{"schema_version":"1.0","name":"OPEG Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f28eafcb-25f1-45f2-a7df-6293bec7f7ac","symbol":"OPEG","name":"Leverage Shares 2X Long OPEN Daily 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, Range pressure and compression, Range position and boundary pressure, Activity pressure and cumulative balance, Directional pressure and rotation."},{"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":37,"displayedObservations":37,"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":["2026-06-26","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":[-0.053118,0.016274,0.095681,0.045061,-0.067518,-0.253295,-0.443643,-0.56406,-0.58709],"opens":[4.05,4.01,4.94,4.5,3.93,2.79,2.8301,2.21,2.46],"highs":[4.16,5.37,6.01,4.69,3.99,3.08,3.32,2.52,2.49],"lows":[3.65,3.79,4.19,3.73,2.74,2.4999,2.14,1.885,2.06],"closes":[3.9354,4.9275,4.5052,3.99,2.835,2.7,2.24,2.4077,2.26],"hoverRows":[[{"label":"Open","value":"4.05","className":"is-ohlc","compact":true},{"label":"High","value":"4.16","className":"is-ohlc","compact":true},{"label":"Low","value":"3.65","className":"is-ohlc","compact":true},{"label":"Close","value":"3.94","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.05","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.01","className":"is-ohlc","compact":true},{"label":"High","value":"5.37","className":"is-ohlc","compact":true},{"label":"Low","value":"3.79","className":"is-ohlc","compact":true},{"label":"Close","value":"4.93","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.02","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.94","className":"is-ohlc","compact":true},{"label":"High","value":"6.01","className":"is-ohlc","compact":true},{"label":"Low","value":"4.19","className":"is-ohlc","compact":true},{"label":"Close","value":"4.51","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.10","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"4.50","className":"is-ohlc","compact":true},{"label":"High","value":"4.69","className":"is-ohlc","compact":true},{"label":"Low","value":"3.73","className":"is-ohlc","compact":true},{"label":"Close","value":"3.99","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.05","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"3.93","className":"is-ohlc","compact":true},{"label":"High","value":"3.99","className":"is-ohlc","compact":true},{"label":"Low","value":"2.74","className":"is-ohlc","compact":true},{"label":"Close","value":"2.83","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.07","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.79","className":"is-ohlc","compact":true},{"label":"High","value":"3.08","className":"is-ohlc","compact":true},{"label":"Low","value":"2.50","className":"is-ohlc","compact":true},{"label":"Close","value":"2.70","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.25","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.83","className":"is-ohlc","compact":true},{"label":"High","value":"3.32","className":"is-ohlc","compact":true},{"label":"Low","value":"2.14","className":"is-ohlc","compact":true},{"label":"Close","value":"2.24","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.44","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.21","className":"is-ohlc","compact":true},{"label":"High","value":"2.52","className":"is-ohlc","compact":true},{"label":"Low","value":"1.89","className":"is-ohlc","compact":true},{"label":"Close","value":"2.41","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.56","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"2.46","className":"is-ohlc","compact":true},{"label":"High","value":"2.49","className":"is-ohlc","compact":true},{"label":"Low","value":"2.06","className":"is-ohlc","compact":true},{"label":"Close","value":"2.26","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.59","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":[2.07875,5.08875],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.58709,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"slight easing","fourWeekDirection":"weakening","now":{"label":"Slightly 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":"Accumulation pressure","detail":"Price is within accumulation conditions, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","tone":"negative"},"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, but the completed tape has not yet confirmed a recovery. The zone is a watch area rather than a directional signal.","annotations":[{"label":"Current tape relationship","value":"Accumulation