{"schema_version":"1.0","name":"COTG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"76a3fa34-5125-4031-a519-369e9f5d5bcf","symbol":"COTG","name":"LEVERAGE SHARES 2X LONG COST DAILY ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened 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, Activity pressure and cumulative balance, Drawdown and recovery pressure, Range position and boundary pressure, Range pressure and compression, 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":49,"displayedObservations":49,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":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"],"values":[0.059572,0.086482,0.119361,0.037204,-0.065743,-0.09338,-0.077733,-0.011993,-0.061715,-0.182001,-0.448383,-0.720377,-0.81618,-0.924563,-1.017182,-1.086615,-1.181639,-1.180237,-1.193831,-1.06306,-0.962622],"opens":[14.72,15.5,14.86,15.11,15.1,15.03,14.83,16.34,15.535,13.38,13.64,13.94,13.07,13.34,13.06,12.17,12.59,12.69,13.255,12.715,13.05],"highs":[15.4471,16.07,14.93,15.36,15.8,15.605,16.56,17.8026,15.535,14.5237,14.44,14.41,13.605,13.61,13.519,13.32,12.84,13.965,13.3254,13.26,13.621],"lows":[14.72,14.84,13.94,14.57,14.47,14.65,14.45,15.5,13.12,12.8825,13.5,13.09,12.79,12.3,11.8778,11.94,12.07,12.61,12.532,12.5,12.255],"closes":[15.4471,14.9366,14.895,15.215,15.2534,15.1062,16.2872,15.5869,13.4582,13.8306,14.0726,13.2179,13.1634,13.1169,12.0991,12.72,12.5689,13.0009,12.8484,13.1703,12.7738],"hoverRows":[[{"label":"Open","value":"14.7","className":"is-ohlc","compact":true},{"label":"High","value":"15.4","className":"is-ohlc","compact":true},{"label":"Low","value":"14.7","className":"is-ohlc","compact":true},{"label":"Close","value":"15.4","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-0.96","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":[11.847814,16.538486],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.962622,"state":"Negative but repairing over four weeks","context":{"scenario":"negativeRepair","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-15","price":16.2872}],"reversal_dangers":[{"date":"2026-05-22","price":15.5869}]}},"smTape":{"available":true,"dates":["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":[14.6813,13.5022,13.4852,13.85,13.9697,13.815,13.2145,13.495,13.51,12.7379,13.14,12.5606,12.23,11.44,11.865,11.3206,13.23,14.2921,14.89,13.5238,15.3395,15.84,14.7636,15.56,15.1,15.3521,14.232,14.5517,15.4471,14.9366,14.895,15.215,15.2534,15.1062,16.2872,15.5869,13.4582,13.8306,14.0726,13.2179,13.1634,13.1169,12.0991,12.72,12.5689,13.0009,12.8484,13.1703,12.7738],"consensus":[9.3816,-60.7073,-11.2,8.2857,-32.3587,-18.3107,-49.7009,-11.4627,-13.6262,-56.4931,0.0,-56.9949,-48.0492,-69.4132,-13.5846,-64.5788,54.2398,67.1976,61.4344,-13.1481,69.424,55.6584,-10.2343,57.671,0.0,25.5605,-32.5348,8.1616,45.3025,-14.7749,16.2267,25.9219,9.6986,0.0,57.5381,-17.3587,-62.1079,-8.1927,-9.1128,-57.5467,-22.9146,-22.595,-63.3056,0.0,-21.2432,0.0,-12.3687,14.561,-20.4234],"supportDates":["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":[null,null,null,null,null,-28.8082,-59.5401,-4.1582,-3.9757,-49.1507,0.0,-52.2963,-35.2461,-64.8894,-3.6367,-67.5537,48.2212,69.0631,64.2519,-31.1018,68.1254,57.5962,-19.5584,63.0937,0.0,36.9784,-40.7119,20.2955,56.4965,-17.8597,14.6416,27.1377,12.9523,0.0,51.2728,-18.5697,-56.1464,-4.1736,-1.4627,-50.4894,-23.2753,-17.9637,-57.7361,0.0,-17.2677,0.0,-20.7097,16.8701,-21.2727],"force":[9.3816,-60.7073,-11.2,8.2857,-6.0696,-12.2785,-36.154,-12.989,-3.7445,-57.1208,0.0,-59.1542,-42.5565,-71.648,-30.0647,-52.1044,94.4405,80.1809,56.3053,-49.793,82.7295,43.6524,-45.5882,50.2686,0.0,14.238,-49.3668,12.5667,46.0725,-35.9629,14.9959,23.4865,3.3126,0.0,82.8305,-66.5778,-92.5505,-27.0987,-16.404,-80.7115,-6.8084,-8.6125,-82.9504,0.0,-6.8285,0.0,-7.6406,31.251,-31.3894],"direction":[null,null,null,null,-51.1365,-10.6223,-48.1323,-37.2762,-37.0628,-64.4362,0.0,-60.8224,-66.6046,-72.9868,-64.4442,-70.0892,32.4034,55.7918,61.8782,-33.5454,61.4041,62.0194,-25.6745,56.761,0.0,20.5991,-11.1668,8.8521,31.9593,-3.885,18.9173,26.2719,10.5416,0.0,46.6324,-19.1818,-47.1763,-37.9941,-36.0822,-49.0658,-34.0068,-37.8754,-55.6389,0.0,-36.083,0.0,-6.2133,0.0007,-11.62],"intensity":[null,null,null,null,25.0,20.0,66.6667,14.2857,62.5,88.8889,30.0,63.6364,83.3333,69.2308,28.5714,53.3333,100.0,94.1176,66.6667,89.4737,95.0,61.9048,77.2727,52.1739,37.5,44