{"schema_version":"1.0","name":"FGNX Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"99718c7b-fbce-4ef9-b7ed-fb6ef0a5016c","symbol":"FGNX","name":"Fundamental Global Inc.","exchange":"NASDAQ","country":"US","asset_type":"equity","currency":"USD","sector":"Financial Services","industry":"Asset Management"},"summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","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, Drawdown and recovery pressure, Range position and boundary pressure, Activity pressure and cumulative balance, Range pressure and compression."},{"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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Rotational","stateTone":"caution","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","evidenceAlignment":{"status":"Positive support; price rotational","headline":"Market Dynamics is positive while price has no clear direction","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. 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adverse"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.9,"sample":19},{"week":2,"averageReturn":-1.9,"sample":19},{"week":3,"averageReturn":-2.2,"sample":19},{"week":4,"averageReturn":1.5,"sample":19},{"week":5,"averageReturn":6.1,"sample":19},{"week":6,"averageReturn":-2.9,"sample":19},{"week":7,"averageReturn":-3.8,"sample":19},{"week":8,"averageReturn":-7.1,"sample":19},{"week":9,"averageReturn":-5.8,"sample":18},{"week":10,"averageReturn":-7.8,"sample":18},{"week":11,"averageReturn":-8.0,"sample":17},{"week":12,"averageReturn":-9.4,"sample":17},{"week":13,"averageReturn":-12.1,"sample":17},{"week":14,"averageReturn":-16.7,"sample":16},{"week":15,"averageReturn":-18.2,"sample":16},{"week":16,"averageReturn":-18.9,"sample":16},{"week":17,"averageReturn":-21.7,"sample":16},{"week":18,"averageReturn":-21.9,"sample":16},{"week":19,"averageReturn":-21.2,"sample":16},{"week":20,"averageReturn":-23.9,"sample":16},{"week":21,"averageReturn":-25.4,"sample":16},{"week":22,"averageReturn":-29.8,"sample":16},{"week":23,"averageReturn":-30.9,"sample":16},{"week":24,"averageReturn":-29.7,"sample":16},{"week":25,"averageReturn":-28.0,"sample":16},{"week":26,"averageReturn":-28.0,"sample":16}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Positive support; price rotational","tone":"caution","headline":"Market Dynamics is positive while price remains rotational","use":"Treat the improvement as context until price establishes a clear response.","confirm":"The underlying condition is constructive, but a positive price response is still required.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"weakening","zone":"accumulation","zoneContext":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":41.2,"averageReturn":-9.4,"sample":17},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 41.2% of comparable cases moved higher after 12 weeks, with an average move of -9.4% across 17 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 0.0% of completed 12-week outcomes were higher across 1 cases.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 33.3% across 17 completed cases, with the largest move arriving after 4.5 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"distribution_rollovers":[],"price_pressure_gaps":[]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","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"],"close":[131.25,133.425,124.9875,114.975,108.875,126.25,129.5,123.75,119.4062,118.225,111.25,91.25,155.05,148.5,188.5,150.0,126.15,115.5,96.5,116.15,95.1,112.9,119.0,106.5,106.8,107.75,101.0,101.7,101.25,94.5,90.6,92.125,85.45,82.5,80.0,82.5,83.5,86.0,82.5,85.0,82.25,84.45,85.2,88.75,80.05,85.75,85.25,92.0,101.4,191.5,93.9,94.7,79.5,70.0,48.15,36.45,36.35,29.45,29.3,25.0,18.3,19.05,18.6,16.35,13.0,12.0,15.9,14.15,12.95,16.05,14.6,16.15,16.3,16.1,14.6,14.05,9.9,8.74,7.54,6.71,6.68,6.85,6.81,5.38,4.82,5.45,6.62,6.85,6.54,6.74,6.33,7.81,8.71,6.25,6.41,5.67,5.7,4.86,4.76,6.07,6.55,7.25,6.74,7.11],"consensus":[19.3693,18.1691,-14.4333,-31.9676,-42.6864,21.2096,12.3175,0.0,0.0,-11.7133,-28.7863,-43.9428,62.687,12.3462,65.7159,-14.2623,-33.5916,-31.1265,-52.5052,0.0,-54.642,19.9285,16.7745,-28.3236,0.0,-8.5394,-29.7494,-19.6634,-14.3135,-27.3829,-29.5748,-17.7918,-37.5369,-38.5822,-26.6794,0.0,0.0,0.0,-24.9667,0.0,0.0,0.0,0.0,10.1024,-42.5072,27.4509,0.0,37.5266,34.2737,75.6782,-39.0805,-8.6337,-36.9167,-41.3758,-63.7515,-53.4292,-38.5499,-55.2939,-32.2524,-48.6858,-54.0074,-28.2237,-37.9141,-38.9579,-44.6974,-36.4178,0.0,-32.0325,-32.2293,0.0,-26.2706,0.