{"schema_version":"1.0","name":"TERG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e0b57c64-7245-4e7f-ba4c-738f19595e63","symbol":"TERG","name":"Leverage Shares 2X Long TER 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 strengthened across the recent completed path. Price has not yet established a clear direction.","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, Directional strength and control."},{"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":40,"displayedObservations":40,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving while price remains rotational","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price has not yet established a clear direction.","take":"Treat the repair as constructive context until price confirms it.","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","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.105971,-0.137388,-0.135463,-0.119842,-0.228979,-0.407782,-0.661214,-0.918897,-0.990529,-1.009621,-0.881838,-0.827738],"opens":[48.91,51.65,64.42,72.0,66.33,48.295,37.18,35.98,37.55,37.52,43.26,53.49],"highs":[64.7,58.62,67.9515,76.12,80.05,51.0299,42.06,44.4,46.0,49.57,52.0999,57.7],"lows":[45.38,41.57,58.52,57.3584,42.0294,33.94,27.55,34.8331,27.645,36.76,39.61,38.44],"closes":[46.16,57.73,66.82,64.33,44.32,41.2455,32.52,37.5578,40.77,42.7616,51.3941,40.695],"hoverRows":[[{"label":"Open","value":"48.9","className":"is-ohlc","compact":true},{"label":"High","value":"64.7","className":"is-ohlc","compact":true},{"label":"Low","value":"45.4","className":"is-ohlc","compact":true},{"label":"Close","value":"46.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.11","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"51.6","className":"is-ohlc","compact":true},{"label":"High","value":"58.6","className":"is-ohlc","compact":true},{"label":"Low","value":"41.6","className":"is-ohlc","compact":true},{"label":"Close","value":"57.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.14","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"64.4","className":"is-ohlc","compact":true},{"label":"High","value":"68.0","className":"is-ohlc","compact":true},{"label":"Low","value":"58.5","className":"is-ohlc","compact":true},{"label":"Close","value":"66.8","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-0.66","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"36.0","className":"is-ohlc","compact":true},{"label":"High","value":"44.4","className":"is-ohlc","compact":true},{"label":"Low","value":"34.8","className":"is-ohlc","compact":true},{"label":"Close","value":"37.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.92","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"37.5","className":"is-ohlc","compact":true},{"label":"High","value":"46.0","className":"is-ohlc","compact":true},{"label":"Low","value":"27.6","className":"is-ohlc","compact":true},{"label":"Close","value":"40.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.99","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"37.5","className":"is-ohlc","compact":true},{"label":"High","value":"49.6","className":"is-ohlc","compact":true},{"label":"Low","value":"36.8","className":"is-ohlc","compact":true},{"label":"Close","value":"42.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.01","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"43.3","className":"is-ohlc","compact":true},{"label":"High","value":"52.1","className":"is-ohlc","compact":true},{"label":"Low","value":"39.6","className":"is-ohlc","compact":true},{"label":"Close","value":"51.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.88","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"53.5","className":"is-ohlc","compact":true},{"label":"High","value":"57.7","className":"is-ohlc","compact":true},{"label":"Low","value":"38.4","className":"is-ohlc","compact":true},{"label":"Close","value":"40.