pressure","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"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":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-12","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":[13.0531,12.0195,10.8159,10.7928,14.9722,12.31,9.9529,7.2173,6.3342,5.1942,6.52,7.5068,6.2435,6.0637,5.8923,5.5851,5.3332,4.3947,6.3853,6.9447,6.7256,5.6896,4.26,4.5698,5.5543,4.13,4.1378,4.1615,3.9354,4.9275,4.5052,3.99,2.835,2.7,2.24,2.4077,2.26],"consensus":[-100.0,-40.7501,-100.0,58.0,54.8776,-19.4131,-43.7125,-71.5797,-54.2171,-60.6378,-11.7837,9.4298,-35.3203,-22.8912,-32.6927,-40.7813,-15.9263,-48.5926,28.6249,16.8988,0.0,-25.0656,-54.7213,-8.9124,13.2337,-49.8652,-15.0122,-23.795,-22.7282,20.6087,-17.5922,-25.9642,-51.5037,-32.6632,-47.6328,-13.7512,-25.6598],"supportDates":["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,-28.9898,-53.3852,-71.7569,-47.1544,-59.302,-6.0442,9.8289,-34.4731,-32.1852,-36.2201,-40.6819,-11.0873,-56.8095,25.7036,9.5123,0.0,-30.1088,-53.7842,-0.9967,14.3786,-44.741,-18.7003,-32.0591,-19.0844,18.8388,-21.5337,-30.5526,-56.8359,-32.7698,-49.1928,-6.5477,-28.1904],"force":[-100.0,-40.7501,-100.0,58.0,43.2643,-27.2767,-34.9786,-77.6358,-40.266,-44.3883,-47.3565,54.5169,-35.4961,-4.5474,-18.0308,-27.7413,-0.4425,-43.2373,77.5069,34.5198,0.0,-49.412,-76.9478,-17.6512,52.6402,-80.234,-1.0285,-13.8828,-14.889,42.6642,-31.7279,-33.4263,-63.4585,-17.6403,-47.1695,-12.1203,-12.0148],"direction":[null,null,null,null,63.1728,-2.8513,-38.8965,-67.0514,-72.2537,-73.7711,-60.5862,23.2315,-36.163,-25.372,-39.1342,-50.209,-33.1485,-43.0272,2.9521,12.7542,0.0,-1.9117,-39.9163,-36.9329,16.2222,-34.0293,-20.7856,-21.4306,-32.4921,6.8776,-2.9906,-15.3902,-36.8707,-43.2719,-46.1809,-40.4634,-32.514],"intensity":[null,null,null,null,100.0,60.0,50.0,71.4286,62.5,11.1111,30.0,9.0909,33.3333,7.6923,14.2857,20.0,56.25,23.5294,66.6667,57.8947,10.0,33.3333,59.0909,21.7391,45.8333,56.0,76.9231,7.4074,35.7143,44.8276,10.0,54.8387,40.625,24.2424,5.8824,25.7143,2.7778],"confirmation":[54.6667,35.7067,54.6667,41.2267,62.3633,51.6392,81.5744,91.0874,85.0319,86.9292,12.1586,32.0082,79.3208,51.9578,77.9611,80.6541,50.099,83.2612,56.6573,74.0572,24.6879,54.0195,86.2025,5.9286,31.5457,84.9605,49.6549,75.1864,75.0897,52.6273,51.3336,76.466,84.7643,77.9928,83.2046,6.3073,83.7567],"persistence":[null,null,100.0,50.0,20.0,33.3333,42.8571,50.0,50.0,50.0,50.0,50.0,75.0,75.0,75.0,75.0,75.0,75.0,50.0,50.0,37.5,37.5,37.5,37.5,12.5,12.5,37.5,62.5,75.0,50.0,50.0,50.0,75.0,75.0,75.0,75.0,75.0],"assessmentRisk":[null,null,null,null,7.8586,15.9291,3.7422,10.2437,22.8648,19.6052,41.0213,2.6283,15.2566,33.7274,0.3239,19.0534,15.4124,19.7462,3.8502,32.2302,44.1825,56.1479,21.2787,44.9863,49.4232,21.6679,0.9947,8.6645,35.6169,23.3209,27.2124,1.9587,18.7596,33.352,25.9507,42.2202,22.2341],"volumeParticipation":true,"latest":{"consensus":-25.7,"control":-28.2,"force":-12.0,"direction":-32.5,"confirmation":83.8,"persistence":75.0,"assessmentRisk":22.2,"intensity":2.8,"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":"-25.7","detail":"Joint downward confirmation","tone":"negative"},{"label":"SM Control Gauge","value":"-28.2","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-12.0","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-32.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"84/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"28.7","detail":"Stretched negative","tone":"negative"},{"label":"Risk pressure","value":"65.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"9.6","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"6%","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":[13.0531,12.0195,10.8159,10.7928,14.9722,12.31,9.9529,7.2173,6.3342,5.1942,6.52,7.5068,6.2435,6.0637,5.8923,5.5851,5.3332,4.3947,6.3853,6.9447,6.7256,5.6896,4.26,4.5698,5.5543,4.13,4.1378,4.1615,3.9354,4.9275,4.5052,3.99,2.835,2.7,2.24,2.4077,2.26],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,12.6906,12.6214,12.1362,11.2418,10.3495,9.4122,8.8864,8.6355,8.2006,7.8121,7.463,7.1216,6.7964,6.3598,6.3644,6.4699,6.5164,6.3661,5.9831,5.7262,5.6949,5.4104,5.179,4.994,4.8015,4.8244,4.7664,4.6252,4.2997,4.0089,3.6873,3.4546,3.2374],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,10.3379,10.0213,9.7154,9.4095,9.1075,8.7584,8.5826,8.4613,8.3327,8.1369,7.8498,7.6068,7.4548,7.2085,6.981,6.7722,6.562,6.441,6.2976,6.1266,5.8828,5.6471,5.3947,5.1734,4.9576],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,16.2101,15.9884,15.6807,15.4724,15.2689,15.0723,14.8931,14.7256,14.6196,14.4115,14.2169,13.495,12.9133,12.5467,12.0886,10.0853,8.6363,7.7609,7.5985,7.5685,7.5651,7.4424,7.0953,7.1099,7.106,7.1309,7.1151,7.1024],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,4.3224,3.8629,3.7674,3.4403,3.1591,2.9128,2.6661,2.4282,2.0694,2.0713,2.1362,2.2254,2.1741,1.8851,1.7209,2.7824,3.4134,3.7074,3.5641,3.3543,3.331,3.2522,3.2476,2.8922,2.5597,2.1696,1.8677,1.573],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,-7.9184,-17.1392,-17.3162,0.0,-17.781,-33.5241,-51.7953,-57.6936,-65.3077,-56.4526,-49.8617,-58.2994,-59.5003,-60.6451,-62.6969,-64.3793,-70.6476,-57.3523,-53.616,-55.0794,-61.9989,-71.5473,-69.4781,-62.9026,-72.4155,-72.3634,-72.2052,-73.7153,-67.089,-69.9096,-73.3506,-81.0649,-81.9666,-85.0389,-83.9189,-84.9054],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,0.0,0.0,25.5246,44.5227,20.2014,16.7398,13.44,7.5257,2.6761,0.0,45.2955,58.0244,53.0389,29.465,0.0,7.2723,30.3826,0.0,0.1889,0.7627,0.0,25.2096,14.4788,1.3874,0.0,0.0,0.0,7.4866,0.8929],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}