{"schema_version":"1.0","name":"HQED Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"087b5f6d-ec54-4392-b8d0-a3af765fb06b","symbol":"HQED","name":"HSBC ETFS PLC HSBC PLU EM EQ IN","exchange":"LSE","country":"GB","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 has moved below the distribution zone after Market Dynamics weakened.","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, Range pressure and compression, Range position and boundary pressure, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, 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":52,"displayedObservations":52,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.289333,0.21732,-0.013877,-0.156493,-0.202759,-0.083233,-0.005687,0.119702,0.288385,0.345073,0.489852,0.616545,0.575036,0.683782,0.719712,0.651618,0.682029,0.545905,0.189474,-0.079496,-0.343895,-0.574562,-0.560403,-0.540389],"opens":[11.342,11.58,11.026,11.096,11.373,12.107,12.71,12.712,13.086,13.728,13.074,13.752,13.704,13.692,14.236,13.565958,13.68978,13.49959,12.75,12.816091,13.17,12.944,13.294,13.788],"highs":[11.954,11.958,11.682,11.568,12.23,12.824,12.728,12.786,13.724,13.746,13.434,13.966,13.742,13.854,14.236,13.565958,13.68978,13.49959,12.808,13.266,13.19,13.388,13.698,13.856],"lows":[11.334,11.346,10.95,11.096,11.373,12.107,12.632,12.564,12.934,13.134,12.936,13.752,13.419,13.626,14.236,13.565958,13.636289,13.29355,12.75,12.816091,12.397187,12.893,13.214,13.337],"closes":[11.461,11.346,11.163,11.37,12.179,12.824,12.728,12.871,13.623,13.192,13.405,13.966,13.419,13.854,14.236,13.565958,13.636289,13.44808,12.808,12.887413,12.894,13.28,13.598,13.554],"hoverRows":[[{"label":"Open","value":"11.3","className":"is-ohlc","compact":true},{"label":"High","value":"12.0","className":"is-ohlc","compact":true},{"label":"Low","value":"11.3","className":"is-ohlc","compact":true},{"label":"Close","value":"11.5","className":"is-ohlc","compact":true},{"label":"Market 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repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"13.8","className":"is-ohlc","compact":true},{"label":"High","value":"13.9","className":"is-ohlc","compact":true},{"label":"Low","value":"13.3","className":"is-ohlc","compact":true},{"label":"Close","value":"13.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.54","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[10.97862,14.42038],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.540389,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly 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 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":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics improved this week but 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":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":13.623},{"date":"2026-08-14","price":13.598}],"reversal_dangers":[{"date":"2026-05-15","price":13.192},{"date":"2026-08-21","price":13.554}]}},"smTape":{"available":true,"dates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","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":[9.9054,9.9835,10.3463,10.4377,10.2886,10.6196,10.3264,10.5868,10.7354,10.8601,10.6635,10.9316,10.4392,10.7522,10.8838,10.7761,10.8439,10.9246,11.1937,11.3771,11.5067,11.7319,11.89,11.972,12.164,12.473,12.604,11.576,11.461,11.346,11.163,11.37,12.179,12.824,12.728,12.871,13.623,13.192,13.405,13.966,13.419,13.854,14.236,13.566,13.6363,13.4481,12.808,12.8874,12.894,13.28,13.598,13.554],