{"schema_version":"1.0","name":"SBU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-07-31","ticker":{"uuid":"d587eff4-37c2-4516-a3f5-8a0c6db81229","symbol":"SBU","name":"Leverage Shares 2X Long SBUX Daily ETF","exchange":"NASDAQ","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, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression, 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":"2026-07-31","observations":37,"displayedObservations":37,"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":["2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31"],"values":[0.047904,0.089362,-0.083534,-0.01723,-0.514974,-0.868479,-1.179594,-1.568344,-1.564986],"opens":[18.34,17.28,19.96,19.45,10.408074,10.042966,10.863209,10.513105,10.263031],"highs":[18.44,20.239,20.12,20.78,10.508154,10.863209,11.098278,10.513105,10.358059],"lows":[16.99,17.14,18.85,18.99,9.762884,9.452792,10.39307,9.742878,9.912928],"closes":[17.3441,20.1728,19.32,20.7561,10.261881,10.589728,10.438133,9.970595,9.937835],"hoverRows":[[{"label":"Open","value":"18.3","className":"is-ohlc","compact":true},{"label":"High","value":"18.4","className":"is-ohlc","compact":true},{"label":"Low","value":"17.0","className":"is-ohlc","compact":true},{"label":"Close","value":"17.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.05","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.3","className":"is-ohlc","compact":true},{"label":"High","value":"20.2","className":"is-ohlc","compact":true},{"label":"Low","value":"17.1","className":"is-ohlc","compact":true},{"label":"Close","value":"20.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.09","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.0","className":"is-ohlc","compact":true},{"label":"High","value":"20.1","className":"is-ohlc","compact":true},{"label":"Low","value":"18.9","className":"is-ohlc","compact":true},{"label":"Close","value":"19.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.08","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"19.4","className":"is-ohlc","compact":true},{"label":"High","value":"20.8","className":"is-ohlc","compact":true},{"label":"Low","value":"19.0","className":"is-ohlc","compact":true},{"label":"Close","value":"20.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.02","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.4","className":"is-ohlc","compact":true},{"label":"High","value":"10.5","className":"is-ohlc","compact":true},{"label":"Low","value":"9.76","className":"is-ohlc","compact":true},{"label":"Close","value":"10.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.51","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.0","className":"is-ohlc","compact":true},{"label":"High","value":"10.9","className":"is-ohlc","compact":true},{"label":"Low","value":"9.45","className":"is-ohlc","compact":true},{"label":"Close","value":"10.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.87","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"10.9","className":"is-ohlc","compact":true},{"label":"High","value":"11.1","className":"is-ohlc","compact":true},{"label":"Low","value":"10.4","className":"is-ohlc","compact":true},{"label":"Close","value":"10.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.18","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"10.5","className":"is-ohlc","compact":true},{"label":"High","value":"10.5","className":"is-ohlc","compact":true},{"label":"Low","value":"9.74","className":"is-ohlc","compact":true},{"label":"Close","value":"9.97","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.57","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"10.3","className":"is-ohlc","compact":true},{"label":"High","value":"10.4","className":"is-ohlc","compact":true},{"label":"Low","value":"9.91","className":"is-ohlc","compact":true},{"label":"Close","value":"9.94","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.56","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":[9.288739,21.405196],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-1.564986,"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":9,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-07-10","price":10.589728}],"reversal_dangers":[{"date":"2026-07-17","price":10.438133}]}},"smTape":{"available":true,"dates":["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"],"close":[15.1834,15.7146,14.9909,14.9963,16.0202,14.7942,14.3753,16.0108,17.4247,19.1746,16.936,19.7065,17.696,19.0464,19.1982,19.5175,19.5239,16.8824,14.8028,15.9657,18.2022,19.4439,18.9013,21.5186,21.0564,22.0459,20.4021,18.9035,17.3441,20.1728,19.32,20.7561,10.2619,10.5897,10.4381,9.9706,9.9378],"consensus":[59.4863,95.0833,-72.9209,49.63,47.2573,-34.8274,-32.2645,52.1794,65.0