{"schema_version":"1.0","name":"ISUL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"96225c7a-8e6f-449d-a5b4-6f2829fb1984","symbol":"ISUL","name":"GraniteShares 2x Long ISRG Daily ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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, Drawdown and recovery pressure, Activity pressure and cumulative balance, 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":46,"displayedObservations":46,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","tone":"negative","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.485732,-0.69173,-0.571357,-0.614102,-0.779094,-0.815178,-0.804439,-0.857264,-0.869749,-0.879556,-0.869292,-0.804963,-0.73247,-0.751261,-0.960464,-1.052838,-0.998956,-0.860697],"opens":[25.1,25.95,23.08,21.79,19.7,21.1,19.44,19.16,18.61,17.64,18.1,19.73,17.82,12.28,12.34,13.43,14.61,15.62],"highs":[26.81,26.16,23.735,21.79,22.16,21.3799,19.905,20.1,19.28,18.28,19.44,21.0,18.3,13.5064,14.299,14.5705,16.505,16.5],"lows":[22.9,22.46,21.65,19.25,19.7,18.8,17.2,17.6,17.355,17.19,17.0,17.3642,12.2338,11.06,12.319,13.43,14.61,13.63],"closes":[25.8842,23.3294,22.4287,19.53,21.0822,19.673,19.3656,18.2594,17.8645,17.6741,19.44,17.6553,12.27,11.66,12.72,14.5456,15.6918,14.4176],"hoverRows":[[{"label":"Open","value":"25.1","className":"is-ohlc","compact":true},{"label":"High","value":"26.8","className":"is-ohlc","compact":true},{"label":"Low","value":"22.9","className":"is-ohlc","compact":true},{"label":"Close","value":"25.9","className":"is-ohlc","compact":true},{"label":"Market 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weakening","context":{"scenario":"negativeWeakening","latestDirection":"strengthening","fourWeekDirection":"weakening","now":{"label":"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":"Negative and weakening","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":"negative"},"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":"Negative and weakening","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":18,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-10","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":[22.7003,24.5263,35.9556,34.2855,37.5298,35.9766,37.5078,39.044,39.2142,34.7707,38.6271,39.2939,37.0183,40.2599,33.3612,31.9102,29.4401,27.5663,27.1071,29.14,28.87,27.4954,25.3668,25.8981,23.2018,23.1055,22.76,24.7447,25.8842,23.3294,22.4287,19.53,21.0822,19.673,19.3656,18.2594,17.8645,17.6741,19.44,17.6553,12.27,11.66,12.72,14.5456,15.6918,14.4176],"consensus":[-100.0,80.2233,87.367,-24.1204,77.9674,20.6774,47.779,54.4076,48.3212,-18.8462,57.7121,30.0735,-10.6107,56.0094,-53.7629,-47.5302,-57.3396,-46.0036,-42.4284,0.0,-19.9542,-32.3833,-51.1595,-33.8536,-65.2855,-44.794,-46.7239,0.0,17.0288,-47.4696,-36.3518,-70.0876,-9.0228,-53.7425,-27.8858,-46.9977,-42.3128,-32.0402,14.3984,-47.6961,-77.3074,-52.5445,-28.9478,0.0,11.7132,-23.2991],"supportDates":["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,3.7375,51.9946,50.0512,55.1042,-25.5332,68.691,31.7971,-11.7999,51.3091,-47.2287,-39.8695,-57.5556,-39.9997,-39.7627,0.0,-17.4538,-36.5861,-52.7064,-32.0966,-69.7402,-46.0071,-50.9766,0.0,10.0505,-48.4081,-37.2961,-69.4267,-6.6087,-47.5808,-17.8089,-47.8063,-42.8448,-31.3458,18.2557,-49.2057,-78.0547,-51.2418,-33.2632,0.0,3.8033,-36.7362],"force":[-100.0,80.2233,87.367,-24.1204,47.6598,18.0341,22.4245,33.7176,18.9041,-54.1955,49.0269,5.7576,-38.9649,49.0162,-76.2198,-47.5023,-57.2414,-32.6614,-19.6311,0.0,-2.7154,-18.9384,-47.9912,-9.1685,-60.6843,-20.2877,-27.2103,0.0,52.9706,-71.2969,-36.4385,-85.3292,-46.6365,-63.9467,-12.0056,-48.0062,-26.9631,-11.2324,55.1937,-65.1823,-97.3321,-39.9088,-20.1569,0.0,38.049,-24.0159],"direction":[null,null,null,null,99.6157,76.2314,61.0715,74.1648,61.5815,-14.0456,51.3686,45.4722,-11.0014,66.3764,-45.1898,-56.3053,-57.1628,-62.3955,-61.7588,0.0,-35.1251,-37.1834,-51.6545,-53.4937,-63.4811,-60.9121,-55.802,0.0,0.6688,-29.3776,-35.2108,-59.956,-51.5384,-53.4958,-50.7452,-45.3533,-52.6687,-47.6965,19.1496,-33.4808,-62.15,-63.0589,-59.0908,0.0,1.9417,-7.4303],"intensity":[null,null,null,null,50.0,40.0,16.6667,57.1429,12.5,77.7778,70.0,63.6364,33.3333,53.8462,85.7143,80.0,31.25,70.5882,11.1111,26.3158,5.0,19.0476,36.3636,17.3913,58.3333,36.0,3.8462,33.3333,25.0,58.6207,46.6667,67.7419,28.125,21.2121,32.3529,14.2857,8.3333,16.2162,39.4737,41.0256,90.0,87.8049,21.4286,41.8605,45.4545,22.2222],"confirmation":[54.6667,48.3381,50.6241,30.3852,68.8974,10.4537,82.4523,84.8463,82.4629,32.6693,86.0359,54.1895,29.2551,85.7815,85.9881,83.3256,86.3424,82.406,80.9229,32.0477,51.2314,77.8888,84.2509,78.1076,88.6833,81.5687,82.2921,34.3245,52.1269,83.9021,79.6208,90.9026,11.1769,85.6025,76.593,83.0577,81.0642,77.6293,32.5439,83.7727,93.3373,84.449,34.6678,35.2393,27.338,60.6061],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,50.0,50.0,75.0,50.0,50.0,25.0,0.0,25.0,25.0,50.0,62.5,62.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,62.5,62.5,62.5,62.5,62.5,62.5,62.5,75.0,100.0,100.0,75.0,75.0,75.0,75.0,75.0,62.5,37.5,37.5],"assessmentRisk":[null,null,null,null,10.8085,38.8343,6.9028,13.9737,3.715,4.5836,15.3652,11.8097,20.4931,16.9671,15.0557,25.4717,20.6193,26.9822,27.4741,35.1301,0.1495,14.9492,2.8688,26.8686,16.5153,25.1827,19.4067,36.3804,38.5493,30.9431,7.275,14.785,45.2575,22.1257,34.0116,10.5171,27.4889,28.7771,4.7143,5.2778,11.0812,23.6062,35.463,48.5462,41.559,57.0283],"volumeParticipation":true,"latest":{"consensus":-23.3,"control":-36.7,"force":-24.0,"direction":-7.4,"confirmation":60.6,"persistence":37.5,"assessmentRisk":57.0,"intensity":22.2,"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":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-23.3","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-36.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-24.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-7.4","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"61/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"39.2","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"19.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"34.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"18%","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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