{"schema_version":"1.0","name":"MUNA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9d1f3331-6dcd-4eb5-bbe1-b8383ef6b2b1","symbol":"MUNA","name":"NORTHERN TRUST 2030 TAX-EXEMPT DISTRIBUTING LADDER 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 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, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range position and boundary pressure, Directional strength and control, 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":"2026-08-21","observations":53,"displayedObservations":53,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.88497,1.216754,1.034176,0.759655,0.415831,0.021743,-0.097371,-0.171865,-0.202725,-0.139537,-0.176828,-0.145278,-0.038504,0.093655,0.372134,0.601287,0.704451,0.590094,0.400679,0.019277,-0.310688,-0.468982,-0.66218,-0.639843,-0.63973],"opens":[99.936894,99.976694,100.056293,99.897094,99.459298,99.632151,99.790398,99.941072,99.773236,99.771191,99.945417,99.975518,100.040304,100.226391,100.515875,100.54083,100.650635,100.224686,100.248668,100.24368,99.749495,99.385617,99.565,99.96,99.95],"highs":[99.946844,100.096092,100.056293,99.897094,99.672012,100.000864,100.000864,100.030759,99.882559,100.15991,99.990369,100.010403,100.36922,100.660617,100.980048,101.000012,100.650635,100.224686,100.248668,100.24368,99.749495,99.540268,99.775,99.96,99.95],"lows":[99.663271,99.80257,99.588647,99.27025,99.412916,99.512568,99.790398,99.886264,99.718525,99.736306,99.870862,99.631651,99.975518,100.2214,100.291275,100.371133,100.294569,100.066979,99.989254,99.565212,99.275865,99.365662,99.565,99.785,99.6698],"closes":[99.882169,100.031418,99.588647,99.394624,99.547447,99.691942,99.946055,100.025777,99.85023,99.900764,99.873653,99.980501,100.194795,100.460973,100.725501,100.685572,100.294569,100.066979,100.228714,99.565212,99.275865,99.425527,99.775,99.795,99.715],"hoverRows":[[{"label":"Open","value":"99.9","className":"is-ohlc","compact":true},{"label":"High","value":"99.9","className":"is-ohlc","compact":true},{"label":"Low","value":"99.7","className":"is-ohlc","compact":true},{"label":"Close","value":"99.9","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":[99.188887,100.812479],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.63973,"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":"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":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-08-22","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":[98.4586,98.4738,98.769,99.1282,99.1381,98.8674,98.6323,98.6816,98.4548,98.6224,98.5485,98.5999,98.6246,98.7085,98.7727,98.8141,98.9576,98.9992,99.0389,99.0389,99.133,99.5443,99.6038,99.584,99.7287,99.7982,99.7982,99.8379,99.8822,100.0314,99.5886,99.3946,99.5474,99.6919,99.9461,100.0258,99.8502,99.9008,99.8737,99.9805,100.1948,100.461,100.7255,100.6856,100.2946,100.067,100.2287,99.5652,99.2759,99.4255,99.775,99.795,99.715],"consensus":[85.8466,66.923,100.0,48.9375,55.6291,0.0,-38.7036,0.0,-62.7809,10.386,-21.7726,0.0,12.5387,36.8832,40.5635,37.5442,54.3449,49.8702,39.944,23.4312,49.8488,74.7703,60.4945,28.9788,42.9757,41.7482,43.2029,41.5857,40.9174,63.1946,-42.1492,-50.5734,0.0,9.0665,50.421,49.0065,16.2917,25.3723,0.0,29.9095,52.956,59.5151,56.8072,34.1211,-15.4583,-35.5797,9.1968,-70.1494,-68.2467,-22.8555,8.4666,-10.769,-17.3655],"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":[null,null,null,null,0.0,-46.3127,0.0,-47.6221,16.2829,-17.8325,0.0,3.5403,38.7491,35.3734,29.0867,61.5044,55.6077,39.0066,12.714,45.1205,69.0011,61.5102,16.7158,36.3839,34.7716,45.1915,31.1479,42.0038,59.9739,-39.5416,-39.1614,0.0,18.7607,56.1878,55.8593,14.5038,19.1535,0.0,30.7884,45.7706,55.4237,56.288,29.3375,-29.2751,-40.5509,25.1693