{"schema_version":"1.0","name":"FTMH Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ff1069c5-b34a-478d-82d5-dd48ffe74d71","symbol":"FTMH","name":"FRANKLIN MUNICIPAL HIGH YIELD ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but 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, Directional strength and control, Activity pressure and cumulative balance, Range pressure and compression, 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 improved this week but 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 improved this week but 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":[0.144658,0.109289,0.063561,0.125622,0.314714,0.568995,0.794579,0.774304,0.794474,0.711691,0.381951,0.139224,-0.067616,-0.286015,-0.242744],"opens":[11.698542,11.499925,11.549579,11.666382,11.69627,11.746084,11.746084,11.76357,11.807522,11.71792,11.698009,11.568584,11.56,11.63,11.6],"highs":[11.698542,11.549579,11.684937,11.755947,11.736121,11.756046,11.825786,11.807522,11.847345,11.767699,11.71792,11.632799,11.62,11.67,11.61],"lows":[11.460202,11.44034,11.549579,11.626531,11.676344,11.686307,11.726158,11.707965,11.707965,11.658186,11.469027,11.478982,11.51,11.58,11.49],"closes":[11.529718,11.499925,11.668749,11.706233,11.701251,11.756046,11.815823,11.797566,11.737832,11.688053,11.538717,11.528761,11.62,11.61,11.51],"hoverRows":[[{"label":"Open","value":"11.7","className":"is-ohlc","compact":true},{"label":"High","value":"11.7","className":"is-ohlc","compact":true},{"label":"Low","value":"11.5","className":"is-ohlc","compact":true},{"label":"Close","value":"11.5","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"0.38","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"11.6","className":"is-ohlc","compact":true},{"label":"High","value":"11.6","className":"is-ohlc","compact":true},{"label":"Low","value":"11.5","className":"is-ohlc","compact":true},{"label":"Close","value":"11.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.14","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"11.6","className":"is-ohlc","compact":true},{"label":"High","value":"11.6","className":"is-ohlc","compact":true},{"label":"Low","value":"11.5","className":"is-ohlc","compact":true},{"label":"Close","value":"11.6","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":"11.6","className":"is-ohlc","compact":true},{"label":"High","value":"11.7","className":"is-ohlc","compact":true},{"label":"Low","value":"11.6","className":"is-ohlc","compact":true},{"label":"Close","value":"11.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.29","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"11.6","className":"is-ohlc","compact":true},{"label":"High","value":"11.6","className":"is-ohlc","compact":true},{"label":"Low","value":"11.5","className":"is-ohlc","compact":true},{"label":"Close","value":"11.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.24","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[11.480971,11.834777],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.242744,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"strengthening","fourWeekDirection":"weakening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but 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 repair watch","detail":"Price is within accumulation conditions while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","tone":"caution"},"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 while Market Dynamics is improving. A green marker is required before the recovery is treated as confirmed.","annotations":[{"label":"Current tape relationship","value":"Accumulation repair