{"schema_version":"1.0","name":"FTCA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"fbaebbfe-6a92-4771-904a-81412cdbf190","symbol":"FTCA","name":"FRANKLIN CALIFORNIA MUNICIPAL INCOME ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. 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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression, 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":43,"displayedObservations":43,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Negative pressure; price rotational","headline":"Market Dynamics is negative while price has no clear direction","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"The underlying condition is weak, but a negative price response is still required.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[-0.122983,-0.163999,-0.12322,-0.044576,0.157541,0.359496,0.518188,0.562945,0.524031,0.404321,0.151869,-0.084581,-0.273368,-0.433596,-0.436835],"opens":[7.292757,7.243079,7.272886,7.335571,7.360488,7.335571,7.375438,7.375987,7.380579,7.370619,7.320818,7.251096,7.28,7.29,7.28],"highs":[7.312628,7.26295,7.342435,7.375438,7.365472,7.395372,7.405339,7.39054,7.399106,7.370619,7.330778,7.295917,7.3,7.33,7.2999],"lows":[7.213272,7.203336,7.253014,7.310555,7.295704,7.335571,7.365272,7.355679,7.330778,7.310857,7.221215,7.231175,7.24,7.27,7.23],"closes":[7.243079,7.238111,7.332499,7.345538,7.345538,7.375438,7.385405,7.39054,7.355679,7.325798,7.231175,7.251096,7.28,7.29,7.24],"hoverRows":[[{"label":"Open","value":"7.29","className":"is-ohlc","compact":true},{"label":"High","value":"7.31","className":"is-ohlc","compact":true},{"label":"Low","value":"7.21","className":"is-ohlc","compact":true},{"label":"Close","value":"7.24","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.12","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.24","className":"is-ohlc","compact":true},{"label":"High","value":"7.26","className":"is-ohlc","compact":true},{"label":"Low","value":"7.20","className":"is-ohlc","compact":true},{"label":"Close","value":"7.24","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.16","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.27","className":"is-ohlc","compact":true},{"label":"High","value":"7.34","className":"is-ohlc","compact":true},{"label":"Low","value":"7.25","className":"is-ohlc","compact":true},{"label":"Close","value":"7.33","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.52","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.38","className":"is-ohlc","compact":true},{"label":"High","value":"7.39","className":"is-ohlc","compact":true},{"label":"Low","value":"7.36","className":"is-ohlc","compact":true},{"label":"Close","value":"7.39","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.56","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.38","className":"is-ohlc","compact":true},{"label":"High","value":"7.40","className":"is-ohlc","compact":true},{"label":"Low","value":"7.33","className":"is-ohlc","compact":true},{"label":"Close","value":"7.36","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.52","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.37","className":"is-ohlc","compact":true},{"label":"High","value":"7.37","className":"is-ohlc","compact":true},{"label":"Low","value":"7.31","className":"is-ohlc","compact":true},{"label":"Close","value":"7.33","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.40","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.32","className":"is-ohlc","compact":true},{"label":"High","value":"7.33","className":"is-ohlc","compact":true},{"label":"Low","value":"7.22","className":"is-ohlc","compact":true},{"label":"Close","value":"7.23","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.15","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.25","className":"is-ohlc","compact":true},{"label":"High","value":"7.30","className":"is-ohlc","compact":true},{"label":"Low","value":"7.23","className":"is-ohlc","compact":true},{"label":"Close","value":"7.25","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.08","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.28","className":"is-ohlc","compact":true},{"label":"High","value":"7.30","className":"is-ohlc","compact":true},{"label":"Low","value":"7.24","className":"is-ohlc","compact":true},{"label":"Close","value":"7.28","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.27","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.29","className":"is-ohlc","compact":true},{"label":"High","value":"7.33","className":"is-ohlc","compact":true},{"label":"Low","value":"7.27","className":"is-ohlc","compact":true},{"label":"Close","value":"7.29","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.43","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"7.28","className":"is-ohlc","compact":true},{"label":"High","value":"7.30","className":"is-ohlc","compact":true},{"label":"Low","value":"7.23","className":"is-ohlc","compact":true},{"label":"Close","value":"7.24","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}]],"pressureRange":[-2.3,2.3],"priceRange":[7.221613,7.400102],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.436835,"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