.0,80.7692,48.1481,67.8571,41.3793,83.3333,41.9355,18.75,3.0303,85.2941,88.5714,100.0,67.5676,34.2105,53.8462,52.5,21.9512,71.4286,37.2093,20.4545,80.0,43.4783,4.2553,8.3333],"confirmation":[25.6688,42.093,26.2507,25.3181,31.8197,73.5156,83.3415,5.8052,27.4435,86.2088,31.0567,86.3758,83.4034,90.3493,10.4689,88.2397,86.6736,89.8705,87.4598,34.8736,90.641,85.4153,32.3543,86.1465,4.9863,75.6603,78.7995,27.1162,82.3497,51.4888,73.1792,76.2023,48.1927,24.6171,87.2785,33.7951,88.8931,7.3884,5.7545,87.2285,52.1697,74.8748,88.9414,7.4473,51.7524,3.9561,26.3534,50.4663,82.8568],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,75.0,62.5,87.5,87.5,87.5,87.5,87.5,62.5,37.5,25.0,25.0,0.0,25.0,25.0,50.0,37.5,37.5,12.5,37.5,37.5,12.5,37.5,37.5,50.0,37.5,62.5,37.5,12.5,12.5,12.5,37.5,62.5,75.0,100.0,87.5,87.5,75.0,75.0,50.0,50.0],"assessmentRisk":[null,null,null,null,25.4723,35.6019,0.573,24.4884,30.427,20.5153,9.6285,19.2751,25.5229,14.8373,42.9397,17.3403,17.4166,16.3456,19.2425,56.0195,13.9895,18.1235,1.1466,19.3767,12.9846,35.4342,7.5013,41.7731,6.2286,13.6416,23.5637,18.9864,17.0163,11.3971,19.6017,34.9237,17.6588,41.4213,44.9533,20.9366,6.1105,25.7173,17.72,25.4038,20.9861,5.6041,42.4943,20.108,24.0384],"volumeParticipation":true,"latest":{"consensus":-20.4,"control":-21.3,"force":-31.4,"direction":-11.6,"confirmation":82.9,"persistence":50.0,"assessmentRisk":24.0,"intensity":8.3,"evidenceDepth":100},"analysis":{"status":"Joint downward confirmation","headline":"The gauges support the downward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same downward assessment.","take":"Current assessment: downward pressure has broad support.","tone":"negative","supportedView":"Price structure and 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 strengthening","directionState":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-20.4","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-21.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-31.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-11.6","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"83/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"40.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"9.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"14.2","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"15%","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":[14.6813,13.5022,13.4852,13.85,13.9697,13.815,13.2145,13.495,13.51,12.7379,13.14,12.5606,12.23,11.44,11.865,11.3206,13.23,14.2921,14.89,13.5238,15.3395,15.84,14.7636,15.56,15.1,15.3521,14.232,14.5517,15.4471,14.9366,14.895,15.215,15.2534,15.1062,16.2872,15.5869,13.4582,13.8306,14.0726,13.2179,13.1634,13.1169,12.0991,12.72,12.5689,13.0009,12.8484,13.1703,12.7738],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,14.1653,14.1016,13.9403,13.8593,13.7958,13.6035,13.5192,13.3449,13.1422,12.8327,12.6568,12.4138,12.5622,12.8767,13.2428,13.2939,13.6658,14.0611,14.1888,14.4381,14.5585,14.7028,14.6172,14.6053,14.7583,14.7907,14.8097,14.8834,14.9507,14.9789,15.2168,15.2841,14.9521,14.7482,14.6254,14.3695,14.1502,13.9623,13.6235,13.4593,13.2974,13.2435,13.1716,13.1714,13.0991],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,70.2732,57.8431,70.6074,42.6475,85.0904,145.9773,114.7814,69.614,49.6435,137.567,92.4829,73.0721,57.5421,75.6858,54.7706,30.6221,28.4131,67.3173,30.2122,25.0889,24.0952,31.5945,37.3103,67.4851,24.6949,28.0917,48.43,108.7401,172.9051,408.6867,454.387,170.4023,189.393,147.0104,137.1274,217.5313,99.7948,46.1788,86.6618,75.4638,71.7773,158.7796],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,-8.0313,-8.1471,-5.6623,-4.847,-5.9007,-9.9909,-8.0803,-7.9782,-13.2372,-10.4984,-14.4449,-16.6968,-22.0777,-19.1829,-22.891,-9.8854,-2.651,0.0,-9.1753,0.0,0.0,-6.7955,-1.7677,-4.6717,-3.0802,-10.1515,-8.1332,-2.4804,-5.7033,-5.9659,-3.9457,-3.7033,-4.6326,0.0,-4.2997,-17.3695,-15.083,-13.5972,-18.8449,-19.1795,-19.465,-25.7141,-21.9019,-22.8296,-20.1772,-21.1135,-19.1371,-21.5715],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,2.1227,2.2362,0.0,3.1567,0.0,0.0,0.0,3.715,0.0,16.8666,26.2486,31.5301,19.4619,35.5008,39.9219,30.4136,37.4485,33.3852,35.6121,25.7177,28.5418,36.4512,31.9418,31.5743,34.401,34.7402,33.4399,43.8722,37.6862,18.8824,22.172,24.3097,16.7597,16.2783,0.0,0.0,5.1318,3.8829,7.4534,6.193,8.8536,5.5764],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}