{"schema_version":"1.0","name":"EMSC Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"1c61a396-eb6e-4a69-9821-44d26c96ac4e","symbol":"EMSC","name":"SOPHUS CAPITAL EMERGING MARKET SMALL CAP ETF","exchange":"NASDAQ","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, Activity pressure and cumulative balance, Range pressure and compression, Range position and boundary 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":14,"displayedObservations":14,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","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":["2026-05-22","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],"opens":[25.28,26.87,27.095,26.235,26.38,27.25,25.6,26.06,26.2,24.61,24.47,24.1,25.48,25.6813],"highs":[26.15,27.0318,27.385,26.76,27.13,27.25,26.23,26.11,26.2,25.1765,24.47,26.73,26.14,25.7499],"lows":[25.03,26.34,25.085,25.125,26.24,25.55,25.44,24.95,24.46,24.2284,23.38,24.1,25.38,25.0481],"closes":[25.8015,26.865,25.1838,26.545,26.7963,25.6334,25.6209,25.8024,24.6363,24.2284,23.73,25.5472,25.51,25.2478],"hoverRows":[[{"label":"Open","value":"25.3","className":"is-ohlc","compact":true},{"label":"High","value":"26.1","className":"is-ohlc","compact":true},{"label":"Low","value":"25.0","className":"is-ohlc","compact":true},{"label":"Close","value":"25.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"26.9","className":"is-ohlc","compact":true},{"label":"High","value":"27.0","className":"is-ohlc","compact":true},{"label":"Low","value":"26.3","className":"is-ohlc","compact":true},{"label":"Close","value":"26.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"27.1","className":"is-ohlc","compact":true},{"label":"High","value":"27.4","className":"is-ohlc","compact":true},{"label":"Low","value":"25.1","className":"is-ohlc","compact":true},{"label":"Close","value":"25.2","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":"26.2","className":"is-ohlc","compact":true},{"label":"High","value":"26.8","className":"is-ohlc","compact":true},{"label":"Low","value":"25.1","className":"is-ohlc","compact":true},{"label":"Close","value":"26.5","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":"26.4","className":"is-ohlc","compact":true},{"label":"High","value":"27.1","className":"is-ohlc","compact":true},{"label":"Low","value":"26.2","className":"is-ohlc","compact":true},{"label":"Close","value":"26.8","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":"27.2","className":"is-ohlc","compact":true},{"label":"High","value":"27.2","className":"is-ohlc","compact":true},{"label":"Low","value":"25.6","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":"26.2","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":"26.1","className":"is-ohlc","compact":true},{"label":"High","value":"26.1","className":"is-ohlc","compact":true},{"label":"Low","value":"24.9","className":"is-ohlc","compact":true},{"label":"Close","value":"25.8","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":"26.2","className":"is-ohlc","compact":true},{"label":"High","value":"26.2","className":"is-ohlc","compact":true},{"label":"Low","value":"24.5","className":"is-ohlc","compact":true},{"label":"Close","value":"24.6","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":"24.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.2","className":"is-ohlc","compact":true},{"label":"Low","value":"24.2","className":"is-ohlc","compact":true},{"label":"Close","value":"24.2","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":"24.5","className":"is-ohlc","compact":true},{"label":"High","value":"24.5","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":"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":"24.1","className":"is-ohlc","compact":true},{"label":"High","value":"26.7","className":"is-ohlc","compact":true},{"label":"Low","value":"24.1","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":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"25.5","className":"is-ohlc","compact":true},{"label":"High","value":"26.1","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","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":"Reversal