{"schema_version":"1.0","name":"SMBS Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f02cc2d6-aca4-41f8-8115-766c5a4eef64","symbol":"SMBS","name":"SCHWAB MORTGAGE-BACKED SECURITIES ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. The downward price structure agrees with that pressure, but price has not declined to the same extent.","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, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range position and boundary pressure, Activity pressure and cumulative balance, Range pressure and compression."},{"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":92,"displayedObservations":92,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. The downward price structure agrees with that pressure, but price has not declined to the same extent.","evidenceAlignment":{"status":"Downside evidence leads price","headline":"Market Dynamics remains weaker than price","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. The downward price structure agrees with that pressure, but price has not declined to the same extent.","take":"The downside remains supported. Further price weakness would confirm that price is catching up with the weaker underlying 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":3,"completedEpisodes":3,"activeEpisodes":0,"medianExpectedMove":1.6,"averageExpectedMove":2.2,"averageWeeksToLargestMove":9.7,"horizons":[{"weeks":4,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":0.7,"medianReturn":0.5,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":3,"expectedCount":2,"expectedPercent":66.7,"averageReturn":1.7,"medianReturn":1.6,"confidenceLow":20.8,"confidenceHigh":93.9,"confidence":"Mixed historical record"},{"weeks":26,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":2.5,"medianReturn":2.5,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical 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record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.2,"sample":1},{"week":2,"averageReturn":-0.2,"sample":1},{"week":3,"averageReturn":0.5,"sample":1},{"week":4,"averageReturn":0.7,"sample":1},{"week":5,"averageReturn":1.5,"sample":1},{"week":6,"averageReturn":2.2,"sample":1},{"week":7,"averageReturn":2.2,"sample":1},{"week":8,"averageReturn":1.7,"sample":1},{"week":9,"averageReturn":2.2,"sample":1},{"week":10,"averageReturn":2.6,"sample":1},{"week":11,"averageReturn":3.2,"sample":1},{"week":12,"averageReturn":3.2,"sample":1},{"week":13,"averageReturn":2.8,"sample":1},{"week":14,"averageReturn":2.9,"sample":1},{"week":15,"averageReturn":2.7,"sample":1},{"week":16,"averageReturn":3.0,"sample":1},{"week":17,"averageReturn":3.5,"sample":1},{"week":18,"averageReturn":3.1,"sample":1},{"week":19,"averageReturn":3.0,"sample":1},{"week":20,"averageReturn":3.5,"sample":1},{"week":21,"averageReturn":3.8,"sample":1},{"week":22,"averageReturn":3.5,"sample":1},{"week":23,"averageReturn":4.2,"sample":1},{"week":24,"averageReturn":4.0,"sample":1},{"week":25,"averageReturn":3.9,"sample":1},{"week":26,"averageReturn":4.1,"sample":1}]},"currentApplication":{"status":"Downside evidence leads price","tone":"negative","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"The downside remains supported. Further price weakness would confirm that price is catching up with the weaker underlying position.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":75.0,"averageReturn":-0.0,"sample":4},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"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."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 75.0% of comparable cases moved lower after 12 weeks, with an average move of -0.0% across 4 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 1.0% across 4 completed cases, with the largest move arriving after 7.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-07-11","price":24.056479}],"reversal_warnings":[{"date":"2025-08-01","price":24.272806}],"reversal_dangers":[{"date":"2025-08-08","price":24.224874}]}},"smTape":{"available":true,"dates":["2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","2025-08-22","2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","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":[23.3261,23.5964,23.6938,23.3922,23.2667,23.1594,23.2096,22.9869,23.2667,23.2381,23.3378,23.4405,23.5389,23.6374,23.9233,23.7667,23.7665,23.8958,23.9146,24.1612,23.4951,23.7124,23.925,23.809,23.7617,23.757,23.5536,23.7712,23.6879,23.8399,23.916,24.125,24.0803,24.0565,23.9992,24.0469,24.2728,24.2249,24.2345,24.3878,24.4454