,-64.3088,-72.8642,-24.3535,30.0789,-22.7238,-29.9116],"force":[66.923,100.0,48.9375,5.2019,0.0,-40.5648,0.0,-88.49,54.0647,-20.2063,0.0,21.5002,50.7372,43.2777,35.7694,45.9453,36.3501,22.035,1.1536,52.0767,93.9154,48.3664,4.2541,18.2467,20.3879,13.4882,27.7284,16.7753,70.5486,-91.9681,-86.14,0.0,13.3398,48.2183,35.8511,3.2136,28.698,0.0,47.1115,72.8333,70.299,51.6664,8.9648,-43.8705,-43.7867,13.1712,-98.2258,-67.4957,-29.5302,32.7767,-4.3009,-19.7565],"direction":[null,null,null,99.0798,0.0,-28.6781,0.0,-61.7415,27.5523,-27.3943,0.0,16.4216,24.8551,44.5564,48.4776,52.1623,52.9703,53.8074,51.5919,53.6612,67.6885,67.9966,66.7315,68.1728,64.9789,62.155,63.4126,56.92,61.6226,-9.5443,-38.2109,0.0,5.0649,45.4038,50.5713,32.2673,30.104,0.0,16.618,46.9698,56.4883,61.0725,57.557,-20.6268,-24.0362,11.8963,-56.7699,-63.506,-58.562,33.5977,-1.7264,-1.3194],"intensity":[null,null,null,75.0,40.0,83.3333,14.2857,37.5,22.2222,20.0,27.2727,25.0,23.0769,35.7143,40.0,50.0,5.8824,50.0,15.7895,45.0,95.2381,86.3636,65.2174,66.6667,32.0,23.0769,44.4444,53.5714,58.6207,93.3333,83.871,68.75,84.8485,73.5294,22.8571,55.5556,72.973,52.6316,69.2308,90.0,75.6098,83.3333,11.6279,90.9091,91.1111,43.4783,100.0,95.8333,55.102,82.0,54.902,26.9231],"confirmation":[44.082,54.6667,38.3267,39.3517,35.127,80.3259,30.1229,89.1044,33.1093,74.9795,3.563,49.756,80.1964,81.1421,80.0889,85.0253,83.459,80.2506,52.3157,84.0916,92.5979,86.9732,54.6882,81.099,80.8148,80.889,81.0442,80.3412,88.4955,83.0458,85.4413,29.0483,49.2977,83.9797,83.1767,50.665,76.3153,49.2972,78.0819,85.6612,87.4358,86.0295,78.225,32.6691,79.5599,28.0253,91.3925,89.7457,34.6609,32.955,25.7335,50.772],"persistence":[null,100.0,100.0,100.0,83.3333,57.1429,50.0,25.0,25.0,0.0,12.5,12.5,0.0,25.0,37.5,62.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,37.5,37.5,37.5,37.5,37.5,37.5,50.0,75.0,87.5,87.5,87.5,87.5,62.5,37.5,50.0,25.0,0.0,25.0,25.0,50.0,50.0],"assessmentRisk":[null,null,null,22.1661,46.0681,6.5688,50.5469,18.3901,45.7198,8.2557,18.417,29.3812,3.4339,21.6908,24.1209,22.009,23.5407,28.9485,37.4568,22.6167,12.6094,19.7497,35.5079,28.511,28.4004,25.9092,28.3635,24.2401,17.1526,20.4253,23.8352,49.7571,51.7101,23.2382,25.4303,38.4515,28.6075,16.3834,27.3231,21.0728,19.8988,21.5723,32.931,32.4757,30.3758,53.9287,14.9052,15.8243,37.6757,50.0104,38.3138,54.0933],"volumeParticipation":true,"latest":{"consensus":-17.4,"control":-29.9,"force":-19.8,"direction":-1.3,"confirmation":50.8,"persistence":50.0,"assessmentRisk":54.1,"intensity":26.9,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"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":"Developing","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-17.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-29.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-19.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-1.3","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"51/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"48.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"0.3%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"23.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"26%","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 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,46.4321,26.4859,41.2288,34.7245,39.2458,41.4178,48.8027,54.45,58.0852,70.7052,74.3723,77.859,77.859,86.1398,91.2236,95.1242,93.824,91.0963,94.574,94.574,94.1617,95.857,96.2186,70.3301,58.9857,67.9211,76.3696,91.2274,95.7917,84.7272,83.698,81.6505,88.1236,89.1965,89.0711,88.1122,84.5141,64.6538,53.2504,61.3541,17.0522,0.3246,8.9768,29.1803,30.3365,25.7116],"stroke":"#10243b","width":2.0},{"label":"From 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