{"schema_version":"1.0","name":"MKTN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b0d9a1ed-5415-4dae-b2e7-eff4155d60d2","symbol":"MKTN","name":"FEDERATED HERMES MDT MARKET NEUTRAL ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary pressure, 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":48,"displayedObservations":48,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure retains strong Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","take":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","tone":"positive","conflict":false},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.187691,-0.375845,-0.402469,-0.5127,-0.630843,-0.608329,-0.681149,-0.600933,-0.422447,-0.409574,-0.405057,-0.308799,-0.197124,0.171426,0.646668,0.933178,1.163067,1.256609,1.272788,1.276291],"opens":[26.43,25.96,25.21,25.49,25.72,25.39,25.29,25.72,26.08,25.66,25.81,25.58,26.13,26.22,26.42,26.35,26.755,27.23,27.46,27.83],"highs":[26.43,25.96,25.5,25.66,25.72,25.72,25.95,26.02,26.22,26.09,26.02,26.0,26.1901,26.48,26.63,26.839,27.408,27.46,27.48,27.9],"lows":[25.57,25.15,25.01,25.435,25.25,25.2607,25.29,25.68,25.78,25.58,25.23,25.56,25.82,26.185,26.34,26.35,26.755,27.07,27.0932,27.08],"closes":[25.61,25.2,25.3558,25.6086,25.4989,25.6871,25.7174,25.91,25.895,25.74,25.5118,25.9635,26.1163,26.33,26.6074,26.76,27.31,27.34,27.28,27.24],"hoverRows":[[{"label":"Open","value":"26.4","className":"is-ohlc","compact":true},{"label":"High","value":"26.4","className":"is-ohlc","compact":true},{"label":"Low","value":"25.6","className":"is-ohlc","compact":true},{"label":"Close","value":"25.6","className":"is-ohlc","compact":true},{"label":"Market 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strengthening","fourWeekDirection":"strengthening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Extended but supported","detail":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","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":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-09-26","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":[24.7799,24.2956,24.1642,24.2788,24.4402,24.9377,25.0148,25.1849,25.1615,25.0217,25.271,25.3928,25.7087,25.6689,25.49,25.23,24.87,25.195,25.52,25.55,25.98,25.84,25.8271,25.9048,25.7516,25.9086,25.9004,25.9504,25.61,25.2,25.3558,25.6086,25.4989,25.6871,25.7174,25.91,25.895,25.74,25.5118,25.9635,26.1163,26.33,26.6074,26.76,27.31,27.34,27.28,27.24],"consensus":[-93.92,-100.0,40.5723,13.7649,-22.7765,54.8023,43.2364,46.4504,36.0487,0.0,45.4528,45.7225,73.0872,49.1783,0.0,-33.5666,-58.6965,24.287,32.5563,23.3838,58.2715,25.8449,9.6578,33.6912,-12.0211,33.9073,0.0,9.8048,-40.557,-59.6575,0.0,11.9268,-16.6347,31.0678,19.5054,33.3545,8.5335,0.0,-28.4403,44.9833,31.6842,40.0931,58.0392,54.3027,75.4185,46.0537,29.3437,14.9346],"supportDates":["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,null,54.5339,37.7845,36.5982,29.0878,0.0,31.0321,51.3514,69.7944,50.5672,0.0,-27.3157,-51.9287,34.649,28.265,20.7839,49.075,21.7319,0.5762,35.0577,-10.2509,41.0862,0.0,6.1281,-36.9015,-50.8891,0.0,24.1596,-14.6907,30.0286,17.7603,33.8941,0.704,0.0,-24.9986,47.3759,33.8909,36.8487,62.5954,56.3517,75.3029,45.3486,22.8154,3.3891],"force":[-93.92,-100.0,40.5723,13.7649,-15.3012,50.2926,27.8434,34.6816,11.1724,0.0,63.9342,29.8597,83.1365,20.6076,0.0,-78.5921,-90.254,64.6199,51.6067,9.8238,77.4346,2.3746,13.7199,20.8052,-39.5182,32.7009,0.0,3.3626,-84.1897,-90.853,0.0,29.9826,-22.8953,47.4699,22.9819,39.1298,7.1337,0.0,-44.9497,78.3856,28.8164,36.2051,53.6955,47.1697,90.1974,21.3149,3.7946,19.6157],"direction":[null,null,null,null,-49.9748,58.3302,60.4622,66.1163,61.7727,0.0,48.7326,50.62,69.6722,67.9987,0.0,-8.5493,-43.89,16.3646,23.8534,36.0409,55.0939,47.31,38.0521,41.334,-5.5966,26.5645,0.0,23.412,-13.5686,-47.396,0.0,14.9503,-14.3846,20.5398,19.0166,28.6125,28.6723,0.0,-20.5811,18.3902,31.2107,46.5782,55.9347,57.0561,64.9941,64.5302,60.4747,52.8083],"intensity":[null,null,null,null,25.0,80.0,50.0,57.1429,12.5,55.5556,70.0,63.6364,50.0,30.7692,35.7143,53.3333,62.5,58.8235,94.4444,5.2632,100.0,57.1429,31.8182,39.1304,33.3333,36.0,19.2308,7.4074,67.8571,82.7586,76.6667,74.1935,31.25,33.3333,44.1176,71.4286,36.1111,37.8378,63.1579,79.4872,45.0,65.8537,45.2381,34.8837,95.4545,53.3333,4.3478,76.5957],"confirmation":[52.7211,54.6667,35.6498,27.0714,10.4442,85.4034,81.4496,82.6556,78.8835,4.0599,83.3279,82.062,91.7443,82.8452,32.4719,80.2088