{"schema_version":"1.0","name":"ORCU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e58147b2-ac87-4f02-beb3-89c461fd7172","symbol":"ORCU","name":"Direxion Daily ORCL Bull 2X ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Price structure and the underlying tape currently reinforce the same downside read.","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 pressure and compression, Range position and boundary pressure, 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":"Aligned downward","stateTone":"negative","summary":"Price structure and the underlying tape currently reinforce the same downside read.","evidenceAlignment":{"status":"Evidence aligned downward","headline":"Downward price structure is confirmed by Market Dynamics","summary":"Price structure and the underlying tape currently reinforce the same downside read.","take":"The downside state remains confirmed until Market Dynamics repairs or price structure changes.","tone":"negative","conflict":false},"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":[0.409949,0.584057,0.564608,0.422301,0.270583,0.096151,-0.014275,-0.03091,-0.056623,-0.082087,-0.061052,-0.112138],"opens":[21.850014,18.847874,13.807857,12.943002,9.11,7.99,7.44,5.85,5.21,6.49,8.13,8.05],"highs":[25.359138,19.305054,14.960997,13.319761,9.195,8.49,7.51,6.27,6.51,8.1393,9.255,8.23],"lows":[17.386567,11.948916,12.34655,8.48,7.415,7.254,5.61,4.95,4.9,6.31,7.63,6.86],"closes":[18.161954,13.350577,13.290932,8.52,7.57,7.64,6.06,4.98,6.28,7.94,8.23,7.78],"hoverRows":[[{"label":"Open","value":"21.9","className":"is-ohlc","compact":true},{"label":"High","value":"25.4","className":"is-ohlc","compact":true},{"label":"Low","value":"17.4","className":"is-ohlc","compact":true},{"label":"Close","value":"18.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.41","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"18.8","className":"is-ohlc","compact":true},{"label":"High","value":"19.3","className":"is-ohlc","compact":true},{"label":"Low","value":"11.9","className":"is-ohlc","compact":true},{"label":"Close","value":"13.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.58","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"13.8","className":"is-ohlc","compact":true},{"label":"High","value":"15.0","className":"is-ohlc","compact":true},{"label":"Low","value":"12.3","className":"is-ohlc","compact":true},{"label":"Close","value":"13.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.56","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"12.9","className":"is-ohlc","compact":true},{"label":"High","value":"13.3","className":"is-ohlc","compact":true},{"label":"Low","value":"8.48","className":"is-ohlc","compact":true},{"label":"Close","value":"8.52","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.42","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"9.11","className":"is-ohlc","compact":true},{"label":"High","value":"9.20","className":"is-ohlc","compact":true},{"label":"Low","value":"7.42","className":"is-ohlc","compact":true},{"label":"Close","value":"7.57","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.27","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.99","className":"is-ohlc","compact":true},{"label":"High","value":"8.49","className":"is-ohlc","compact":true},{"label":"Low","value":"7.25","className":"is-ohlc","compact":true},{"label":"Close","value":"7.64","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.10","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.44","className":"is-ohlc","compact":true},{"label":"High","value":"7.51","className":"is-ohlc","compact":true},{"label":"Low","value":"5.61","className":"is-ohlc","compact":true},{"label":"Close","value":"6.06","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.01","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"5.85