{"schema_version":"1.0","name":"CQHI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"45e9827d-e777-4dc4-a0e3-45edf28624ea","symbol":"CQHI","name":"Ninepoint Canadian Natural Resources Highshares ETF","exchange":"TOR","country":"CA","asset_type":"etf","currency":"CAD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","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, Directional strength and control, Drawdown and recovery pressure, Acceleration, deceleration and rollover, 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":"2026-08-14","observations":52,"displayedObservations":52,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving but remains below zero","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","take":"Continued repair would strengthen the upward case. Renewed weakness would leave price ahead of the underlying position.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[1.369558,1.888271,1.98313,1.991743,1.908119,1.689373,1.222866,0.764598,0.316127,-0.148592,-0.225472,-0.274695,-0.406533,-0.42577,-0.580697,-0.728251,-0.851086,-0.890149,-0.949441,-0.934629,-0.720336,-0.487698,-0.292828,-0.021294],"opens":[13.132922,13.403904,13.820053,13.994256,14.865268,14.183542,13.606816,12.482691,12.570952,13.204591,12.61014,13.935473,13.594394,13.397782,13.235056,11.795177,11.417026,11.522216,12.151495,12.141671,12.465842,13.006128,12.982722,13.549349],"highs":[13.37487,14.129748,14.695905,14.749133,14.962047,14.594092,13.606816,13.049641,13.448217,13.526178,13.769806,14.208335,13.643119,13.4323,13.235056,11.795177,11.44139,11.551861,12.151495,12.416726,13.487472,13.509586,13.241183,13.63],"lows":[12.67806,13.016788,13.820053,13.994256,13.685017,13.333116,11.984165,12.26764,12.570952,12.337278,12.61014,13.935472,13.12663,13.397782,13.195607,11.795177,11.412153,11.497511,11.974674,12.141671,12.465842,12.89807,12.773965,13.380355],"closes":[13.37487,14.042646,14.362017,14.749133,14.056466,13.567717,12.22854,13.049641,13.136375,12.629631,13.769806,14.052413,13.25478,13.4323,13.195607,11.795177,11.44139,11.551861,11.974674,12.239905,13.379416,13.509586,12.903195,13.63],"hoverRows":[[{"label":"Open","value":"13.1","className":"is-ohlc","compact":true},{"label":"High","value":"13.4","className":"is-ohlc","compact":true},{"label":"Low","value":"12.7","className":"is-ohlc","compact":true},{"label":"Close","value":"13.4","className":"is-ohlc","compact":true},{"label":"Market 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weeks","context":{"scenario":"negativeRepair","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened 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":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but 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":"None in view","detail":"Entering the lower zone alone does not create a positioning confirmation.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-03-13","price":14.042646},{"date":"2026-05-15","price":13.769806}],"reversal_dangers":[{"date":"2026-04-03","price":14.056466},{"date":"2026-05-22","price":14.052413}]}},"smTape":{"available":true,"dates":["2025-08-22","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"],"close":[9.0274,9.1222,9.0951,9.05,9.3297,9.826,9.5155,9.4516,8.9858,9.3602,9.5607,9.5052,10.134,10.1617,10.2,10.3965,9.8725,9.5356,9.7602,10.1171,9.6055,10.2686,10.5623,10.8363,11.2674,11.4782,12.2064,12.649,13.3749,14.0426,14.362,14.7491,14.0565,13.5677,12.2285,13.0496,13.1364,12.6296,13.7698,14.0524,13.2548,13.4323,13.1956,11.7952,11.4414,11.5519,11.9747,12.