{"schema_version":"1.0","name":"GTOP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"aac21cef-42ba-480c-ac7c-d49d0ed01dfa","symbol":"GTOP","name":"Goldman Sachs Technology Opportunities ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Directional strength and control, Range position and boundary pressure, Activity pressure and cumulative balance, Range pressure and compression, 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":37,"displayedObservations":37,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.64416,0.858093,0.870337,0.755502,0.530853,0.276884,0.118853,0.021135,-0.028814],"opens":[49.88,47.7,48.33,48.88,47.99,47.02,47.27,49.53,49.69],"highs":[49.88,49.7928,49.42,49.4,48.38,47.5101,50.2,50.36,49.98],"lows":[46.94,47.7,47.525,47.12,46.6599,44.606,47.26,49.1,47.92],"closes":[47.3588,48.171,49.3704,47.3649,46.6599,47.1194,49.7495,49.6884,48.1994],"hoverRows":[[{"label":"Open","value":"49.9","className":"is-ohlc","compact":true},{"label":"High","value":"49.9","className":"is-ohlc","compact":true},{"label":"Low","value":"46.9","className":"is-ohlc","compact":true},{"label":"Close","value":"47.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.64","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"47.7","className":"is-ohlc","compact":true},{"label":"High","value":"49.8","className":"is-ohlc","compact":true},{"label":"Low","value":"47.7","className":"is-ohlc","compact":true},{"label":"Close","value":"48.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.86","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"48.3","className":"is-ohlc","compact":true},{"label":"High","value":"49.4","className":"is-ohlc","compact":true},{"label":"Low","value":"47.5","className":"is-ohlc","compact":true},{"label":"Close","value":"49.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.87","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"48.9","className":"is-ohlc","compact":true},{"label":"High","value":"49.4","className":"is-ohlc","compact":true},{"label":"Low","value":"47.1","className":"is-ohlc","compact":true},{"label":"Close","value":"47.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.76","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"48.0","className":"is-ohlc","compact":true},{"label":"High","value":"48.4","className":"is-ohlc","compact":true},{"label":"Low","value":"46.7","className":"is-ohlc","compact":true},{"label":"Close","value":"46.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.53","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"47.0","className":"is-ohlc","compact":true},{"label":"High","value":"47.5","className":"is-ohlc","compact":true},{"label":"Low","value":"44.6","className":"is-ohlc","compact":true},{"label":"Close","value":"47.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.28","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"47.3","className":"is-ohlc","compact":true},{"label":"High","value":"50.2","className":"is-ohlc","compact":true},{"label":"Low","value":"47.3","className":"is-ohlc","compact":true},{"label":"Close","value":"49.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.12","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"49.5","className":"is-ohlc","compact":true},{"label":"High","value":"50.4","className":"is-ohlc","compact":true},{"label":"Low","value":"49.1","className":"is-ohlc","compact":true},{"label":"Close","value":"49.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.02","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"49.7","className":"is-ohlc","compact":true},{"label":"High","value":"50.0","className":"is-ohlc","compact":true},{"label":"Low","value":"47.9","className":"is-ohlc","compact":true},{"label":"Close","value":"48.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.03","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":[46.474524,49.934876],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.028814,"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":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics weakened this week and 