{"schema_version":"1.0","name":"CNQQ Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"05ed11e5-1133-429f-b363-796dddde74c5","symbol":"CNQQ","name":"RayliantChinaAMC Transformative China Tech ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and 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, Activity pressure and cumulative balance, Range pressure and compression, Acceleration, deceleration and rollover, Directional strength and control, Drawdown and recovery 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":48,"displayedObservations":48,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and 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 weakened this week and 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":["2026-04-10","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":[-0.065513,0.046229,0.238595,0.46934,0.836999,1.072201,1.263553,1.401354,1.28496,1.226606,1.155283,1.144759,1.087689,1.054417,0.670953,0.304917,-0.072918,-0.464378,-0.531867,-0.678364],"opens":[21.376645,22.864324,24.172283,23.757781,24.269083,25.387198,25.037787,25.806491,24.893689,24.601798,25.443109,26.415628,25.793706,25.153862,25.013896,23.614238,24.224089,23.19,24.44,24.54],"highs":[22.864324,24.292096,24.182268,24.328982,24.987871,26.305649,25.466863,25.878869,26.107407,25.253309,26.232275,26.435602,26.783465,26.47354,25.673735,24.813945,24.234087,24.6919,24.48,24.56],"lows":[21.276801,22.844355,23.677655,23.408695,24.183627,24.82814,24.848107,25.383172,24.809878,24.364249,25.291369,25.47685,24.554009,24.943914,23.554253,23.60424,23.07,23.19,23.96,23.38],"closes":[22.766676,24.179472,23.830816,24.208585,24.808174,24.864279,25.235853,25.383172,24.809878,24.653943,26.182128,25.700958,24.718968,25.706128,23.735008,23.754204,23.53,24.6919,24.01,23.69],"hoverRows":[[{"label":"Open","value":"21.4","className":"is-ohlc","compact":true},{"label":"High","value":"22.9","className":"is-ohlc","compact":true},{"label":"Low","value":"21.3","className":"is-ohlc","compact":true},{"label":"Close","value":"22.8","className":"is-ohlc","compact":true},{"label":"Market 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weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"23.2","className":"is-ohlc","compact":true},{"label":"High","value":"24.7","className":"is-ohlc","compact":true},{"label":"Low","value":"23.2","className":"is-ohlc","compact":true},{"label":"Close","value":"24.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.46","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.4","className":"is-ohlc","compact":true},{"label":"High","value":"24.5","className":"is-ohlc","compact":true},{"label":"Low","value":"24.0","className":"is-ohlc","compact":true},{"label":"Close","value":"24.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.53","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.5","className":"is-ohlc","compact":true},{"label":"High","value":"24.6","className":"is-ohlc","compact":true},{"label":"Low","value":"23.4","className":"is-ohlc","compact":true},{"label":"Close","value":"23.7","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}]],"pressureRange":[-2.3,2.3],"priceRange":[22.561749,26.387055],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.678364,"state":"Negative and weakening","context":{"scenario":"negativeWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and 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":"Negative and weakening","detail":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is between the accumulation and distribution zones. The Market Dynamics bars describe whether the current move is gaining or losing