{"schema_version":"1.0","name":"SMR3 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d63b9fdd-74d8-462f-a2f5-d50469d80f63","symbol":"SMR3","name":"Leverage Shares 3x Long NuScale Power (SMR) ETP Share Class A","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Drawdown and recovery pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance."},{"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":17,"displayedObservations":17,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[8.72017,11.3,9.52,7.04,7.675,7.665,3.526,5.42,3.399,3.312,2.458,1.283,1.422,1.665,1.605,2.483,2.084],"highs":[10.515,13.02,12.08,7.6275,9.51,8.835,4.09,5.42,3.672,3.312,2.48,1.357,2.104,1.847,2.476,2.49,2.122],"lows":[8.72017,8.735,7.425,4.533,7.52,5.2975,3.526,5.095,3.209,3.2,2.238,1.2,1.384,1.25,1.605,1.95,1.517],"closes":[10.92,8.735,7.335,7.5675,8.37625,5.375,3.974,5.095,3.4135,3.2,2.238,1.3175,1.755,1.622,2.476,2.1815,1.9765],"hoverRows":[[{"label":"Open","value":"8.72","className":"is-ohlc","compact":true},{"label":"High","value":"10.5","className":"is-ohlc","compact":true},{"label":"Low","value":"8.72","className":"is-ohlc","compact":true},{"label":"Close","value":"10.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"11.3","className":"is-ohlc","compact":true},{"label":"High","value":"13.0","className":"is-ohlc","compact":true},{"label":"Low","value":"8.73","className":"is-ohlc","compact":true},{"label":"Close","value":"8.73","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"9.52","className":"is-ohlc","compact":true},{"label":"High","value":"12.1","className":"is-ohlc","compact":true},{"label":"Low","value":"7.42","className":"is-ohlc","compact":true},{"label":"Close","value":"7.33","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1.28","className":"is-ohlc","compact":true},{"label":"High","value":"1.36","className":"is-ohlc","compact":true},{"label":"Low","value":"1.20","className":"is-ohlc","compact":true},{"label":"Close","value":"1.32","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1.42","className":"is-ohlc","compact":true},{"label":"High","value":"2.10","className":"is-ohlc","compact":true},{"label":"Low","value":"1.38","className":"is-ohlc","compact":true},{"label":"Close","value":"1.75","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1.67","className":"is-ohlc","compact":true},{"label":"High","value":"1.85","className":"is-ohlc","compact":true},{"label":"Low","value":"1.25","className":"is-ohlc","compact":true},{"label":"Close","value":"1.62","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"1.60","className":"is-ohlc","compact":true},{"label":"High","value":"2.48","className":"is-ohlc","compact":true},{"label":"Low","value":"1.60","className":"is-ohlc","compact":true},{"label":"Close","value":"2.48","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.48","className":"is-ohlc","compact":true},{"label":"High","value":"2.49","className":"is-ohlc","compact":true},{"label":"Low","value":"1.95","className":"is-ohlc","compact":true},{"label":"Close","value":"2.18","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.08","className":"is-ohlc","compact":true},{"label":"High","value":"2.12","className":"is-ohlc","compact":true},{"label":"Low","value":"1.52","className":"is-ohlc","compact":true},{"label":"Close","value":"1.98","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[0.74135,11.49615],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":17,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-01","price":10.92}],"reversal_dangers":[{"date":"2026-05-08","price":8.735}]}},"smTape":{"available":true,"dates":["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":[10.92,8.735,7.335,7.5675,8.3763,5.375,3.974,5.095,3.4135,3.2,2.238,1.3175,1.755,1.622,2.476,2.1815,1.9765],"consensus":[100.0,-100.0,-100.0,55.7508,-35.5876,-63.5944,-40.2393,-39.9173,-60.996,-52.0556,-61.4054,-43.9437,-27.7314,-36.4964,0.0,-25.4934,-15.8634],"supportDates":["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,-67