{"schema_version":"1.0","name":"SMH Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"08e6499d-8ca1-4d3d-a494-c4a0e23662ab","symbol":"SMH","name":"VanEck Semiconductor ETF","exchange":"MEX","country":"MX","asset_type":"etf","currency":"MXN","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, Acceleration, deceleration and rollover, Strength versus the research benchmark, Range pressure and compression, 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":67,"displayedObservations":67,"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":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.54778,0.816037,0.721949,0.660688,0.480595,0.183059,0.148614,0.334669,0.530558,0.734415,0.763822,0.764493,0.745022,0.686031,0.505286,0.165018,-0.110438,-0.306355,-0.34336,0.016307,0.487156,0.928711,1.393005,1.516813,1.605773,1.695234,1.681508,1.538831,1.433196,1.291591,1.06291,0.880383,0.631792,0.26988,0.083762,-0.051496,-0.283033,-0.397159,-0.5206],"opens":[6173.880774,6418.268926,6715.737929,6448.89353,6500.0,6531.799805,6806.379883,6958.740234,7117.0,6882.899902,7070.0,6866.680176,7150.0,7163.220215,7019.830078,6701.0,7025.220215,7053.799805,6637.149902,7021.140137,7595.810059,8015.709961,8713.19043,8935.0,9839.269531,9550.540039,10043.089844,10900.69043,10586.160156,11515.0,10800.0,10330.0,10457.700195,9600.009766,9939.490234,9843.759766,9105.320313,9962.5,10153.0],"highs":[6429.387359,6670.775649,6764.699219,6448.89353,6558.959961,6637.919922,7019.410156,7200.0,7117.0,7195.0,7070.0,7179.609863,7150.0,7329.649902,7054.5,7094.080078,7053.850098,7130.470215,7063.0,7604.089844,8019.919922,8860.179688,8851.299805,9751.290039,9995.280273,10064.879883,10605.389648,10900.69043,10675.259766,11515.0,10800.019531,10330.0,10732.259766,9874.620117,10290.0,9843.759766,10051.280273,10166.519531,10153.0],"lows":[6105.502331,6418.268926,6590.44929,6099.833292,6446.52002,6504.299805,6775.359863,6848.399902,6864.0,6877.089844,6529.910156,6866.680176,6862.959961,6954.0,6904.680176,6701.0,6864.140137,6775.470215,6549.299805,6973.259766,7595.810059,7986.120117,8458.769531,8835.0,9425.0,9187.30957,10043.089844,10000.0,10441.0,11515.0,10670.0,10330.0,10457.700195,9445.009766,9655.030273,8863.980469,9105.320313,9762.0,9427.629883],"closes":[6427.427246,6618.194824,6627.862793,6438.425293,6555.439941,6637.919922,7019.410156,7069.600098,6934.0,7043.939941,6952.129883,6982.0,7064.870117,6999.100098,6962.009766,6936.060059,6870.810059,6775.720215,7000.169922,7574.22998,8019.140137,8790.0,8840.339844,9723.919922,9702.0,10043.089844,10426.889648,10039.769531,10647.0,11515.0,10715.0,10330.0,10679.589844,9765.94043,9757.139648,9396.230469,9962.5,9949.169922,9474.0],"hoverRows":[[{"label":"Open","value":"6,174","className":"is-ohlc","compact":true},{"label":"High","value":"6,429","className":"is-ohlc","compact":true},{"label":"Low","value":"6,106","className":"is-ohlc","compact":true},{"label":"Close","value":"6,427","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-0.52","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":[6122.172881,11820.254365],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.5206,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","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 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":"Price response ahead of support","detail":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","annotations":[{"label":"Current tape relationship","value":"Price response ahead of support","detail":"Market Dynamics weakened this week and remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"10 Apr 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Lagging price","detail":"Price is extended relative to Market Dynamics. 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Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":53.1,"sample":1},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"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."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 53.1% across 1 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 4 cases. Distinct visits lasted 3.2 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 8.2% across 1 completed cases, with the largest move arriving after 1.0 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics 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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":"-43.5","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-43.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-60.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-31.3","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"82/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.1","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"6.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"29.7","detail":"Directional","tone":"positive"},{"label":"Range position","value":"59%","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 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