{"schema_version":"1.0","name":"PBOG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e982c9a1-2cc8-45cd-9070-318f4ec48500","symbol":"PBOG","name":"Portfolio Building Block Integrated Oil and Gas and Exploration and Production Index 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 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, Directional strength and control, 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":39,"displayedObservations":39,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened 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 strengthened 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":["2026-06-12","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":[-0.454913,-0.657935,-0.705085,-0.733928,-0.76149,-0.68782,-0.553533,-0.416487,-0.292357,-0.172858,-0.104319],"opens":[32.72,31.0,30.01,29.6,29.44,30.94,32.02,32.8,33.44,33.03,34.44],"highs":[33.21,31.3,30.45,29.65,31.03,32.30147,34.125,34.12,33.7401,34.5,36.28],"lows":[32.04,29.73,29.32,27.945,29.32,30.94,31.94,32.355,32.3799,33.03,34.42],"closes":[32.2819,29.93,29.32,29.3766,30.4895,32.1517,33.685,34.092,32.5638,34.3503,35.93],"hoverRows":[[{"label":"Open","value":"32.7","className":"is-ohlc","compact":true},{"label":"High","value":"33.2","className":"is-ohlc","compact":true},{"label":"Low","value":"32.0","className":"is-ohlc","compact":true},{"label":"Close","value":"32.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.45","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"31.0","className":"is-ohlc","compact":true},{"label":"High","value":"31.3","className":"is-ohlc","compact":true},{"label":"Low","value":"29.7","className":"is-ohlc","compact":true},{"label":"Close","value":"29.9","className":"is-ohlc","compact":true},{"label":"Market 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":"30.0","className":"is-ohlc","compact":true},{"label":"High","value":"30.4","className":"is-ohlc","compact":true},{"label":"Low","value":"29.3","className":"is-ohlc","compact":true},{"label":"Close","value":"29.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.71","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"29.6","className":"is-ohlc","compact":true},{"label":"High","value":"29.6","className":"is-ohlc","compact":true},{"label":"Low","value":"27.9","className":"is-ohlc","compact":true},{"label":"Close","value":"29.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.73","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"29.4","className":"is-ohlc","compact":true},{"label":"High","value":"31.0","className":"is-ohlc","compact":true},{"label":"Low","value":"29.3","className":"is-ohlc","compact":true},{"label":"Close","value":"30.5","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":"30.9","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":"32.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.69","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.0","className":"is-ohlc","compact":true},{"label":"High","value":"34.1","className":"is-ohlc","compact":true},{"label":"Low","value":"31.9","className":"is-ohlc","compact":true},{"label":"Close","value":"33.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.55","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"32.8","className":"is-ohlc","compact":true},{"label":"High","value":"34.1","className":"is-ohlc","compact":true},{"label":"Low","value":"32.4","className":"is-ohlc","compact":true},{"label":"Close","value":"34.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.42","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"33.4","className":"is-ohlc","compact":true},{"label":"High","value":"33.7","className":"is-ohlc","compact":true},{"label":"Low","value":"32.4","className":"is-ohlc","compact":true},{"label":"Close","value":"32.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.29","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"33.0","className":"is-ohlc","compact":true},{"label":"High","value":"34.5","className":"is-ohlc","compact":true},{"label":"Low","value":"33.0","className":"is-ohlc","compact":true},{"label":"Close","value":"34.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.17","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"34.4","className":"is-ohlc","compact":true},{"label":"High","value":"36.3","className":"is-ohlc","compact":true},{"label":"Low","value":"34.4","className":"is-ohlc","compact":true},{"label":"Close","value":"35.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.10","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":[28.9234,36.3266],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.104319,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","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 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 strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":11,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-07-31","price":34.092}],"reversal_dangers":[{"date":"2026-08-07","price":32.5638}]}},"smTape":{"available":true,"dates":["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":[25.2008,25.5381,25.2457,24.5941,24.8746,25.7664,25.4716,26.2955,27.0637,28.311,29.1502,29.7331,30.3545,31.0891,31.849,33.07,34.35,35.8287,34.68,33.2343,31.7265,32.767,33.8975,31.8816,33.8202,33.6611,31.92,32.5402,32.2819,29.93,29.32,29.3766,30.4895,32.1517,33.685,34.092,32.5638,34.3503,35.93],"consensus":[100.0,0.0,-100.0,-15.2334,-35.8666,55.3735,0.0,69.1848,81.8775,86.6847,88.9637,73.9171,78.9911,78.7278,69.4144,88.2804,81.6476,88.0532,9.8076,-8.6133,-34.2459,28.6269,45.9285,-39.2068,57.4444,9.5339,-42.9412,0.0,-21.1491,-62.9056,-57.1176,-27.2354,0.0,43.1431,54.0399,49.1715,-10.1123,57.0937,-61.7085],"supportDates":["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,62.2321,0.0,55.4014,78.1816,83.9528,88.3115,63.5262,71.8671,76.7561,57.2377,86.7539,80.7993,91.0344,0.935,-11.2814,-29.9946,44.3531,54.3786,-38.0926,62.9964,2.7303,-42.5477,0.0,-16.4362,-66.1043,-61.6855,-15.188,0.0,47.2203,56.9921,52.9637,-23.3745,63.1387,-67.2587],"force":[100.0,0.0,-100.0,-15.2334,-4.52,47.4862,0.0,87.6526,92.4577,94.9447,95.3783,74.7387,82.295,72.7214,66.6,93.4057,87.6664,94.5046,64.182,-75.5322,-72.5526,37.9308,64.8755,-69.3479,68.6331,10.3391,-60.1287,0.0,-25.7054,-63.7463,-43.7237,-0.346,0.0,60.4457,60.8061,43.5738,-37.6819,61.9436,-61.582],"direction":[null,null,null,null,-58.2571,53.1688,0.0,71.7459,78.5442,83.9069,85.1274,85.2056,84.7728,85.2715,85.3411,86.3639,78.3181,80.0378,72.7974,-42.2353,-11.7425,4.0085,22.7377,-18.9507,43.1074,31.5044,-31.114,0.0,-23.2808,-58.6495,-61.464,-60.2107,0.0,26.1245,45.8329,48.8359,-24.7371,46.7209,-55.4558],"intensity":[null,null,null,null,50.0,80.0,33.3333,71.4286,62.5,100.0,70.0,90.9091,41.6667,76.9231,85.7143,86.6667,100.0,94.1176,72.2222,89.4737,95.0,57.1429,72.7273,100.0,95.8333,68.0,84.6154,22.2222,10.7143,100.0,36.6667,70.9677,71.875,81.8182,88.2353,8.5714,77.7778,86.4865,84.2105],"confirmation":[54.6667,0.735,54.6667,27.5413,32.711,85.3746,29.376,90.912,94.5796,96.0325,96.6738,91.8369,93.4864,93.0399,90.3124,96.4292,94.3236,96.3282,14.7109,36.4319,80.1909,54.5379,83.1458,81.4817,86.6386,4.7545,82.271,24.4123,74.9784,88.1067,85.7998,53.4128,31.6579,82.271,85.454,83.5065,31.818,86.3257,44.64],"persistence":[null,null,0.0,25.0,40.0,16.6667,14.2857,0.0,0.0,12.5,37.5,62.5,87.5,87.5,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0,50.0,25.0,25.0,25.0,0.0,12.5,12.5,12.5,37.5,37.5,50.0,50.0,25.0,12.5,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,15.0872,7.5777,20.703,15.2099,9.0263,6.6343,5.5177,13.0409,10.5038,10.633,15.2883,5.8595,9.1762,5.9734,45.0725,13.8185,32.3082,64.0584,55.2438,20.9147,17.5941,25.309,23.1415,19.9277,30.3583,18.0597,19.6348,35.633,43.1714,24.8675,22.8004,25.321,51.1007,18.2982,15.7137],"volumeParticipation":true,"latest":{"consensus":-61.7,"control":-67.3,"force":-61.6,"direction":-55.5,"confirmation":44.6,"persistence":37.5,"assessmentRisk":15.7,"intensity":84.2,"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":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-61.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-67.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-61.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-55.5","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":"64.9","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"33.1","detail":"Directional","tone":"positive"},{"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":[25.2008,25.5381,25.2457,24.5941,24.8746,25.7664,25.4716,26.2955,27.0637,28.311,29.1502,29.7331,30.3545,31.0891,31.849,33.07,34.35,35.8287,34.68,33.2343,31.7265,32.767,33.8975,31.8816,33.8202,33.6611,31.92,32.5402,32.2819,29.93,29.32,29.3766,30.4895,32.1517,33.685,34.092,32.5638,34.3503,35.93],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.0903,25.2132,25.2602,25.4484,25.7421,26.2092,26.7439,27.2874,27.8451,28.4349,29.0556,29.7855,30.6154,31.5633,32.13,32.3308,32.2209,32.3202,32.607,32.4751,32.7196,32.8908,32.7143,32.6827,32.6098,32.1226,31.613,31.2064,31.076,31.2716,31.7104,32.1434,32.2199,32.6072,33.2114],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,26.4975,26.8377,27.2089,27.643,28.1398,28.7094,29.1517,29.4541,29.6224,29.8553,30.1548,30.2827,30.5447,30.7756,30.8603,30.9848,31.0808,30.9956,30.8715,30.7607,30.7407,30.8452,31.0555,31.2805,31.3755,31.5959,31.9169],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.9611,28.9188,29.76,30.553,31.3542,32.1683,33.13,34.2151,35.4451,36.1215,36.408,36.5931,36.8655,37.1955,37.0963,37.1344,37.1287,36.7603,36.4152,36.0302,35.819,35.7961,35.8372,35.8286,35.8325,35.9547,36.0664,35.8815,35.5694,35.8509],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,23.7112,23.3561,23.1142,22.9239,22.7441,22.57,22.3209,22.0152,21.6422,21.6118,21.7621,22.2295,22.68,23.2151,24.0431,24.8996,25.6948,26.708,27.6775,28.5844,28.9575,28.9974,28.9206,28.9427,29.0451,29.1065,29.0969,29.1032,29.2675,29.1111],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"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,492.9286,210.2569,187.5243,198.69,168.4867,1110.4446,34.2546,441.809,38.019,31.1479,32.4317,53.4357,43.8759,30.9342,28.7893,409.329,17.2426,15.4401,16.7578,11.9866,13.2502,14.2807,13.1306,16.1815,217.91,21.8744,17.7835,23.1882,31.2682,20.364,21.1018,26.3155],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,135.0,133.9597,133.13,132.5359,133.0969,135.0,134.6542,134.9663,134.6253,134.3823,134.6478,134.3623,134.1004,133.7786,135.0,135.0,135.0,135.0,135.0,134.8239,135.0,135.0],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}