{"schema_version":"1.0","name":"FMTL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d2789e0d-9f9d-4d85-9393-c55ad6340ce9","symbol":"FMTL","name":"FIRST TRUST INDXX CRITICAL METALS 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 strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Range position and boundary pressure, Activity pressure and cumulative balance, Directional strength and control, Directional pressure and rotation, Range pressure and compression."},{"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":42,"displayedObservations":42,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Material conflict","headline":"Upward price structure is not confirmed by Market Dynamics","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"The divergence must narrow through either a recovery in Market Dynamics or weaker price. In this configuration, price reversal is the principal risk, so the upward alignment should be treated as vulnerable rather than confirmed.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.238879,-0.32981,-0.397532,-0.42128,-0.526004,-0.789909,-1.00372,-1.285508,-1.481129,-1.531362,-1.538948,-1.312998,-1.038173,-0.664368],"opens":[35.866283,36.427463,36.712975,34.802995,36.722821,34.960618,32.73,32.81,31.755,30.6,32.27,32.4,35.94,35.73],"highs":[35.866283,37.313536,38.071621,35.344484,37.126476,35.344484,33.0,33.06,32.59,32.61,32.84,36.22,36.39,38.67],"lows":[34.005529,34.862067,34.23197,32.637038,35.344484,32.15462,32.185,30.49,30.49,30.37,30.7501,32.28,35.21,35.07],"closes":[35.439885,36.907518,34.32806,35.201334,35.489603,32.5985,32.5878,32.1593,30.5869,31.9002,32.4496,36.0424,35.4295,38.67],"hoverRows":[[{"label":"Open","value":"35.9","className":"is-ohlc","compact":true},{"label":"High","value":"35.9","className":"is-ohlc","compact":true},{"label":"Low","value":"34.0","className":"is-ohlc","compact":true},{"label":"Close","value":"35.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.24","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.4","className":"is-ohlc","compact":true},{"label":"High","value":"37.3","className":"is-ohlc","compact":true},{"label":"Low","value":"34.9","className":"is-ohlc","compact":true},{"label":"Close","value":"36.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.33","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.7","className":"is-ohlc","compact":true},{"label":"High","value":"38.1","className":"is-ohlc","compact":true},{"label":"Low","value":"34.2","className":"is-ohlc","compact":true},{"label":"Close","value":"34.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.40","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"34.8","className":"is-ohlc","compact":true},{"label":"High","value":"35.3","className":"is-ohlc","compact":true},{"label":"Low","value":"32.6","className":"is-ohlc","compact":true},{"label":"Close","value":"35.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.42","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.7","className":"is-ohlc","compact":true},{"label":"High","value":"37.1","className":"is-ohlc","compact":true},{"label":"Low","value":"35.3","className":"is-ohlc","compact":true},{"label":"Close","value":"35.5","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-1.00","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.8","className":"is-ohlc","compact":true},{"label":"High","value":"33.1","className":"is-ohlc","compact":true},{"label":"Low","value":"30.5","className":"is-ohlc","compact":true},{"label":"Close","value":"32.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.29","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.8","className":"is-ohlc","compact":true},{"label":"High","value":"32.6","className":"is-ohlc","compact":true},{"label":"Low","value":"30.5","className":"is-ohlc","compact":true},{"label":"Close","value":"30.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.48","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.6","className":"is-ohlc","compact":true},{"label":"High","value":"32.6","className":"is-ohlc","compact":true},{"label":"Low","value":"30.4","className":"is-ohlc","compact":true},{"label":"Close","value":"31.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.53","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.3","className":"is-ohlc","compact":true},{"label":"High","value":"32.8","className":"is-ohlc","compact":true},{"label":"Low","value":"30.8","className":"is-ohlc","compact":true},{"label":"Close","value":"32.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.54","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.4","className":"is-ohlc","compact":true},{"label":"High","value":"36.2","className":"is-ohlc","compact":true},{"label":"Low","value":"32.3","className":"is-ohlc","compact":true},{"label":"Close","value":"36.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.31","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"35.9","className":"is-ohlc","compact":true},{"label":"High","value":"36.4","className":"is-ohlc","compact":true},{"label":"Low","value":"35.2","className":"is-ohlc","compact":true},{"label":"Close","value":"35.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.04","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"35.7","className":"is-ohlc","compact":true},{"label":"High","value":"38.7","className":"is-ohlc","compact":true},{"label":"Low","value":"35.1","className":"is-ohlc","compact":true},{"label":"Close","value":"38.