{"schema_version":"1.0","name":"CBXJ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"7d9e1941-019f-41da-808a-98812016e483","symbol":"CBXJ","name":"Calamos Bitcoin 90 Series Structured Alt Protection ETF January","exchange":"CBOE","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 has not yet established a clear 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, Strength versus the research benchmark, Range position and boundary pressure, Activity pressure and cumulative balance, Drawdown and recovery pressure, 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":81,"displayedObservations":81,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","take":"Treat the repair as constructive context until price confirms 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history."},"events":{"positioning_recoveries":[{"date":"2026-04-24","price":21.55}],"reversal_warnings":[{"date":"2025-09-05","price":26.860196}],"reversal_dangers":[{"date":"2025-09-12","price":27.482935}]}},"smTape":{"available":true,"dates":["2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","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":[24.4443,24.5229,24.4444,23.6927,23.9243,23.6888,23.6148,23.6403,23.7338,23.7182,23.7535,24.5082,24.6508,25.2098,25.3501,25.7255,25.5803,25.4452,25.5549,25.4974,25.9196,26.2062,27.1137,27.0947,26.9418,26.6786,27.1529,27.2307,27.2968,26.3954,26.8602,27.4829,27.3088,26.5352,28.1343,27.4411,26.1827,26.7799,26.7772,25.8977,24.4345,23.3061,23.7084,23.4776,23.4311,23.0132,22.778,22.9719,22.84,23.6795,22.36,21.85,20.91,20.8427,20.7899,20.61,20.795,21.0,20.92,20.62,20.7025,21.1749,21.5361,21.55,21.6325,21.7845,21.675,21.3246,21.0595,20.03,20.1943,20.12,19.8696,19.97,20.1144,20.0846,20.0899,19.9249,20.0552,19.8901,21.28],"consensus":[-100.0,22.4757,-24.6104,-31.2981,-50.1671,-37.8225,-42.7835,-37.2041,-12.5357,0.0,0.0,64.9207,52.3622,72.4527,59.5146,67.6563,17.1044,21.896,20.462,0.0,55.7041,56.908,77.3962,30.0561,26.1581,0.0,52.5255,18.3114,46.5671,-41.7711,24.694,56.3812,8.2329,-34.8526,71.2219,-23.8691,-60.6435,12.1342,-18.1467,-52.1703,-77.5523,-80.4711,-22.7566,-47.0172,-50.2345,-42.7191,-55.2572,-22.6136,-51.5909,21.6125,-59.8906,-60.9976,-66.9584,-36.5605,-27.6744,-46.5288,-28.4285,-12.5824,-31.3758,-42.7094,-20.7058,23.5681,36.1512,18.7059,28.1933,28.9447,0.0,-32.2159,-38.9338,-72.8591,-26.9196,-47.5924,-56.8185,-9.7078,0.0,-17.7079,-17.4545,-39.9259,0.0,-34.0554,-65.623],"supportDates":["2025-08-29","2025-09-05","2025-09-12","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":[-40.3664,34.9951,66.4545,8.1378,-42.3707,73.4195,-24.3799,-52.5854,13.714,-10.2115,-40.577,-76.005,-80.7906,-13.5206,-36.6643,-53.6194,-42.3224,-59.2681,-15.899,-55.4368,18.5956,-66.3336,-68.4812,-60.7378,-27.2161,-12.1166,-45.3899,-34.9951,-18.8337,-44.0182,-59.1401,-25.1022,19.0854,30.8964,10.7288,21.1088,17.7073,0.0,-41.4318,-43.0675,-76.5976,-22.9218,-53.8591,-63.3437,-6.007,0.0,-21.8696,-30.857,-54.1281,0.0,-42.6293,-62.0482],"force":[-86.2811,29.2367,60.3146,19.3066,-61.0941,89.195,-82.74,-92.5638,28.4708,-19.8695,-72.3356,-97.1858,-92.0841,-28.148,-32.504,-25.742,-25.8544,-36.