.7394,34.3278,30.9506,35.5474,39.6424,40.7005,31.054,34.885,26.8008,30.6526,32.0711,30.9379,35.895,35.2943,38.658,13.4634,30.7915,35.0808,38.8537,16.7604,32.2565,41.8892,16.8613,20.2919,36.0232,30.579,28.5915,28.4607,11.813,32.2202,23.7036,32.4414,49.4244,32.9147,6.6251],"volumeParticipation":true,"latest":{"consensus":-32.6,"control":-36.0,"force":-37.8,"direction":-25.0,"confirmation":78.5,"persistence":50.0,"assessmentRisk":6.6,"intensity":62.5,"evidenceDepth":100},"analysis":{"status":"Market 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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-32.6","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-36.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-37.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-25.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"79/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"45.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"41.2","detail":"Directional","tone":"positive"},{"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 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.0276,0.0319,0.0372,0.0434,0.0422,0.0395,0.0299,0.0205,0.0205,0.023,0.0283,0.0337,0.0325,0.0335,0.0296,0.0254,0.0289,0.0327,0.0353,0.039,0.0429,0.0455,0.0443,0.04,0.029,0.0193,0.0154,0.0124,0.0058],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0347,0.0357,0.0345,0.0317,0.0295,0.0282,0.0282,0.0293,0.0299,0.0307,0.0304,0.0294,0.0293,0.03,0.0311,0.0327,0.0347,0.0369,0.0384,0.0387,0.0367,0.0333,0.0297,0.0262,0.0221],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0075,0.0039,-0.0046,-0.0112,-0.009,-0.0052,0.0001,0.0044,0.0025,0.0029,-0.0008,-0.004,-0.0004,0.0027,0.0043,0.0063,0.0082,0.0087,0.0059,0.0013,-0.0077,-0.014,-0.0143,-0.0139,-0.0163],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"directional","eyebrow":"Trend 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}