{"schema_version":"1.0","name":"KBDU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e19bf772-2e3d-44f8-aa40-c22e2a7ff21f","symbol":"KBDU","name":"KraneShares 2x Long BIDU 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, Activity pressure and cumulative balance, Range position and boundary pressure, Range pressure and compression, 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":40,"displayedObservations":40,"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","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.08881,-0.146207,-0.198231,-0.32901,-0.353169,-0.407483,-0.398393,-0.542087,-0.761148,-0.901588,-1.048808,-1.021629],"opens":[26.98,22.57,20.5901,18.42,17.89,19.015,19.37,17.87,16.1972,18.19,17.11,15.315],"highs":[29.88,22.57,20.5901,19.29,21.26,20.87,19.37,17.93,17.9519,18.603,17.4156,15.6846],"lows":[22.4798,19.77,18.7864,16.1932,17.89,18.6035,16.85,16.218,16.1069,17.29,15.35,11.525],"closes":[22.4798,20.3256,18.8651,16.3783,18.99,20.4058,16.906,16.218,17.9519,17.5127,15.5539,12.3019],"hoverRows":[[{"label":"Open","value":"27.0","className":"is-ohlc","compact":true},{"label":"High","value":"29.9","className":"is-ohlc","compact":true},{"label":"Low","value":"22.5","className":"is-ohlc","compact":true},{"label":"Close","value":"22.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.09","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.6","className":"is-ohlc","compact":true},{"label":"High","value":"22.6","className":"is-ohlc","compact":true},{"label":"Low","value":"19.8","className":"is-ohlc","compact":true},{"label":"Close","value":"20.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.15","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.6","className":"is-ohlc","compact":true},{"label":"High","value":"20.6","className":"is-ohlc","compact":true},{"label":"Low","value":"18.8","className":"is-ohlc","compact":true},{"label":"Close","value":"18.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.20","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"18.4","className":"is-ohlc","compact":true},{"label":"High","value":"19.3","className":"is-ohlc","compact":true},{"label":"Low","value":"16.2","className":"is-ohlc","compact":true},{"label":"Close","value":"16.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.33","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.9","className":"is-ohlc","compact":true},{"label":"High","value":"21.3","className":"is-ohlc","compact":true},{"label":"Low","value":"17.9","className":"is-ohlc","compact":true},{"label":"Close","value":"19.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.35","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"19.0","className":"is-ohlc","compact":true},{"label":"High","value":"20.9","className":"is-ohlc","compact":true},{"label":"Low","value":"18.6","className":"is-ohlc","compact":true},{"label":"Close","value":"20.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.41","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":"19.4","className":"is-ohlc","compact":true},{"label":"Low","value":"16.9","className":"is-ohlc","compact":true},{"label":"Close","value":"16.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.40","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.9","className":"is-ohlc","compact":true},{"label":"High","value":"17.9","className":"is-ohlc","compact":true},{"label":"Low","value":"16.2","className":"is-ohlc","compact":true},{"label":"Close","value":"16.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.54","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"16.2","className":"is-ohlc","compact":true},{"label":"High","value":"18.0","className":"is-ohlc","compact":true},{"label":"Low","value":"16.1","className":"is-ohlc","compact":true},{"label":"Close","value":"18.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.76","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"18.2","className":"is-ohlc","compact":true},{"label":"High","value":"18.6","className":"is-ohlc","compact":true},{"label":"Low","value":"17.3","className":"is-ohlc","compact":true},{"label":"Close","value":"17.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.90","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"17.1","className":"is-ohlc","compact":true},{"label":"High","value":"17.4","className":"is-ohlc","compact":true},{"label":"Low","value":"15.3","className":"is-ohlc","compact":true},{"label":"Close","value":"15.