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Price structure remains rotational.","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 position and boundary pressure, Acceleration, deceleration and rollover, 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":55,"displayedObservations":55,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-9.6,"sample":1},{"week":2,"averageReturn":-7.3,"sample":1},{"week":3,"averageReturn":-33.2,"sample":1},{"week":4,"averageReturn":-45.7,"sample":1},{"week":5,"averageReturn":-42.9,"sample":1},{"week":6,"averageReturn":-24.8,"sample":1},{"week":7,"averageReturn":-37.0,"sample":1},{"week":8,"averageReturn":-38.7,"sample":1},{"week":9,"averageReturn":-38.4,"sample":1},{"week":10,"averageReturn":-29.4,"sample":1},{"week":11,"averageReturn":-26.7,"sample":1},{"week":12,"averageReturn":-23.2,"sample":1},{"week":13,"averageReturn":-22.2,"sample":1},{"week":14,"averageReturn":-34.5,"sample":1},{"week":15,"averageReturn":-32.0,"sample":1},{"week":16,"averageReturn":10.9,"sample":1},{"week":17,"averageReturn":13.9,"sample":1},{"week":18,"averageReturn":6.5,"sample":1},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":3,"completedEpisodes":1,"activeEpisodes":2,"medianExpectedMove":104.4,"averageExpectedMove":104.4,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":3,"expectedCount":2,"expectedPercent":66.7,"averageReturn":22.8,"medianReturn":12.9,"confidenceLow":20.8,"confidenceHigh":93.9,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":104.4,"medianReturn":104.4,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":4.3,"sample":3},{"week":2,"averageReturn":38.9,"sample":3},{"week":3,"averageReturn":33.4,"sample":3},{"week":4,"averageReturn":22.8,"sample":3},{"week":5,"averageReturn":4.9,"sample":2},{"week":6,"averageReturn":43.6,"sample":2},{"week":7,"averageReturn":48.2,"sample":2},{"week":8,"averageReturn":46.3,"sample":2},{"week":9,"averageReturn":43.4,"sample":1},{"week":10,"averageReturn":20.6,"sample":1},{"week":11,"averageReturn":25.3,"sample":1},{"week":12,"averageReturn":104.4,"sample":1},{"week":13,"averageReturn":110.0,"sample":1},{"week":14,"averageReturn":96.3,"sample":1},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":0,"completedEpisodes":0,"activeEpisodes":0,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Positive support; price rotational","tone":"caution","headline":"Market Dynamics is positive while price remains rotational","use":"Treat the improvement as context until price establishes a clear response.","confirm":"The underlying condition is constructive, but a positive price response is still required.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics remains positive and has strengthened across the recent completed path. A slight weekly pause does not yet change the broader constructive reading.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":100.0,"averageReturn":104.4,"sample":1},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 100.0% of comparable cases moved higher after 12 weeks, with an average move of 104.4% across 1 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 2.