{"schema_version":"1.0","name":"FRGN Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d75204f8-3f80-4279-9123-3088cb28a988","symbol":"FRGN","name":"HORIZON INTERNATIONAL EQUITY 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 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, Activity pressure and cumulative balance, Range position and boundary pressure, Range pressure and compression, Directional strength and control, Directional pressure and rotation."},{"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":38,"displayedObservations":38,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted 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 contracted 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":["2026-06-19","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":[0.610532,0.793113,0.833701,0.745539,0.506518,0.257297,0.042572,-0.160681,-0.192747,-0.175204],"opens":[32.18,32.31,31.11,31.38,30.72,30.495,30.42,30.66,31.43,32.16],"highs":[32.35,32.335,31.64,31.4998,31.85,31.22,31.01,31.79,32.0296,32.36],"lows":[31.7612,30.9,30.77,30.47,30.52,30.42,29.71,30.66,31.43,31.44],"closes":[32.1301,31.1853,30.9885,31.1599,30.579,30.5643,30.8449,31.6055,31.8661,32.052],"hoverRows":[[{"label":"Open","value":"32.2","className":"is-ohlc","compact":true},{"label":"High","value":"32.4","className":"is-ohlc","compact":true},{"label":"Low","value":"31.8","className":"is-ohlc","compact":true},{"label":"Close","value":"32.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.61","note":"Supportive and strengthening","className":"is-positive","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":"32.3","className":"is-ohlc","compact":true},{"label":"Low","value":"30.9","className":"is-ohlc","compact":true},{"label":"Close","value":"31.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.79","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.1","className":"is-ohlc","compact":true},{"label":"High","value":"31.6","className":"is-ohlc","compact":true},{"label":"Low","value":"30.8","className":"is-ohlc","compact":true},{"label":"Close","value":"31.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.83","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.4","className":"is-ohlc","compact":true},{"label":"High","value":"31.5","className":"is-ohlc","compact":true},{"label":"Low","value":"30.5","className":"is-ohlc","compact":true},{"label":"Close","value":"31.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.75","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.7","className":"is-ohlc","compact":true},{"label":"High","value":"31.9","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":"0.51","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.5","className":"is-ohlc","compact":true},{"label":"High","value":"31.2","className":"is-ohlc","compact":true},{"label":"Low","value":"30.4","className":"is-ohlc","compact":true},{"label":"Close","value":"30.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.26","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.4","className":"is-ohlc","compact":true},{"label":"High","value":"31.0","className":"is-ohlc","compact":true},{"label":"Low","value":"29.7","className":"is-ohlc","compact":true},{"label":"Close","value":"30.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.04","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"30.7","className":"is-ohlc","compact":true},{"label":"High","value":"31.8","className":"is-ohlc","compact":true},{"label":"Low","value":"30.7","className":"is-ohlc","compact":true},{"label":"Close","value":"31.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.16","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.4","className":"is-ohlc","compact":true},{"label":"High","value":"32.0","className":"is-ohlc","compact":true},{"label":"Low","value":"31.4","className":"is-ohlc","compact":true},{"label":"Close","value":"31.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.19","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.2","className":"is-ohlc","compact":true},{"label":"High","value":"32.4","className":"is-ohlc","compact":true},{"label":"Low","value":"31.4","className":"is-ohlc","compact":true},{"label":"Close","value":"32.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.18","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":[30.470352,32.224048],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.175204,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","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 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 weakened over four weeks and now lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":10,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-05","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":[25.2982,25.3307,25.4369,25.794,26.17,26.696,27.0933,27.4399,27.56,28.0667,28.5924,29.0611,29.4576,27.22,26.8244,26.223,26.092,27.0085,28.7276,29.4979,29.2741,29.635,31.2621,30.6449,30.925,31.618,30.5008,31.5847,32.1301,31.1853,30.9885,31.1599,30.579,30.5643,30.8449,31.6055,31.8661,32.052],"consensus":[100.0,-74.8237,66.9001,58.0,82.205,77.6519,62.507,87.2417,49.0225,88.4954,64.7687,83.1475,77.8257,-53.6891,-45.8588,-61.7568,-50.3095,18.4379,64.7866,64.0971,28.3805,47.0662,78.5452,0.0,51.2838,64.835,-24.9017,64.3667,47.6658,-19.1262,0.0,13.6462,-33.122,-10.8864,19.3851,48.5987,41.4313,-33.4487],"supportDates":["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,84.1918,57.8478,89.6694,34.0859,87.6686,52.0253,88.701,71.0036,-42.5683,-33.7034,-55.4244,-46.2404,30.08,62.5991,69.528,27.5602,45.8523,84.614,0.0,51.4035,60.0831,-21.694,65.7889,47.4927,-15.2702,0.0,19.2697,-20.4732,-7.2964,22.2718,48.4679,41.0255,-29.9528],"force":[100.0,-74.8237,66.9001,58.0,57.3733,50.7513,33.4234,82.5296,22.6388,92.7614,54.6048,68.5964,75.5549,-91.5647,-49.5718,-62.2426,-43.7491,45.3858,89.2135,64.9937,8.2571,34.5462,86.4978,0.0,38.5674,73.5552,-87.9607,78.0201,34.0665,-77.8273,0.0,8.5866,-73.7815,-13.4755,39.4958,77.0475,43.344,-26.1452],"direction":[null,null,null,null,99.9419,89.3925,88.6056,87.833,84.9385,86.3931,86.5925,87.1942,87.2443,-39.3447,-57.0985,-68.6468,-59.6459,14.1158,49.8387,57.2499,55.4875,57.3964,65.929,0.0,60.2302,64.037,-16.4745,52.9889,57.5773,-18.3963,0.0,10.8333,-18.5352,-13.14,1.7212,28.4275,40.5288,-42.6608],"intensity":[null,null,null,null,50.0,100.0,100.0,28.5714,75.0,55.5556,100.0,36.3636,66.6667,100.0,85.7143,53.3333,18.75,88.2353,94.4444,89.4737,5.0,28.5714,86.3636,82.6087,54.1667,84.0,76.9231,70.3704,85.7143,65.5172,46.6667,6.4516,37.5,42.4242,52.9412,71.4286,55.5556,10.8108],"confirmation":[54.6667,46.6102,44.0747,41.2267,70.5038,91.9291,87.1869,95.7367,83.1107,96.4611,88.6104,94.0791,92.939,86.5043,82.9732,87.8735,83.9611,32.222,89.5095,88.4556,32.4059,82.6981,93.2844,35.3012,84.0214,89.0854,36.1205,88.9918,82.8412,34.5593,4.2532,72.1269,80.0309,48.9506,52.1055,84.4206,81.3225,44.64],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,75.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,0.0,25.0,50.0,62.5,87.5,87.5,62.5,62.5,62.5,37.5,25.0,37.5,12.5,12.5,12.5,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,8.8965,11.174,18.7465,6.3791,25.4887,5.7523,17.6157,8.4263,11.0872,14.8225,26.3364,19.0723,24.8338,22.536,16.2581,17.8824,35.7216,26.1629,10.147,38.8081,20.7602,15.6279,23.5901,8.1298,21.5712,13.5048,22.1934,32.0756,31.6958,28.0846,18.9909,5.2286,27.6133,32.3939],"volumeParticipation":true,"latest":{"consensus":-33.4,"control":-30.0,"force":-26.1,"direction":-42.7,"confirmation":44.6,"persistence":37.5,"assessmentRisk":32.4,"intensity":10.8,"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":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-33.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-30.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-26.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-42.7","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":"65.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.2%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"16.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"95%","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":[25.2982,25.3307,25.4369,25.794,26.17,26.696,27.0933,27.4399,27.56,28.0667,28.5924,29.0611,29.4576,27.22,26.8244,26.223,26.092,27.0085,28.7276,29.4979,29.2741,29.635,31.2621,30.6449,30.925,31.618,30.5008,31.5847,32.1301,31.1853,30.9885,31.1599,30.579,30.5643,30.8449,31.6055,31.8661,32.052],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.5506,25.7588,26.0015,26.263,26.4988,26.7839,27.1127,27.467,27.8289,27.7182,27.5557,27.3134,27.0913,27.0763,27.3765,27.7622,28.0371,28.3276,28.8612,29.1855,29.5018,29.8865,29.9982,30.2867,30.6218,30.7243,30.7723,30.8428,30.7948,30.7529,30.7696,30.9216,31.0933,31.2676],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,26.6708,26.7115,26.7198,26.683,26.6392,26.6666,26.8193,27.0177,27.1848,27.3663,27.6549,27.8764,28.1022,28.3626,28.521,28.748,28.9985,29.1605,29.2959,29.434,29.5188,29.5962,29.6887,29.8307,29.9815,30.1348],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,28.4276,28.8892,29.3697,29.837,29.7478,29.6434,29.5423,29.4508,29.3833,29.5398,29.8225,30.0234,30.2377,30.7854,31.0985,31.4311,31.885,32.0762,32.4377,32.8575,33.0697,33.2355,33.4033,33.4824,33.4989,33.4541,33.3083,32.9754,32.6667],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,24.5495,24.4705,24.3868,24.3164,24.426,24.4954,24.4908,24.4735,24.5461,24.5752,24.5365,24.7332,24.9494,24.9842,25.1562,25.299,25.3374,25.4869,25.5399,25.5771,25.6768,25.7506,25.7927,25.8257,26.1436,26.5905,27.2745,28.1848,28.9979],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,5.3081,6.1752,9.1101,6.2042,4.6535,12.3139,15.4255,8.2648,5.3689,11.1937,5.774,12.5885,10.9069,23.4922,69.3302,98.6137,137.7155,132.3439,744.8062,149.5152,85.3309,48.5813,103.1189,52.5661,101.367,419.0375,885.1958,1033.6657,38.1202,46.0094,39.4787],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,135.0,135.0,135.0,134.61,134.414,134.2941,134.0575,134.1731,134.4136,134.6127,134.1789,134.336,134.5624,134.2381,134.5628,135.0,134.4566,134.7712,134.9493,134.5666,134.3712,134.7614,132.8033,125.6724,135.0,135.0,135.0,135.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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FRGN Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/d75204f8-3f80-4279-9123-3088cb28a988/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}