{"schema_version":"1.0","name":"USMD Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"78655e26-bdf6-4f6f-b8f7-23abeb19fab7","symbol":"USMD","name":"COREVALUES AMERICA FIRST TECHNOLOGY ETF","exchange":"NYSEARCA","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, Activity pressure and cumulative balance, Range pressure and compression, Directional strength and control, Range position and boundary pressure, Drawdown and recovery 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":29,"displayedObservations":29,"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":["2026-08-21"],"values":[-0.028303],"opens":[32.2647],"highs":[32.2647],"lows":[30.8119],"closes":[31.0158],"hoverRows":[[{"label":"Open","value":"32.3","className":"is-ohlc","compact":true},{"label":"High","value":"32.3","className":"is-ohlc","compact":true},{"label":"Low","value":"30.8","className":"is-ohlc","compact":true},{"label":"Close","value":"31.0","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":[29.8958,32.1358],"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 below zero 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 below zero 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":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[25.2479,25.1349,25.1402,25.0176,24.9428,24.6202,24.1637,23.5593,24.5144,25.3993,27.3773,28.1496,28.7247,30.6185,30.6687,31.6911,33.1459,31.146,30.1699,32.3931,30.4545,31.0722,31.3622,29.6767,29.2905,29.8409,31.8826,32.337,31.0158],"consensus":[0.0,-58.997,-9.4797,0.0,-75.666,-67.0296,-75.7253,-85.6493,11.4459,74.9732,92.9303,88.6088,80.5,87.2665,36.7895,83.9461,82.7193,0.0,-11.417,69.8299,-27.1045,16.8476,35.6696,-52.7078,-39.1269,14.287,63.6409,57.1314,17.5025],"supportDates":["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,-62.0188,-78.1665,-83.3699,31.4361,64.2796,93.4721,92.2898,87.9605,96.3517,16.2434,92.3439,92.7205,0.0,-20.8608,85.4513,-29.0492,14.956,28.0002,-45.9723,-38.0107,21.3432,71.0094,58.3342,25.8821],"force":[0.0,-58.997,-9.4797,0.0,-46.3637,-54.3046,-57.548,-86.1884,61.904,97.9051,99.3589,81.9426,56.8568,66.1435,4.4758,61.8232,61.8243,0.0,-53.0308,55.3691,-71.0499,1.2467,31.3949,-93.2115,-43.7692,55.2341,89.4032,62.5761,66.7179],"direction":[null,null,null,null,-96.5962,-81.8456,-85.9192,-87.8692,47.4414,70.8144,87.7193,89.1635,88.8617,91.9713,89.7459,90.1507,86.2143,0.0,-29.1001,62.3062,-6.5077,30.1528,47.488,-31.4742,-37.0868,23.0252,36.8182,51.8675,27.2281],"intensity":[null,null,null,null,25.0,40.0,100.0,100.0,100.0,100.0,100.0,81.8182,58.3333,92.3077,92.8571,66.6667,81.25,100.0,100.0,100.0,75.0,42.8571,13.6364,65.2174,45.8333,56.0,100.0,55.5556,57.1429],"confirmation":[0.0,41.5457,25.7002,1.5339,68.2069,89.138,91.6409,95.4589,37.6834,92.8532,97.9254,96.0956,92.9258,95.1431,57.1163,94.0606,93.681,36.9133,33.6524,89.6668,56.7047,50.2779,79.4009,86.2035,80.6791,33.2909,89.0379,86.4296,35.4483],"persistence":[null,null,66.6667,50.0,60.0,66.6667,71.4286,75.0,62.5,37.5,12.5,0.0,25.0,50.0,75.0,100.0,100.0,87.5,62.5,62.5,37.5,37.5,37.5,12.5,12.5,0.0,25.0,25.0,25.0],"assessmentRisk":[null,null,null,null,12.1665,16.4777,12.1369,7.1753,43.1875,7.8381,3.5122,5.6951,9.7492,6.3665,31.5766,8.0107,8.6381,21.8053,15.1194,8.3812,34.6881,11.1891,17.9041,21.8106,15.1221,43.0786,13.766,19.3655,50.8677],"volumeParticipation":true,"latest":{"consensus":17.5,"control":25.9,"force":66.7,"direction":27.2,"confirmation":35.4,"persistence":25.0,"assessmentRisk":50.9,"intensity":57.1,"evidenceDepth":100},"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":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+17.5","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+25.9","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+66.