{"schema_version":"1.0","name":"ETFT Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"7a548198-df1c-4e71-816e-73d3cf5ffa6e","symbol":"ETFT","name":"FUNDSMITH EQUITY ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently point in the same direction.","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":38,"displayedObservations":38,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Price structure and the underlying tape currently point in the same direction.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure is supported by Market Dynamics","summary":"Price structure and the underlying tape currently point in the same direction.","take":"The advance is confirmed on the completed evidence, while extension and reversal risk still require monitoring.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.438738,0.583201,0.632027,0.641458,0.56003,0.445796,0.332401,0.297457,0.322936,0.419635],"opens":[9.9,9.84,9.67,9.65,9.81,9.72,9.6532,9.9382,10.17,10.025],"highs":[9.91,9.84,9.8664,9.92,10.0,9.72,9.9,10.1535,10.19,10.0702],"lows":[9.74,9.6216,9.66,9.65,9.725,9.47,9.6532,9.9382,10.1,9.9848],"closes":[9.8397,9.655,9.8664,9.8,9.725,9.5245,9.8478,10.1535,10.1564,10.0611],"hoverRows":[[{"label":"Open","value":"9.90","className":"is-ohlc","compact":true},{"label":"High","value":"9.91","className":"is-ohlc","compact":true},{"label":"Low","value":"9.74","className":"is-ohlc","compact":true},{"label":"Close","value":"9.84","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.44","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.84","className":"is-ohlc","compact":true},{"label":"High","value":"9.84","className":"is-ohlc","compact":true},{"label":"Low","value":"9.62","className":"is-ohlc","compact":true},{"label":"Close","value":"9.65","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.58","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.67","className":"is-ohlc","compact":true},{"label":"High","value":"9.87","className":"is-ohlc","compact":true},{"label":"Low","value":"9.66","className":"is-ohlc","compact":true},{"label":"Close","value":"9.87","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.63","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"9.65","className":"is-ohlc","compact":true},{"label":"High","value":"9.92","className":"is-ohlc","compact":true},{"label":"Low","value":"9.65","className":"is-ohlc","compact":true},{"label":"Close","value":"9.80","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.64","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"9.81","className":"is-ohlc","compact":true},{"label":"High","value":"10.0","className":"is-ohlc","compact":true},{"label":"Low","value":"9.72","className":"is-ohlc","compact":true},{"label":"Close","value":"9.72","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.56","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.72","className":"is-ohlc","compact":true},{"label":"High","value":"9.72","className":"is-ohlc","compact":true},{"label":"Low","value":"9.47","className":"is-ohlc","compact":true},{"label":"Close","value":"9.52","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.45","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.65","className":"is-ohlc","compact":true},{"label":"High","value":"9.90","className":"is-ohlc","compact":true},{"label":"Low","value":"9.65","className":"is-ohlc","compact":true},{"label":"Close","value":"9.85","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.33","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.94","className":"is-ohlc","compact":true},{"label":"High","value":"10.2","className":"is-ohlc","compact":true},{"label":"Low","value":"9.94","className":"is-ohlc","compact":true},{"label":"Close","value":"10.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.30","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.2","className":"is-ohlc","compact":true},{"label":"High","value":"10.2","className":"is-ohlc","compact":true},{"label":"Low","value":"10.1","className":"is-ohlc","compact":true},{"label":"Close","value":"10.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.32","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.0","className":"is-ohlc","compact":true},{"label":"High","value":"10.1","className":"is-ohlc","compact":true},{"label":"Low","value":"9.98","className":"is-ohlc","compact":true},{"label":"Close","value":"10.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.42","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":[9.486586,10.194314],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.419635,"state":"Positive and broadly steady","context":{"scenario":"positiveSteady","latestDirection":"strengthening","fourWeekDirection":"steady","now":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"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":"Positive and broadly steady","detail":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"positive"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Positive and broadly steady","detail":"Market Dynamics strengthened this week and remains positive.","tone":"positive"},{"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":"Supported","detail":"The broader path has not changed enough to establish a new direction.