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":[{"date":"2026-07-31","price":47.1194}],"reversal_dangers":[{"date":"2026-08-07","price":49.7495}]}},"smTape":{"available":true,"dates":["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":[39.035,39.4401,40.1894,39.5974,40.225,39.8004,39.65,39.4158,37.8507,37.6409,38.3594,37.7537,37.4503,37.1848,36.77,35.1222,36.902,39.1346,42.235,43.715,43.835,45.9069,46.546,47.0783,49.0872,47.6102,48.0262,49.5599,47.3588,48.171,49.3704,47.3649,46.6599,47.1194,49.7495,49.6884,48.1994],"consensus":[-96.3102,97.4969,81.1626,-31.8763,45.9458,0.0,0.0,-15.1304,-53.7252,-43.8585,0.0,-40.7544,-24.4445,-29.036,-49.7349,-69.7618,16.0557,56.7758,74.2292,71.5058,53.2927,76.7111,56.4678,57.2106,73.547,9.2666,43.2504,61.3455,-20.803,29.1707,54.08,-30.0083,-21.4975,9.6027,56.3819,26.5865,-10.5831],"supportDates":["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,0.0,0.0,-17.4052,-41.9888,-38.8471,0.0,-35.2622,-21.4771,-27.3548,-42.112,-65.9153,25.3032,51.2521,76.8465,75.0068,57.5931,84.1417,55.1777,56.0345,79.1634,10.1911,42.5721,66.6612,-17.6498,25.7697,61.8109,-22.9295,-24.5771,16.5134,60.5992,24.0812,-21.1855],"force":[-96.3102,97.4969,81.1626,-31.8763,23.5159,0.0,0.0,-23.5904,-63.5334,-30.49,0.0,-36.7943,-10.8469,-17.1562,-54.0138,-74.2158,56.6038,91.6369,88.3607,72.3642,26.0088,70.6966,36.0135,38.6665,61.8875,34.5015,22.7952,46.9998,-82.0665,19.5769,47.7997,-84.1943,-41.1296,15.0758,81.4388,6.158,-38.526],"direction":[null,null,null,null,61.9671,0.0,0.0,-6.4877,-60.1324,-59.1348,0.0,-49.8598,-37.5483,-39.4429,-55.3903,-70.9762,23.4759,38.1878,61.1441,66.8916,67.8664,72.515,72.5523,71.8005,75.4565,62.7669,58.6363,65.5173,-19.3531,39.9102,49.7306,-0.6059,-3.955,2.2047,33.6644,44.0413,-21.493],"intensity":[null,null,null,null,50.0,20.0,66.6667,71.4286,100.0,66.6667,50.0,27.2727,41.6667,7.6923,14.2857,93.3333,93.75,94.1176,100.0,94.7368,20.0,80.9524,68.1818,17.3913,79.1667,68.0,80.7692,88.8889,82.1429,41.3793,53.3333,70.9677,43.75,75.7576,88.2353,65.7143,58.3333],"confirmation":[53.4859,53.8657,48.6387,32.8671,59.0106,25.647,25.4554,50.3982,85.6698,81.7037,31.9634,81.0044,75.4531,76.9551,84.1617,90.5181,33.9075,87.3149,92.1441,90.8547,84.1566,92.251,85.466,85.7602,91.0941,34.129,81.2271,87.1124,35.3674,77.0941,84.9964,56.8245,52.7639,48.938,86.7416,53.2566,22.5565],"persistence":[null,null,33.3333,0.0,20.0,16.6667,14.2857,0.0,0.0,25.0,37.5,37.5,62.5,75.0,87.5,87.5,62.5,37.5,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0,25.0,25.0,25.0,25.0,25.0],"assessmentRisk":[null,null,null,null,25.935,26.8302,41.4893,10.036,23.0162,27.9167,48.9896,28.9215,15.3724,16.7932,24.6218,15.0896,36.1082,19.1073,12.8543,14.2466,23.3492,11.6405,21.6238,20.7949,13.1944,37.0504,17.7219,16.833,31.2629,4.1781,10.6262,30.9794,12.6987,36.9996,15.3082,32.912,43.8401],"volumeParticipation":true,"latest":{"consensus":-10.6,"control":-21.2,"force":-38.5,"direction":-21.5,"confirmation":22.6,"persistence":25.0,"assessmentRisk":43.8,"intensity":58.3,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-10.6","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-21.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-38.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-21.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"23/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"60.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"30.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"85%","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 upward.","series":[{"label":"Close","values":[39.035,39.4401,40.1894,39.5974,40.225,39.8004,39.65,39.4158,37.8507,37.6409,38.3594,37.7537,37.4503,37.1848,36.77,35.1222,36.902,39.1346,42.235,43.715,43.835,45.9069,46.546,47.0783,49.0872,47.6102,48.0262,49.5599,47.3588,48.171,49.3704,47.3649,46.6599,47.1194,49.7495,49.6884,48.1994],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,39.5159,39.5676,39.5826,39.5523,39.2429,38.9516,38.8439,38.6457,38.4284,38.2023,37.9419,37.4292,37.3333,37.6608,38.4925,39.442,40.2408,41.271,42.2301,43.1116,44.198,44.8184,45.4017,46.1577,46.3761,46.7024,47.1875,47.2198,47.118,47.1182,47.5966,47.977,48.0174],"stroke":"#176fa3","width":1.7},{"label":"Slow 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envelope","values":[null,null,null,null,null,null,null,null,null,37.6038,37.5119,37.2763,37.0162,36.7498,36.4357,35.6835,35.5758,35.6747,35.451,35.07,34.7369,34.1506,33.6281,33.2224,32.6371,32.4689,32.3771,32.2629,32.6442,33.1105,33.5048,34.2048,35.0712,36.1128,37.3575,39.4414,41.49],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,43.1888,42.9227,41.7877,40.7338,39.6317,38.3144,36.7569,34.2551,32.999,31.9008,30.1804],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,7.0704,6.4784,5.6833,5.0347,13.9156,23.6509,28.0988,26.7519,32.3206,34.8579,32.8222,37.1047,37.9463,33.8663,35.7251,32.1125,29.4567,27.5466,25.4115,23.9061,21.5815,28.1536,27.5017,25.6005],"stroke":"#07865c","width":1.6},{"label":"Negative 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}