"consensus":[-100.0,100.0,91.4595,-39.4504,34.2078,91.9811,-18.961,70.846,66.5025,39.597,0.0,69.4512,-54.9353,51.5961,60.171,0.0,41.3774,49.6141,67.0074,58.2989,45.9942,70.6229,51.4839,67.9043,69.112,86.8289,65.3449,-52.409,-33.2853,-47.4346,-44.3476,0.0,56.9518,77.0905,43.4126,57.3557,74.2489,0.0,66.7256,69.7653,-9.067,62.7269,50.2131,0.0,12.1195,0.0,-31.8615,-22.0984,-23.3566,23.4649,50.3701,10.7627],"supportDates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","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,93.0742,-25.5421,68.2273,61.8324,23.1294,0.0,65.4485,-45.7095,68.3633,68.0999,0.0,43.7805,62.0947,82.1779,65.4096,42.4724,83.649,48.5392,65.3072,60.3905,89.6374,52.295,-47.2255,-18.4748,-36.8151,-26.296,0.0,60.8276,82.7151,50.3768,65.8137,82.5357,0.0,65.8879,81.1373,-16.9744,74.0416,49.7685,0.0,2.4927,0.0,-21.0405,-18.4325,-13.9206,33.65,45.0277,4.8384],"force":[-100.0,100.0,91.4595,-39.4504,55.7826,97.9252,-83.7126,72.1997,53.1383,9.8072,0.0,63.9143,-96.6183,62.0606,39.5866,0.0,28.6513,33.6049,52.4916,36.3938,20.8549,48.1753,26.1336,64.8401,75.6595,94.9944,69.9712,-98.5591,-49.3667,-65.5965,-59.6943,0.0,63.8342,92.2136,9.6841,37.8362,68.384,0.0,75.5556,54.3184,-48.8286,48.12,30.8174,0.0,3.7612,0.0,-24.013,-3.0866,-12.3621,47.3988,79.0264,8.5694],"direction":[null,null,null,null,98.4867,86.4859,-34.8114,72.8719,81.3857,79.6956,0.0,77.9805,-35.7056,24.959,65.8124,0.0,47.7212,46.7858,60.0382,65.819,67.9757,71.7699,72.9567,73.0611,74.4027,77.7868,76.9547,-25.3686,-38.7249,-46.5983,-54.016,0.0,47.6063,59.8602,59.5452,61.632,68.9674,0.0,61.3758,67.8021,-28.3711,60.2295,64.5752,0.0,34.4649,0.0,-49.8345,-44.2773,-41.9939,5.271,36.0069,31.3419],"intensity":[null,null,null,null,50.0,80.0,50.0,42.8571,50.0,44.4444,30.0,54.5455,100.0,69.2308,21.4286,13.3333,12.5,35.2941,61.1111,89.4737,40.0,38.0952,86.3636,8.6957,45.8333,72.0,96.1538,100.0,89.2857,17.2414,90.0,29.0323,96.875,93.9394,91.1765,17.1429,97.2222,81.0811,57.8947,94.8718,87.5,78.0488,88.0952,88.3721,13.6364,62.2222,89.1304,76.5957,68.75,79.5918,50.0,17.6471],"confirmation":[54.6667,54.6667,51.9337,35.2908,24.6831,97.5984,38.0337,90.7519,88.9447,80.0141,37.8832,90.1166,86.9902,84.5742,86.5066,5.3036,80.8163,83.1984,88.7688,85.8797,82.0057,89.7167,83.7471,89.6756,90.4483,95.9913,89.2502,86.2563,79.3671,83.8944,82.934,29.268,86.3753,93.0441,80.758,85.6301,91.4546,34.532,89.6341,89.6808,32.7119,87.455,83.4839,4.9875,27.01,27.3885,78.1214,52.3516,75.2828,54.5408,85.0732,3.4368],"persistence":[null,null,33.3333,0.0,20.0,33.3333,14.2857,25.0,50.0,50.0,37.5,62.5,37.5,37.5,62.5,50.0,50.0,50.0,62.5,62.5,87.5,87.5,87.5,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5,12.5,37.5,50.0,75.0,87.5,62.5,62.5,62.5,50.0,50.0,50.0,25.0,0.0,0.0,0.0,0.0,12.5],"assessmentRisk":[null,null,null,null,31.4547,3.8964,5.2794,6.751,15.2247,21.7228,44.4337,11.673,13.3879,45.5788,4.5176,25.7879,25.6596,5.8131,9.692,20.4496,26.8087,14.6329,24.0986,15.7789,15.3168,6.5854,17.3275,15.5968,31.9983,26.1723,27.8074,26.965,18.9882,11.3622,28.2308,21.2374,12.6852,30.0856,10.9876,13.8981,17.7618,14.386,23.0389,32.3904,15.4315,32.7285,33.8854,34.1845,34.7214,30.9957,22.8246,41.1067],"volumeParticipation":true,"latest":{"consensus":10.8,"control":4.8,"force":8.6,"direction":31.3,"confirmation":3.4,"persistence":12.5,"assessmentRisk":41.1,"intensity":17.6,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+10.8","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+4.8","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+8.6","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+31.3","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"3/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"59.