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":10,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-07-03","price":9.8664}],"reversal_dangers":[{"date":"2026-07-10","price":9.8}]}},"smTape":{"available":true,"dates":["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":[9.9664,9.95,9.924,10.04,9.93,10.2183,10.155,10.11,10.03,9.8559,9.7273,9.785,9.792,9.3363,9.0351,8.869,8.7196,9.0,9.2877,9.74,9.7597,9.7371,9.725,9.6445,9.8045,9.9352,9.7696,9.7499,9.8397,9.655,9.8664,9.8,9.725,9.5245,9.8478,10.1535,10.1564,10.0611],"consensus":[-33.6134,26.5905,-46.2069,0.0,-31.7941,61.8725,8.5438,-10.4591,-8.0973,-33.775,-32.7965,0.0,-9.9092,-60.7996,-62.9414,-62.233,-59.1912,0.0,16.9714,49.6269,30.9111,19.233,16.2768,0.0,28.5082,30.4728,-13.3269,0.0,14.9554,-27.015,37.0308,0.0,-19.1183,-40.4733,29.8324,56.3559,31.4381,27.0469],"supportDates":["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,59.2625,11.4683,-22.2375,-13.4319,-27.6465,-23.9507,0.0,-1.9366,-66.7036,-65.9802,-64.1072,-65.8003,0.0,20.4716,49.9356,28.2488,10.7093,8.4191,0.0,35.36,31.1116,-23.0195,0.0,16.618,-28.1109,43.5742,0.0,-19.9535,-38.9322,39.7977,64.7768,29.3917,27.3758],"force":[-33.6134,26.5905,-46.2069,0.0,-36.974,53.2543,17.657,-27.6054,-19.4048,-45.302,-38.1099,0.0,-0.446,-52.0641,-48.9837,-45.1541,-44.1577,0.0,38.3417,64.3439,21.7198,7.104,5.1533,0.0,23.6162,17.6705,-37.3333,0.0,9.0215,-44.7882,48.4552,0.0,-38.3135,-68.1679,38.6682,56.8122,11.678,6.1825],"direction":[null,null,null,null,-28.0941,71.0113,50.1297,-15.2494,-6.0762,-32.5455,-39.1107,0.0,-25.7802,-60.2917,-69.4382,-72.2902,-62.3761,0.0,2.2934,38.762,40.519,37.6379,33.2023,0.0,24.172,38.8873,-14.8979,0.0,17.2939,-13.0675,21.3923,0.0,-4.453,-22.4526,12.1324,46.4062,47.8913,41.5742],"intensity":[null,null,null,null,50.0,100.0,100.0,100.0,87.5,55.5556,60.0,81.8182,8.3333,69.2308,64.2857,46.6667,37.5,58.8235,61.1111,73.6842,70.0,33.3333,9.0909,30.4348,29.1667,40.0,88.4615,85.1852,21.4286,48.2759,53.3333,6.4516,9.375,60.6061,73.5294,68.5714,33.3333,21.6216],"confirmation":[33.423,31.1756,37.4529,1.4277,55.7442,87.5763,31.1205,29.6099,49.484,79.2527,78.7916,28.5954,25.6707,87.0997,87.6696,87.3655,86.3823,10.4098,51.8514,84.3244,77.652,51.2481,50.3226,24.8308,76.8691,77.3514,30.6934,24.7937,72.5796,77.1698,80.0983,25.0093,52.0235,81.8189,77.6638,85.9195,77.4892,61.3475],"persistence":[null,null,33.3333,25.0,40.0,16.6667,0.0,12.5,12.5,37.5,37.5,37.5,37.5,62.5,87.5,87.5,87.5,75.0,50.0,37.5,12.5,12.5,37.5,50.0,75.0,87.5,62.5,50.0,50.0,25.0,25.0,25.0,0.0,25.0,0.0,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,5.1987,16.9883,42.6464,30.318,37.5638,32.7424,33.4784,48.2445,43.2507,19.4239,18.4897,18.8801,20.4041,45.5416,34.3478,25.1124,34.5259,40.1602,39.4037,18.2031,5.0193,18.4559,17.1569,23.6475,2.4005,32.2716,6.723,11.3696,28.2846,18.3703,20.8364,20.0944,33.6188,36.2828],"volumeParticipation":true,"latest":{"consensus":27.0,"control":27.4,"force":6.2,"direction":41.6,"confirmation":61.3,"persistence":37.5,"assessmentRisk":36.3,"intensity":21.6,"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":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+27.0","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+27.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+6.2","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+41.6","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"61/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"56.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"36.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"61%","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":[9.9664,9.95,9.924,10.04,9.93,10.2183,10.155,10.11,10.03,9.8559,9.7273,9.785,9.792,9.3363,9.0351,8.869,8.7196,9.0,9.2877,9.74,9.7597,9.7371,9.725,9.6445,9.8045,9.9352,9.7696,9.7499,9.8397,9.655,9.8664,9.8,9.725,9.5245,9.8478,10.1535,10.1564,10.0611],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9.9639,10.0102,10.0365,10.0499,10.0463,10.0117,9.96,9.9281,9.9034,9.8003,9.6612,9.5171,9.3721,9.3045,9.3014,9.3812,9.45,9.5022,9.5427,9.5612,9.6054,9.6654,9.6843,9.6963,9.7223,9.7101,9.7385,9.7497,9.7452,9.7051,9.731,9.8078,9.8712,9.9057],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,9.949,9.9037,9.8393,9.7674,9.6898,9.6387,9.6127,9.6222,9.6323,9.6401,9.6464,9.6463,9.658,9.6785,9.6853,9.69,9.7011,9.6977,9.7102,9.7169,9.7175,9.7032,9.7139,9.7464,9.7768,9.7979],"stroke":"#07865c","width":1.8},{"label":"Upper 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envelope","values":[null,null,null,null,null,null,null,null,null,9.8006,9.7253,9.695,9.6749,9.4927,9.257,9.0427,8.8436,8.7651,8.7507,8.777,8.7757,8.774,8.7721,8.7716,8.7726,8.7904,8.807,8.8227,8.8327,8.8341,8.8314,8.8312,8.8317,8.8476,8.9206,9.0322,9.2372,9.4014],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"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,19.249,20.116,26.4547,41.8514,2.1517,10.5343,1.2936,15.2403,24.1135,20.6364,48.0481,2.434,21.3342,722.1817,2.5424,15.4154,7.0685,7.9075,8.2372,10.4198,14.4013,8.5199,14.0995,14.2065,16.8224,35.6022,36.2463,6.1567,9.1468,4.6061,12.4153],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,130.3584,128.6958,126.6744,123.6524,123.795,124.4451,124.3709,123.5467,122.3054,121.2933,123.5799,123.6898,124.6146,135.0,134.9266,134.4891,134.2898,134.5084,134.643,134.4804,134.2611,134.3874,134.1851,134.3782,134.1482,133.6594,133.1533,133.2381,133.3615,133.4224,133.2652],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}