SHH · EQUITY · ENHANCED MARKET DYNAMICS

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CN · Technology · Information Technology Services

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EMD SCORE57/100

CURRENT COMPLETED-WEEK READ

Balanced

Constructive and cautious evidence are close enough to require confirmation. Conditions are positive and have strengthened over the latest four completed weeks.

Constructive build33% directional agreement79/100 evidence quality6/6 sources available

Completed week: 9 Oct 2026
Latest close: CNY 23.40
Evidence: 156 weeks

Four-week EMD change+54.4 pts

signed chart scale −100 to +100

Four-week price+11.2%

completed closing prices

Current directional run1 weeks

on the same side of EMD zero

Recent consistency2/13

recent readings above zero

COMPLETED-WEEK OVERVIEW

Price and market conditions over time

4 supportive · 2 cautious

Enhanced Market Dynamics and the price cycle156 completed weeks · bars use the left EMD axis; price uses the right axis.

29 Sep 2023–9 Oct 2026

Constructive EMDCautious EMDCompleted-week priceUp-cycle confirmationDown-cycle confirmation

Confirmation markers describe price-zone departures within this saved history. Earlier markers can change as the history changes; they are not a record of signals available in real time.

Cycle position 48%Current EMD +14.94-week EMD change +54.4Full saved history price range CNY 11.78–47.41