,24.6466,24.8103,24.8007,24.6851,24.8116,24.8957,25.0407,25.0504,24.9633,24.9686,24.9298,24.9977,25.1143,25.0212,25.0017,25.1331,25.2017,25.1135,25.2996,25.2408,25.231,25.2702,25.3195,25.5489,25.5243,25.6571,25.4073,25.2394,25.0617,25.0419,25.3117,25.3613,25.4902,25.401,25.2213,25.3304,24.9536,25.0528,25.261,25.0918,25.2561,25.271,25.4204,25.1627,25.088,25.088,24.9238,24.9039,25.005,25.01,24.96],"consensus":[13.0474,61.7296,74.0736,-46.0633,-34.2123,-43.1517,-32.4229,-63.7934,29.4409,-14.037,17.1421,39.4621,45.1837,50.2253,79.1108,0.0,14.0346,45.4132,33.5471,59.7693,-51.4158,0.0,44.8306,-22.2941,0.0,0.0,-43.8374,30.7947,-22.6971,30.3248,36.5526,54.2799,8.8765,15.4095,0.0,11.3937,52.9341,8.8426,16.7825,53.5673,41.146,63.6715,57.0006,28.7717,0.0,51.1283,49.0208,60.244,31.8877,0.0,29.0293,0.0,29.6395,46.7488,0.0,8.1378,47.8198,42.9626,0.0,58.424,0.0,19.5288,25.5336,38.7061,72.9184,35.6443,66.0903,-18.7132,-46.7623,-61.3827,-39.5774,30.3328,23.9273,46.4728,0.0,-34.7885,25.038,-67.9734,0.0,28.5984,-42.0249,33.1785,10.7809,42.45,-30.452,-30.1165,-12.3103,-50.5978,-38.0788,0.0,-15.2132,-23.5456],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","2025-09-26","2025-10-03","2025-10-10","2025-10-17","2025-10-24","2025-10-31","2025-11-07","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":[44.8172,64.4901,55.7276,20.3483,0.0,54.5833,57.6085,65.2494,24.2944,0.0,33.9442,0.0,40.7791,51.3634,0.0,5.5378,46.3573,52.0933,0.0,61.1329,0.0,25.3236,19.8333,50.2264,76.0905,37.9436,68.1571,-23.5211,-38.0549,-52.5707,-33.4543,43.0194,24.4892,45.3328,0.0,-30.2904,28.8422,-59.9734,0.0,33.3303,-40.1822,31.1734,5.5965,43.6413,-40.47,-28.6399,-3.6516,-48.3922,-37.3783,0.0,-13.1931,-29.8307],"force":[30.6809,71.4008,52.1292,0.1798,0.0,48.519,40.8154,57.8659,6.961,0.0,11.2798,0.0,23.5548,43.1197,0.0,7.8006,64.1039,36.5301,0.0,66.9713,0.0,3.3385,18.1631,35.6258,92.488,6.9172,73.2449,-71.4834,-79.0299,-86.5342,-28.7839,60.2424,29.6162,56.5087,0.0,-55.836,58.3947,-95.7301,0.0,58.2415,-51.0671,57.3698,9.0856,55.7144,-46.3205,-27.5893,-2.5745,-52.1847,-24.9773,0.0,-6.7246,-21.9328],"direction":[44.4253,57.215,61.935,59.0781,0.0,49.0436,45.0672,56.2222,58.3706,0.0,36.0905,0.0,21.2546,44.0671,0.0,22.4938,37.8598,37.1223,0.0,49.223,0.0,24.4707,37.313,27.7403,55.3149,53.536,58.6178,-24.4745,-33.6655,-53.4882,-54.2849,5.5302,19.2217,40.6073,0.0,-24.8953,3.1359,-57.29,0.0,2.017,-37.6721,18.1906,17.9169,31.6141,-7.6683,-33.6093,-32.838,-51.985,-48.2377,0.0,-23.5851,-17.5147],"intensity":[30.0,56.0976,88.0952,11.6279,45.4545,28.8889,8.6957,40.4255,56.25,14.2857,40.0,3.9216,5.7692,32.6923,19.2308,5.7692,44.2308,9.6154,23.0769,63.4615,32.6923,15.3846,26.9231,3.8462,84.6154,63.4615,51.9231,88.4615,63.4615,63.4615,69.2308,90.3846,34.6154,46.1538,28.8462,78.8462,36.5385,96.1538,92.3077,92.3077,65.3846,59.6154,36.5385,55.7692,88.4615,59.6154,13.4615,61.5385,3.8462,32.6923,40.3846,5.7692],"confirmation":[80.7918,88.598,86.1111,53.8247,9.1209,84.2289,83.3057,87.1293,54.8934,8.2889,76.6735,4.4752,77.1294,82.7787,7.2234,26.4888,83.8209,81.4129,30.915,86.9149,7.2325,51.0008,76.033,80.1165,91.882,55.829,89.3354,35.4111,84.08,88.5433,80.4291,56.9378,75.8216,83.1945,6.0638,79.8423,54.9731,90.7193,8.6662,55.3161,81.7516,79.3849,48.8106,81.9701,55.4089,77.5828,26.8335,84.2733,79.7966,6.3368,49.9736,83.3897],"persistence":[87.5,87.5,100.0,100.0,87.5,87.5,87.5,87.5,87.5,75.0,75.0,62.5,75.0,75.0,62.5,62.5,62.5,75.0,62.5,75.0,62.5,62.5,75.0,75.0,75.0,75.0,87.5,62.5,50.0,25.0,0.0,0.0,0.0,0.0,12.5,12.5,12.5,12.5,25.0,25.0,0.0,0.0,12.5,37.5,12.5,12.5,0.0,25.0,25.0,37.5,62.5,87.5],"assessmentRisk":[26.238,18.142,21.4986,35.5799,45.4038,20.352,9.6838,19.1511,33.9932,42.1489,17.806,39.4472,40.3516,22.598,26.8621,30.7146,21.5552,18.5485,43.0733,20.6376,40.2462,6.2522,34.925,7.6876,13.3671,31.9176,16.9124,40.1666,25.6848,19.1869,30.1993,42.8476,22.2372,26.4595,48.0861,8.3503,22.0006,15.7944,44.6182,3.7956,22.4121,29.9856,37.1215,14.6354,34.1965,21.8985,33.198,24.3576,26.3972,22.3595,18.2829,24.9824],"volumeParticipation":true,"latest":{"consensus":-23.5,"control":-29.8,"force":-21.9,"direction":-17.5,"confirmation":83.4,"persistence":87.5,"assessmentRisk":25.0,"intensity":5.8,"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":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-23.5","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-29.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-21.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-17.5","detail":"Downward 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