{"schema_version":"1.0","name":"MUNX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"8a579e46-aac3-42b2-abe9-6484589dfb5a","symbol":"MUNX","name":"AMG GW&K MUNI 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 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, Acceleration, deceleration and rollover, Range pressure and compression, Directional strength and control, 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":43,"displayedObservations":43,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted 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 contracted 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":["2026-05-15","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":[-0.30395,-0.40803,-0.301725,-0.173772,-0.01594,0.182193,0.280627,0.253101,0.240885,0.202629,-0.028947,-0.263066,-0.429675,-0.597446,-0.576675],"opens":[24.898925,24.685122,24.849226,24.975477,24.995418,25.025528,25.045269,25.082896,25.115007,24.990305,24.885639,24.751068,24.685,24.79,24.7058],"highs":[24.898925,24.73989,24.998322,25.065209,25.025328,25.030314,25.133306,25.095669,25.115007,25.005257,24.890623,24.786953,24.8199,24.8842,24.76],"lows":[24.640493,24.559981,24.844256,24.961619,24.925626,25.025328,25.044471,25.04513,24.945049,24.880754,24.537549,24.651286,24.685,24.79,24.61],"closes":[24.680252,24.723489,24.998322,24.961619,24.996913,25.030314,25.133306,25.095669,24.97615,24.919431,24.66883,24.652582,24.8199,24.7909,24.6415],"hoverRows":[[{"label":"Open","value":"24.9","className":"is-ohlc","compact":true},{"label":"High","value":"24.9","className":"is-ohlc","compact":true},{"label":"Low","value":"24.6","className":"is-ohlc","compact":true},{"label":"Close","value":"24.7","className":"is-ohlc","compact":true},{"label":"Market 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repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[24.611992,25.162814],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.576675,"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":15,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-31","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":[24.5322,24.5602,24.5176,24.5425,24.6156,24.5533,24.5435,24.5641,24.5641,24.6528,24.8008,24.8008,24.781,24.8627,24.9208,25.0252,25.0792,25.1583,24.9526,24.837,24.5164,24.4753,24.6905,24.7949,24.9349,24.9539,24.8343,24.9089,24.6803,24.7235,24.9983,24.9616,24.9969,25.0303,25.1333,25.0957,24.9762,24.9194,24.6688,24.6526,24.8199,24.7909,24.6415],"consensus":[40.9405,20.9521,-100.0,-29.7892,58.7226,0.0,0.0,15.7889,-13.4102,58.8649,82.429,47.1942,32.8621,71.1748,59.0822,67.8725,56.5313,70.479,0.0,-30.4986,-73.8471,-55.2251,10.4401,19.7424,51.8116,41.8019,0.0,40.3539,-50.9304,0.0,65.134,0.0,35.753,44.9501,59.5886,35.8963,-18.7891,-29.4852,-56.0887,-50.5821,11.3304,-30.3199,-45.7401],"supportDates":["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,0.0,0.0,16.1479,-13.7825,64.694,77.2854,40.913,23.6704,68.4816,53.082,62.7823,55.625,79.7917,0.0,-28.9875,-71.7687,-53.15,26.671,32.2987,59.9122,47.3416,0.0,46.3751,-51.66,0.0,67.6272,0.0,33.8619,51.9736,69.5507,40.6356,-26.3147,-23.7433,-56.3649,-54.633,30.7409,-29.5781,-55.8235],"force":[40.9405,20.9521,-100.0,-29.7892,43.2062,0.0,0.0,17.2267,-20.6442,49.0705,97.5506,17.8606,5.0224,68.9794,47.2444,58.531,38.3529,51.4827,0.0,-42.884,-93.7184,-45.9029,54.6346,31.6771,49.7714,26.9952,0.0,44.0376,-57.8803,0.0,92.3489,0.0,25.7269,29.1011,54.8053,12.6055,-40.4976,-52.7474,-54.9748,-33.9419,37.9272,-28.5525,-38.3056],"direction":[null,null,null,null,69.8058,0.0,0.0,14.3515,-7.8174,59.1989,77.5062,75.3254,70.4273,75.821,74.3952,80.3623,70.5517,73.4048,0.0,-23.3788,-62.0286,-64.2553,39.6771,3.1323,44.011,46.047,0.0,30.8413,-45.1325,0.0,42.8453,0.0,45.0757,48.2438,51.6201,47.1163,-5.3177,-19.4316,-56.5688,-57.8383,29.8508,-32.4302,-39.5268],"intensity":[null,null,null,null,100.0,80.0,33.3333,14.2857,75.0,100.0,100.0,90.9091,16.6667,76.9231,85.7143,86.6667,81.25,58.8235,100.0,84.2105,100.0,80.9524,95.4545,86.9565,83.3333,36.0,65.3846,40.7407,96.4286,79.3103,96.6667,58.0645,15.625,54.5455,55.8824,14.2857,63.8889,59.4595,100.0,58.9744,82.5,51.2195,83.3333],"confirmation":[35.7676,29.3713,54.6667,32.1992,63.4153,47.6738,48.7801,73.0908,49.8394,86.4494,94.9165,82.3039,55.9061,90.7501,86.637,89.5121,85.5498,89.8324,33.1772,78.16,92.2683,85.4195,35.5715,52.4915,84.3941,80.8409,28.5064,80.9338,84.4984,5.8939,89.6343,7.0577,79.1642,81.794,86.7708,78.7048,53.0272,78.2317,85.9102,83.6174,33.1753,77.6598,90.2566],"persistence":[null,null,33.3333,0.0,20.0,16.6667,14.2857,25.0,0.0,0.0,25.0,50.0,50.0,62.5,75.0,75.0,100.0,100.0,87.5,62.5,37.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5,50.0,50.0,37.5,37.5,37.5,50.0,50.0,50.0,37.5,12.5,0.0,0.0,25.0,50.0],"assessmentRisk":[null,null,null,null,18.9042,3.7599,29.0443,15.3845,36.1992,19.2346,8.7677,26.3768,33.5243,14.3537,18.987,16.0278,21.7317,14.7574,20.9682,33.1132,13.0595,22.3847,52.8431,24.6792,23.8071,28.9764,40.0891,12.4753,20.9807,41.7862,4.4925,15.4745,30.2603,26.7149,9.6384,22.5738,1.04,21.8874,21.8495,24.5832,46.0307,23.5783,12.5736],"volumeParticipation":true,"latest":{"consensus":-45.7,"control":-55.8,"force":-38.3,"direction":-39.5,"confirmation":90.3,"persistence":50.0,"assessmentRisk":12.6,"intensity":83.3,"evidenceDepth":100},"analysis":{"status":"Joint 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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 easing","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-45.7","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-55.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-38.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-39.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"90/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"43.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"0.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"24.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"32%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}