{"schema_version":"1.0","name":"BEG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"9e7e9585-2c73-4374-a384-368124e2c8ad","symbol":"BEG","name":"Leverage Shares 2x Long BE 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, Acceleration, deceleration and rollover, Range pressure and compression, Directional strength and control."},{"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":36,"displayedObservations":36,"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":["2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[0.129186,0.12385,-0.015262,-0.15718,-0.311723,-0.490078,-0.585944,-0.682493],"opens":[68.39,72.0,47.37,39.36,28.95,29.03,36.24,41.925],"highs":[93.58,83.0,55.67,43.88,41.0,46.04,46.7,43.255],"lows":[59.6501,46.28,32.43,26.8307,19.21,27.73,32.67,27.32],"closes":[66.33,53.01,38.9803,27.51,32.0,35.79,38.5766,29.22],"hoverRows":[[{"label":"Open","value":"68.4","className":"is-ohlc","compact":true},{"label":"High","value":"93.6","className":"is-ohlc","compact":true},{"label":"Low","value":"59.7","className":"is-ohlc","compact":true},{"label":"Close","value":"66.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.13","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"72.0","className":"is-ohlc","compact":true},{"label":"High","value":"83.0","className":"is-ohlc","compact":true},{"label":"Low","value":"46.3","className":"is-ohlc","compact":true},{"label":"Close","value":"53.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.12","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"47.4","className":"is-ohlc","compact":true},{"label":"High","value":"55.7","className":"is-ohlc","compact":true},{"label":"Low","value":"32.4","className":"is-ohlc","compact":true},{"label":"Close","value":"39.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.02","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"39.4","className":"is-ohlc","compact":true},{"label":"High","value":"43.9","className":"is-ohlc","compact":true},{"label":"Low","value":"26.8","className":"is-ohlc","compact":true},{"label":"Close","value":"27.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.16","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"28.9","className":"is-ohlc","compact":true},{"label":"High","value":"41.0","className":"is-ohlc","compact":true},{"label":"Low","value":"19.2","className":"is-ohlc","compact":true},{"label":"Close","value":"32.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.31","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"29.0","className":"is-ohlc","compact":true},{"label":"High","value":"46.0","className":"is-ohlc","compact":true},{"label":"Low","value":"27.7","className":"is-ohlc","compact":true},{"label":"Close","value":"35.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.49","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.2","className":"is-ohlc","compact":true},{"label":"High","value":"46.7","className":"is-ohlc","compact":true},{"label":"Low","value":"32.7","className":"is-ohlc","compact":true},{"label":"Close","value":"38.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.59","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"41.9","className":"is-ohlc","compact":true},{"label":"High","value":"43.3","className":"is-ohlc","compact":true},{"label":"Low","value":"27.3","className":"is-ohlc","compact":true},{"label":"Close","value":"29.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.68","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[25.1808,68.6592],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.682493,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and 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 pressure","detail":"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.","tone":"negative"},"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, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","annotations":[{"label":"Current tape relationship","value":"Accumulation pressure","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"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":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-19","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":[14.2374,14.6359,17.1106,30.8705,37.9422,35.5676,38.41,32.99,30.45,33.25,36.2592,26.1417,33.2791,30.5357,23.7491,23.6799,35.0091,52.2901,64.6439,96.88,76.9656,85.1089,98.6182,87.33,72.44,69.1756,107.4699,61.2538,66.33,53.01,38.9803,27.51,32.0,35.79,38.5766,29.22],"consensus":[65.3371,-50.1788,93.8234,53.0455,80.6647,35.8465,52.7297,0.0,-15.0706,27.5364,26.1446,-47.1656,39.8605,-19.3928,-50.0533,-10.4708,44.6192,64.5004,70.6694,82.9864,0.0,47.7355,63.2249,0.0,-17.391,0.0,65.7448,-51.1284,0.0,-42.1994,-51.6415,-59.2091,-19.3877,-15.4219,-10.3095,-41.3921],"supportDates":["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,20.9346,46.7442,0.0,-6.4001,29.1091,22.4387,-38.8589,33.9857,-18.1691,-40.9186,-5.466,46.4276,57.3098,68.0093,83.5038,0.0,35.0835,52.4449,0.0,-16.8578,0.0,71.4883,-45.2569,0.0,-34.8827,-42.8641,-57.6354,-13.5495,-12.3578,-12.1859,-45.3531],"force":[65.3371,-50.1788,93.8234,53.0455,53.7278,1.3359,26.811,0.0,-53.0686,33.4508,31