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.83","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":[30.462,68.878],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.827738,"state":"Negative but repairing over four weeks","context":{"scenario":"negativeRepair","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 and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":12,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-21","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":[13.0191,16.8392,20.4442,18.8015,19.0573,19.7777,21.3141,23.2686,25.4809,25.5611,28.1189,42.3859,46.33,48.865,47.21,33.6526,36.3407,37.2829,38.0814,41.1438,57.3115,61.0009,73.2905,46.12,49.08,43.42,47.95,51.88,46.16,57.73,66.82,64.33,44.32,41.2455,32.52,37.5578,40.77,42.7616,51.3941,40.695],"consensus":[-49.135,99.9548,84.5301,-49.2417,54.4491,37.9664,49.6063,54.0473,60.2428,43.1885,61.6276,91.7567,76.1014,80.738,28.6439,-45.5542,16.0553,0.0,0.0,42.0725,74.8608,64.0654,81.1908,-31.6832,10.3708,-39.2786,16.1669,20.5221,-28.3079,52.4604,54.8007,12.709,-44.6829,-32.0024,-47.543,-20.2345,0.0,0.0,35.9962,-29.3914],"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","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,35.4744,60.6693,36.2846,44.1811,35.8029,52.4841,90.9738,64.674,75.4452,18.3383,-37.7201,21.6858,0.0,0.0,37.964,73.5589,69.1509,83.467,-40.3674,13.8201,-28.1764,25.2449,11.0285,-21.7456,45.7551,57.736,4.7572,-45.5434,-26.139,-43.9018,-14.1149,0.0,0.0,38.1464,-35.8863],"force":[-49.135,99.9548,84.5301,-49.2417,13.0108,14.1466,31.227,60.3616,65.6973,13.9033,56.7133,99.1927,79.3676,82.1505,28.0146,-96.1658,33.0537,0.0,0.0,53.1081,95.6261,55.9576,93.5875,-78.3706,24.653,-73.0245,47.2406,34.0437,-64.6106,83.93,56.6418,14.9902,-77.1696,-32.2722,-46.5963,-2.5067,0.0,0.0,45.9549,-46.9118],"direction":[null,null,null,null,84.0479,57.8287,50.0911,69.8372,74.703,72.5473,75.5875,87.3401,86.8283,85.778,80.8922,-18.3562,2.5213,0.0,0.0,38.8854,61.5164,64.0449,69.7346,-11.5898,3.7728,-27.8625,16.4034,21.7137,-9.8771,37.6454,50.131,41.5819,-20.4947,-38.5107,-52.3807,-43.4721,0.0,0.0,26.4255,-9.4541],"intensity":[null,null,null,null,25.0,40.0,33.3333,100.0,50.0,11.1111,100.0,100.0,91.6667,53.8462,85.7143,93.3333,75.0,47.0588,66.6667,78.9474,100.0,80.9524,86.3636,100.0,95.8333,64.0,46.1538,85.1852,67.8571,72.4138,93.3333,64.5161,96.875,100.0,61.7647,57.1429,55.5556,64.8649,60.5263,66.6667],"confirmation":[38.3899,54.6522,49.7163,38.424,60.8627,79.4613,83.1453,85.7582,87.6887,81.0404,87.7104,97.6007,92.6261,93.9599,36.2395,84.2392,51.4411,24.5231,24.212,81.8621,92.6081,88.1764,94.3242,36.5683,49.8396,81.7668,32.1481,75.1238,78.2649,85.8486,85.5476,6.5418,83.2755,78.3383,83.2404,51.7433,4.7276,2.2917,79.7895,77.8402],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,75.0,75.0,62.5,50.0,50.0,50.0,50.0,50.0,50.0,50.0,37.5,50.0,50.0,25.0,25.0,25.0,50.0,25.0,25.0,0.0,25.0,12.5,25.0,25.0,50.0],"assessmentRisk":[null,null,null,null,22.2487,25.3845,3.432,22.3296,19.8312,28.3159,19.1657,4.115,11.9475,9.6307,35.6733,22.8061,55.2107,48.8387,44.7281,22.3712,12.3466,17.8664,9.3984,37.0547,38.2266,27.035,57.2926,14.6538,0.1499,17.8978,19.9254,34.9817,14.782,29.0194,26.0043,39.2216,20.241,8.8821,30.9775,32.0031],"volumeParticipation":true,"latest":{"consensus":-29.4,"control":-35.9,"force":-46.9,"direction":-9.5,"confirmation":77.8,"persistence":50.0,"assessmentRisk":32.0,"intensity":66.7,"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":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-29.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-35.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-46.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-9.5","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"78/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"50.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"36.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"28.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"25%","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 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active or is approaching a change of 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