underlying support.","annotations":[{"label":"Current tape relationship","value":"Negative and weakening","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"17 Apr 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-04-17","price":24.179472}],"reversal_warnings":[{"date":"2026-05-08","price":24.808174},{"date":"2026-07-10","price":25.706128}],"reversal_dangers":[{"date":"2026-05-15","price":24.864279},{"date":"2026-07-17","price":23.735008}]}},"smTape":{"available":true,"dates":["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":[24.6842,26.0009,23.5292,23.5065,24.4498,24.1913,23.849,23.2227,22.1992,23.1184,23.3201,23.3575,22.9737,23.5433,23.9838,24.0292,24.2721,24.2677,23.6646,23.3059,23.049,23.1988,22.7771,21.8063,22.4712,21.6774,21.4565,21.5713,22.7667,24.1795,23.8308,24.2086,24.8082,24.8643,25.2359,25.3832,24.8099,24.6539,26.1821,25.701,24.719,25.7061,23.735,23.7542,23.53,24.6919,24.01,23.69],"consensus":[80.8512,64.4737,-87.4003,-26.1697,0.0,-33.8229,-20.0541,-53.2388,-70.3859,0.0,0.0,-13.4611,-15.1159,24.9803,42.6137,13.7561,27.0132,23.6412,-30.646,-29.9384,-35.8725,-12.2792,-47.6973,-60.8586,0.0,-63.2533,-51.5785,-27.4455,33.1977,62.4439,13.7132,50.1989,61.3366,18.6158,53.053,25.9583,0.0,0.0,69.3122,0.0,-30.0,43.7451,-52.5205,-26.7384,-32.2801,26.4361,-28.0322,-26.6057],"supportDates":["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":[null,null,null,null,null,-28.325,-29.9527,-62.051,-67.4159,0.0,0.0,-20.9356,-23.0486,29.034,39.5182,1.6676,11.9655,19.0356,-34.6474,-21.9543,-33.8816,-3.879,-50.8959,-56.1195,0.0,-63.8713,-57.9889,-32.151,40.8658,66.483,4.2535,50.0576,59.4334,5.2656,45.9609,7.6156,0.0,0.0,75.3533,0.0,-31.1039,37.8136,-50.7009,-22.7707,-30.769,40.4457,-37.9312,-30.9536],"force":[80.8512,64.4737,-87.4003,-26.1697,0.0,-34.9815,-10.531,-47.1825,-68.7264,0.0,0.0,-2.8399,-10.4872,38.2831,56.6924,2.5914,31.2436,15.728,-53.155,-44.88,-35.1023,-2.1625,-51.6753,-74.4665,0.0,-74.4601,-36.2709,-3.2978,52.3013,67.6595,21.4378,43.8902,65.0251,6.586,53.9591,8.2569,0.0,0.0,76.2439,0.0,-75.8773,56.0245,-71.104,-15.0646,-24.677,52.9951,-39.9589,-28.7856],"direction":[null,null,null,null,0.0,-39.2786,-15.5437,-47.4936,-74.9655,0.0,0.0,-12.5055,-9.3562,10.8456,36.0952,35.5464,41.1889,34.5569,-9.995,-28.3906,-38.698,-32.1948,-41.2004,-56.5549,0.0,-54.5421,-55.1863,-39.3161,10.7887,54.1025,49.6322,54.8666,60.877,51.8743,60.5111,59.5651,0.0,0.0,57.4569,0.0,-4.031,41.7528,-41.326,-39.6115,-39.4378,8.5456,-8.2001,-20.0797],"intensity":[null,null,null,null,75.0,20.0,16.6667,14.2857,50.0,22.2222,10.0,18.1818,25.0,23.0769,14.2857,46.6667,6.25,29.4118,38.8889,57.8947,5.0,4.7619,22.7273,86.9565,54.1667,60.0,53.8462,7.4074,78.5714,89.6552,60.0,19.3548,56.25,78.7879,61.7647,31.4286,33.3333,64.8649,89.4737,28.2051,70.0,70.7317,95.2381,60.4651,31.8182,75.5556,47.8261,31.9149],"confirmation":[48.5391,43.2983,50.6348,31.041,5.4129,78.9424,73.9763,84.7176,90.5182,37.7477,6.3426,49.2033,72.5751,76.3373,82.1126,26.9126,77.0025,75.3942,78.4317,78.1573,79.4861,26.7452,83.3356,87.9617,8.402,88.5732,83.9409,53.3083,79.0886,88.0795,8.0345,83.8735,87.7691,29.4641,85.1126,53.38,31.9101,4.7755,90.2991,11.0125,57.1746,82.463,85.4006,76.261,78.1209,33.5452,77.183,76.514],"persistence":[null,null,33.3333,0.0,0.0,16.6667,28.5714,37.5,62.5,75.0,62.5,62.5,75.0,50.0,25.0,0.0,25.0,37.5,25.0,25.0,25.0,0.0,25.0,50.0,62.5,87.5,87.5,87.5,62.5,37.5,12.5,12.5,25.0,50.0,75.0,100.0,87.5,75.0,75.0,62.5,37.5,37.5,12.5,12.5,25.0,12.5,37.5,50.0],"assessmentRisk":[null,null,null,null,7.7378,26.9984,22.9314,14.3629,13.196,41.0283,20.193,13.4033,40.8588,8.581,10.8024,34.8589,35.5313,32.9864,12.0244,29.1814,31.337,43.3621,25.5991,19.4964,41.694,18.1519,23.8935,10.9755,7.2757,18.7043,43.0305,24.8542,19.0595,28.8083,21.8333,34.1666,2.9704,17.5495,10.3047,22.9783,8.9774,22.7748,23.4131,35.6123,28.204,53.9231,28.7154,9.7454],"volumeParticipation":true,"latest":{"consensus":-26.6,"control":-31.0,"force":-28.8,"direction":-20.1,"confirmation":76.5,"persistence":50.0,"assessmentRisk":9.7,"intensity":31.9,"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 