{"schema_version":"1.0","name":"JELM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"0a048858-b2ab-469b-ad2c-d5995ad444df","symbol":"JELM","name":"JANUS HENDERSON EQUITY LINKED MODERATE INCOME ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression."},{"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":18,"displayedObservations":18,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[25.057181,24.96517,25.034711,24.935367,24.994973,25.193661,25.162263,25.147318,25.217061,24.955666,25.079528,25.042669,25.162015,25.132178,25.191851,25.34,25.52,25.605],"highs":[25.107036,25.342677,25.074448,25.134055,25.203596,25.36651,25.227024,25.147318,25.236987,25.168708,25.191851,29.090471,25.350978,25.331087,25.49,25.49,28.45,25.67],"lows":[24.962456,24.756547,24.915498,24.935367,24.994973,25.139022,25.117428,25.042703,25.027758,24.945757,24.963105,25.012932,25.122233,25.132178,25.191851,25.23,25.39,25.43],"closes":[24.972427,25.018617,25.024776,25.059745,25.129088,25.23629,25.170233,25.142336,25.09252,25.029983,25.087424,25.206968,25.216715,25.290311,25.4725,25.489,25.64,25.59],"hoverRows":[[{"label":"Open","value":"25.1","className":"is-ohlc","compact":true},{"label":"High","value":"25.1","className":"is-ohlc","compact":true},{"label":"Low","value":"25.0","className":"is-ohlc","compact":true},{"label":"Close","value":"25.0","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.1","className":"is-ohlc","compact":true},{"label":"High","value":"25.3","className":"is-ohlc","compact":true},{"label":"Low","value":"25.1","className":"is-ohlc","compact":true},{"label":"Close","value":"25.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.2","className":"is-ohlc","compact":true},{"label":"High","value":"25.5","className":"is-ohlc","compact":true},{"label":"Low","value":"25.2","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.3","className":"is-ohlc","compact":true},{"label":"High","value":"25.5","className":"is-ohlc","compact":true},{"label":"Low","value":"25.2","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","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":"28.4","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"25.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.7","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"25.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[24.932373,25.680054],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":18,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-24","price":24.972427}],"reversal_dangers":[{"date":"2026-05-01","price":25.018617}]}},"smTape":{"available":true,"dates":["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":[24.9724,25.0186,25.0248,25.0597,25.1291,25.2363,25.1702,25.1423,25.0925,25.03,25.0874,25.207,25.2167,25.2903,25.4725,25.489,25.64,25.59],"consensus":[-86.2069,-10.5762,37.4998,14.6156,47.6519,39.9069,18.1206,20.1934,-13.1998,-25.5648,8.477,11.9228,10.0884,30.7192,48.5056,36.0734,21.1722,16.0728],"supportDates":["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,34.6337,8.4823,20.0253,-14.8976,-10.168,9.7175,2.7767,6.4821,28.0822,46.6901,37.0235,8.3794,16.7671],"force":[-86.2069,-10.5762,37.4998,14.6156,27.6465,21.7812,0.5857,8.9161,-26.602,-41.2473,29.2695,22.5412,4.8411,35.4999,53.4257,25.9925,25.7036,0.4792],"direction":[null,null,null,null,61.9415,58.8803,42.4974,28.4406,-1.6864,-31.9594,7.7925,14.791,17.9579,30.3183,47.0662,42.1883,32.5558,26.4175],"intensity":[null,null,null,null,50.0,60.0,50.0,42.8571,50.0,44.4444,10.0,100.0,91.6667,30.7692,71.4286,6.6667,87.5,82.3529],"confirmation":[50.2529,26.051,34.6666,27.3437,59.6674,80.2981,50.8337,74.1207,49.9398,76.8933,50.3232,49.6116,25.79,78.016,83.6994,79.2218,75.1081,49.9908],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,75.0,100.0],"assessmentRisk":[null,null,null,null,26.1739,30.0463,40.4815,35.3236,21.8995,37.1306,48.8935,32.6138,43.3332,34.6237,25.7445,31.9198,39.4117,41.8935],"volumeParticipation":true,"latest":{"consensus":16.1,"control":16.8,"force":0.5,"direction":26.4,"confirmation":50.0,"persistence":100.0,"assessmentRisk":41.9,"intensity":82.4,"evidenceDepth":69},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+16.1","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+16.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+0.5","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+26.4","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"50/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"83.2","detail":"Stretched positive","tone":"positive"},{"label":"Risk pressure","value":"2.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"19%","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":[24.9724,25.0186,25.0248,25.0597,25.1291,25.2363,25.1702,25.1423,25.0925,25.03,25.0874,25.207,25.2167,25.2903,25.4725,25.489,25.64,25.59],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.0249,25.0633,25.0828,25.0936,25.0934,25.0819,25.0829,25.1054,25.1257,25.1556,25.2132,25.2634,25.3318,25.3788],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.0658,25.0824,25.1113,25.1393,25.1764,25.207],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,25.2422,25.235,25.2533,25.2693,25.3028,25.3928,25.4588,25.5551,25.6112],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower 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