{"schema_version":"1.0","name":"SMST Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"fdc1af6a-87cd-48ef-8dbd-ce4f555d98f4","symbol":"SMST","name":"Leverage Shares -3x Short MicroStrategy (MSTR) ETP","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. 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, Strength versus the research benchmark, Drawdown and recovery pressure, Activity pressure and cumulative balance, Range position and boundary pressure, 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":83,"displayedObservations":83,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. Price structure remains downward.","evidenceAlignment":{"status":"Countertrend conflict","headline":"Improving Market Dynamics is challenging the downward price structure","summary":"Market Dynamics eased this week but remains positive. The broader path has not changed enough to establish a new direction. 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":["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"],"values":[0.070603,0.1613,0.297356,0.339287,0.328334,0.328536,0.3572,0.455884,0.521155,0.65076,0.901264,1.103234,1.411286,1.72697,1.921245,2.125679,2.199727,2.215341,2.157335,2.076246,2.040431,1.933347,1.868872,1.6031,1.227794,1.001306,0.767505,0.530919,0.314093,-0.018605,-0.37644,-0.592038,-0.677042,-0.732333,-0.720043,-0.758297,-0.812536,-0.862224,-0.92802,-0.902051,-0.909796,-0.950714,-0.976367,-0.817896,-0.686789,-0.448268,0.024299,0.115071,0.290286,0.398857,0.333483,0.431813,0.417336,0.442088,0.329548],"opens":[3.309,2.338,3.523,3.799,4.1445,4.276,3.993,3.7965,4.448,2.945,4.275,4.395,4.25,5.927,6.561,11.95,16.672001,17.337999,13.556,14.422,15.78,17.864,16.889999,17.488001,14.582,15.198,21.5,15.59,14.172,15.73,14.476,11.998,9.027,11.002,11.668,12.1,11.57,4.787,3.637,2.7435,2.43,3.1525,3.4265,6.763,7.431,8.157,16.200001,7.4,9.125,10.3,9.273,8.706,8.786,6.424,7.836],"highs":[3.5655,3.292,4.6135,4.2145,4.6645,4.4,4.272,5.349,4.587,4.2755,6.063,5.401,6.187,9.263,13.062,19.195999,19.431999,21.139999,15.326,18.566,18.496,21.575001,18.302,18.67,15.782,22.389999,37.0,19.700001,17.594,19.0,14.476,12.002,10.56,12.73,15.034,12.656,11.668,4.81,4.548,3.07,2.92,3.7165,4.883,7.917,7.585,8.16,18.115999,7.952,9.587,10.542,10.188,9.12,8.895,8.38,8.004],"lows":[2.486,2.338,3.3975,3.5885,3.68,3.8,3.3095,3.675,3.0065,2.8,4.163,4.1765,4.2375,5.744,6.511,9.784,13.148,11.9,10.378,14.35,15.118,12.85,14.75,9.2,14.032,13.588,17.5,13.464,13.174,12.206,7.89,8.162,7.596,8.4,11.104,9.47,3.4165,3.0,3.377,2.3625,2.28,3.0205,3.246,6.278,5.66,7.653,15.514,7.007,7.94,9.464,6.6,7.565,5.499,6.386,2.306],"closes":[2.6295,3.277,3.4235,4.0445,4.3515,3.993,3.6725,4.9985,3.055,4.2825,5.283,5.066,5.264,8.512,11.26,17.938,14.982,14.53,13.788,16.219999,18.166,17.534,16.691999,12.95,14.584,19.780001,18.056,14.42,14.078,13.762,9.981,9.795,9.777,12.3,13.582,10.368,4.074,3.679,3.863,2.8345,2.8945,3.6255,3.698,7.874,5.997,7.803,16.282,7.398,9.36,9.464,9.479,8.996,6.243,8.272,2.946],"hoverRows":[[{"label":"Open","value":"3.31","className":"is-ohlc","compact":true},{"label":"High","value":"3.57","className":"is-ohlc","compact":true},{"label":"Low","value":"2.49","className":"is-ohlc","compact":true},{"label":"Close","value":"2.63","className":"is-ohlc","compact":true},{"label":"Market 