{"schema_version":"1.0","name":"NEHI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0498edd2-d9d7-4471-8c8f-b9f465412e3f","symbol":"NEHI","name":"NEOS ETHEREUM HIGH INCOME ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","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, Drawdown and recovery pressure, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, 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":38,"displayedObservations":38,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","evidenceAlignment":{"status":"Unsupported elevation","headline":"Price remains elevated without full Market Dynamics support","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. Price remains elevated in the distribution zone.","take":"This is a downside warning, not a confirmed reversal. Stronger Market Dynamics would repair the gap; weaker price would begin to confirm it.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.370849,-0.565142,-0.675984,-0.687811,-0.737151,-0.675516,-0.655279,-0.589447,-0.453984,-0.309498],"opens":[26.505758,25.501497,22.854013,24.732559,24.620684,25.693625,26.729065,25.392612,26.33886,26.319349],"highs":[26.79046,25.764299,24.547624,25.666965,26.386764,26.662121,27.031474,26.680289,26.436411,31.68],"lows":[24.343223,22.250543,22.600945,24.537891,24.440278,25.460898,25.656,25.363346,25.752966,26.251063],"closes":[24.790959,22.90268,24.314023,25.501497,25.541704,25.773062,25.773062,26.485187,26.085226,31.46],"hoverRows":[[{"label":"Open","value":"26.5","className":"is-ohlc","compact":true},{"label":"High","value":"26.8","className":"is-ohlc","compact":true},{"label":"Low","value":"24.3","className":"is-ohlc","compact":true},{"label":"Close","value":"24.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.37","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.5","className":"is-ohlc","compact":true},{"label":"High","value":"25.8","className":"is-ohlc","compact":true},{"label":"Low","value":"22.3","className":"is-ohlc","compact":true},{"label":"Close","value":"22.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.57","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.9","className":"is-ohlc","compact":true},{"label":"High","value":"24.5","className":"is-ohlc","compact":true},{"label":"Low","value":"22.6","className":"is-ohlc","compact":true},{"label":"Close","value":"24.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.68","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.7","className":"is-ohlc","compact":true},{"label":"High","value":"25.7","className":"is-ohlc","compact":true},{"label":"Low","value":"24.5","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.69","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.6","className":"is-ohlc","compact":true},{"label":"High","value":"26.4","className":"is-ohlc","compact":true},{"label":"Low","value":"24.4","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.74","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.7","className":"is-ohlc","compact":true},{"label":"High","value":"26.7","className":"is-ohlc","compact":true},{"label":"Low","value":"25.5","className":"is-ohlc","compact":true},{"label":"Close","value":"25.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.68","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"26.7","className":"is-ohlc","compact":true},{"label":"High","value":"27.0","className":"is-ohlc","compact":true},{"label":"Low","value":"25.7","className":"is-ohlc","compact":true},{"label":"Close","value":"25.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.66","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.4","className":"is-ohlc","compact":true},{"label":"High","value":"26.7","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"26.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.59","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"26.3","className":"is-ohlc","compact":true},{"label":"High","value":"26.4","className":"is-ohlc","compact":true},{"label":"Low","value":"25.8","className":"is-ohlc","compact":true},{"label":"Close","value":"26.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.45","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"26.3","className":"is-ohlc","compact":true},{"label":"High","value":"31.7","className":"is-ohlc","compact":true},{"label":"Low","value":"26.3","className":"is-ohlc","compact":true},{"label":"Close","value":"31.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.31","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":[22.389241,31.973439],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.309498,"state":"Price ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"price":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Unsupported elevation","detail":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","tone":"negative"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is in distribution and ahead of Market Dynamics. The advance is not fully confirmed while that gap remains open.","annotations":[{"label":"Current tape relationship","value":"Unsupported elevation","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","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":"Not confirming","detail":"Market Dynamics has strengthened over four weeks, but it still lags the elevated price.