strengthening","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-26.6","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-31.0","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-28.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-20.1","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"77/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"50.2","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"15.9","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"45%","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":[24.6842,26.0009,23.5292,23.5065,24.4498,24.1913,23.849,23.2227,22.1992,23.1184,23.3201,23.3575,22.9737,23.5433,23.9838,24.0292,24.2721,24.2677,23.6646,23.3059,23.049,23.1988,22.7771,21.8063,22.4712,21.6774,21.4565,21.5713,22.7667,24.1795,23.8308,24.2086,24.8082,24.8643,25.2359,25.3832,24.8099,24.6539,26.1821,25.701,24.719,25.7061,23.735,23.7542,23.53,24.6919,24.01,23.69],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.4569,24.4086,24.3069,24.1098,23.7624,23.6453,23.5862,23.5446,23.4408,23.4594,23.5548,23.641,23.7558,23.8489,23.8154,23.7227,23.6002,23.5273,23.3909,23.1027,22.9879,22.7496,22.5145,22.343,22.4201,22.74,22.9383,23.1693,23.4672,23.7212,23.9966,24.2487,24.3508,24.4059,24.7288,24.9056,24.8717,25.0234,24.7891,24.601,24.4062,24.4582,24.3767,24.2518],"stroke":"#176fa3","width":1.7},{"label":"Slow 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pressure and cumulative balance","description":"Observed activity is compared with its normal backdrop while cumulative balance tracks directional participation.","reason":"Selected because participation is confirming or diverging from the latest price path.","series":[{"label":"Activity versus norm","values":[null,null,null,null,null,null,null,15.0146,30.4096,70.6386,141.3592,103.2519,32.7901,13.3031,49.4735,129.7026,214.8961,61.0532,45.1798,100.6827,47.1995,22.151,37.2954,72.145,47.4323,60.2916,26.5925,11.5663,9.6731,37.9437,96.0019,66.0353,123.3593,148.2242,194.7388,386.2274,103.0521,200.5002,75.0631,205.4179,128.5294,94.4725,54.0271,363.7194,34.4772,58.6311,68.2515,65.0794],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,-0.4307,-0.3983,-0.3332,-0.2748,-0.2066,-0.1511,-0.154,-0.1832,-0.2244,-0.2422,-0.287,-0.3963,-0.4244,-0.5049,-0.5798,-0.6227,-0.5539,-0.381,-0.269,-0.148,-0.0037,0.1138,0.2343,0.3377,0.3692,0.3772,0.5011,0.5541,0.5109,0.55,0.4172,0.3099,0.2044,0.2121,0.1613,0.0941],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.3452,-0.3063,-0.2759,-0.2573,-0.2507,-0.249,-0.2566,-0.2846,-0.3125,-0.351,-0.3968,-0.442,-0.4643,-0.4477,-0.4119,-0.3591,-0.2881,-0.2077,-0.1193,-0.0279,0.0515,0.1167,0.1936,0.2657,0.3147,0.3618,0.3729,0.3603,0.3291,0.3057,0.2768,0.2403],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1386,0.1553,0.1219,0.0742,0.0264,0.0068,-0.0304,-0.1118,-0.1119,-0.1539,-0.183,-0.1808,-0.0896,0.0667,0.143,0.2111,0.2843,0.3215,0.3536,0.3656,0.3177,0.2606,0.3075,0.2884,0.1962,0.1883,0.0443,-0.0504,-0.1247,-0.0936,-0.1155,-0.1461],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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"]},{"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."}