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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, 25.0% of comparable cases moved higher after 12 weeks, with an average move of 88.9% across 4 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 2 cases. Distinct visits lasted 7.0 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 142.9% across 4 completed cases, with the largest move arriving after 5.2 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."},{"eyebrow":"Position management","title":"Size for the path, not only the eventual long reward","tone":"positive","finding":"Across 1 completed accumulation cycles, the average gross long opportunity was 582.2%, while the average adverse move was 0.0%.","approach":"Scale exposure only as confirmation improves, and keep enough risk capacity to survive the ticker's observed adverse path.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-11-07","price":8.512},{"date":"2026-06-26","price":16.282}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[29.83,36.845,39.655,40.04,43.165,76.87,38.14,29.215,23.485,21.075,22.775,12.606,9.486,5.366,4.3325,3.643,3.89,4.5115,4.764,4.2985,4.1725,4.3335,3.5525,3.1145,2.3975,2.3675,2.79,3.371,2.6295,3.277,3.4235,4.0445,4.3515,3.993,3.6725,4.9985,3.055,4.2825,5.283,5.066,5.264,8.512,11.26,17.938,14.982,14.53,13.788,16.22,18.166,17.534,16.692,12.95,14.584,19.78,18.056,14.42,14.078,13.762,9.981,9.795,9.777,12.3,13.582,10.368,4.074,3.679,3.863,2.8345,2.8945,3.6255,3.698,7.874,5.997,7.803,16.282,7.398,9.36,9.464,9.479,8.996,6.243,8.272,2.946],"consensus":[74.2506,-29.8554,-42.4753,-35.9171,55.0474,63.769,-22.2289,-38.4107,-39.4068,-23.0309,-19.3199,-58.0123,-37.1072,-53.6684,-49.238,-39.3766,-21.0592,0.0,-11.0504,-19.6377,-13.5819,-8.7938,-30.8701,-23.3248,-30.426,0.0,0.0,0.0,-22.8455,9.8112,-13.2193,0.0,9.702,0.0,0.0,22.0608,-35.3946,22.8206,22.1028,12.2682,17.8211,55.2237,57.5322,77.1943,18.7176,20.4466,24.2409,30.8286,51.2242,22.3381,20.0912,-28.7151,0.0,44.6817,0.0,-19.584,-9.3195,-18.168,-48.4179,-25.3195,-13.8995,12.4687,17.4753,-26.3763,-65.1003,-39.7323,-32.1078,-35.9776,-13.2269,0.0,-21.0313,46.3171,-15.229,15.9145,50.1033,-21.0127,27.9665,0.0,0.0,12.7806,-39.7209,20.4066,-63.9106],"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":[0.0,6.9678,0.0,0.0,24.4152,-40.4253,27.7604,19.9473,13.7637,11.8743,55.4749,55.0678,75.7394,2.6081,6.1238,20.0697,39.1024,58.4871,14.409,15.2784,-25.8428,0.0,48.2599,0.0,-22.872,-11.921,-13.5065,-39.2601,-23.5291,-5.913,19.5645,15.9844,-33.2695,-62.0537,-37.0295,-28.3654,-24.5729,-4.7676,0.0,-26.299,44.2015,-28.789,8.6678,45.5049,-28.8595,29.6863,0.0,0.0,14.888,-40.3349,29.1326,-60.0806],"force":[0.0,11.5112,0.0,0.0,24.8211,-62.1212,33.6421,20.3978,6.2329,13.2662,55.3139,53.9061,86.3221,20.9408,8.1537,3.9096,16.6354,35.4022,0.9974,0.0037,-60.2578,0.0,45.2017,0.0,-47.2742,-11.3759,-22.7961,-76.1621,-15.2505,-0.384,34.0933,25.6219,-33.0524,-89.7075,-23.2211,-7.4864,-27.87,-10.8462,0.0,-2.7862,82.5944,-22.3932,15.7952,43.5043,-32.2417,30.3063,0.0,0.0,8.0823,-55.3675,41.4706,-91.5554],"direction":[0.0,11.5345,0.0,0.0,17.3985,-10.5547,9.4454,25.7842,14.8701,27.8709,54.8722,62.9387,72.337,65