Smart money refers to the capital that institutional investors, central banks, and other professionals or financial institutions control. It is managed by expert investors who can foresee market trends and make most of the profits. So it means that smart money traders trying to trade together with market-maker. Also they think that technical analysis is not working because it's very old.
First of all, technical analysis is used in their work by market makers and institutional investors, who, thanks to it, can assume further actions of market participants. And this knowledge helps them turn the market around contrary to the expectations of the majority, which allows them to direct the price to the level where liquidity is concentrated.