{"schema_version":"1.0","name":"FAI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"d9302f16-8d4c-46c4-bb81-71cdfce4289c","symbol":"FAI","name":"FIRST TRUST EXCH TRADED FUND 2","exchange":"MEX","country":"MX","asset_type":"etf","currency":"MXN","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","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, Directional strength and control, Range pressure and compression, Drawdown and recovery pressure, Directional pressure and rotation, Acceleration, deceleration and rollover."},{"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":52,"displayedObservations":52,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.507379,-0.692844,-0.725726,-0.76845,-0.823507,-0.927246,-1.013778,-1.069426,-1.101687,-0.94507,-0.783754,-0.603162,-0.41045,-0.333701,-0.25777,-0.211163,-0.185029,-0.174639,-0.175607,-0.186545,-0.207412,-0.239599,-0.287201,-0.329502],"opens":[676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993],"highs":[676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993],"lows":[676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993],"closes":[676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993,676.679993],"hoverRows":[[{"label":"Open","value":"676.7","className":"is-ohlc","compact":true},{"label":"High","value":"676.7","className":"is-ohlc","compact":true},{"label":"Low","value":"676.7","className":"is-ohlc","compact":true},{"label":"Close","value":"676.7","className":"is-ohlc","compact":true},{"label":"Market 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weakening","context":{"scenario":"negativeWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and 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":"Negative and weakening","detail":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Negative and weakening","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","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":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","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":[36.67,37.16,38.63,40.06,39.14,39.92,763.0,763.0,763.0,763.0,763.0,763.0,739.12,739.12,739.12,739.12,739.12,739.12,739.12,766.42,744.0,744.0,723.0,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68],"consensus":[-64.5573,100.0,100.0,100.0,34.0022,68.3115,87.5946,56.2187,55.9432,55.6165,41.4047,40.976,0.0,30.4301,29.3754,28.3061,30.1141,28.306,26.4772,74.1867,-9.9496,24.4703,-14.7672,-55.0549,-29.6381,-29.107,-28.3814,-18.2577,-17.624,-17.0111,-16.4258,-15.8711,-15.3483,-14.8576,-14.3981,-13.9689,-13.5686,-13.1958,-12.8489,-12.5264,-12.2269,-11.9488,-11.6906,-11.4511,-11.229,-11.023,-10.8321,-10.655,-10.4909,-10.3388,-10.1978,-10.0671],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","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,63.1067,70.093,43.2854,43.0621,42.7971,42.4903,42.1427,0.0,40.562,40.0785,39.5822,39.0785,38.5717,38.0651,88.8423,-11.3641,35.5904,-11.9037,-50.4437,-15.6832,-14.6405,-13.6466,-12.7034,-11.8118,-10.9717,-10.1824,-9.4427,-8.751,-8.1053,-7.5037,-6.9437,-6.4233,-5.94,-5.4916,-5.0759,-4.6908,-4.3341,-4.0041,-3.6987,-3.4162,-3.155,-2.9136,-2.6905,-2.4843,-2.2938,-2.1179,-1.9554],"force":[-64.5573,100.0,100.0,100.0,51.4869,65.0796,100.0,18.0,18.0,18.0,0.0,0.0,0.0,11.1858,11.7826,12.3782,0.0,0.0,0.0,86.3745,-62.8304,4.0503,-39.9281,-56.7149,-10.401,-10.416,-10.302,-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,-0.0,-0.0,-0.0,-0.0,-0.0,-0.0,-0.0,-0.0],"direction":[null,null,null,null,95.0659,76.5684,98.7356,98.2986,97.7668,97.136,69.7387,68.9113,0.0,48.5764,46.5419,44.4794,41.3791,36.7923,32.1461,48.7318,-29.4391,26.3472,-0.0677,-59.1391,-59.3272,-58.9908,-58.135,-37.6465,-36.8553,-36.0643,-35.2937,-34.5543,-33.8513,-33.1869,-32.5618,-31.9754,-31.4265,-30.9136,-30.435,-29.9888,-29.5731,-29.186,-28.8257,-28.4905,-28.1787,-27.8887,-27.6189,-27.3681,-27.1348,-26.9179,-26.7161,-26.5285],"intensity":[null,null,null,null,50.0,40.0,100.0,85.7143,12.5,22.2222,30.0,36.3636,83.3333,84.6154,35.7143,40.0,43.75,47.0588,50.0,89.4737,75.0,76.1905,68.1818,91.3043,91.6667,40.0,42.3077,44.4444,46.4286,48.2759,50.0,51.6129,53.125,54.5455,55.8824,57.1429,58.3333,59.4595,60.5263,61.5385,62.5,63.4146,64.2857,65.1163,65.9091,66.6667,67.3913,68.0851,68.75,69.3878,70.0,70.5882],"confirmation":[43.325,54.6667,54.6667,54.6667,23.4485,89.8405,96.675,85.0223,84.9417,84.8462,57.3044,57.1791,12.6532,33.3679,33.163,32.9536,53.9155,53.3722,52.8225,91.8878,33.7209,52.372,50.8693,85.7384,77.1106,76.965,76.7556,50.704,50.5245,50.3505,50.1841,50.0263,49.8776,49.7378,26.9403,26.818,26.704,26.5977,26.4988,26.4069,26.3215,26.2421,26.1685,26.1002,26.0368,25.978,25.9235,25.8729,25.826,25.7826,25.7423,25.7049],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,75.0,75.0,50.0,25.0,0.0,25.0,50.