{"schema_version":"1.0","name":"FTNJ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ec73e908-b61e-4c06-bb39-d108944ae779","symbol":"FTNJ","name":"FRANKLIN NEW JERSEY MUNICIPAL INCOME ETF","exchange":"NYSEARCA","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, Acceleration, deceleration and rollover, Range pressure and compression, Activity pressure and cumulative balance, Directional strength and control, Range position and boundary pressure."},{"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":41,"displayedObservations":41,"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":["2026-05-29","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":[-0.107174,-0.079133,0.092663,0.226007,0.407322,0.486303,0.470699,0.354192,0.055597,-0.176627,-0.387779,-0.526426,-0.487467],"opens":[8.729215,8.734302,8.784155,8.734302,8.764214,8.792683,8.788659,8.758765,8.718908,8.659121,8.64,8.7,8.7],"highs":[8.758942,8.784155,8.784155,8.793827,8.814067,8.818552,8.808588,8.76873,8.748701,8.728872,8.71,8.7399,8.7],"lows":[8.674533,8.70439,8.734302,8.734302,8.764214,8.738836,8.738836,8.718908,8.619263,8.619263,8.62,8.68,8.62],"closes":[8.739157,8.754243,8.759229,8.77917,8.804097,8.788659,8.758765,8.738836,8.643178,8.639192,8.695,8.68,8.64],"hoverRows":[[{"label":"Open","value":"8.73","className":"is-ohlc","compact":true},{"label":"High","value":"8.76","className":"is-ohlc","compact":true},{"label":"Low","value":"8.67","className":"is-ohlc","compact":true},{"label":"Close","value":"8.74","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":"8.73","className":"is-ohlc","compact":true},{"label":"High","value":"8.78","className":"is-ohlc","compact":true},{"label":"Low","value":"8.70","className":"is-ohlc","compact":true},{"label":"Close","value":"8.75","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.08","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.78","className":"is-ohlc","compact":true},{"label":"High","value":"8.78","className":"is-ohlc","compact":true},{"label":"Low","value":"8.73","className":"is-ohlc","compact":true},{"label":"Close","value":"8.76","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.47","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.76","className":"is-ohlc","compact":true},{"label":"High","value":"8.77","className":"is-ohlc","compact":true},{"label":"Low","value":"8.72","className":"is-ohlc","compact":true},{"label":"Close","value":"8.74","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.35","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.72","className":"is-ohlc","compact":true},{"label":"High","value":"8.75","className":"is-ohlc","compact":true},{"label":"Low","value":"8.62","className":"is-ohlc","compact":true},{"label":"Close","value":"8.64","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.06","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.66","className":"is-ohlc","compact":true},{"label":"High","value":"8.73","className":"is-ohlc","compact":true},{"label":"Low","value":"8.62","className":"is-ohlc","compact":true},{"label":"Close","value":"8.64","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.18","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.64","className":"is-ohlc","compact":true},{"label":"High","value":"8.71","className":"is-ohlc","compact":true},{"label":"Low","value":"8.62","className":"is-ohlc","compact":true},{"label":"Close","value":"8.70","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.39","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.70","className":"is-ohlc","compact":true},{"label":"High","value":"8.74","className":"is-ohlc","compact":true},{"label":"Low","value":"8.68","className":"is-ohlc","compact":true},{"label":"Close","value":"8.68","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.53","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"8.70","className":"is-ohlc","compact":true},{"label":"High","value":"8.70","className":"is-ohlc","compact":true},{"label":"Low","value":"8.62","className":"is-ohlc","compact":true},{"label":"Close","value":"8.64","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