View chart values · 156 observations

Week	Close · CNY	EMD −100 to +100	Score /100	Agreement %	Coverage %
2023-09-29	20.79	48.5	74	60	83
2023-10-13	22.51	67.53	84	100	83
2023-10-20	22.05	50.36	75	60	83
2023-10-27	22.54	59.94	80	100	100
2023-11-03	23.50	69.57	85	100	100
2023-11-10	23.00	52.0	76	67	100
2023-11-17	24.66	72.66	86	100	100
2023-11-24	22.75	51.72	76	67	100
2023-12-01	23.09	58.28	79	100	100
2023-12-08	22.26	47.73	74	100	100
2023-12-15	21.61	28.23	64	50	100
2023-12-22	20.65	16.47	58	20	100
2023-12-29	20.91	15.67	58	20	100
2024-01-05	20.61	2.95	51	0	100
2024-01-12	19.72	-5.3	47	20	100
2024-01-19	18.52	-14.02	43	33	100
2024-01-26	18.12	-17.74	41	20	100
2024-02-02	14.27	-45.68	27	67	100
2024-02-09	11.78	-48.13	26	67	100
2024-02-23	16.89	-22.2	39	33	100
2024-03-01	16.73	-38.55	31	60	100
2024-03-08	17.08	-27.93	36	50	100
2024-03-15	18.47	-5.56	47	0	100
2024-03-22	19.04	-14.78	43	20	100
2024-03-29	17.77	-25.41	37	60	100
2024-04-05	16.48	-36.75	32	67	100
2024-04-12	15.44	-41.88	29	67	100
2024-04-19	14.27	-42.1	29	60	100
2024-04-26	15.30	-34.39	33	33	100
2024-05-03	16.00	-39.88	30	100	100
2024-05-10	15.56	-32.21	34	60	100
2024-05-17	15.75	-16.88	42	20	100
2024-05-24	15.24	-41.45	29	100	100
2024-05-31	15.41	-31.37	34	60	100
2024-06-07	14.00	-49.1	25	100	100
2024-06-14	14.80	-37.32	31	60	100
2024-06-21	15.10	-46.08	27	100	100
2024-06-28	14.50	-40.51	30	60	100
2024-07-05	13.95	-43.44	28	67	100
2024-07-12	14.01	-38.47	31	60	100
2024-07-19	13.61	-39.73	30	60	100
2024-07-26	13.55	-40.61	30	60	100
2024-08-02	13.89	-41.16	29	100	100
2024-08-09	13.39	-48.54	26	100	100
2024-08-16	13.84	-29.66	35	50	100
2024-08-23	15.50	-4.75	48	0	100
2024-08-30	15.44	1.01	51	33	100
2024-09-06	15.28	-6.02	47	0	100
2024-09-13	14.72	-10.49	45	0	100
2024-09-20	16.56	36.42	68	100	100
2024-09-27	17.92	46.35	73	100	100
2024-10-04	19.54	47.44	74	100	100
2024-10-11	17.57	14.24	57	33	100
2024-10-18	18.80	59.18	80	100	100
2024-10-25	18.03	32.3	66	33	100
2024-11-01	16.57	18.19	59	33	100
2024-11-08	19.63	63.2	82	100	100
2024-11-15	20.27	55.0	78	67	100
2024-11-22	18.15	37.49	69	60	100
2024-11-29	20.58	79.88	90	100	100
2024-12-06	20.76	53.21	77	67	100
2024-12-13	21.80	75.41	88	100	100
2024-12-20	21.41	77.02	89	100	100
2024-12-27	21.28	70.96	85	100	100
2025-01-03	18.40	33.43	67	60	100
2025-01-10	18.63	48.21	74	100	100
2025-01-17	19.90	50.8	75	100	100
2025-01-24	25.37	78.49	89	100	100
2025-01-31	27.91	85.96	93	100	83
2025-02-07	37.14	84.49	92	100	100
2025-02-14	47.41	77.3	89	100	100
2025-02-21	39.60	61.01	81	67	100
2025-02-28	40.68	87.53	94	100	100
2025-03-07	34.58	54.95	77	67	100
2025-03-14	34.75	64.91	82	100	100
2025-03-21	33.09	52.37	76	67	100
2025-03-28	31.50	51.8	76	67	100
2025-04-04	31.40	56.32	78	100	100
2025-04-11	28.40	54.31	77	100	100
2025-04-18	28.21	47.95	74	100	100
2025-04-25	28.39	33.99	67	33	100
2025-05-02	29.91	40.02	70	60	100
2025-05-09	29.89	29.89	65	33	100
2025-05-16	29.40	28.65	64	20	100
2025-05-23	28.37	20.31	60	20	100
2025-05-30	27.48	11.97	56	0	100
2025-06-06	28.82	22.23	61	20	100
2025-06-13	27.17	-3.34	48	33	100
2025-06-20	28.38	0.14	50	20	100
2025-06-27	32.64	49.02	75	67	100
2025-07-04	33.80	44.46	72	60	100
2025-07-11	32.88	58.79	79	100	100
2025-07-18	30.98	33.78	67	60	100
2025-07-25	30.30	22.39	61	60	100
2025-08-01	30.79	20.05	60	60	100
2025-08-08	33.30	28.78	64	60	100
2025-08-15	32.14	22.81	61	60	100
2025-08-22	33.17	36.81	68	100	100
2025-08-29	30.78	4.67	52	20	100
2025-09-05	30.12	-1.71	49	33	100
2025-09-12	39.40	58.51	79	100	100
2025-09-19	31.96	5.81	53	33	100
2025-09-26	30.78	12.05	56	20	100
2025-10-03	30.89	16.25	58	60	100
2025-10-10	30.17	-3.4	48	20	100
2025-10-17	29.38	-17.54	41	50	100
2025-10-24	30.33	-9.59	45	20	100
2025-10-31	30.40	-10.4	45	50	100
2025-11-07	29.58	-23.9	38	60	100
2025-11-14	32.40	12.38	56	20	100
2025-11-21	33.61	33.13	67	67	100
2025-11-28	32.10	5.33	53	20	100
2025-12-05	30.05	-0.62	50	0	100
2025-12-12	28.57	-29.98	35	60	100
2025-12-19	28.05	-28.59	36	60	100
2025-12-26	28.19	-32.34	34	60	100
2026-01-02	28.53	-30.63	35	60	100
2026-01-09	31.24	-8.6	46	0	100
2026-01-16	31.56	-19.22	40	33	100
2026-01-23	31.69	-3.23	48	0	100
2026-01-30	30.81	-7.59	46	0	100
2026-02-06	30.35	-10.71	45	0	100
2026-02-13	32.48	4.95	52	60	100
2026-02-27	33.41	13.23	57	60	100
2026-03-06	31.39	-3.02	48	0	100
2026-03-13	29.51	-15.36	42	20	100
2026-03-20	27.30	-27.23	36	60	100
2026-03-27	26.40	-30.62	35	60	100
2026-04-03	26.45	-38.24	31	67	100
2026-04-10	27.05	-34.95	33	60	100
2026-04-17	27.45	-30.77	35	50	100
2026-04-24	27.13	-31.82	34	50	100
2026-05-01	26.61	-35.61	32	50	100
2026-05-08	27.96	-28.57	36	50	100
2026-05-15	26.66	-42.71	29	67	100
2026-05-22	25.67	-45.45	27	67	100
2026-05-29	22.51	-54.12	23	67	100
2026-06-05	24.45	-51.21	24	67	100
2026-06-12	21.70	-48.83	26	60	100
2026-06-19	21.99	-52.47	24	67	100
2026-06-26	19.61	-48.75	26	60	100
2026-07-03	20.65	-48.22	26	60	100
2026-07-10	20.88	-44.35	28	60	100
2026-07-17	19.33	-49.2	25	60	100
2026-07-24	18.08	-48.74	26	60	100
2026-07-31	20.17	-39.24	30	33	100
2026-08-07	20.78	-49.05	25	100	100
2026-08-14	21.11	-44.17	28	100	100
2026-08-21	20.42	-39.32	30	100	100
2026-08-28	20.74	-39.55	30	100	100
2026-09-04	26.66	6.43	53	20	83
2026-09-11	21.04	-39.49	30	50	100
2026-09-18	20.41	-25.92	37	20	100
2026-09-25	22.30	-7.3	46	20	100
2026-10-02	23.76	-0.85	50	20	100
2026-10-09	23.40	14.89	57	33	100

SIX SOURCES · LAST 26 OBSERVATIONS

Is support broadening or thinning?