0,0.0,0.0,-21.5892,-20.9821,-38.4444,-28.1841,-37.999,-36.5916,-29.1405,-17.4856,-22.7858,-31.9108,-24.3869,0.0,0.0,0.0,0.0,8.2211,0.0,26.6636,32.0592,-30.6135,0.0,-27.9795,-12.031,-29.984,-19.0066,20.2047,17.4187,27.387,0.0,17.5659],"supportDates":["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"],"control":[-28.9261,-34.0222,-62.2512,-47.5942,-37.9068,-56.1543,-30.1365,-55.463,-55.5941,-28.0471,-43.562,-42.5215,-53.4955,-42.1914,0.0,-41.4151,-46.236,0.0,-38.1629,0.0,0.0,0.0,-35.0988,-31.7106,-45.8875,-31.8048,-49.253,-46.5436,-40.4869,-23.1667,-36.1284,-46.9386,-33.3185,0.0,0.0,0.0,0.0,4.6988,0.0,22.8677,31.151,-42.3793,0.0,-35.1444,-11.4205,-40.3224,-24.0553,15.9887,13.1329,19.4836,0.0,11.731],"force":[-59.7455,-49.9427,-81.8938,-56.8328,-14.7814,-50.0063,-8.1377,-37.9678,-51.4798,-0.8655,-16.17,-24.5615,-33.8877,-17.7838,0.0,-19.0172,-17.9913,0.0,-15.4114,0.0,0.0,0.0,-16.5588,-13.8246,-38.2494,-16.0819,-25.8763,-23.0437,-14.5023,-3.187,-10.9121,-23.2391,-12.1196,0.0,0.0,0.0,0.0,14.1221,0.0,44.5277,33.9125,-50.8173,0.0,-35.4743,-6.6537,-32.6751,-12.8878,41.1249,21.6529,29.0844,0.0,14.671],"direction":[-29.7425,-43.6606,-52.5073,-57.6668,-56.2624,-58.0874,-51.8955,-48.5961,-53.9993,-47.9673,-46.9907,-45.1684,-42.3637,-43.1293,0.0,-30.6062,-26.3916,0.0,-20.436,0.0,0.0,0.0,-9.7428,-13.8336,-30.0772,-32.6907,-33.7964,-34.895,-26.629,-21.2064,-16.0185,-20.9303,-22.9417,0.0,0.0,0.0,0.0,8.0316,0.0,18.2417,31.7734,-2.7357,0.0,-14.4377,-16.5695,-16.2464,-17.6072,10.08,19.2923,35.2071,0.0,26.3021],"intensity":[80.7692,53.8462,76.9231,78.8462,15.3846,48.0769,40.3846,28.8462,50.0,46.1538,1.9231,11.5385,19.2308,13.4615,30.7692,3.8462,3.8462,19.2308,7.6923,5.7692,9.6154,1.9231,7.6923,3.8462,57.6923,44.2308,7.6923,13.4615,1.9231,5.7692,5.7692,17.3077,25.0,7.6923,15.3846,13.4615,5.7692,7.6923,9.6154,30.7692,28.8462,48.0769,48.0769,21.1538,42.3077,17.3077,19.2308,36.5385,23.0769,26.9231,13.4615,9.6154],"confirmation":[80.6308,81.6134,88.9762,85.29,79.6214,85.5198,77.6181,83.1495,85.1811,53.5338,79.3838,79.9735,81.8397,78.9978,6.6959,77.7108,77.666,6.1085,75.8944,3.5768,1.8114,24.6806,74.5494,74.3327,80.1828,76.5949,79.6187,79.1448,76.7059,50.4064,74.7263,77.7182,75.2938,48.809,49.0647,24.4949,26.185,48.1976,47.6474,77.1346,78.3293,55.5661,1.1866,77.0727,49.0287,77.5194,73.8187,75.1673,73.7683,76.936,28.9373,73.6218],"persistence":[12.5,12.5,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,75.0,75.0,62.5,50.0,37.5,50.0,50.0,50.0,62.5,62.5,75.0,87.5,100.0,100.0,100.0,100.0,87.5,75.0,62.5,50.0,25.0,12.5,12.5,37.5,25.0,25.0,12.5,0.0,25.0,37.5,37.5,37.5,12.5,12.5,12.5],"assessmentRisk":[7.9014,29.1608,9.9521,18.873,21.4529,11.8657,6.9584,9.6165,4.6803,0.5508,1.0629,23.3914,11.2591,22.7847,17.675,9.6629,15.2405,39.1906,9.1208,28.7969,43.5372,4.8361,10.7946,28.5728,30.4846,35.8319,30.8967,31.6904,33.5386,32.2862,14.3955,22.9434,34.4864,38.0961,11.305,39.7177,47.6947,42.9673,16.2066,29.4064,33.6773,7.0037,2.7978,34.417,43.7922,29.4892,37.3606,9.3086,26.2033,35.4818,48.4402,30.0104],"volumeParticipation":true,"latest":{"consensus":17.6,"control":11.7,"force":14.7,"direction":26.3,"confirmation":73.6,"persistence":12.5,"assessmentRisk":30.0,"intensity":9.6,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+17.6","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+11.7","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+14.7","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+26.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"74/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"41.6","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"34.8%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"10.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"57%","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 is rotating through its trend references.","series":[{"label":"Close","values":[131.25,133.425,124.9875,114.975,108.875,126.25,129.5,123.75,119.4062,118.225,111.25,91.25,155.05,148.5,188.5,150.0,126.15,115.5,96.5,116.15,95.1,112.9,119.0,106.5,106.8,107.75,101.0,101.7,101.25,94.5,90.6,92.125,85.45,82.5,80.0,82.5,83.5,86.0,82.5,85.0,82.25,84.45,85.2,88.75,80.05,85.75,85.25,92.0,101.4,191.5,93.9,94.7,79.5,70.0,48.15,36.45,36.35,29.45,29.3,25.0,18.3,19.05,18.6,16.35,13.0,12.0,15.9,14.15,12.95,16.05,14.6,16.15,16.3,16.1,14.6,14.05,9.9,8.74,7.54,6.71,6.68,6.85,6.81,5.38,4.82,5.45,6.62,6.85,6.54,6.74,6.33,7.81,8.71,6.25,6.41,5.67,5.7,4.86,4.76,6.07,6.55,7.25,6.74,7.11],"stroke":"#10243b","width":2.1},{"label":"Fast 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