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+27.2","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"35/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"56.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"34.3","detail":"Directional","tone":"positive"},{"label":"Range position","value":"75%","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":[25.2479,25.1349,25.1402,25.0176,24.9428,24.6202,24.1637,23.5593,24.5144,25.3993,27.3773,28.1496,28.7247,30.6185,30.6687,31.6911,33.1459,31.146,30.1699,32.3931,30.4545,31.0722,31.3622,29.6767,29.2905,29.8409,31.8826,32.337,31.0158],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.1338,25.0404,24.881,24.6407,24.6177,24.7598,25.2357,25.7655,26.3036,27.0881,27.7391,28.4577,29.3101,29.6439,29.7395,30.222,30.2643,30.4112,30.5841,30.4191,30.2139,30.1461,30.4618,30.8028,30.8415],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.6178,25.9882,26.3349,26.7316,27.2068,27.4986,27.6964,28.0443,28.2229,28.4339,28.6508,28.7268,28.7686,28.848,29.0728,29.3146,29.4406],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,25.8523,26.8266,27.7285,28.5302,29.7947,30.6695,31.6194,32.7523,33.1408,33.2907,33.797,34.0791,34.3957,34.6962,34.7428,34.713,34.6387,34.632,34.3933,33.9423],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,23.6957,23.1948,22.816,22.5454,22.0067,21.7677,21.5018,21.1437,21.2217,21.3863,21.3855,21.6241,21.9012,22.2229,22.6422,23.1067,23.7031,24.4817,25.5982,26.6994],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,40.6184,30.9711,66.0405,75.1982,51.6551,0.1701,2.7419,3.127,1.666,10.5549,5.5706,2.6912,5.9058,13.7738,8.413,170.8616,168.8934,34.6343,140.4935,1252.3364,64.3564,22.6387],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,117.2442,119.1429,123.0443,127.3792,130.2316,130.2403,130.3703,130.509,130.5784,130.9946,130.7865,130.6911,130.8905,130.4223,130.7084,133.7689,130.8645,130.2836,132.3817,135.0,135.0,134.6534],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,2.144,2.1663,2.2742,2.3326,2.8801,3.0867,3.1597,3.5755,3.6406,3.5549,3.8942,3.9177,3.9986,3.9327,3.7385,3.9706],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,8.705,14.5207,19.4382,23.435,30.0686,33.9521,38.0924,43.0775,43.8506,43.5444,44.9836,44.7192,44.3876,43.8284,42.1734,40.1465,37.4881,34.3418,29.3212,23.8876],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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 quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,38.9484,36.9178,34.315],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,59.8775,63.1336,54.0427,60.2196,48.1953,43.1084,42.3317,36.9486,33.0974,31.183,27.9344,26.1233,23.3279,32.2457,34.1589,31.1373],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,13.6148,12.4916,14.4124,12.4754,17.6477,23.2718,19.6612,25.1041,22.439,22.443,27.4743,28.0969,32.4964,28.7167,27.6559,30.8408],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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,0.0,53.1676,89.4058,100.0,100.0,100.0,100.0,91.2783,100.0,100.0,75.9751,66.6232,87.9234,69.3499,75.268,78.0465,61.898,58.1978,63.4711,83.0323,87.3859,74.7277],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-8.1795,-4.4571,-1.0083,0.0,0.0,0.0,0.0,-2.2692,0.0,0.0,-7.4512,-10.3516,-3.7455,-9.506,-7.6705,-6.8088,-11.8172,-12.9647,-11.3292,-5.2624,-3.9122,-7.8381],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,0.0,5.5922,9.4038,17.9238,21.2503,23.7275,31.8848,32.101,36.5048,42.7712,34.1569,29.9525,39.5286,31.1784,33.839,35.0882,27.8281,26.1646,28.5354,37.3297,39.287,33.5961],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range 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