.3035,-87.9252,66.816,-46.834,-73.0922,-2.6144,74.5636,87.3383,84.8892,97.2154,0.0,46.0187,79.2774,0.0,-57.5735,0.0,85.2879,-94.3482,0.0,-70.4319,-68.3168,-69.9851,-13.0463,-12.0198,-9.0947,-54.5549],"direction":[null,null,null,null,99.9054,79.4474,78.0837,0.0,-2.1616,21.5143,26.695,-27.5451,27.3206,-1.1904,-44.0368,-25.5372,21.1637,56.4055,63.5526,72.2314,0.0,63.4211,64.0788,0.0,-10.7014,0.0,45.2214,-26.9673,0.0,-30.3953,-49.762,-53.3105,-49.2271,-38.5248,-22.0251,-27.4632],"intensity":[null,null,null,null,75.0,40.0,66.6667,57.1429,75.0,22.2222,70.0,72.7273,58.3333,38.4615,64.2857,66.6667,87.5,100.0,94.4444,100.0,90.0,52.381,77.2727,73.913,83.3333,88.0,100.0,100.0,89.2857,62.069,86.6667,51.6129,31.25,39.3939,17.6471,42.8571],"confirmation":[43.5745,38.7239,52.6902,39.6412,69.9146,56.1832,84.1748,35.8642,29.2406,76.9679,76.58,84.4618,81.6664,52.394,84.8584,26.2525,83.1632,89.4457,91.0881,94.9814,38.0235,83.4158,88.8854,8.6246,31.7475,25.2344,89.5464,85.7677,25.1515,82.4757,85.1672,87.2993,30.7544,29.3763,27.2859,89.5863],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,62.5,37.5,62.5,62.5,37.5,37.5,12.5,12.5,25.0,0.0,0.0,0.0,25.0,12.5,37.5,62.5,75.0,50.0,37.5,37.5,12.5,12.5,12.5,37.5,50.0,50.0,62.5,87.5,87.5],"assessmentRisk":[null,null,null,null,9.658,32.0153,23.6077,20.6154,35.6582,33.9862,32.8741,17.0274,1.9717,11.8112,23.1484,13.4742,8.0227,17.5016,14.6627,8.5066,49.6348,25.5807,17.8819,28.1493,6.9128,37.2478,8.7556,16.1491,11.8615,10.228,23.9922,16.1771,37.541,28.3654,4.0762,25.409],"volumeParticipation":true,"latest":{"consensus":-41.4,"control":-45.4,"force":-54.6,"direction":-27.5,"confirmation":89.6,"persistence":87.5,"assessmentRisk":25.4,"intensity":42.9,"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":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-41.4","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-45.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-54.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-27.5","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":"43.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"80.8%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"31.5","detail":"Directional","tone":"positive"},{"label":"Range position","value":"11%","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 downward.","series":[{"label":"Close","values":[14.2374,14.6359,17.1106,30.8705,37.9422,35.5676,38.41,32.99,30.45,33.25,36.2592,26.1417,33.2791,30.5357,23.7491,23.6799,35.0091,52.2901,64.6439,96.88,76.9656,85.1089,98.6182,87.33,72.44,69.1756,107.4699,61.2538,66.33,53.01,38.9803,27.51,32.0,35.79,38.5766,29.22],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,21.4111,23.985,26.6077,27.7681,28.2558,29.1638,30.4539,29.6698,30.3261,30.3642,29.1614,28.1648,29.4092,33.5694,39.2193,49.7031,54.6599,60.1961,67.1819,70.8452,71.1352,70.7789,77.45,74.5052,73.0188,69.3808,63.8535,57.2456,52.6555,49.589,47.5868,44.2473],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,24.5355,24.98,24.8888,24.7993,25.5555,27.5359,30.2846,35.2176,38.3101,41.7766,45.9871,49.0496,50.7822,52.1447,56.2428,56.614,57.3337,57.0134,55.6777,53.5912,51.9918,50.7917,49.8869,48.356],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,46.5996,47.0226,46.0935,45.9108,45.4064,44.7422,44.1277,44.3304,48.6116,55.6171,71.7082,77.7151,84.5445,93.6101,99.1064,101.5652,103.3579,111.6842,112.1383,112.6452,112.4118,112.3141,112.2073,112.2787,111.9918,111.0012,110.4977],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,10.4933,11.4725,11.8841,12.7268,13.405,13.315,13.2609,13.8011,12.1004,8.7041,-0.915,-0.6491,-0.4312,-1.346,-1.1964,-0.2054,1.3627,-0.0576,2.3147,5.3958,7.6052,7.975,8.2186,8.0193,8.8316,11.305,12.3625],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,0.0,0.0,0.0,-6.2585,0.0,-14.1109,-20.7238,-13.434,-5.5996,-31.9404,-13.3582,-20.5007,-38.1695,-38.3496,-8.8542,0.0,0.0,0.0,-20.5557,-12.1502,0.0,-11.4464,-26.545,-29.8551,0.0,-43.0038,-38.2804,-50.6746,-63.7291,-74.4021,-70.2242,-66.6977,-64.1047,-72.811],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,131.7137,113.8733,133.5398,154.6757,83.6129,133.7442,114.4753,66.8078,66.3218,145.8953,267.2728,354.0429,580.4613,440.5875,497.784,592.67,513.3845,408.8008,385.8724,634.2897,257.9874,180.111,123.8607,64.6134,16.1745,35.1357,51.1408,62.9086,23.3958],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"key":"participation","eyebrow":"Participation","title":"Activity pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,214.9615,312.4964,131.8431,188.7029,216.3372,170.4524,196.5497,141.2058,83.831,117.1369,171.7652,166.5109,219.2476,183.1627,186.9516,234.1741,119.1614,148.7031,152.6275,115.2662,158.0436,195.7252,307.6133,197.4506,220.7215,670.1918,217.3003,105.3945,145.214],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,114.5204,73.9804,91.7117,119.5602,83.8575,113.7423,76.5173,65.0,65.0,76.9018,95.1235,113.4654,135.0,114.2737,135.0,135.0,126.318,114.7521,102.014,111.9796,97.5506,116.3387,82.1902,65.0,65.0,128.5962,135.0,135.0,125.6147],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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