{"schema_version":"1.0","name":"FTMU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"bd31f99f-3a52-4203-a5f2-6ddd397f791d","symbol":"FTMU","name":"FRANKLIN MUNICIPAL INCOME 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 downward.","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, Range pressure and compression, Activity pressure and cumulative balance, Directional strength and control, Range position and boundary pressure."},{"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":43,"displayedObservations":43,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price structure remains downward.","take":"This is an early challenge rather than a confirmed reversal. Price must respond to the improvement before the downward technical state can be considered resolved.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.045446,-0.087971,-0.03955,0.003966,0.231065,0.420634,0.476347,0.387802,0.324321,0.237196,-0.030881,-0.302418,-0.519031,-0.682722,-0.649168],"opens":[7.828507,7.739096,7.808638,7.813541,7.853406,7.893271,7.873338,7.876385,7.893084,7.82341,7.813456,7.763689,7.7,7.785,7.77],"highs":[7.828507,7.74903,7.848377,7.893271,7.883304,7.893271,7.913203,7.906145,7.903037,7.863224,7.833363,7.790763,7.8,7.8133,7.78],"lows":[7.719226,7.689422,7.7689,7.813541,7.833473,7.833573,7.863372,7.843317,7.833363,7.803503,7.703969,7.684062,7.7,7.75,7.71],"closes":[7.734128,7.729161,7.833475,7.852907,7.848422,7.873338,7.913203,7.883131,7.843317,7.821419,7.733829,7.723875,7.7717,7.78,7.73],"hoverRows":[[{"label":"Open","value":"7.83","className":"is-ohlc","compact":true},{"label":"High","value":"7.83","className":"is-ohlc","compact":true},{"label":"Low","value":"7.72","className":"is-ohlc","compact":true},{"label":"Close","value":"7.73","className":"is-ohlc","compact":true},{"label":"Market 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weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.79","className":"is-ohlc","compact":true},{"label":"High","value":"7.81","className":"is-ohlc","compact":true},{"label":"Low","value":"7.75","className":"is-ohlc","compact":true},{"label":"Close","value":"7.78","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}],[{"label":"Open","value":"7.77","className":"is-ohlc","compact":true},{"label":"High","value":"7.78","className":"is-ohlc","compact":true},{"label":"Low","value":"7.71","className":"is-ohlc","compact":true},{"label":"Close","value":"7.73","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.65","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[7.712515,7.924563],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.649168,"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":"Accumulation repair watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"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 while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"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":15,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-31","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":[7.6543,7.6494,7.6494,7.6741,7.6875,7.6555,7.6457,7.6723,7.6772,7.6968,7.7362,7.7362,7.7214,7.7313,7.77,7.8144,7.8144,7.8884,7.815,7.7655,7.6764,7.6566,7.7321,7.7977,7.8275,7.8424,7.7987,7.8136,7.7341,7.7292,7.8335,7.8529,7.8484,7.8733,7.9132,7.8831,7.8433,7.8214,7.7338,7.7239,7.7717,7.78,7.73],"consensus":[52.9405,-28.571,54.2861,29.434,13.7784,0.0,0.0,14.7426,8.6585,0.0,40.157,23.8291,11.4589,14.8794,30.2875,46.6126,23.4939,63.463,0.0,-24.0238,-57.2307,-39.0962,18.3306,35.4177,38.3128,27.9477,0.0,21.8051,-43.7072,-17.7189,45.6362,28.2461,15.6503,33.8096,51.3534,13.9169,-17.4302,-20.794,-54.7955,-35.7349,0.0,-8.7933,-35.5851],"supportDates":["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,0.0,0.0,19.8253,13.51,0.0,39.2197,22.9255,9.3611,11.899,28.9985,44.6389,19.2872,68.7587,0.0,-20.8018,-50.9176,-36.0301,24.378,37.3841,38.5238,21.4276,0.0,25.4228,-41.5419,-9.681,44.868,27.4918,8.176,28.4944,58.4789,13.7035,-21.3529,-14.5446,-50.5457,-31.1748,0.0,-4.7412,-40.3422],"force":[52.9405,-28.571,54.2861,29.434,6.0885,0.0,0.0,21.8462,8.6718,0.0,45.4493,13.8245,0.3274,8.6787,27.8799,43.056,4.9858,66.7502,0.0,-52.514,-90.0926,-33.9697,59.6642,51.8863,35.9112,17.5623,0.0,23.4536,-66.359,-9.6693,74.6621,26.8298,1.8401,29.5443,47.4246,6.9588,-42.1018,-38.4044,-69.9825,-24.3858,0.0,-0.234,-41.2979],"direction":[null,null,null,null,19.2711,0.0,0.0,3.8599,3.1044,0.0,37.4479,32.0079,22.2753,22.7148,33.4805,51.4086,41.5217,55.0628,0.0,-7.3558,-40.9728,-46.2622,18.1047,21.4069,39.7872,42.8172,0.0,16.4932,-30.0018,-32.6547,25.7814,30.1198,36.6855,42.9306,46.0162,29.0721,-4.6753,-15.3573,-48.8047,-49.0529,0.0,-19.5381,-26.0678],"intensity":[null,null,null,null,25.0,40.0,16.6667,28.5714,25.0,55.5556,40.0,36.3636,25.0,30.7692,57.1429,60.0,37.5,82.3529,77.7778,57.8947,85.0,85.7143,77.2727,56.5217,54.1667,36.0,46.1538,18.5185,82.1429,82.7586,96.6667,41.9355,15.625,21.2121,38.2353,31.4286,38.8889,37.8378,94.7368,43.5897,55.0,58.5366,59.5238],"confirmation":[39.6076,31.8094,40.0382,32.0856,26.7242,0.5017,1.542,50.19,48.0305,24.9387,81.0258,75.3342,48.7428,72.6179,77.6383,82.8377,52.3514,88.3277,32.0164,53.9383,87.4115,80.4013,33.5623,79.8056,80.1837,76.7261,29.6651,74.9728,82.7096,73.5472,83.4999,77.0071,50.3148,78.7701,84.2048,50.6383,52.6005,75.286,86.0622,79.1588,30.9851,25.2814,87.4888],"persistence":[null,null,33.3333,50.0,60.0,50.0,42.8571,50.0,50.0,62.5,62.5,62.5,62.5,75.0,87.5,87.5,87.5,100.0,87.5,62.5,37.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5,37.5,37.5,37.5,37.5,37.5,50.0,50.0,50.0,50.0,25.0,0.0,12.5,37.5,62.5],"assessmentRisk":[null,null,null,null,42.7902,16.2283,7.5669,12.0695,30.2839,45.3917,29.9107,37.9641,43.2759,40.1879,31.4966,26.6133,38.2325,18.2673,46.3166,30.967,21.1512,30.4478,55.6375,9.8316,30.5319,35.947,44.756,3.6404,24.712,39.4253,3.3859,15.9521,40.685,32.8751,21.2021,22.2636,2.9661,30.9823,22.5324,31.9954,47.015,31.8574,13.7538],"volumeParticipation":true,"latest":{"consensus":-35.6,"control":-40.3,"force":-41.3,"direction":-26.1,"confirmation":87.5,"persistence":62.5,"assessmentRisk":13.8,"intensity":59.5,"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":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-35.6","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-40.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-41.3","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-26.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"87/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"44.1","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"18.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"35%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}