":15,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-10-31","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":[7.1795,7.1844,7.1649,7.1893,7.2088,7.1932,7.1687,7.1932,7.203,7.2227,7.2522,7.2522,7.2276,7.2522,7.284,7.3038,7.3383,7.3729,7.3015,7.2768,7.1877,7.1774,7.2316,7.2863,7.321,7.3301,7.2729,7.2977,7.2431,7.2381,7.3325,7.3455,7.3455,7.3754,7.3854,7.3905,7.3557,7.3258,7.2312,7.2511,7.28,7.29,7.24],"consensus":[-14.2857,28.058,-81.8182,-11.6699,29.0002,0.0,0.0,23.282,11.5759,35.0435,40.4713,20.5565,0.0,25.79,40.0138,36.2896,40.6836,60.9258,-17.9576,-10.3696,-60.2256,-35.9048,9.9642,34.0713,38.3803,28.5973,-24.9985,17.9207,-36.9126,-18.4285,52.2845,27.7011,24.6354,43.2296,29.8905,37.9487,0.0,-25.3536,-61.8244,-21.3155,0.0,-8.7985,-38.3484],"supportDates":["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,null,null,null,0.0,0.0,26.8405,13.5756,37.1286,33.8623,11.0124,0.0,20.8002,37.4864,29.6791,40.0137,66.9436,-23.4892,-8.1716,-58.4103,-27.9734,20.8102,30.734,35.7387,21.7633,-32.5985,17.253,-32.3402,-10.5225,51.3122,25.9809,19.9593,41.966,28.3405,44.737,0.0,-23.529,-60.1768,-18.5208,0.0,-5.1075,-46.4757],"force":[-14.2857,28.058,-81.8182,-11.6699,16.279,0.0,0.0,40.638,13.7564,40.3306,36.5632,4.2706,0.0,25.5878,40.6057,26.4705,25.0296,55.8498,-64.4304,-23.0679,-80.6349,-29.3924,41.1035,66.7129,39.2907,19.8777,-62.4348,25.8411,-55.7071,-13.115,78.7553,20.4223,11.3931,39.686,15.9527,23.9925,0.0,-44.332,-78.8991,-8.6991,0.0,-0.7356,-44.9382],"direction":[null,null,null,null,38.0867,0.0,0.0,6.8181,7.7331,28.8841,50.8158,43.097,0.0,31.6372,42.4795,50.8582,52.6305,57.6739,-21.5591,-3.8115,-47.7222,-49.6209,24.6736,14.5699,40.749,42.6357,-10.4274,13.0265,-28.7137,-31.2593,34.4881,34.866,39.4382,47.2049,41.6176,40.1592,0.0,-13.8829,-51.5112,-45.9486,0.0,-18.7761,-24.353],"intensity":[null,null,null,null,100.0,100.0,83.3333,71.4286,87.5,33.3333,70.0,72.7273,66.6667,30.7692,35.7143,66.6667,68.75,41.1765,88.8889,94.7368,95.0,76.1905,63.6364,69.5652,79.1667,20.0,61.5385,18.5185,60.7143,55.1724,96.6667,64.5161,6.25,45.4545,20.5882,5.7143,36.1111,27.027,97.3684,38.4615,20.0,29.2683,61.9048],"confirmation":[27.2381,31.6452,48.8485,26.401,54.0318,24.2244,1.5108,53.2583,49.0736,79.3433,80.9324,51.5605,4.1184,76.3227,80.861,79.4142,80.5519,87.2498,34.3444,49.0721,87.9219,79.4119,31.9026,79.9485,80.3497,76.9895,33.9158,73.9862,80.4545,73.8556,85.5526,76.6687,75.551,81.7447,77.1638,79.6148,28.7802,76.7194,88.3293,30.4713,5.6769,25.2927,80.3485],"persistence":[null,null,33.3333,50.0,20.0,16.6667,14.2857,0.0,25.0,25.0,50.0,75.0,62.5,75.0,87.5,87.5,87.5,87.5,62.5,37.5,25.0,0.0,0.0,0.0,0.0,0.0,0.0,25.0,25.0,25.0,25.0,25.0,25.0,25.0,50.0,50.0,62.5,62.5,37.5,12.5,0.0,25.0,50.0],"assessmentRisk":[null,null,null,null,32.3585,20.3998,12.0244,1.9985,20.6453,28.4806,29.7484,39.5616,41.8593,32.4264,25.5136,31.3619,29.6565,19.5361,35.1584,30.5898,19.8412,32.043,51.606,6.2606,30.5676,35.6128,48.0364,3.2069,27.8061,38.8836,14.282,23.5428,36.2112,28.2689,28.4012,22.191,15.666,30.3073,18.9685,39.1663,44.5446,30.5009,29.104],"volumeParticipation":true,"latest":{"consensus":-38.3,"control":-46.5,"force":-44.9,"direction":-24.4,"confirmation":80.3,"persistence":50.0,"assessmentRisk":29.1,"intensity":61.9,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"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":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-38.3","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-46.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-44.9","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-24.4","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"80/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"44.6","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.0%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"12.2","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"40%","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":[7.1795,7.1844,7.1649,7.1893,7.2088,7.1932,7.1687,7.1932,7.203,7.2227,7.2522,7.2522,7.2276,7.2522,7.284,7.3038,7.3383,7.3729,7.3015,7.2768,7.1877,7.1774,7.2316,7.2863,7.321,7.3301,7.2729,7.2977,7.2431,7.2381,7.3325,7.3455,7.3455,7.3754,7.3854,7.3905,7.3557,7.3258,7.2312,7.2511,7.28,7.29,7.24],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,7.185,7.1865,7.1833,7.1851,7.1883,7.1946,7.2051,7.2136,7.2162,7.2227,7.2339,7.2466,7.2633,7.2832,7.2865,7.2847,7.2671,7.2508,7.2473,7.2544,7.2665,7.2781,7.2771,7.2809,7.274,7.2675,7.2793,7.2913,7.3012,7.3147,7.3275,7.339,7.342,7.3391,7.3195,7.307,7.3021,7.2999,7.289],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,7.1985,7.2024,7.2085,7.2156,7.2246,7.2356,7.2405,7.2432,7.2391,7.2345,7.2343,7.2381,7.2443,7.2506,7.2523,7.2557,7.2547,7.2535,7.2593,7.2657,7.2716,7.2793,7.2872,7.2948,7.2993,7.3013,7.2961,7.2928,7.2918,7.2917,7.2879],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,7.2245,7.2441,7.2562,7.2579,7.2652,7.2803,7.2974,7.3208,7.3484,7.353,7.3534,7.3531,7.3534,7.3518,7.3555,7.3642,7.3725,7.3699,7.3708,7.3689,7.3684,7.3754,7.3838,7.3902,7.4019,7.4141,7.4252,7.4273,7.4213,7.4216,7.4217,7.4164,7.4074,7.4067],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}