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"assessmentRisk":[null,null,null,null,32.3871,15.6684,5.7444,21.5633,21.795,22.0204,20.7023,20.488,6.1942,21.3625,20.8348,20.2992,15.057,14.153,13.2386,12.4701,24.6453,7.4353,35.1357,22.4697,35.1417,35.4181,35.4475,9.1288,8.812,8.5056,8.2129,7.9355,7.6742,7.4288,7.199,6.9844,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null],"volumeParticipation":false,"latest":{"consensus":-10.1,"control":-2.0,"force":-0.0,"direction":-26.5,"confirmation":25.7,"persistence":100.0,"assessmentRisk":7.0,"intensity":70.6,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-10.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-2.0","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-0.0","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-26.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"26/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"70.6","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"0.4%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"54.1","detail":"Directional","tone":"positive"},{"label":"Range position","value":"0%","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 is rotating through its trend references.","series":[{"label":"Close","values":[36.67,37.16,38.63,40.06,39.14,39.92,763.0,763.0,763.0,763.0,763.0,763.0,739.12,739.12,739.12,739.12,739.12,739.12,739.12,766.42,744.0,744.0,723.0,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,37.9107,38.2761,170.044,277.8542,366.0625,438.233,497.2815,545.594,580.7805,609.5695,633.1242,652.3961,668.1641,681.0652,691.6206,705.2205,712.2713,718.0402,718.9419,711.258,704.9711,699.8272,695.6186,692.1752,689.3579,687.0528,685.1669,683.6238,682.3613,681.3283,680.4832,679.7917,679.2259,678.763,678.3843,678.0744,677.8209,677.6135,677.4437,677.3049,677.1913,677.0983,677.0222,676.96,676.9091,676.8674,676.8334,676.8055],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,337.8723,367.5943,395.1148,420.5966,444.1909,466.0375,486.2659,507.018,524.5723,540.8262,554.3205,563.3842,571.7765,579.5471,586.7421,593.4042,599.5728,605.2844,610.573,615.4698,620.0039,624.2021,628.0894,631.6887,635.0214,638.1072,640.9644,643.61,646.0597,648.3278,650.428,652.3726,654.1731,655.8403,657.384,658.8133,660.1368,661.3622,662.4969,663.5475],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,1038.1282,1089.2771,1125.204,1145.7854,1160.3684,1170.6494,1177.7795,1182.5626,1185.5737,1187.232,1191.0205,1189.6736,1177.3472,1149.3687,1099.2355,1015.766,794.7873,795.1314,794.0042,791.6175,788.0796,783.4304,777.6532,775.0259,771.8067,767.9929,763.5652,758.485,752.6875,746.0699,729.4823,717.0948,699.1864,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68,676.68],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,79.1245,77.0055,75.0378,73.2107,71.514,69.9386,68.4757,67.1173,65.8559,64.6846,63.597,62.587,61.6492,60.7784,59.9698,59.2189,58.5217,57.8743,57.2731,56.7149,56.1965,55.7152,55.2682,54.8532,54.4678,54.11],"stroke":"#10243b","width":2.0},{"label":"Positive 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geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,4.442,4.1248,3.8301,3.5565,3.3025,3.0666,3.0006,3.0854,2.8651,2.9452,3.4109,3.1673,2.9411,2.731,2.5359,2.3548,2.1866,2.0304,1.8854,1.7507,1.6256,1.5095,1.4017,1.3016,1.2086,1.1223,1.0421,0.9677,0.8986,0.8344,0.7748,0.7194,0.6681,0.6203,0.576,0.5349,0.4967,0.4612,0.4283],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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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 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