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 104.4% across 1 completed cases, with the largest move arriving after 12.0 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[28.13,25.0868,25.1949,24.8625,26.6937,25.4161,28.9917,24.0397,31.3691,27.2822,29.7474,35.4754,35.7592,27.1417,24.6547,25.1637,28.7873,29.3951,30.4015,32.3125,32.6413,27.5804,29.9668,26.7399,20.7699,18.5229,13.285,13.1639,16.4052,14.7547,17.0718,15.0981,13.5029,12.3066,13.6997,11.9763,16.58,14.9907,15.3766,11.074,8.9964,9.4696,12.4657,10.4378,10.1608,10.2105,11.7048,12.1496,12.74,12.9003,10.8533,11.27,18.39,18.8908,17.662],"consensus":[-47.3905,-88.4327,54.4548,0.0,0.0,-19.8124,43.7165,-51.0823,65.7636,-29.7097,31.0802,73.8229,28.9744,-45.4959,-45.8866,-19.0488,13.3468,18.0482,21.3678,34.0845,18.2208,-35.5721,10.4421,-38.7335,-63.7392,-58.7449,-75.1463,-42.8227,0.0,-43.4541,13.4928,-36.5558,-46.4722,-44.21,-9.2228,-45.2327,38.0855,-16.0495,11.2852,-50.2299,-50.7301,-24.4179,19.3341,-42.3191,-18.1362,-15.5067,14.4609,9.2482,14.563,9.6313,-29.7458,-10.1331,69.1621,39.5771,23.8008],"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":[null,null,-27.8207,44.8261,-48.2344,55.8487,-34.8572,25.6062,66.7755,15.8383,-44.2818,-39.3292,-5.7104,29.8624,19.6019,16.5986,29.6893,14.4802,-41.8933,13.3141,-36.4472,-64.6375,-61.3319,-74.5283,-39.2224,0.0,-38.7833,6.3009,-45.2902,-49.064,-49.2274,-1.5998,-46.6303,33.7696,-24.0891,13.606,-51.2491,-44.2539,-23.078,24.5974,-44.0911,-27.5989,-24.5892,21.7724,5.2226,8.5967,1.1914,-35.5991,-12.6344,62.8947,34.9952,14.7427],"force":[0.0,0.0,-15.7831,42.5254,-81.7515,93.9635,-77.8424,49.6715,90.953,5.3341,-84.0711,-51.146,-1.7491,28.7945,23.4485,22.7801,38.5551,5.1198,-49.1692,18.5038,-52.152,-74.7829,-55.5975,-89.9124,-19.5891,0.0,-42.4075,62.9058,-40.8666,-47.1194,-37.6946,-19.8351,-47.6857,84.4997,-25.9709,21.3604,-76.6526,-61.8829,-3.3091,67.7806,-66.5952,-9.2354,-4.3392,33.4887,14.0327,16.7456,5.3095,-43.2993,-8.2342,96.1503,20.0026,3.2489],"direction":[null,0.0,-13.5383,43.2991,-32.4303,56.9521,-10.5538,24.0566,69.6412,60.8731,-19.3296,-49.6241,-49.1482,16.5621,12.4153,25.8096,35.9142,31.8537,-18.6358,1.4013,-31.7618,-54.8244,-58.0364,-65.3055,-63.5329,0.0,-49.5398,13.5828,-23.4943,-43.0479,-43.1297,-38.6902,-41.8832,9.865,-0.2253,1.4363,-30.1918,-50.165,-45.7542,21.2857,-22.9538,-13.6795,-13.1035,7.4863,10.4313,19.8225,22.3639,-13.3752,-8.6307,57.0475,58.7954,53.474],"intensity":[null,50.0,60.0,100.0,100.0,100.0,77.7778,30.0,90.9091,75.0,100.0,92.8571,33.3333,56.25,5.8824,22.2222,21.0526,70.0,80.9524,27.2727,47.8261,87.5,40.0,84.6154,11.1111,50.0,13.7931,30.0,22.5806,12.5,48.4848,11.7647,20.0,75.0,29.7297,44.7368,74.359,85.0,7.3171,52.381,27.907,20.4545,2.2222,15.2174,10.6383,16.6667,10.2041,38.0,9.8039,94.2308,90.3846,23.0769],"confirmation":[2.3079,7.2159,74.0952,81.9361,85.3244,90.0549,35.8137,78.5957,92.2528,54.0849,83.7528,82.9439,28.7048,30.69,73.9163,74.9534,79.1103,50.8217,79.7011,48.8767,80.8385,88.7194,86.663,92.5063,81.0501,11.8955,81.9446,8.8309,79.6961,82.8513,81.8722,6.4133,82.5279,81.6677,50.6971,49.2163,84.8633,84.6722,53.0284,34.7908,82.2549,73.3881,49.8167,52.0264,48.4999,72.8176,25.7456,77.8425,71.1466,91.0499,80.1379,52.9563],"persistence":[25.0,20.0,33.3333,14.2857,25.0,0.0,0.0,0.0,12.5,25.0,25.0,0.0,0.0,0.0,25.0,25.0,25.0,25.0,25.0,50.0,50.0,25.0,0.0,25.0,50.0,62.5,62.5,62.5,62.5,62.5,62.5,62.5,62.5,50.0,50.0,50.0,50.0,50.0,50.0,25.0,25.0,50.0,50.0,50.0,25.0,0.0,25.0,0.0,0.0,25.0,50.0,50.0],"assessmentRisk":[null,33.8167,20.0171,25.4236,10.5152,10.1553,38.2277,5.13,12.8584,27.4477,21.0975,18.8138,39.7191,52.8179,14.9498,32.8694,29.6809,28.4576,4.8784,11.2261,26.1376,18.016,20.072,12.4251,28.5763,43.5253,21.0655,35.5037,46.5817,15.0088,12.7945,37.506,19.3753,19.9451,47.1053,23.5384,6.992,24.4409,37.1035,51.6935,7.7302,32.663,23.6713,23.3661,27.5395,33.9843,40.6275,7.1765,17.5976,14.6186,29.7622,37.8449],"volumeParticipation":true,"latest":{"consensus":23.8,"control":14.7,"force":3.2,"direction":53.5,"confirmation":53.0,"persistence":50.0,"assessmentRisk":37.8,"intensity":23.1,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+23.8","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+14.7","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+3.2","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+53.