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":10,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2025-12-05","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":[41.7524,42.5781,41.5944,40.9241,43.2908,43.0029,45.6959,41.6332,38.155,29.9026,29.6146,28.5422,28.0033,28.6589,30.2216,30.8068,29.1159,29.8828,32.4793,34.4752,33.5161,33.3832,33.6205,32.6146,30.4298,29.7326,23.439,24.8918,24.791,22.9027,24.314,25.5015,25.5417,25.7731,25.7731,26.4852,26.0852,31.46],"consensus":[-70.5883,-84.6024,25.7441,-34.9778,44.5456,0.0,53.7774,-35.4214,-66.267,-77.1818,-42.8318,-50.0071,-47.1142,-32.1445,-8.695,-16.908,-41.1421,-13.9639,29.7075,46.9405,0.0,16.6908,8.9087,-25.9118,-55.6961,-38.5365,-77.3037,-24.5523,-46.2821,-61.228,0.0,0.0,0.0,0.0,-14.7885,17.3304,-8.0881,-71.4752],"supportDates":["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,0.0,54.0401,-37.6972,-54.2944,-68.6107,-30.6381,-38.6767,-37.5982,-34.6899,-11.0614,-31.475,-55.0498,-23.6606,28.6227,42.1447,0.0,11.735,2.3997,-24.9339,-57.39,-38.5889,-79.0623,-19.2989,-49.2694,-64.227,0.0,0.0,0.0,0.0,-29.0311,17.9131,-13.6921,-64.6352],"force":[-70.5883,-84.6024,25.7441,-34.9778,39.6156,0.0,41.6838,-72.7446,-88.3162,-86.1928,-11.8565,-27.8402,-20.2945,-5.4373,-30.8455,-6.2414,-41.5214,-7.2465,56.8446,71.011,0.0,11.8568,4.7443,-48.2306,-81.4109,-36.2729,-97.3708,-14.4838,-26.5903,-57.3026,0.0,0.0,0.0,0.0,-9.2178,32.6045,-9.3053,-97.6997],"direction":[null,null,null,null,48.067,0.0,62.1155,-6.1611,-64.2006,-80.5409,-78.8925,-78.7895,-77.1467,-56.0798,-34.2338,-16.7953,-24.9767,-18.0321,11.5635,35.2282,0.0,25.8073,19.3223,-11.0874,-35.3925,-40.0935,-60.9602,-58.4392,-56.9337,-60.6045,0.0,0.0,0.0,0.0,-2.4903,5.7543,-0.8142,-60.5604],"intensity":[null,null,null,null,50.0,40.0,83.3333,100.0,87.5,100.0,60.0,18.1818,8.3333,30.7692,7.1429,13.3333,25.0,5.8824,66.6667,47.3684,10.0,9.5238,13.6364,13.0435,62.5,24.0,96.1538,92.5926,21.4286,55.1724,23.3333,51.6129,3.125,15.1515,2.9412,5.7143,5.5556,94.5946],"confirmation":[45.2549,49.7394,30.9048,33.8596,59.3626,4.39,84.8362,57.771,90.0599,93.1034,80.948,83.4994,82.4042,55.5954,30.7883,51.1479,80.9651,50.5535,78.35,83.8276,4.737,73.2692,25.4897,76.9869,86.5806,80.2619,93.322,32.5037,82.1646,87.4276,7.6064,6.1771,26.4334,3.0127,49.6788,51.3357,47.8732,91.7755],"persistence":[null,null,33.3333,50.0,20.0,16.6667,0.0,12.5,12.5,12.5,37.5,37.5,62.5,75.0,100.0,100.0,100.0,100.0,75.0,50.0,37.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,50.0,75.0,87.5,75.0,62.5,50.0,50.0,25.0,25.0,0.0],"assessmentRisk":[null,null,null,null,18.6816,16.7214,22.7765,33.8196,15.7478,11.3761,28.5808,24.9816,26.3623,4.9105,14.932,41.4745,39.0822,27.8648,17.6329,19.4214,43.7172,35.4671,32.4876,32.2542,21.0809,30.2482,11.3394,37.6424,26.3279,19.2047,18.3872,12.6953,21.8761,47.6178,38.832,14.1912,17.3806,13.289],"volumeParticipation":true,"latest":{"consensus":-71.5,"control":-64.6,"force":-97.7,"direction":-60.6,"confirmation":91.8,"persistence":0.0,"assessmentRisk":13.3,"intensity":94.6,"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 strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-71.5","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-64.6","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-97.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-60.6","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"92/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"57.3","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"8.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"35.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"74%","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":[41.7524,42.5781,41.5944,40.9241,43.2908,43.0029,45.6959,41.6332,38.155,29.9026,29.6146,28.5422,28.0033,28.6589,30.2216,30.8068,29.1159,29.8828,32.4793,34.4752,33.5161,33.3832,33.6205,32.6146,30.4298,29.7326,23.439,24.8918,24.791,22.9027,24.314,25.5015,25.5417,25.7731,25.7731,26.4852,26.0852,31.46],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,41.9719,42.1593,42.8024,42.5898,41.7835,39.6233,37.8035,36.1196,34.6439,33.5558,32.9496,32.56,31.9338,31.5609,31.7279,32.2274,32.4617,32.6292,32.8095,32.774,32.3478,31.8723,30.339,29.3486,28.5199,27.4986,26.9196,26.6618,26.4581,26.3336,26.2316,26.2777,26.2427,27.1913],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,38.4482,37.7231,37.1674,36.6963,36.1347,35.6716,35.4352,35.3641,35.2272,35.0906,34.9817,34.8063,34.4822,34.1303,33.3384,32.7127,32.1259,31.4427,30.9147,30.5137,30.1454,29.8215,29.5216,29.2967,29.0588,29.2367],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,49.0054,49.9394,50.4057,50.5457,50.3563,49.9381,49.4838,49.1354,48.7378,48.3031,47.9352,47.2112,46.2701,45.4292,44.6003,43.1247,41.4742,38.9584,37.0364,35.8364,36.2261,36.3411,36.3758,36.4078,36.3972,36.2645,36.0365,35.9451,36.1201],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,-2.3102,-3.8846,0.0,-0.6651,0.0,-8.8907,-16.5023,-34.5618,-35.1921,-37.5389,-38.7181,-37.2834,-33.8635,-32.583,-36.2834,-34.6051,-28.9229,-24.5552,-26.6541,-26.9448,-26.4256,-28.6268,-33.4081,-34.9337,-48.7065,-45.5273,-45.7479,-49.8802,-46.7917,-44.193,-44.105,-43.5987,-43.5987,-42.0403,-42.9156,-31.1535],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,1.7328,0.0,0.0,0.0,0.0,0.0,2.3412,7.9217,10.0114,3.973,6.7117,15.9838,23.1111,19.6862,19.2118,20.0589,16.467,8.665,6.1755,0.0,6.198,5.7679,0.0,6.1623,11.3472,11.5228,12.533,12.533,15.6423,13.896,37.3638],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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