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.6%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"20.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"79%","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 and its trend references are aligned upward.","series":[{"label":"Close","values":[9.9054,9.9835,10.3463,10.4377,10.2886,10.6196,10.3264,10.5868,10.7354,10.8601,10.6635,10.9316,10.4392,10.7522,10.8838,10.7761,10.8439,10.9246,11.1937,11.3771,11.5067,11.7319,11.89,11.972,12.164,12.473,12.604,11.576,11.461,11.346,11.163,11.37,12.179,12.824,12.728,12.871,13.623,13.192,13.405,13.966,13.419,13.854,14.236,13.566,13.6363,13.4481,12.808,12.8874,12.894,13.28,13.598,13.554],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,10.1157,10.2073,10.229,10.294,10.3743,10.4626,10.4991,10.5778,10.5526,10.5889,10.6425,10.6668,10.699,10.74,10.8225,10.9233,11.0294,11.1571,11.2904,11.4143,11.5506,11.7183,11.8794,11.8242,11.7582,11.6832,11.5886,11.5489,11.6635,11.8745,12.0297,12.1826,12.4445,12.5804,12.7303,12.955,13.0394,13.1875,13.3781,13.4123,13.453,13.4521,13.335,13.2536,13.1882,13.2049,13.2764,13.3269],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,10.3023,10.3357,10.3763,10.4059,10.4383,10.4744,10.5276,10.5906,10.6584,10.7379,10.8233,10.9084,11.0014,11.1104,11.221,11.2473,11.2631,11.2693,11.2614,11.2695,11.3368,11.447,11.5419,11.6403,11.7872,11.8913,12.0034,12.1488,12.2429,12.3622,12.501,12.5799,12.6581,12.7167,12.7234,12.7356,12.7473,12.7868,12.8469,12.8992],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,10.991,11.006,11.0886,11.0622,11.0789,11.1179,11.1284,11.1471,11.1757,11.2546,11.3606,11.4505,11.5801,11.7584,11.9282,12.1021,12.3412,12.5496,12.5665,12.5752,12.5787,12.5635,12.5656,12.6039,12.7902,12.9276,13.0547,13.3428,13.4732,13.6397,13.9151,14.0372,14.2296,14.478,14.5761,14.675,14.7403,14.7479,14.7244,14.673,14.6008,14.4631,14.2678],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,9.827,9.8582,9.8588,9.88,9.9035,9.9167,9.9386,9.9565,9.9693,9.9558,9.9269,9.9971,10.0424,10.0185,10.0021,10.0158,9.962,9.9814,10.0634,10.1272,10.1724,10.2374,10.2792,10.4149,10.4357,10.4828,10.5652,10.555,10.6513,10.706,10.6895,10.7586,10.7784,10.7646,10.8259,10.8742,10.9065,10.9193,11.0739,11.2686,11.5341,11.9154,12.329],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-08-29","2025-09-05","2025-09-12","2025-09-19","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":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,1.9223,1.851,1.8232,1.8091,1.7202,1.7307,1.7163,1.736,1.7261,1.7857,1.7739,1.7903,1.7609,1.8477,2.4937,2.7253,2.9415,3.2446,3.2545,3.3257,3.3322,3.2252,3.0848,3.1536,3.3554,3.3315,3.2562,3.4381,3.3165,3.1887,3.4599,3.2611,3.2526,3.5605,3.5397,3.7243,3.624,3.5407,3.572],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,88.8362,97.4485,86.329,69.6339,92.3963,50.5949,77.1649,88.3346,79.1958,84.9498,91.8039,100.0,97.963,92.825,100.0,91.842,95.5216,96.0276,102.5344,92.0019,54.1431,45.8793,41.379,33.2308,41.4528,72.9454,99.1683,95.1762,101.1228,96.9252,83.2465,89.2199,100.0,83.4867,96.6188,100.0,79.7228,81.7495,76.0219,56.5429,58.9596,59.1601,70.9069,80.5843,79.2453],"stroke":"#10243b","width":2.0},{"label":"From 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