102,74.6994,-14.1279,77.692,-20.1616,46.215,39.6827,36.7507,20.5868,-51.9202,-60.8395,0.0,26.1454,44.1913,13.967,67.1943,22.5258,46.1946,-13.3718,-37.5698,-55.5334,38.5717,-16.5044,47.3711,-60.2351,-28.2204,-54.0343,-52.2038,-44.6082],"supportDates":["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"],"control":[null,null,null,null,null,-35.7625,-33.6305,43.5038,64.5778,77.6961,-28.3401,69.5754,-26.7872,61.2662,33.791,47.5777,12.1248,-50.0222,-67.0903,0.0,42.9307,48.5514,5.6392,61.3961,17.4428,40.2342,-19.5268,-35.5932,-49.7827,47.9721,-14.5796,49.3464,-51.5675,-16.4698,-57.2578,-50.6985,-55.3698],"force":[59.4863,95.0833,-72.9209,49.63,35.6656,-37.2152,-23.8476,81.1697,67.5368,66.337,-73.7853,96.854,-72.4479,36.6941,22.7359,24.1602,2.4439,-81.0543,-58.7027,0.0,36.3693,38.8151,6.1047,91.5827,9.6908,43.65,-68.3582,-60.8842,-79.2013,77.4182,-29.5195,61.8209,-63.8333,-10.4457,-25.9606,-27.8592,-14.4941],"direction":[null,null,null,null,55.5372,-32.0531,-36.7155,41.3869,63.6998,77.2479,-44.727,73.2809,-24.7578,35.8143,58.5209,33.3702,43.217,-33.2793,-55.222,0.0,0.3406,43.0484,37.8215,56.4005,51.3469,54.8241,-32.9386,-23.1755,-45.1999,0.0809,-9.4077,34.7923,-67.5707,-69.2684,-70.4032,-71.3132,-53.8194],"intensity":[null,null,null,null,100.0,80.0,50.0,100.0,100.0,88.8889,100.0,100.0,83.3333,46.1538,14.2857,6.6667,50.0,94.1176,83.3333,47.3684,90.0,52.381,13.6364,91.3043,79.1667,48.0,61.5385,70.3704,67.8571,100.0,56.6667,45.1613,100.0,3.0303,23.5294,17.1429,2.7778],"confirmation":[41.7023,53.0933,46.0013,38.5483,59.9258,79.2033,78.0473,85.7131,88.8869,91.6033,38.3309,93.5691,35.8926,82.2693,80.2718,79.2115,51.4971,85.5313,87.3083,31.7109,53.8283,81.9109,27.9536,90.3338,31.0379,82.7956,35.5545,80.763,86.5796,58.7169,73.7074,83.569,87.517,32.9263,84.3863,83.9862,89.1929],"persistence":[null,null,33.3333,50.0,60.0,33.3333,14.2857,25.0,25.0,25.0,25.0,25.0,0.0,25.0,50.0,50.0,50.0,25.0,25.0,12.5,37.5,37.5,37.5,37.5,37.5,62.5,62.5,50.0,25.0,25.0,0.0,0.0,25.0,50.0,50.0,50.0,50.0],"assessmentRisk":[null,null,null,null,19.3472,23.1083,17.482,13.6788,12.2098,12.6305,55.3553,10.6136,18.9513,27.4129,25.6317,24.8289,32.195,17.3618,19.0031,46.8879,44.6506,22.6792,42.1872,16.247,36.1172,24.0944,44.4324,27.6712,21.1919,58.0072,20.2766,17.7935,18.5515,35.6359,22.6166,23.7876,16.981],"volumeParticipation":true,"latest":{"consensus":-44.6,"control":-55.4,"force":-14.5,"direction":-53.8,"confirmation":89.2,"persistence":50.0,"assessmentRisk":17.0,"intensity":2.8,"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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-44.6","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-55.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-14.5","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-53.8","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"89/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"36.2","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"21.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"35.9","detail":"Directional","tone":"positive"},{"label":"Range position","value":"4%","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 downward.","series":[{"label":"Close","values":[15.1834,15.7146,14.9909,14.9963,16.0202,14.7942,14.3753,16.0108,17.4247,19.1746,16.936,19.7065,17.696,19.0464,19.1982,19.5175,19.5239,16.8824,14.8028,15.9657,18.2022,19.4439,18.9013,21.5186,21.0564,22.0459,20.4021,18.9035,17.3441,20.1728,19.32,20.7561,10.2619,10.5897,10.4381,9.9706,9.9378],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,15.3372,15.2385,15.0815,15.2505,15.6458,16.2874,16.4053,17.0055,17.1311,17.4793,17.7918,18.1056,18.3635,18.0942,17.4958,17.2176,17.3966,17.7688,17.9747,18.6191,19.0622,19.6047,19.7497,19.5958,19.1864,19.3658,19.3574,19.6117,17.9118,16.5805,15.4637,14.465,13.6418],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,16.1718,16.3847,16.5931,16.8097,17.0108,17.0013,16.8384,16.7738,16.8796,17.0695,17.2052,17.5247,17.7863,18.1019,18.2722,18.319,18.2468,18.3895,18.4584,18.6286,18.0088,17.4593,16.9392,16.423,15.9426],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,18.611,18.6515,19.5772,19.6457,20.003,20.3106,20.6216,20.867,20.7505,20.6728,20.5545,20.6588,20.9345,21.0473,21.6053,22.0249,22.4697,22.4229,22.3633,22.3657,22.4623,22.4746,22.5998,23.8777,24.5239,24.9233,25.1657,25.2424],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,13.126,13.2796,12.9774,13.1271,13.1498,13.1918,13.2266,13.2871,13.3819,13.2213,13.2415,13.4391,13.5364,13.8146,13.9089,13.9928,14.2732,14.9227,15.2716,15.2611,15.2643,15.4904,15.4702,13.4489,11.957,10.6816,9.4845,8.4492],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not 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