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.05","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"15.3","className":"is-ohlc","compact":true},{"label":"High","value":"15.7","className":"is-ohlc","compact":true},{"label":"Low","value":"11.5","className":"is-ohlc","compact":true},{"label":"Close","value":"12.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.02","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":[11.691226,23.090474],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-1.021629,"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":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":[22.9458,25.3429,29.0771,28.5374,27.8604,28.1845,40.0487,36.3712,39.1854,45.3102,40.5658,36.4911,31.9975,31.3589,26.1755,23.8483,25.8651,21.7644,19.3429,20.3001,19.385,25.9033,26.8332,25.4558,31.5251,28.5979,25.3362,28.2807,22.4798,20.3256,18.8651,16.3783,18.99,20.4058,16.906,16.218,17.9519,17.5127,15.5539,12.3019],"consensus":[-63.015,0.0,73.757,-44.3225,49.9793,39.5203,71.3803,16.5177,51.5206,75.8359,0.0,0.0,-43.6437,-24.9056,-73.6389,-58.7882,-25.7502,-68.0911,-62.3262,-23.4935,-50.7665,38.6228,27.5225,0.0,58.803,-12.3754,-32.8212,31.8787,-50.4998,-47.7203,-50.5464,-59.0006,-10.5399,0.0,-60.5286,-40.2258,0.0,-33.2156,-47.9577,-66.2017],"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,41.9538,71.3692,3.5184,43.6265,76.6573,0.0,0.0,-38.9479,-13.7897,-68.3494,-58.4462,-20.1313,-73.3699,-70.5524,-14.7734,-52.4273,39.1411,28.9555,0.0,56.3713,-23.2794,-38.9366,36.0617,-51.3006,-51.2965,-57.6601,-64.3205,-11.6941,0.0,-64.3246,-54.4977,0.0,-35.7076,-55.5487,-65.2297],"force":[-63.015,0.0,73.757,-44.3225,14.8776,21.7194,56.553,41.825,29.3354,67.0212,0.0,0.0,-56.0868,-13.7557,-89.5615,-40.9595,-3.8671,-65.1771,-43.6629,-12.115,-30.3319,81.0853,35.4334,0.0,78.7495,-43.6388,-46.1798,40.28,-59.5015,-38.8207,-36.0468,-49.5604,-36.3045,0.0,-79.9631,-24.4996,0.0,-23.5199,-48.2518,-82.7914],"direction":[null,null,null,null,75.0518,49.454,81.9839,73.0473,76.3891,81.1933,0.0,0.0,-40.1223,-45.5738,-68.3108,-71.9137,-53.3271,-64.1396,-66.2557,-58.8939,-63.4646,7.7001,20.2341,0.0,47.3345,-22.4174,-16.2904,21.0972,-43.1549,-49.9902,-52.7732,-59.6636,-42.681,0.0,-42.3084,-35.1482,0.0,-37.2932,-39.0723,-55.4629],"intensity":[null,null,null,null,75.0,20.0,100.0,85.7143,50.0,77.7778,70.0,81.8182,58.3333,69.2308,64.2857,53.3333,12.5,47.0588,38.8889,5.2632,5.0,85.7143,40.9091,8.6957,79.1667,44.0,76.9231,33.3333,75.0,89.6552,16.6667,25.8065,28.125,12.1212,47.0588,14.2857,19.4444,5.4054,23.6842,61.5385],"confirmation":[42.8315,1.3179,46.2689,36.8499,59.722,80.0669,90.39,12.6283,83.9308,91.9863,34.7437,6.422,82.4167,75.7994,92.1303,86.2741,53.5814,89.6199,87.2502,31.8168,83.5972,58.9788,77.0265,25.8271,87.4619,32.1958,78.8167,78.3935,84.4221,82.9448,83.6246,86.5114,32.3392,5.0394,87.9036,80.1755,30.2417,78.2955,83.2398,97.705],"persistence":[null,null,0.0,25.0,0.0,16.6667,28.5714,37.5,62.5,75.0,62.5,75.0,50.0,25.0,0.0,25.0,50.0,75.0,87.5,100.0,100.0,75.0,50.0,37.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,50.0,75.0,62.5,62.5,87.5,75.0,75.0,75.0,75.0],"assessmentRisk":[null,null,null,null,24.4508,26.5962,13.6833,38.496,23.7096,12.0488,6.2963,2.6753,23.5048,37.317,12.9285,20.133,30.0234,14.029,13.036,27.3322,22.6281,20.5597,35.2483,48.2162,20.4965,39.1293,3.7577,18.6177,24.0632,25.1154,22.3606,20.3924,32.4319,0.4096,2.6354,17.5417,16.9747,24.0668,0.6819,12.7129],"volumeParticipation":true,"latest":{"consensus":-66.2,"control":-65.2,"force":-82.8,"direction":-55.5,"confirmation":97.7,"persistence":75.0,"assessmentRisk":12.7,"intensity":61.5,"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":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-66.2","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-65.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-82.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-55.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"98/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"39.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"29.5%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"14.3","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"3%","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 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