watch","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"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":[11.3168,11.2988,11.3217,11.346,11.3949,11.3139,11.3021,11.3456,11.3505,11.3848,11.4584,11.4388,11.4241,11.4339,11.5075,11.5568,11.5863,11.6848,11.5384,11.5087,11.3703,11.3209,11.4956,11.5849,11.6445,11.6574,11.5694,11.6191,11.5297,11.4999,11.6687,11.7062,11.7013,11.756,11.8158,11.7976,11.7378,11.6881,11.5387,11.5288,11.62,11.61,11.51],"consensus":[-27.2726,-50.9526,-37.5014,24.857,27.9007,-10.8643,0.0,16.5205,0.0,23.6948,35.691,17.2763,15.8845,11.3537,39.726,45.6857,44.6407,57.7117,-18.7392,0.0,-52.528,-42.8782,26.7182,38.5545,47.4521,29.1314,-13.135,23.0916,-29.3501,-16.9456,49.9816,33.0331,22.3538,48.1429,52.7615,32.0017,0.0,-16.7767,-51.8081,-32.6036,18.4142,-15.9086,-44.7036],"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,-17.2222,0.0,20.9684,0.0,21.4813,28.3597,14.0821,14.1675,5.6175,40.4575,44.3466,50.2076,50.3096,-27.0801,0.0,-49.2689,-39.9272,34.5439,38.5,49.2115,23.3493,-14.6756,21.1687,-26.1883,-9.8033,54.0859,32.985,16.8734,51.8629,56.3207,36.0404,0.0,-13.9111,-45.8325,-27.3985,26.5362,-12.7633,-48.9848],"force":[-27.2726,-50.9526,-37.5014,24.857,17.869,-14.1009,0.0,26.0168,0.0,27.7478,33.4361,1.0394,3.8781,3.2777,40.9245,38.1128,32.2272,72.7866,-57.6859,0.0,-76.7555,-42.2129,50.4108,51.0888,46.8026,13.551,-56.9085,26.7209,-54.6998,-18.092,65.6577,28.4535,5.6754,41.4832,50.8326,11.4324,0.0,-36.6975,-70.7048,-22.8793,61.3514,-15.3314,-55.6936],"direction":[null,null,null,null,35.0662,-1.2863,0.0,4.6539,0.0,23.3293,45.6802,34.0096,26.4228,23.6779,38.0337,52.6254,47.1454,55.4035,-18.6124,0.0,-38.9473,-46.7261,0.8511,29.6638,45.9052,46.8684,-19.8924,22.697,-14.8566,-24.2895,34.0939,36.359,40.5302,48.6485,50.0717,42.0784,0.0,-5.8226,-45.1398,-45.4983,21.5375,-19.9156,-31.9607],"intensity":[null,null,null,null,100.0,100.0,50.0,28.5714,62.5,22.2222,100.0,54.5455,25.0,61.5385,71.4286,40.0,62.5,100.0,100.0,84.2105,95.0,100.0,100.0,78.2609,45.8333,64.0,69.2308,25.9259,71.4286,93.1034,96.6667,48.3871,25.0,30.303,44.1176,5.7143,44.4444,64.8649,100.0,66.6667,72.5,43.9024,76.1905],"confirmation":[31.3939,38.9715,34.6671,30.6209,53.803,48.8117,24.8117,50.8415,0.6248,75.7396,79.4641,50.574,50.0766,26.1411,80.7377,82.409,81.8219,87.04,33.6937,25.1276,85.597,81.7457,54.486,80.7203,83.1381,76.9353,32.4242,75.5292,78.2128,73.5664,84.4093,78.4317,52.0618,83.1461,84.7707,77.5521,30.2677,51.3527,85.2455,78.2161,34.3387,73.1211,82.5748],"persistence":[null,null,100.0,50.0,20.0,33.3333,28.5714,12.5,0.0,25.0,50.0,50.0,50.0,75.0,87.5,87.5,100.0,100.0,75.0,62.5,37.5,12.5,12.5,12.5,12.5,12.5,12.5,25.0,25.0,25.0,25.0,25.0,25.0,25.0,50.0,50.0,62.5,62.5,37.5,12.5,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,35.9004,21.4423,18.2783,8.7527,41.1941,35.7748,32.1032,40.3663,39.7153,37.334,21.9234,26.8141,27.6381,21.1422,33.3725,30.0064,23.4911,28.5561,36.1964,15.7185,26.0728,35.387,39.7658,6.3444,27.3205,38.1626,12.6461,20.2641,36.48,25.7501,21.3759,27.5558,27.257,29.3663,23.9981,33.6078,54.2735,30.8174,5.1845],"volumeParticipation":true,"latest":{"consensus":-44.7,"control":-49.0,"force":-55.7,"direction":-32.0,"confirmation":82.6,"persistence":37.5,"assessmentRisk":5.2,"intensity":76.2,"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":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-44.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-49.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-55.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-32.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"83/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"44.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.2%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"21.9","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 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.0262,0.0287,0.0362,0.0455,0.0547,0.0692,0.068,0.0639,0.049,0.0328,0.0336,0.0411,0.0512,0.0595,0.0584,0.0608,0.0548,0.0472,0.0541,0.0619,0.0669,0.0744,0.0843,0.0895,0.0879,0.0816,0.0639,0.0484,0.0431,0.0376,0.0249],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0365,0.0431,0.048,0.0512,0.0508,0.0472,0.0445,0.0438,0.0453,0.0481,0.0502,0.0523,0.0528,0.0517,0.0522,0.0541,0.0567,0.0602,0.065,0.0699,0.0735,0.0751,0.0729,0.068,0.063,0.0579,0.0513],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0182,0.0261,0.02,0.0127,-0.0018,-0.0144,-0.0108,-0.0027,0.0059,0.0114,0.0082,0.0085,0.002,-0.0045,0.0019,0.0078,0.0102,0.0142,0.0192,0.0196,0.0144,0.0065,-0.009,-0.0196,-0.0199,-0.0203,-0.0264],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"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"]},{"key":"directional","eyebrow":"Trend 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}