{"schema_version":"1.0","name":"NSDU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9cf0be3a-5cfb-44ef-bf45-7d1948cc583a","symbol":"NSDU","name":"NBI SmartData U.S. Equity Fund - ETF Series","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","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 position and boundary pressure, Range pressure and compression, Directional strength and control, Acceleration, deceleration and rollover."},{"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 upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","tone":"caution","conflict":true},"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":[0.187708,0.418665,0.666319,0.8218,0.969315,1.06146,1.110329,1.146788,1.110865,1.060543,1.045402,1.087704,1.100101,0.998354,0.867461,0.794755,0.691279,0.632783],"opens":[10.35,10.62,10.62,10.62,11.06,11.31,11.3,11.15,11.4,11.32,11.41,11.47,11.47,11.47,11.37,11.76,11.81,11.71],"highs":[10.63,10.62,10.62,10.62,11.23,11.31,11.3,11.15,11.4,11.33,11.41,11.47,11.47,11.5,11.47,11.81,11.81,11.71],"lows":[10.35,10.62,10.62,10.62,11.06,11.3,11.3,11.15,11.4,11.28,11.41,11.47,11.47,11.3,11.37,11.76,11.81,11.69],"closes":[10.62,10.62,10.62,10.62,11.2,11.3,11.3,11.15,11.4,11.28,11.41,11.47,11.47,11.3,11.37,11.81,11.81,11.69],"hoverRows":[[{"label":"Open","value":"10.3","className":"is-ohlc","compact":true},{"label":"High","value":"10.6","className":"is-ohlc","compact":true},{"label":"Low","value":"10.3","className":"is-ohlc","compact":true},{"label":"Close","value":"10.6","className":"is-ohlc","compact":true},{"label":"Market 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easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"11.8","className":"is-ohlc","compact":true},{"label":"High","value":"11.8","className":"is-ohlc","compact":true},{"label":"Low","value":"11.8","className":"is-ohlc","compact":true},{"label":"Close","value":"11.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.79","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"11.8","className":"is-ohlc","compact":true},{"label":"High","value":"11.8","className":"is-ohlc","compact":true},{"label":"Low","value":"11.8","className":"is-ohlc","compact":true},{"label":"Close","value":"11.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.69","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"11.7","className":"is-ohlc","compact":true},{"label":"High","value":"11.7","className":"is-ohlc","compact":true},{"label":"Low","value":"11.7","className":"is-ohlc","compact":true},{"label":"Close","value":"11.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.63","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[10.5486,11.8814],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.632783,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","detail":"Market Dynamics eased this week but remains positive.","tone":"caution"},{"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":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","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":[{"date":"2026-05-22","price":11.2}],"reversal_dangers":[{"date":"2026-07-03","price":11.41},{"date":"2026-07-10","price":11.47}]}},"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":[10.0136,10.2031,10.3028,10.5123,10.5123,10.5123,10.5123,10.5123,10.5123,10.3028,10.1831,10.1831,10.34,10.56,10.5,10.27,10.34,10.36,10.17,10.24,10.24,10.16,9.91,9.87,9.87,9.96,9.96,10.35,10.62,10.62,10.62,10.62,11.2,11.3,11.3,11.15,11.4,11.28,11.41,11.47,11.47,11.3,11.37,11.81,11.81,11.69],"consensus":[-100.0,0.0,33.3333,100.0,59.6863,36.9101,34.195,22.7306,21.6255,-45.9136,-50.7356,