.49","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":[8.629298,8.813991],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.487467,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"strengthening","fourWeekDirection":"weakening","now":{"label":"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":13,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-11-14","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":[8.5688,8.5786,8.6227,8.5949,8.5988,8.605,8.61,8.6297,8.6642,8.6642,8.6543,8.6642,8.6985,8.743,8.7677,8.7974,8.722,8.6823,8.5931,8.5584,8.658,8.7028,8.7425,8.7425,8.7073,8.7193,8.6497,8.6596,8.7392,8.7542,8.7592,8.7792,8.8041,8.7887,8.7588,8.7388,8.6432,8.6392,8.695,8.68,8.64],"consensus":[-86.6667,-33.3333,90.0,-9.3164,20.5111,12.1258,15.7266,21.1031,44.2139,20.9926,19.1305,17.6308,30.4443,57.8683,52.3955,62.1863,-19.6791,-23.8338,-60.3713,-53.2012,26.8004,28.054,45.0703,19.2214,0.0,15.6244,-45.4997,-9.4166,36.3043,25.3962,21.3607,38.9142,43.5779,15.1448,-10.1775,-15.1506,-56.4502,-35.6369,11.9249,-30.0673,-36.6782],"supportDates":["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,9.1795,24.8987,13.9135,36.651,11.4276,17.0561,9.3582,22.1829,47.7408,45.5563,57.0037,-23.827,-18.1044,-57.4067,-51.7987,36.5126,31.1032,45.1548,9.5011,0.0,15.0476,-41.7261,-1.1973,38.0813,26.2134,14.9545,38.7435,46.2224,13.586,-11.6722,-12.5634,-53.0843,-30.0448,21.8302,-29.032,-41.4079],"force":[-86.6667,-33.3333,90.0,-9.3164,11.5853,5.7445,11.9425,18.2733,48.0527,1.2786,1.4292,5.3763,23.2579,67.0339,40.7655,57.1165,-73.0823,-44.0657,-79.8099,-51.9415,73.7875,37.8774,48.6329,2.9228,0.0,16.5838,-69.1442,-2.2402,49.7087,20.1002,8.4894,34.3192,40.8158,3.99,-34.4882,-25.5542,-71.0282,-25.9598,46.289,-34.8581,-42.7111],"direction":[null,null,null,null,26.8866,20.051,7.9473,31.341,50.1154,46.0054,36.1867,35.8385,45.019,62.8957,68.5189,71.7306,-23.2066,-15.9304,-49.8748,-55.7039,17.8615,17.5523,42.429,41.9721,0.0,15.5984,-32.9235,-27.1364,24.699,28.2452,37.8759,42.3914,42.5286,30.5939,-8.8956,-10.6764,-49.8841,-48.9401,23.9412,-27.8285,-26.9637],"intensity":[null,null,null,null,100.0,40.0,33.3333,100.0,62.5,33.3333,70.0,72.7273,91.6667,76.9231,85.7143,33.3333,93.75,100.0,94.4444,89.4737,100.0,76.1905,63.6364,26.087,66.6667,4.0,73.0769,62.963,89.2857,24.1379,26.6667,16.129,31.25,21.2121,29.4118,51.4286,100.0,13.5135,71.0526,71.7949,72.5],"confirmation":[50.4,33.3333,51.4667,25.6479,51.4888,49.064,50.1108,74.7763,82.3807,51.5959,51.165,50.7278,77.649,86.9515,84.5163,87.8241,35.479,76.3307,87.9564,85.0074,36.3372,77.2302,82.5298,51.1356,29.121,73.0379,83.338,25.9279,79.9988,75.9529,74.5408,80.3151,81.8205,50.4715,28.5393,73.2047,86.5596,79.1941,32.4865,77.7833,87.8488],"persistence":[null,null,33.3333,50.0,20.0,0.0,14.2857,25.0,50.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,0.0,12.5,37.5,37.5,37.5,37.5,37.5,37.5,37.5,50.0,50.0,50.0,50.0,25.0,0.0,0.0,25.0,50.0],"assessmentRisk":[null,null,null,null,31.0642,35.0063,35.0404,36.5399,27.7293,39.2649,39.3687,38.7599,32.0389,21.0194,23.8005,18.9067,43.2841,35.9107,19.7951,23.3983,56.256,5.204,27.1685,40.3142,39.4116,7.6192,24.2705,41.1502,7.1608,16.0597,37.8653,30.1,23.9104,29.821,4.4354,33.6382,21.7204,32.0994,50.4167,29.6651,14.585],"volumeParticipation":true,"latest":{"consensus":-36.7,"control":-41.4,"force":-42.7,"direction":-27.0,"confirmation":87.8,"persistence":50.0,"assessmentRisk":14.6,"intensity":72.5,"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 easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-36.7","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-41.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-42.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-27.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"88/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"44.3","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"0.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"23.2","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"35%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}