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.66","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[30.101914,39.154986],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.664368,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"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 in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":14,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-08-21","price":38.67}],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[24.7905,25.4098,24.3754,26.3912,27.2178,27.9075,28.3812,29.8144,29.4409,31.6809,33.2556,34.985,34.0365,34.2406,35.97,36.59,38.72,34.01,32.76,30.1718,31.82,34.3178,36.89,37.4084,35.425,34.7077,36.8879,35.3149,35.4399,36.9075,34.3281,35.2013,35.4896,32.5985,32.5878,32.1593,30.5869,31.9002,32.4496,36.0424,35.4295,38.67],"consensus":[90.401,-95.2127,-52.2131,52.1674,70.2151,57.3032,57.8871,78.4561,38.1652,87.8619,79.9133,87.6938,0.0,43.7019,65.3919,69.1808,78.4879,-29.8282,-32.4007,-64.9796,0.0,44.9817,67.0057,47.1284,0.0,0.0,44.7757,-29.438,8.8815,39.355,-47.6679,18.8213,0.0,-53.9109,-25.1732,-30.5313,-57.6357,0.0,0.0,55.747,9.717,-66.0262],"supportDates":["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,56.3819,58.2056,74.4385,31.7904,87.0923,72.3284,85.2359,0.0,32.9283,55.803,72.7078,79.8697,-33.9574,-26.8293,-57.0749,0.0,47.0768,66.6949,50.7041,0.0,0.0,51.9895,-26.6265,12.5551,39.9902,-39.5349,19.6798,0.0,-52.7404,-21.9316,-22.0712,-59.9807,0.0,0.0,56.9821,1.1306,-71.691],"force":[90.401,-95.2127,-52.2131,52.1674,34.6399,33.5324,30.989,81.3947,5.3613,95.2379,84.2921,92.2751,0.0,17.0968,62.8799,59.3705,89.6985,-84.4911,-51.937,-93.8628,0.0,79.44,91.5211,33.445,0.0,0.0,60.7055,-64.3041,6.612,44.6156,-88.5547,46.748,0.0,-63.9066,-7.6568,-20.2923,-52.8516,0.0,0.0,74.2756,11.0542,-71.449],"direction":[null,null,null,null,95.626,75.3353,76.7359,80.9486,76.541,83.473,85.454,87.2304,0.0,75.0182,78.1449,72.1572,68.9011,-13.9358,-24.8135,-53.3828,0.0,17.9743,49.85,52.8158,0.0,0.0,25.153,-7.7468,6.3041,34.8716,-27.7579,2.1076,0.0,-48.1088,-41.3896,-47.5135,-58.373,0.0,0.0,41.1007,36.9508,-55.6786],"intensity":[null,null,null,null,50.0,20.0,16.6667,71.4286,12.5,100.0,90.0,72.7273,100.0,92.3077,78.5714,26.6667,87.5,100.0,88.8889,78.9474,45.0,76.1905,77.2727,78.2609,45.8333,36.0,57.6923,37.037,89.2857,27.5862,76.6667,87.0968,84.375,93.9394,58.8235,37.1429,30.5556,16.2162,5.2632,97.4359,87.5,92.6829],"confirmation":[51.595,53.1347,39.3749,39.3602,66.1759,85.6266,85.6993,93.2567,57.4606,96.3523,93.8213,96.2391,39.2335,81.338,88.995,89.7851,93.4367,36.7877,79.0485,89.7942,7.041,83.4124,90.1937,82.6096,32.0973,2.5677,82.7038,55.8589,25.3836,80.7443,84.6237,52.6438,47.6938,85.574,52.9043,77.5869,86.2619,7.3925,4.4604,86.3849,5.2411,44.64],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,50.0,75.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,62.5,37.5,12.5,12.5,12.5,12.5,12.5,0.0,12.5,37.5,37.5,50.0,50.0,25.0,25.0,25.0,12.5,12.5,12.5,37.5,50.0,37.5,37.5,25.0,0.0],"assessmentRisk":[null,null,null,null,13.7557,20.7628,21.0442,10.7323,30.2311,6.0198,10.039,6.151,46.157,27.4767,16.7165,12.4632,10.7519,8.4478,30.8736,17.3499,47.5607,15.1881,14.517,26.3375,48.5047,9.7245,22.435,22.3175,4.1015,18.9172,20.2376,12.5178,4.321,22.1874,26.3197,33.1261,21.0449,21.0877,4.3597,21.0706,44.8458,16.914],"volumeParticipation":true,"latest":{"consensus":-66.0,"control":-71.7,"force":-71.4,"direction":-55.7,"confirmation":44.6,"persistence":0.0,"assessmentRisk":16.9,"intensity":92.7,"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":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-66.0","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-71.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-71.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-55.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"63.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"25.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"96%","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":[24.7905,25.4098,24.3754,26.3912,27.2178,27.9075,28.3812,29.8144,29.4409,31.6809,33.2556,34.985,34.0365,34.2406,35.97,36.59,38.72,34.01,32.76,30.1718,31.82,34.3178,36.89,37.4084,35.425,34.7077,36.8879,35.3149,35.4399,36.9075,34.3281,35.2013,35.4896,32.5985,32.5878,32.1593,30.5869,31.9002,32.4496,36.0424,35.4295,38.67],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.4811,25.9222,26.3693,26.9957,27.4403,28.2113,29.1285,30.1933,30.892,31.5009,32.3134,33.091,34.1145,34.0955,33.8527,33.1834,32.9355,33.1868,33.8601,34.5053,34.6725,34.6789,35.0805,35.1232,35.1807,35.4947,35.2826,35.2678,35.3081,34.8155,34.4104,34.0011,33.3804,33.1113,32.991,33.5458,33.8883,34.7577],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,28.088,28.5438,29.0939,29.6491,30.3211,30.5943,30.7547,30.7116,30.7937,31.0547,31.487,31.9256,32.1848,32.3717,32.7062,32.8995,33.0876,33.3706,33.4415,33.5719,33.7139,33.6313,33.554,33.4507,33.2386,33.1394,33.0883,33.3071,33.4644,33.85],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,32.027,33.4541,35.0654,35.8659,36.5116,37.4467,38.3166,39.5264,39.5875,39.4908,39.242,39.0865,39.1252,39.2245,39.5088,39.4321,39.2414,39.2464,39.1328,38.8502,38.9647,38.9515,38.9627,39.0107,39.0674,39.0119,38.8739,38.3895,38.4089,38.4156,38.3758,38.3906,38.9976],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}