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"53/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"20.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"22.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"80%","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 is rotating through its trend references.","series":[{"label":"Close","values":[28.13,25.0868,25.1949,24.8625,26.6937,25.4161,28.9917,24.0397,31.3691,27.2822,29.7474,35.4754,35.7592,27.1417,24.6547,25.1637,28.7873,29.3951,30.4015,32.3125,32.6413,27.5804,29.9668,26.7399,20.7699,18.5229,13.285,13.1639,16.4052,14.7547,17.0718,15.0981,13.5029,12.3066,13.6997,11.9763,16.58,14.9907,15.3766,11.074,8.9964,9.4696,12.4657,10.4378,10.1608,10.2105,11.7048,12.1496,12.74,12.9003,10.8533,11.27,18.39,18.8908,17.662],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,26.7225,26.485,26.9407,26.4133,27.3143,27.3085,27.7519,29.1562,30.3567,29.7722,28.8417,28.173,28.2847,28.4866,28.8348,29.4671,30.0442,29.5962,29.6636,29.132,27.6117,25.9592,23.6548,21.7473,20.776,19.6813,19.2068,18.4598,17.5585,16.6036,16.0756,15.3303,15.5575,15.4545,15.4403,14.6464,13.6192,12.8647,12.7922,12.3641,11.9635,11.6448,11.6557,11.7455,11.9263,12.1034,11.8761,11.7659,12.9703,14.0467,14.7041],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,28.7689,28.6484,28.3526,28.1163,28.166,28.2571,28.4159,28.7046,28.9962,28.8913,28.971,28.8057,28.2105,27.4929,26.4404,25.457,24.7865,24.0434,23.527,22.9026,22.2063,21.473,20.8972,20.2364,19.9656,19.5971,19.2844,18.6763,17.9592,17.3304,16.97,16.4862,16.0176,15.5875,15.2999,15.0665,14.8942,14.7465,14.4581,14.2219,14.5307,14.8537,15.0617],"stroke":"#07865c","width":1.8},{"label":"Upper 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envelope","values":[null,null,null,null,null,null,null,null,null,22.3983,22.5186,21.342,20.8484,21.0112,20.7934,20.7122,20.9663,21.2093,21.4277,21.5509,21.5169,21.8036,22.2094,22.4817,21.3142,19.8334,16.8245,14.6457,13.2495,11.7064,10.7297,9.9402,9.2153,7.8836,6.9301,5.7961,5.5237,5.2474,5.2884,5.3335,5.6194,5.5314,6.9779,8.158,8.2955,8.2491,8.1362,8.0733,8.1611,8.1614,8.2793,8.2705,7.6765,7.2198,7.0193],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"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,-10.8185,-10.4342,-11.6156,-5.106,-9.6479,0.0,-17.0806,0.0,-13.0285,-5.1698,0.0,0.0,-24.0988,-31.0536,-29.6304,-19.4969,-17.7972,-14.9827,-9.6388,-8.7192,-22.872,-16.1985,-25.2223,-41.9173,-48.201,-62.8487,-63.1874,-54.1233,-58.7387,-52.259,-57.7784,-62.2395,-65.5848,-61.6891,-66.5085,-53.6344,-58.0788,-56.9996,-69.0317,-74.8417,-73.5185,-65.1398,-70.8108,-71.5856,-71.4466,-67.2678,-66.0239,-64.3729,-63.9246,-69.649,-68.4837,-48.5727,-47.1723,-50.6086],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,0.0,30.4885,13.4878,23.7425,47.57,48.7506,12.9035,2.5582,4.6753,19.7489,22.2772,26.4637,34.4128,35.7808,14.7283,24.6553,11.2323,0.0,0.0,0.0,0.0,24.6224,12.0846,29.6866,14.6934,2.5748,0.0,11.3199,0.0,38.4401,25.1697,28.3919,0.0,0.0,5.2597,38.5635,16.0221,12.9425,13.495,30.1052,35.0494,41.6121,43.3939,20.6404,25.2722,104.4149,109.9816,96.3228],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}