","className":"is-ohlc","compact":true},{"label":"High","value":"6.27","className":"is-ohlc","compact":true},{"label":"Low","value":"4.95","className":"is-ohlc","compact":true},{"label":"Close","value":"4.98","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.03","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"5.21","className":"is-ohlc","compact":true},{"label":"High","value":"6.51","className":"is-ohlc","compact":true},{"label":"Low","value":"4.90","className":"is-ohlc","compact":true},{"label":"Close","value":"6.28","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.06","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"6.49","className":"is-ohlc","compact":true},{"label":"High","value":"8.14","className":"is-ohlc","compact":true},{"label":"Low","value":"6.31","className":"is-ohlc","compact":true},{"label":"Close","value":"7.94","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.08","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.13","className":"is-ohlc","compact":true},{"label":"High","value":"9.26","className":"is-ohlc","compact":true},{"label":"Low","value":"7.63","className":"is-ohlc","compact":true},{"label":"Close","value":"8.23","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.06","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.05","className":"is-ohlc","compact":true},{"label":"High","value":"8.23","className":"is-ohlc","compact":true},{"label":"Low","value":"6.86","className":"is-ohlc","compact":true},{"label":"Close","value":"7.78","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}]],"pressureRange":[-2.3,2.3],"priceRange":[4.189083,18.952871],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.112138,"state":"Negative and 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":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":[19.8767,20.4269,23.7316,17.6103,17.9672,18.9213,18.4346,18.9908,17.5308,14.9086,12.8427,9.5153,11.77,10.0318,9.5749,10.5681,10.727,9.9523,8.61,9.4023,8.4,13.24,12.7541,12.4758,16.1042,15.5177,15.2692,20.8659,18.162,13.3506,13.2909,8.52,7.57,7.64,6.06,4.98,6.28,7.94,8.23,7.78],"consensus":[-77.7874,26.5014,84.4393,-45.433,-10.5846,0.0,-13.519,8.2146,-19.6614,-37.3589,-49.5023,-64.0443,-8.0823,-48.6368,-32.4324,0.0,-15.6563,-27.7264,-37.5511,0.0,-34.4907,46.2259,0.0,14.0051,59.371,17.2559,21.1843,73.1698,-9.3211,-40.6862,-12.7262,-62.1554,-50.4638,-34.1568,-55.1373,-54.9465,0.0,15.6695,0.0,-4.3382],"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,0.0,-7.0635,9.1749,-22.5339,-34.1264,-44.1649,-54.6985,-1.968,-50.7867,-28.0073,0.0,-18.0614,-36.9122,-46.4509,0.0,-37.9473,40.1511,0.0,12.3664,53.0171,16.4534,19.0861,70.0707,-13.8608,-38.0461,-13.4474,-64.0916,-52.9757,-34.3941,-51.5385,-58.5778,0.0,14.4644,0.0,-10.4394],"force":[-77.7874,26.5014,84.4393,-45.433,-7.8908,0.0,-8.5113,14.492,-24.026,-38.9611,-55.8837,-78.6154,-39.3948,-38.8385,-16.9255,0.0,-2.0127,-22.2756,-34.4358,0.0,-30.6956,84.0434,0.0,7.2922,84.291,7.3487,7.0883,94.9705,-68.5564,-82.7342,-9.972,-78.2659,-45.0681,-12.995,-61.5899,-52.041,0.0,63.0732,0.0,-1.2716],"direction":[null,null,null,null,-23.7813,0.0,-24.4737,2.6332,-13.261,-39.9087,-51.0441,-64.3174,-48.9822,-53.1786,-48.5659,0.0,-22.6529,-21.1219,-29.605,0.0,-33.251,26.156,0.0,20.6727,48.8327,35.7476,33.6509,61.1398,-38.1781,-13.6691,-13.8692,-48.435,-51.4472,-49.0013,-54.6414,-52.8719,0.0,16.8132,0.0,-1.3724],"intensity":[null,null,null,null,100.0,20.0,16.6667,28.5714,37.5,66.6667,40.0,63.6364,41.6667,30.7692,14.2857,13.3333,37.5,47.0588,27.7778,10.5263,20.0,85.7143,72.7273,60.8696,79.1667,8.0,7.6923,92.5926,82.1429,93.1034,76.6667,80.6452,71.875,6.0606,35.2941,25.7143,30.5556,43.2432,31.5789,20.5128],"confirmation":[47.5586,31.1471,49.6872,37.2052,27.7342,25.1101,49.6052,48.1387,74.3809,80.0529,84.1165,89.0807,9.6368,83.2324,77.9732,5.9446,49.8