,87.8478,35.0009,79.064,75.1092,87.371,52.9511,5.5838,78.3677,51.239,78.7042,4.0174,26.1763,82.3637,88.1747,8.1149,30.0365,73.5435,78.4574,74.3743,78.8412,26.5611,25.708,77.6565,83.3762,78.0179,80.7608,86.3707,85.1283,92.5861,81.994,54.6224,16.0867],"persistence":[null,null,33.3333,0.0,20.0,0.0,14.2857,25.0,50.0,62.5,62.5,62.5,87.5,87.5,75.0,50.0,25.0,37.5,37.5,37.5,37.5,37.5,50.0,75.0,75.0,75.0,62.5,62.5,37.5,12.5,0.0,0.0,0.0,0.0,12.5,12.5,37.5,50.0,37.5,37.5,62.5,62.5,62.5,62.5,62.5,75.0,100.0,100.0],"assessmentRisk":[null,null,null,null,32.0371,20.6747,28.047,26.6195,31.558,12.5488,15.7585,12.0711,12.3973,25.0178,40.0366,16.552,20.5758,60.1401,9.5982,32.9397,20.8529,36.5141,37.6994,28.3181,30.7576,2.5757,12.0605,5.1218,6.8151,19.8991,47.8921,51.6357,14.7346,33.8103,38.0125,28.723,43.9442,15.5615,24.3479,11.4652,20.3517,29.4428,20.9797,22.83,12.2891,26.9669,35.1382,41.3278],"volumeParticipation":true,"latest":{"consensus":14.9,"control":3.4,"force":19.6,"direction":52.8,"confirmation":16.1,"persistence":100.0,"assessmentRisk":41.3,"intensity":76.6,"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":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+14.9","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+3.4","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+19.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+52.8","detail":"Upward 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upward.","series":[{"label":"Close","values":[24.7799,24.2956,24.1642,24.2788,24.4402,24.9377,25.0148,25.1849,25.1615,25.0217,25.271,25.3928,25.7087,25.6689,25.49,25.23,24.87,25.195,25.52,25.55,25.98,25.84,25.8271,25.9048,25.7516,25.9086,25.9004,25.9504,25.61,25.2,25.3558,25.6086,25.4989,25.6871,25.7174,25.91,25.895,25.74,25.5118,25.9635,26.1163,26.33,26.6074,26.76,27.31,27.34,27.28,27.24],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.5204,24.5963,24.6724,24.7656,24.8375,24.871,24.9437,25.0254,25.1496,25.2441,25.2888,25.2781,25.2039,25.2023,25.26,25.3128,25.4341,25.5079,25.5659,25.6275,25.6501,25.6971,25.7341,25.7734,25.7437,25.6448,25.5923,25.5952,25.5777,25.5976,25.6194,25.6722,25.7127,25.7177,25.6803,25.7318,25.8017,25.8977,26.0268,26.1601,26.3692,26.5457,26.6792,26.7812],"stroke":"#176fa3","width":1.7},{"label":"Slow 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impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.1701,0.2032,0.2125,0.1966,0.1532,0.1434,0.16,0.1736,0.2166,0.2366,0.2485,0.2613,0.2561,0.2616,0.2623,0.2638,0.2348,0.1768,0.1417,0.1328,0.1155,0.1157,0.1169,0.1319,0.141,0.1341,0.109,0.1241,0.1467,0.1798,0.2258,0.2714,0.348,0.4064,0.4427,0.4629],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1798,0.1725,0.17,0.1707,0.1799,0.1912,0.2027,0.2144,0.2227,0.2305,0.2369,0.2423,0.2408,0.228,0.2107,0.1951,0.1792,0.1665,0.1566,0.1516,0.1495,0.1464,0.1389,0.136,0.1381,0.1464,0.1623,0.1841,0.2169,0.2548,0.2924,0.3265],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.0266,-0.0291,-0.01,0.0029,0.0367,0.0453,0.0458,0.0469,0.0333,0.0311,0.0254,0.0216,-0.0059,-0.0512,-0.069,-0.0624,-0.0637,-0.0508,-0.0397,-0.0197,-0.0086,-0.0123,-0.03,-0.0119,0.0086,0.0333,0.0635,0.0873,0.1311,0.1516,0.1503,0.1365],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-09-26","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"]},{"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,71.0957,61.7462,13.7182,358.9838,30.5892,447.2494,12.2762,33.6224,543.804,475.5585,56.8468,144.0969,23.1595,276.4216,21.1475,29.7858,11.8922,32.2313,24.2165,61.9673,18.7623,103.2026,169.6339,133.0291,35.4347,48.7673,38.8443,19.5398,52.1265,398.3945,41.2376,69.1911,109.2726,60.7696,61.1863,52.44,69.1457,139.7722,56.6792,66.817,158.673],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,133.4672,122.7838,120.6179,135.0,135.0,135.0,134.5051,133.211,103.4852,69.5167,73.4767,83.7666,85.3561,106.3535,104.7567,102.5165,103.4108,100.9734,102.78,98.0773,99.4961,91.3564,76.768,88.192,91.273,87.4078,90.5377,92.1149,95.6395,70.4506,67.8717,65.0,71.5473,74.667,77.8587,80.6095,84.3355,92.2566,95.5114,91.6987,81.9825],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,1.4317,1.4056,1.4715,1.5212,1.4879,1.5109,1.4922,1.5964,1.6258,1.6501,1.5862,1.6024,1.5423,1.5048,1.4716,1.6245,1.7626,1.7647,1.7073,1.7239,1.7167,1.7755,1.7302,1.7289,1.7566,1.8669,1.8377,1.7977,1.7544,1.6926,1.6933,1.7115,1.6894,1.6734,1.7712],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}