2399,13.3794,13.5096,12.9032,13.63],"consensus":[0.0,100.0,-36.8421,54.5882,77.0425,82.6665,16.2919,12.1693,-72.0693,35.5907,48.3123,0.0,81.8304,36.7642,59.4572,66.0056,-28.3118,-41.248,15.9282,38.9221,-29.9847,61.7143,59.7974,57.8109,67.8998,56.4868,70.3316,72.8503,83.9282,85.0453,71.7717,77.4231,0.0,-14.3012,-55.8518,27.4485,10.4606,-31.7757,60.0064,35.6333,-21.1935,30.6208,-24.3783,-51.7682,-33.7001,-22.7409,-32.9452,0.0,55.7198,46.5394,-8.8136,58.3253],"supportDates":["2025-08-22","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"],"control":[null,null,null,null,null,92.5365,8.5668,7.1943,-58.6064,46.0414,40.1977,0.0,81.3547,18.1023,61.2324,62.3756,-29.9889,-35.036,36.7839,62.1517,-17.2923,58.0358,59.0237,59.962,69.9812,53.0228,75.2954,83.3128,85.0902,85.1413,63.2529,82.8574,0.0,-8.8862,-48.1316,44.5046,22.6439,-28.4901,60.3182,34.0202,-23.4219,38.0683,-27.5785,-51.699,-19.7703,-4.6584,-31.2235,0.0,60.6408,51.7352,-16.3336,63.8471],"force":[0.0,100.0,-36.8421,54.5882,45.6742,55.9556,27.7877,32.1139,-98.7699,73.0632,65.7792,0.0,84.5498,8.0031,32.3933,54.4704,-68.3086,-56.5868,26.5509,36.9961,-54.555,88.1067,68.3334,52.9828,69.8644,48.8274,61.0361,53.7064,89.8596,92.1033,74.4251,65.6482,0.0,-79.1431,-94.5588,47.891,11.3403,-44.3689,81.3738,23.7416,-56.1901,27.4516,-30.7678,-39.2729,-11.7528,-6.9985,-8.3064,0.0,66.9977,40.458,-39.2906,66.5826],"direction":[null,null,null,null,99.4484,90.4657,76.1872,65.9299,-68.3836,3.1192,45.1097,0.0,80.4316,78.6357,76.7598,78.3936,-2.174,-37.391,15.4945,13.7497,-26.9402,47.0667,54.5845,58.8011,64.1177,65.9166,71.2982,74.5673,78.3635,79.8942,79.6122,79.623,0.0,-25.826,-37.027,6.646,4.0915,-26.5355,44.3875,45.9709,-6.3509,24.373,-16.157,-60.7726,-65.2965,-64.6491,-52.512,0.0,42.04,44.9451,-21.5499,46.1164],"intensity":[null,null,null,null,100.0,100.0,66.6667,14.2857,75.0,66.6667,70.0,9.0909,100.0,92.3077,35.7143,53.3333,87.5,88.2353,50.0,57.8947,100.0,95.2381,77.2727,34.7826,54.1667,96.0,92.3077,77.7778,85.7143,89.6552,93.3333,41.9355,78.125,54.5455,100.0,91.4286,38.8889,56.7568,97.3684,97.4359,85.0,14.6341,9.5238,100.0,34.0909,2.2222,65.2174,17.0213,91.6667,42.8571,66.0,74.5098],"confirmation":[0.0,54.6667,34.4561,40.1349,68.553,93.4888,34.6711,11.2254,92.0811,58.3705,84.1159,7.0397,94.2759,79.1724,86.1745,88.8256,56.0503,81.7615,31.0751,80.0424,78.5373,88.609,87.4071,86.3196,89.7561,85.8951,90.1472,90.5692,95.0201,95.4281,91.1776,92.3337,14.7024,34.8112,87.1698,55.8978,49.3947,78.6021,87.8485,79.0648,54.5027,77.5886,75.947,84.1861,78.3274,30.806,77.8178,3.6151,86.099,82.6281,30.8986,44.64],"persistence":[null,null,0.0,25.0,40.0,50.0,57.1429,62.5,50.0,50.0,75.0,62.5,62.5,62.5,62.5,62.5,62.5,37.5,37.5,50.0,25.0,25.0,25.0,25.0,50.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,87.5,62.5,37.5,37.5,37.5,12.5,12.5,12.5,0.0,25.0,25.0,0.0,25.0,25.0,50.0,62.5,37.5,37.5,37.5,12.5],"assessmentRisk":[null,null,null,null,10.5467,8.565,38.2459,40.4069,5.6972,63.729,16.2597,6.2189,9.0285,31.1801,18.9652,16.7591,18.3017,26.73,51.6932,54.2268,16.663,17.3158,18.8979,19.1653,16.0365,21.6638,14.8155,13.566,8.0321,7.4772,14.114,11.2883,43.728,33.4138,21.9999,63.3169,50.3816,29.0792,18.8181,27.2324,18.7916,25.7853,22.7088,23.8884,32.4906,38.1036,30.1295,30.0452,21.8075,26.4153,48.1368,19.5368],"volumeParticipation":true,"latest":{"consensus":58.3,"control":63.8,"force":66.6,"direction":46.1,"confirmation":44.6,"persistence":12.5,"assessmentRisk":19.5,"intensity":74.5,"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":"Buyer control supports the view","controlPath":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+58.3","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+63.