-28.405,13.8614,55.5911,12.9381,-40.9079,0.0,0.0,-61.4529,9.802,-15.2459,-47.5156,-76.0186,-51.8841,-37.9374,0.0,-16.6773,48.0861,68.3601,37.9504,38.1001,37.3139,81.851,50.7592,45.3469,30.526,57.0064,0.0,48.707,46.8938,36.7735,0.0,16.9083,69.0724,40.8768,15.7221],"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,27.5452,26.4154,25.244,24.0433,-42.2857,-53.3542,-18.891,30.7822,55.4243,6.8329,-47.1994,0.0,0.0,-58.4519,11.4151,-11.2566,-39.1918,-76.6349,-47.0689,-31.8531,0.0,-21.712,36.7811,79.869,33.4738,32.7746,32.0121,81.5808,26.2488,37.434,18.9453,56.292,0.0,49.5783,43.3215,34.8725,0.0,17.6708,83.6693,36.1167,4.5111],"force":[-100.0,0.0,33.3333,100.0,17.3513,15.6672,13.506,0.0,0.0,-74.9721,-42.2636,-10.0263,20.3798,44.5867,12.9273,-79.1486,0.0,0.0,-88.9451,48.6487,-5.5455,-66.4581,-95.3418,-42.1157,-10.2606,0.0,-3.168,67.7465,61.234,10.4259,10.432,9.8057,90.6339,50.9163,10.4331,11.2723,35.7098,0.0,25.8275,17.9778,7.9163,0.0,4.8452,47.2926,10.1358,17.1566],"direction":[null,null,null,null,89.9257,62.7862,57.8638,36.0943,34.3091,-29.3036,-53.7943,-52.4057,10.1327,63.642,54.0088,-6.4029,0.0,0.0,-45.2453,19.7891,-26.7338,-43.4981,-61.5121,-64.3646,-64.66,0.0,-25.0984,46.9631,60.2972,62.7267,63.9492,63.0217,75.8864,78.659,79.3287,73.617,73.0348,0.0,64.0537,71.6307,59.5583,0.0,31.5752,67.9473,68.2747,62.3305],"intensity":[null,null,null,null,25.0,20.0,33.3333,42.8571,50.0,88.8889,70.0,63.6364,100.0,84.6154,64.2857,93.3333,37.5,58.8235,72.2222,36.8421,30.0,52.381,95.4545,78.2609,37.5,100.0,100.0,100.0,89.2857,89.6552,16.6667,19.3548,100.0,69.697,20.5882,51.4286,80.5556,43.2432,47.3684,25.641,17.5,58.5366,28.5714,95.3488,25.0,46.6667],"confirmation":[54.6667,0.0005,33.3333,54.6667,62.4976,79.3065,78.4304,51.8761,51.5576,83.6332,83.9373,76.6745,29.2048,85.4563,7.8687,59.4934,25.9433,27.582,88.5485,31.1843,49.9772,83.9091,92.9055,84.3786,79.3892,36.8775,50.6644,84.159,89.4827,79.3735,79.4299,79.1829,94.4641,84.6212,81.5676,33.7424,85.6039,12.2141,82.8757,82.1792,56.2504,33.1545,51.1031,89.217,80.2162,16.9598],"persistence":[null,null,0.0,25.0,40.0,50.0,57.1429,62.5,87.5,75.0,50.0,25.0,25.0,25.0,25.0,0.0,12.5,0.0,0.0,25.0,0.0,25.0,50.0,50.0,62.5,62.5,62.5,62.5,37.5,12.5,12.5,37.5,62.5,75.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,75.0,75.0,75.0,75.0,87.5],"assessmentRisk":[null,null,null,null,20.1562,31.4457,31.9739,11.3653,10.8128,24.2899,24.2111,35.473,51.9584,20.6801,43.0623,49.0701,1.899,48.8706,18.6508,16.0307,24.2716,21.5071,9.7402,23.6345,30.6079,48.705,29.8358,25.7199,15.8105,30.9967,30.9217,28.6766,8.685,24.475,27.1974,34.3243,10.3132,5.0661,0.5551,22.6839,0.2807,7.539,18.9641,11.5704,25.6683,41.2657],"volumeParticipation":true,"latest":{"consensus":15.7,"control":4.5,"force":17.2,"direction":62.3,"confirmation":17.0,"persistence":87.5,"assessmentRisk":41.3,"intensity":46.7,"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":"Control support is limited","controlPath":"Broadly stable","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+15.7","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+4.5","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+17.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+62.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"17/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"71.2","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"1.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"29.5","detail":"Directional","tone":"positive"},{"label":"Range position","value":"95%","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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