Green is supportive, rose is cautious.
Grey means the reading is unavailable.

Reading	17 Apr	24 Apr	1 May	8 May	15 May	22 May	29 May	5 Jun	12 Jun	19 Jun	26 Jun	3 Jul	10 Jul	17 Jul	24 Jul	31 Jul	7 Aug	14 Aug	21 Aug	28 Aug	4 Sep	11 Sep	18 Sep	25 Sep	2 Oct	9 Oct
Trend	7	6	4	12	5	3	0	1	0	0	0	0	0	0	0	0	0	1	1	1	56	2	1	12	37	34
Momentum	48	50	45	52	39	30	19	22	19	23	21	21	30	20	23	32	35	50	53	50	76	49	47	74	50	77
Underlying pressure	15	15	14	15	15	15	14	12	10	9	8	8	9	8	8	9	9	12	16	22	38	51	58	64	65	68
Price & volume	54	50	47	54	36	40	28	33	45	34	47	49	52	47	47	57	51	48	56	51	—	1	33	55	62	92
Relative strength	6	5	4	7	4	3	1	3	1	1	0	0	1	1	0	1	1	2	2	2	44	3	2	8	23	23
Modeled Trend	62	63	61	60	59	59	58	59	60	59	59	58	58	58	57	56	55	55	55	56	57	57	58	58	59	60

Each cell is a finished component score from 0–100. Components can disagree even when the combined reading stays positive.

STRONGEST CURRENT SOURCE

Price & volume

92/100

LEAST SUPPORTIVE SOURCE

Relative strength

23/100

WHAT WOULD CHANGE THE READ?

Three paths to keep in view

Conditional research scenarios.
No assumed price target or timing.

Continuation

Price and evidence stay together

Look for the current direction to hold across trend, pressure and relative strength. A rising price with weaker EMD is a less convincing continuation.

Change of direction

Watch for loss of support

If price keeps rising while EMD falls, inspect which readings are weakening. Broad deterioration matters more than a single soft week.

Cycle context

A range extreme is a location

An upper zone can persist during a strong advance; a lower zone can persist during a decline. Use departures, EMD direction and the related price charts together.

EARLIER COMPARABLE READINGS

What followed similar conditions?

Same ticker · similar score and direction of change.
Returns exclude costs and dividends.

4 WEEKS LATER+3.8%

Median price return · 5 non-overlapping examples

Observed range: -11.8% to +16.1%
Positive returns: 60%
All-period comparison: -0.0% median

13 WEEKS LATER+0.2%

Median price return · 3 non-overlapping examples

Observed range: -5.2% to +33.3%
Positive returns: 67%
All-period comparison: -7.9% median

How these comparisons are selected

Earlier observations must have the same constructive/fading/repair/deterioration condition, a score within ten points of today’s score and at least the same component coverage. The first 30 observations are omitted for warm-up; examples are spaced by the forward horizon to avoid overlap. Gapped return windows are excluded. The all-period comparison uses the same available history and spacing, without matching the current state. These are reconstructed observations, not a point-in-time strategy backtest or a forecast.

RECENT CYCLE HISTORY

How the current reading developed

13 Mar 2026Down-cycle confirmedCNY 29.51

12 Dec 2025Down-cycle confirmedCNY 28.57

10 Oct 2025Down-cycle confirmedCNY 30.17

13 Jun 2025Down-cycle confirmedCNY 27.17

3 Jan 2025Down-cycle confirmedCNY 18.40

13 Dec 2024Upper cycle zone confirmedCNY 21.80

23 Aug 2024Up-cycle confirmedCNY 15.50

5 Apr 2024Lower cycle zone confirmedCNY 16.48

THE FULL PRICE CYCLE

Follow the journey from one zone to the other

Cycle states use trailing completed-week observations.

Lower zone

Price establishes residence near the bottom of its long-cycle range. Improving EMD separates early repair from continued deterioration.

Upward journey

Price leaves the lower zone while EMD confirms improving participation. The objective is the broader move toward the upper zone, not a short weekly trade.

Upper zone

Price establishes residence near the top of its long-cycle range. A high range position can persist. Watch EMD for exhaustion and loss of support before interpreting it as a turn.

Downward journey

Price leaves the upper zone while EMD weakens. The reverse cycle remains active until lower-zone residence is confirmed again.

CURRENT READINGS