{"schema_version":"1.0","name":"ARMI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a69cae19-2337-4b7e-ad4d-9e7ef5cbab3c","symbol":"ARMI","name":"IncomeShares ARM Options ETP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Activity pressure and cumulative balance, Drawdown and recovery pressure, 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":21,"displayedObservations":21,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[8.293759,8.047136,8.483127,9.492131,9.848222,8.782815,8.982157,9.107235,12.906477,14.848397,13.730543,17.235753,12.920315,12.815,12.87,10.065,10.61,10.81,8.6375,9.66,10.445],"highs":[8.76133,8.790395,9.247147,11.362738,9.923784,9.650543,9.517648,12.488248,14.215886,15.151692,14.911222,17.235753,12.920315,12.815,12.87,10.475,11.395,10.81,10.2125,10.47,10.445],"lows":[8.257242,8.047136,8.483127,9.492131,8.313597,8.759363,8.982157,9.107235,12.6016,14.324133,13.730543,16.722321,12.920315,12.68,12.79,10.045,10.61,8.8125,8.5675,9.66,8.8825],"closes":[8.460288,8.790395,9.199396,11.362738,8.986457,9.236221,9.283127,12.488248,14.184617,14.324133,14.911222,16.722321,12.920315,12.68,12.8225,10.3375,10.775,10.0525,10.1575,10.09,9.02875],"hoverRows":[[{"label":"Open","value":"8.29","className":"is-ohlc","compact":true},{"label":"High","value":"8.76","className":"is-ohlc","compact":true},{"label":"Low","value":"8.26","className":"is-ohlc","compact":true},{"label":"Close","value":"8.46","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[7.964566,17.218043],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-06-19","price":16.722321}],"reversal_dangers":[{"date":"2026-06-26","price":12.920315}]}},"smTape":{"available":true,"dates":["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":[8.4603,8.7904,9.1994,11.3627,8.9865,9.2362,9.2831,12.4882,14.1846,14.3241,14.9112,16.7223,12.9203,12.68,12.8225,10.3375,10.775,10.0525,10.1575,10.09,9.0288],"consensus":[-19.4403,100.0,87.5001,58.0,0.0,20.9498,13.2521,71.2394,89.4049,33.622,73.2844,47.8864,-11.8183,-19.2287,0.0,-56.9856,-22.283,-52.2047,-12.3652,-21.4332,-68.3322],"supportDates":["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,19.2356,14.8775,70.8451,89.0943,12.4628,79.5909,31.3245,-6.9745,-17.0028,0.0,-40.3492,-23.3081,-37.5223,-4.4158,-18.4673,-64.0662],"force":[-19.4403,100.0,87.5001,58.0,0.0,19.2997,8.7428,64.3134,95.6755,2.5027,48.9329,20.9517,-37.9624,-35.2221,0.0,-66.4833,-20.3536,-67.0871,-20.288,-2.2789,-86.051],"direction":[null,null,null,null,0.0,24.0876,14.6153,76.6372,85.2809,83.6072,83.471,86.0534,-1.3204,-10.3487,0.0,-69.2146,-51.566,-58.3543,-54.8672,-38.5044,-60.5513],"intensity":[null,null,null,null,100.0,40.0,16.6667,100.0,100.0,55.5556,50.0,81.8182,100.0,15.3846,7.1429,73.3333,50.0,58.8235,44.4444,52.6316,50.0],"confirmation":[28.8875,54.6667,50.6667,41.2267,8.0722,74.6798,72.0785,90.5915,96.8054,55.8478,90.6128,82.7552,27.6008,74.6745,2.624,86.7784,32.8243,85.3828,8.4876,51.6534,55.0],"persistence":[null,null,33.3333,50.0,40.0,50.0,57.1429,62.5,87.5,87.5,87.5,87.5,75.0,50.0,37.5,12.5,12.5,37.5,62.5,87.5,87.5],"assessmentRisk":[null,null,null,null,15.3402,4.41,3.4737,5.7191,5.1646,33.0803,13.3227,25.8311,23.9979,26.922,40.9544,21.3792,30.1426,19.4438,39.5509,3.5456,7.3065],"volumeParticipation":true,"latest":{"consensus":-68.3,"control":-64.1,"force":-86.1,"direction":-60.6,"confirmation":55.0,"persistence":87.5,"assessmentRisk":7.3,"intensity":50.0,"evidenceDepth":81},"analysis":{"status":"Completed tape 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":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-68.3","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-64.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-86.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-60.6","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"46.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"14.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"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 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