danger","className":"is-negative","wide":true}],[{"label":"Open","value":"25.7","className":"is-ohlc","compact":true},{"label":"High","value":"25.7","className":"is-ohlc","compact":true},{"label":"Low","value":"25.0","className":"is-ohlc","compact":true},{"label":"Close","value":"25.2","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":[23.5419,27.0531],"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":14,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-22","price":25.8015},{"date":"2026-08-07","price":25.5472}],"reversal_dangers":[{"date":"2026-05-29","price":26.865},{"date":"2026-08-14","price":25.51}]}},"smTape":{"available":true,"dates":["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":[25.8015,26.865,25.1838,26.545,26.7963,25.6334,25.6209,25.8024,24.6363,24.2284,23.73,25.5472,25.51,25.2478],"consensus":[37.7679,51.778,-91.4087,42.7462,42.4543,-39.5412,0.0,0.0,-57.9225,-55.2362,-52.2955,23.6614,0.0,-4.0099],"supportDates":["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,-40.7289,0.0,0.0,-52.1996,-51.0109,-48.1356,32.3591,0.0,-16.48],"force":[37.7679,51.778,-91.4087,42.7462,19.0092,-46.4057,0.0,0.0,-66.6121,-56.857,-40.6731,38.7282,0.0,-10.6972],"direction":[null,null,null,null,59.2009,-33.2805,0.0,0.0,-58.2563,-58.9073,-65.3513,2.9591,0.0,-15.0184],"intensity":[null,null,null,null,25.0,40.0,16.6667,14.2857,62.5,33.3333,20.0,100.0,66.6667,7.6923],"confirmation":[34.7524,39.2356,51.9174,36.3454,57.8469,80.8443,24.8664,25.5599,86.8872,85.7894,84.4437,53.2316,25.8111,27.1675],"persistence":[null,null,33.3333,50.0,60.0,33.3333,28.5714,25.0,0.0,25.0,25.0,25.0,37.5,25.0],"assessmentRisk":[null,null,null,null,13.0317,18.8221,22.7834,28.9777,19.5666,17.1156,22.1847,23.6548,32.5219,40.9883],"volumeParticipation":true,"latest":{"consensus":-4.0,"control":-16.5,"force":-10.7,"direction":-15.0,"confirmation":27.2,"persistence":25.0,"assessmentRisk":41.0,"intensity":7.7,"evidenceDepth":54},"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 downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-4.0","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-16.5","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-10.7","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-15.0","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"27/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"-","detail":"Developing","tone":"neutral"},{"label":"Risk pressure","value":"5.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"47%","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 downward.","series":[{"label":"Close","values":[25.8015,26.865,25.1838,26.545,26.7963,25.6334,25.6209,25.8024,24.6363,24.2284,23.73,25.5472,25.51,25.2478],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,26.1237,26.0346,25.9593,25.9308,25.6954,25.4287,25.1199,25.1976,25.2544,25.2532],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.5393,25.5177],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.3686,27.4792,27.3976,27.3228,27.2435],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,24.054,23.5832,23.6674,23.7388,23.7776],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period return","values":[null,4.1219,-6.258,5.4051,0.9467,-4.3398,-0.0488,0.7084,-4.5193,-1.6557,-2.0571,7.6578,-0.1456,-1.0278],"stroke":"#176fa3","width":1.7},{"label":"Cumulative 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range","values":[4.3408,2.5751,9.1329,6.1594,3.3214,6.632,3.0834,4.4957,7.0627,3.9132,4.5933,10.2947,2.9792,2.7796],"stroke":"#b87806","width":1.8},{"label":"Open-to-close direction","values":[2.0629,-0.0186,-7.0537,1.1816,1.5781,-5.9325,0.0816,-0.9885,-5.9683,-1.5506,-3.0241,6.005,0.1177,-1.688],"stroke":"#176fa3","width":1.8}],"guides":[{"label":"Unchanged close","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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"participation","eyebrow":"Participation","title":"Activity 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,20.6904,18.227,60.0039,21.5366,8.0577,6.8658,13.5525],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,134.3865,133.5556,130.9365,130.0648,130.3658,130.1278,129.6874],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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 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EMSC Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/1c61a396-eb6e-4a69-9821-44d26c96ac4e/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}