0081,-12.5842,-41.2147,65.7503,-65.6339,-50.5228,-77.8001,-9.5124,-0.4344,-24.4728,-3.6346,-22.7842,-14.3661,-28.4522,-2.8886,71.9419,62.8788,17.8624,32.2167,34.4525,0.0,-49.8966,-47.9936,-95.1557,-0.2716,-32.7632,-50.4616,-17.7846,0.0,-0.8783,-3.6433,-36.4692,0.0,-26.2944,-76.3612],"direction":[-11.5835,9.6765,42.0595,28.0128,-7.5166,55.8724,-18.7652,-47.0525,1.3403,-25.9848,-51.0159,-65.2967,-71.811,-69.6725,-69.2156,-63.8608,-55.2187,-64.4227,-55.4288,-54.6071,6.4665,-48.4249,-59.9268,-66.3235,-66.5599,-64.9119,-63.5848,-43.8259,-30.7001,-29.0772,-34.1152,-32.5343,5.8614,23.0656,28.4251,33.4161,37.8532,0.0,-9.0545,-27.7381,-52.6605,-50.9107,-51.0228,-53.9018,-33.5748,0.0,-24.9728,-12.0026,-26.1638,0.0,-29.8002,-62.0384],"intensity":[96.5517,56.6667,77.4194,59.375,87.8788,100.0,77.1429,97.2222,67.5676,36.8421,94.8718,95.0,100.0,69.0476,20.9302,31.8182,80.0,15.2174,14.8936,66.6667,83.6735,96.0,60.7843,90.3846,51.9231,7.6923,11.5385,28.8462,15.3846,3.8462,26.9231,11.5385,44.2308,36.5385,26.9231,5.7692,32.6923,7.6923,46.1538,34.6154,86.5385,67.3077,11.5385,23.0769,28.8462,23.0769,1.9231,9.615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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,11.4638,38.9642,73.8922,16.3186,36.8496,35.379,25.2936,56.9152,47.2675,10.4384,21.0607,11.4008,8.7435,18.1706,25.0855,49.5663,70.6751,58.9636,35.4314,17.7266,18.0926,41.8068,260.7046,42.4851,33.8524,44.9349,49.5825,64.2879,138.6862,111.093,26.0149,195.9392,281.1599,340.8604,142.6879,97.5366,163.3643,89.2685,65.8591,55.244,55.5822,148.684,105.8544,83.0372,71.3748,255.055,57.0952,65.5951,58.9922,47.3468,104.4914,37.979,19.9054,70.2561,169.6944,125.3054,626.4394,162.0133,141.0169,95.7002,77.8554,60.63,136.5036,33.5021,55.397,57.3819,27.8285,98.9777,41.0615,51.4708,52.6964,61.7196,21.0607,36.2691],"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":[0.0,0.0,-0.3201,-3.3854,-2.441,-3.4014,-3.7031,-3.599,-3.2177,-3.2813,-3.1377,-0.06,0.0,0.0,0.0,0.0,-0.5646,-1.0894,-0.6633,-0.8869,0.0,0.0,0.0,-0.0699,-0.6337,-1.6048,0.0,0.0,0.0,-3.302,-1.5994,0.0,-0.6338,-3.4485,0.0,-2.4639,-6.9368,-4.8141,-4.8238,-7.9497,-13.1506,-17.1614,-15.7313,-16.5517,-16.717,-18.2024,-19.0384,-18.3492,-18.818,-15.8341,-20.5241,-22.3369,-25.678,-25.9172,-26.1049,-26.7443,-26.0867,-25.3581,-25.6424,-26.7088,-26.4155,-24.7364,-23.4526,-23.4032,-23.1099,-22.5697,-22.9589,-24.2043,-25.1466,-28.8058,-28.2219,-28.4859,-29.376,-29.0191,-28.5058,-28.6118,-28.5929,-29.1794,-28.7163,-29.3031,-24.3629],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.108,0.5041,0.438,0.5872,3.7832,4.3869,6.7543,7.3481,8.938,8.323,7.7512,8.2154,7.9719,9.76,10.9734,14.8164,14.7362,14.0887,12.9738,14.9826,15.3121,15.5918,11.775,13.743,16.3801,15.5177,11.8767,18.6189,15.5247,6.8324,8.6372,6.2172,2.1604,0.0,0.0,1.7263,0.736,0.5364,0.0,0.0,0.8513,0.2722,3.9578,0.0,0.0,0.0,0.0,0.0,0.0,0.8976,1.8923,1.5041,0.0485,0.4488,2.7409,4.4934,4.5609,4.9612,5.6987,5.1674,3.4672,2.181,0.0,0.8203,0.4493,0.0,0.5053,1.232,1.0821,1.1087,0.2783,0.9341,0.1032,7.0983],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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