909,76.5664,79.7858,4.3704,78.8687,84.0374,4.675,49.6353,87.855,51.6853,51.7147,92.126,35.5302,82.3413,71.9774,88.3512,83.9457,78.2816,85.8954,85.439,9.0999,32.7308,2.7828,32.0622],"persistence":[null,null,33.3333,0.0,20.0,16.6667,28.5714,12.5,12.5,37.5,62.5,62.5,62.5,75.0,75.0,87.5,87.5,87.5,87.5,75.0,75.0,50.0,37.5,25.0,0.0,25.0,50.0,62.5,62.5,37.5,25.0,0.0,25.0,50.0,75.0,100.0,87.5,62.5,50.0,37.5],"assessmentRisk":[null,null,null,null,19.7984,22.6053,40.7893,19.6117,1.3315,27.4108,24.273,17.937,44.9951,23.9748,27.759,23.6682,21.3812,11.2839,9.8862,28.9413,28.4926,22.6751,46.8413,39.057,20.2845,33.5278,33.947,13.3636,39.3048,12.0441,24.088,18.8891,24.6646,30.5491,21.92,15.4639,20.6969,2.1219,34.9768,41.5838],"volumeParticipation":true,"latest":{"consensus":-4.3,"control":-10.4,"force":-1.3,"direction":-1.4,"confirmation":32.1,"persistence":37.5,"assessmentRisk":41.6,"intensity":20.5,"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-4.3","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-10.4","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-1.3","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-1.4","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"32/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"42.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"40.8%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"22.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"14%","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":[19.8767,20.4269,23.7316,17.6103,17.9672,18.9213,18.4346,18.9908,17.5308,14.9086,12.8427,9.5153,11.77,10.0318,9.5749,10.5681,10.727,9.9523,8.61,9.4023,8.4,13.24,12.7541,12.4758,16.1042,15.5177,15.2692,20.8659,18.162,13.3506,13.2909,8.52,7.57,7.64,6.06,4.98,6.28,7.94,8.23,7.78],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,19.7163,19.5718,19.365,19.297,18.9759,18.2364,17.2557,15.8483,15.1068,14.1841,13.346,12.841,12.4566,12.0013,11.3847,11.0243,10.5471,11.0367,11.349,11.5539,12.3812,12.9515,13.3729,14.7352,15.3583,14.9932,14.6837,13.563,12.4734,11.5946,10.5883,9.5686,8.9707,8.7833,8.6827,8.5186],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,17.535,16.9792,16.4308,15.9965,15.6062,15.1874,14.7002,14.3077,13.8701,13.8234,13.7442,13.6503,13.832,13.9569,14.0541,14.5587,14.8256,14.7163,14.6107,14.1596,13.6715,13.2247,12.694,12.1226,11.6898,11.412,11.1763,10.9247],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,23.1831,23.6834,24.6462,24.5902,24.6844,24.6951,24.5037,24.2756,24.0902,23.991,23.7971,23.2592,22.4191,20.5511,20.0019,19.6844,19.0512,18.4519,18.9928,19.1272,18.9716,19.0022,19.0565,19.1748,19.2802,19.504,19.7944,19.8963,19.9101,19.9167,19.9356],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,14.4967,12.906,10.48,9.6446,8.5383,7.5893,7.084,6.716,6.2855,5.6923,5.3422,4.7325,4.8538,5.6241,5.6598,5.7911,6.0839,6.3667,6.0132,5.942,5.9418,5.9559,5.8021,5.2638,4.9193,4.344,3.4948,2.9482,2.7332,2.6886,2.5075],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"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"]},{"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":[0.0,0.0,0.0,-25.7941,-24.2899,-20.2696,-22.3204,-19.9766,-26.129,-37.1783,-45.8838,-59.9046,-50.4039,-57.7282,-59.6535,-55.4682,-54.7985,-58.0631,-63.7193,-60.3807,-64.6042,-44.2094,-46.2568,-47.4297,-32.1403,-34.6118,-35.659,-12.0756,-23.4694,-43.7435,-43.9948,-64.0985,-68.1016,-67.8067,-74.4644,-79.0153,-73.5374,-66.5425,-65.3205,-67.2167],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,7.8396,0.0,0.0,0.0,0.0,23.6952,5.428,0.6263,11.0647,12.7349,4.5929,0.0,9.2021,0.0,57.619,51.8348,48.5212,91.7166,84.7343,81.7758,148.4032,116.2137,58.9354,58.2254,1.4286,0.0,0.9247,0.0,0.0,26.1044,59.4378,65.261,56.2249],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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