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+66.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+46.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"45/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"58.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.2%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"19.7","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"62%","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":[9.0274,9.1222,9.0951,9.05,9.3297,9.826,9.5155,9.4516,8.9858,9.3602,9.5607,9.5052,10.134,10.1617,10.2,10.3965,9.8725,9.5356,9.7602,10.1171,9.6055,10.2686,10.5623,10.8363,11.2674,11.4782,12.2064,12.649,13.3749,14.0426,14.362,14.7491,14.0565,13.5677,12.2285,13.0496,13.1364,12.6296,13.7698,14.0524,13.2548,13.4323,13.1956,11.7952,11.4414,11.5519,11.9747,12.2399,13.3794,13.5096,12.9032,13.63],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9.1034,9.2348,9.2858,9.316,9.2559,9.2749,9.3269,9.3593,9.5001,9.6204,9.7258,9.8478,9.8523,9.7947,9.7884,9.8482,9.8041,9.8885,10.011,10.1611,10.3622,10.5651,10.8635,11.1882,11.5858,12.0325,12.456,12.8729,13.0881,13.1753,13.0032,13.0116,13.0343,12.9607,13.1078,13.2796,13.2751,13.3037,13.284,13.0133,12.7275,12.5138,12.4157,12.3838,12.5648,12.7366,12.7669,12.9238],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,9.2903,9.3548,9.4174,9.49,9.5183,9.5196,9.5374,9.5804,9.5822,9.6331,9.7019,9.7859,9.8957,10.0129,10.1754,10.3586,10.582,10.8384,11.0994,11.3697,11.5688,11.7168,11.7547,11.8506,11.9459,11.9965,12.1279,12.2704,12.3434,12.424,12.4812,12.4304,12.3571,12.2975,12.2735,12.2711,12.3532,12.4388,12.4732,12.5589],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,9.7879,9.8166,9.8242,10.033,10.1826,10.3025,10.4477,10.4535,10.4269,10.4189,10.4581,10.4458,10.5136,10.6235,10.7684,11.0211,11.2916,11.7183,12.1807,12.7249,13.3678,13.9762,14.5672,14.9304,15.1602,15.2056,15.3244,15.3999,15.3577,15.42,15.5076,15.3563,15.2547,15.1157,14.9901,14.9658,14.9566,14.9709,14.9794,14.9797,14.9134,14.7429,14.5228],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,8.7649,8.7878,8.814,8.7306,8.6924,8.6742,8.6425,8.6752,8.6986,8.7274,8.7426,8.8127,8.8596,8.8963,8.9301,8.8712,8.7659,8.6083,8.4657,8.3603,8.1857,8.0574,7.9908,8.0198,8.1306,8.2881,8.4346,8.6855,9.0372,9.3758,9.6817,10.1979,10.6159,11.0182,11.2397,11.2814,11.298,11.2605,11.2111,11.2112,11.2242,11.2488,11.3571],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2025-08-22","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"]},{"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,76.6467,337.0787,91.0638,167.4603,127.6596,67.5428,128.2621,14.0264,67.4394,46.1814,65.7778,12.1197,8.7934,272.0588,84.7993,110.7236,70.568,53.4619,112.9893,36.1074,17.9614,169.3387,176.6409,190.5688,80.1624,249.652,264.2826,122.8866,54.7491,125.5962,40.9146,87.1577,54.2169,111.2445,1.6618,35.3296,0.0,10.9589,22.9995,1.9531,38.6847,35.1785,68.4327,85.3081,76.5093],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-08-22","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"]},{"key":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,26.2325,27.5203,29.2962,31.4224,33.6944,35.8308,37.1136,37.5526,35.7049,33.9892,32.839,31.4135,30.3729,29.8881,28.2138,26.6591,24.9216,24.6104,24.6722,24.5607,23.5847,22.3209,21.5464,20.8502,20.032,19.7099],"stroke":"#10243b","width":2.0},{"label":"Positive 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