.3605,-29.8222,-40.7913,-48.6252,-56.5234,-66.0793,-32.5712,-23.6359,-27.7367,0.0,-34.3211,-18.7717],"force":[100.0,-100.0,-100.0,55.7508,-1.8284,-50.0039,-11.9528,-7.8358,-64.1379,-23.7202,-45.681,-17.6876,-18.6475,-11.4075,0.0,-14.4373,-0.2388],"direction":[null,null,null,null,-62.3134,-68.9977,-72.3492,-61.8339,-72.89,-67.1892,-67.2956,-75.6951,-65.5398,-64.428,0.0,-23.3019,-23.7001],"intensity":[null,null,null,null,75.0,80.0,100.0,28.5714,37.5,11.1111,20.0,27.2727,16.6667,7.6923,28.5714,13.3333,25.0],"confirmation":[54.6667,54.6667,54.6667,40.5069,32.9294,87.8786,80.1732,57.1158,87.803,83.7262,87.0993,81.4351,34.1678,79.0477,30.8264,75.6864,49.8891],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,75.0,75.0,100.0,100.0,100.0,87.5,87.5,87.5],"assessmentRisk":[null,null,null,null,30.7519,17.2852,29.282,26.8064,19.4229,20.313,13.2936,27.8407,30.1042,25.4043,9.1192,44.9604,17.7277],"volumeParticipation":true,"latest":{"consensus":-15.9,"control":-18.8,"force":-0.2,"direction":-23.7,"confirmation":49.9,"persistence":87.5,"assessmentRisk":17.7,"intensity":25.0,"evidenceDepth":65},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-15.9","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-18.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-0.2","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-23.7","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"50/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"11.8","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"77.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"7%","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":[10.92,8.735,7.335,7.5675,8.3763,5.375,3.974,5.095,3.4135,3.2,2.238,1.3175,1.755,1.622,2.476,2.1815,1.9765],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9.3049,8.5903,7.751,7.2681,6.5673,5.955,5.2792,4.5589,4.0491,3.6078,3.402,3.1801,2.9613],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,6.8925,6.5021,6.2038,5.9059,5.6148],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,11.2909,11.2628,11.2811,11.1406,10.9813,10.7523,10.5467,10.3573],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,1.5073,0.7789,-0.0233,-0.4788,-0.8493,-0.9657,-1.0991,-1.2329],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period return","values":[null,-20.0092,-16.0275,3.1697,10.6871,-35.8305,-26.0651,28.2084,-33.0029,-6.2546,-30.0625,-41.1305,33.2068,-7.5783,52.651,-11.8942,-9.3972],"stroke":"#176fa3","width":1.7},{"label":"Cumulative progression","values":[0.0,-20.0092,-32.8297,-30.7005,-23.2944,-50.7784,-63.6081,-53.3425,-68.7408,-70.696,-79.5055,-87.935,-83.9286,-85.1465,-77.326,-80.0229,-81.9002],"stroke":"#07865c","width":2.0}],"guides":[{"label":"Starting level","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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"bar_range","eyebrow":"Completed-bar anatomy","title":"Range expansion and closing direction","description":"The completed range and open-to-close direction expose expansion, compression and control.","reason":"Selected because these measures use every completed bar and do not require a long history.","series":[{"label":"Completed range","values":[16.4362,49.0555,63.4628,40.892,23.7576,65.814,14.1922,6.3788,13.5638,3.5,10.8132,11.9165,41.0256,36.8064,35.1777,24.7536,30.6097],"stroke":"#b87806","width":1.8},{"label":"Open-to-close direction","values":[25.2269,-22.6991,-22.9517,7.4929,9.1368,-29.8761,12.7056,-5.9963,0.4266,-3.3816,-8.9504,2.689,23.4177,-2.5826,54.2679,-12.1426,-5.1583],"stroke":"#176fa3","width":1.8}],"guides":[{"label":"Unchanged close","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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-20.0092,-32.8297,-30.7005,-23.2944,-50.7784,-63.6081,-53.3425,-68.7408,-70.696,-79.5055,-87.935,-83.9286,-85.1465,-77.326,-80.0229,-81.9002],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,28.2084,0.0,0.0,0.0,0.0,33.2068,23.112,87.9317,65.5787,50.019],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}