.4559,57.2444,43.5304,31.5108,54.2251,46.6434,39.9396,-9.4674,0.0,40.2208,0.0,-3.9526,-4.8775,-20.1895,-39.0666,-34.5578,-33.2294,11.087,13.3601,-13.7296,-51.0056,-54.6151,-53.9714,-54.8026,-40.0897,0.0,-28.0434,22.8227,-5.3853,24.2817,60.0723,-4.0242,24.3297,0.0,0.0,13.728,-27.843,4.6118,-48.5414],"intensity":[22.5806,9.375,9.0909,20.5882,60.0,61.1111,54.0541,60.5263,35.8974,45.0,70.7317,73.8095,79.0698,68.1818,55.5556,78.2609,72.3404,58.3333,61.2245,66.0,78.4314,75.0,82.6923,90.3846,90.3846,55.7692,48.0769,75.0,59.6154,50.0,65.3846,67.3077,71.1538,92.3077,96.1538,7.6923,51.9231,1.9231,36.5385,40.3846,80.7692,53.8462,57.6923,96.1538,96.1538,51.9231,40.3846,61.5385,23.0769,59.6154,50.0,80.7692],"confirmation":[48.045,48.5348,25.4084,24.9939,75.1077,80.0641,75.5571,75.0538,49.0524,73.6546,85.6705,86.3373,93.0025,9.4939,7.629,52.5344,77.3065,83.7989,51.952,51.2237,78.1939,1.072,82.2595,30.1354,53.2372,48.3386,74.0258,84.4788,75.8227,26.8828,29.5728,73.8631,76.5388,89.6285,80.2523,54.9145,79.4395,5.9417,6.3939,51.427,83.9593,51.3672,73.1994,83.902,52.28,76.9944,27.0747,25.1292,71.9145,81.1782,53.3563,44.64],"persistence":[25.0,0.0,0.0,0.0,12.5,12.5,12.5,37.5,50.0,50.0,62.5,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,62.5,62.5,50.0,25.0,0.0,25.0,50.0,50.0,62.5,62.5,50.0,50.0,50.0,50.0,50.0,50.0,50.0,62.5,87.5,62.5,62.5,37.5,12.5,12.5,12.5,12.5,25.0,25.0,25.0,25.0,0.0],"assessmentRisk":[39.2394,45.0366,46.6607,25.4034,35.1829,28.5752,5.3276,36.6438,2.2411,40.5146,22.3246,21.2236,11.4025,40.6172,39.1786,27.2866,46.2437,17.8046,31.9965,32.1109,27.705,44.988,10.0203,24.148,31.9429,5.4531,40.3285,25.6163,34.7798,40.2716,32.8073,35.8909,23.9268,15.428,29.8911,33.9239,31.866,17.7907,0.898,6.8685,25.2813,50.0821,38.4627,24.8904,4.7957,19.691,21.3834,48.6273,13.9174,13.981,25.3387,14.0606],"volumeParticipation":true,"latest":{"consensus":-63.9,"control":-60.1,"force":-91.6,"direction":-48.5,"confirmation":44.6,"persistence":0.0,"assessmentRisk":14.1,"intensity":80.8,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-63.9","detail":"Price structure has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-60.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-91.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-48.5","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"41.8","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"135.6%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"21.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"4%","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":[29.83,36.845,39.655,40.04,43.165,76.87,38.14,29.215,23.485,21.075,22.775,12.606,9.486,5.366,4.3325,3.643,3.89,4.5115,4.764,4.2985,4.1725,4.3335,3.5525,3.1145,2.3975,2.3675,2.79,3.371,2.6295,3.277,3.4235,4.0445,4.3515,3.993,3.6725,4.9985,3.055,4.2825,5.283,5.066,5.264,8.512,11.26,17.938,14.982,14.53,13.788,16.22,18.166,17.534,16.692,12.95,14.584,19.78,18.056,14.42,14.078,13.762,9.981,9.795,9.777,12.3,13.582,10.368,4.074,3.679,3.863,2.8345,2.8945,3.6255,3.698,7.874,5.997,7.803,16.282,7.398,9.36,9.464,9.479,8.996,6.243,8.272,2.946],"stroke":"#10243b","width":2.1},{"label":"Fast 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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