{"schema_version":"1.0","name":"KPHO Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"49a447d8-0253-4f2e-bebb-5311f8c06d62","symbol":"KPHO","name":"KRANESHARES DRAGON CAPITAL VIETNAM GROWTH INDEX ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. 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, Activity pressure and cumulative balance, Directional strength and control, Drawdown and recovery pressure, Range position and boundary pressure, 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":38,"displayedObservations":38,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics improved this week but remains below zero. The broader path has not changed enough to establish a new direction. 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":["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":[-0.524174,-0.794664,-0.785325,-0.905509,-1.099077,-1.247708,-1.472454,-1.55149,-1.528541,-1.307876],"opens":[23.54,23.4024,23.7214,23.6,22.83,21.75,20.65,22.1628,23.02,22.31],"highs":[23.6594,23.47,23.9422,23.7086,22.85,21.79,21.747,22.4126,23.17,23.2145],"lows":[23.4652,23.2932,23.625,23.264,22.4659,21.05,20.65,21.8882,22.3865,22.1897],"closes":[23.6594,23.4385,23.7848,23.264,22.4659,21.0573,21.4629,22.4126,22.3865,23.2145],"hoverRows":[[{"label":"Open","value":"23.5","className":"is-ohlc","compact":true},{"label":"High","value":"23.7","className":"is-ohlc","compact":true},{"label":"Low","value":"23.5","className":"is-ohlc","compact":true},{"label":"Close","value":"23.7","className":"is-ohlc","compact":true},{"label":"Market 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}],[{"label":"Open","value":"23.4","className":"is-ohlc","compact":true},{"label":"High","value":"23.5","className":"is-ohlc","compact":true},{"label":"Low","value":"23.3","className":"is-ohlc","compact":true},{"label":"Close","value":"23.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.79","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"23.7","className":"is-ohlc","compact":true},{"label":"High","value":"23.9","className":"is-ohlc","compact":true},{"label":"Low","value":"23.6","className":"is-ohlc","compact":true},{"label":"Close","value":"23.8","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.79","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"23.6","className":"is-ohlc","compact":true},{"label":"High","value":"23.7","className":"is-ohlc","compact":true},{"label":"Low","value":"23.3","className":"is-ohlc","compact":true},{"label":"Close","value":"23.3","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.91","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.8","className":"is-ohlc","compact":true},{"label":"High","value":"22.9","className":"is-ohlc","compact":true},{"label":"Low","value":"22.5","className":"is-ohlc","compact":true},{"label":"Close","value":"22.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.10","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"21.8","className":"is-ohlc","compact":true},{"label":"High","value":"21.8","className":"is-ohlc","compact":true},{"label":"Low","value":"21.1","className":"is-ohlc","compact":true},{"label":"Close","value":"21.1","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.25","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"20.6","className":"is-ohlc","compact":true},{"label":"High","value":"21.7","className":"is-ohlc","compact":true},{"label":"Low","value":"20.6","className":"is-ohlc","compact":true},{"label":"Close","value":"21.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.47","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.2","className":"is-ohlc","compact":true},{"label":"High","value":"22.4","className":"is-ohlc","compact":true},{"label":"Low","value":"21.9","className":"is-ohlc","compact":true},{"label":"Close","value":"22.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.55","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"23.0","className":"is-ohlc","compact":true},{"label":"High","value":"23.2","className":"is-ohlc","compact":true},{"label":"Low","value":"22.4","className":"is-ohlc","compact":true},{"label":"Close","value":"22.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.53","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.3","className":"is-ohlc","compact":true},{"label":"High","value":"23.2","className":"is-ohlc","compact":true},{"label":"Low","value":"22.2","className":"is-ohlc","compact":true},{"label":"Close","value":"23.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-1.31","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[20.89365,23.94845],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-1.307876,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"steady","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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 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":"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":"positive"}],"relationshipEvidence":{"available":false,"observations":10,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[22.6362,21.6271,21.9387,22.0519,24.959,25.119,25.878,25.848,26.03,25.14,25.841,26.289,26.1527,23.985,22.831,22.5792,23.0249,23.4096,24.255,24.8029,24.457,24.064,24.693,24.2854,23.6328,23.528,23.2172,23.2458,23.6594,23.4385,23.7848,23.264,22.4659,21.0573,21.4629,22.4126,22.3865,23.2145],"consensus":[-98.356,-93.5195,52.3596,-58.0,82.3992,62.9897,62.5724,38.8229,69.2776,-12.9582,64.2687,61.9482,25.2971,-63.1708,-68.1632,-61.5047,-17.6604,-14.3338,34.9383,43.0158,0.0,0.0,37.3186,-17.9547,-46.0362,-35.6394,-44.254,-18.9263,13.3252,-11.1482,13.9117,-43.4123,-66.3482,-81.1114,-16.4451,8.131,-27.024,-43.9297],"supportDates":["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,64.8161,61.6881,23.7597,69.7766,-18.4326,77.1125,67.3312,24.2865,-57.2485,-67.6217,-60.9083,-0.8463,-6.0664,36.7819,47.0555,0.0,0.0,45.5003,-17.712,-51.4452,-40.4333,-40.9624,-7.4269,24.6793,-7.2468,11.9317,-50.8691,-73.8154,-86.5335,-2.2675,22.5694,-32.1039,-46.106],"force":[-98.356,-93.5195,52.3596,-58.0,57.8955,30.9472,31.7211,0.5945,52.9882,-82.4692,66.6405,46.7912,11.6942,-74.1844,-56.9849,-42.6553,-16.9933,-12.5934,54.5009,46.6044,0.0,0.0,44.2437,-27.1108,-48.857,-27.3661,-42.1817,-0.5764,30.1048,-2.1612,22.123,-60.4031,-66.4383,-88.8786,-29.4511,53.5353,-23.0167,-57.6869],"direction":[null,null,null,null,99.9019,83.7901,85.6196,83.3441,80.3426,-42.9489,47.8959,66.6227,52.8744,-62.0725,-76.7665,-75.65,-61.629,-43.0159,18.8582,35.8358,0.0,0.0,23.0214,-11.692,-37.8396,-36.0701,-49.496,-45.9991,11.6364,-22.0262,10.3092,-22.7539,-57.7499,-69.3668,-65.4309,40.8017,-24.0808,-31.6158],"intensity":[null,null,null,null,100.0,80.0,66.6667,14.2857,37.5,55.5556,40.0,54.5455,16.6667,84.6154,78.5714,13.3333,56.25,35.2941,66.6667,84.2105,25.0,33.3333,36.3636,26.087,41.6667,20.0,30.7692,37.037,35.7143,6.8966,40.0,48.3871,71.875,84.8485,23.5294,82.8571,63.8889,64.8649],"confirmation":[54.1406,52.5929,39.4217,41.2267,70.5809,87.1524,87.0964,56.8212,89.6648,38.0107,88.4425,87.2795,32.1445,88.6406,89.4798,87.1161,8.4767,6.5787,79.7484,81.8129,27.4902,48.7764,80.0283,74.0282,82.7351,79.0794,82.1483,28.4269,29.7515,26.0197,72.7322,82.2961,89.1204,94.1097,10.3626,35.1367,76.4481,82.4436],"persistence":[null,null,33.3333,50.0,20.0,0.0,14.2857,25.0,50.0,50.0,50.0,75.0,75.0,50.0,25.0,0.0,25.0,25.0,25.0,25.0,37.5,25.0,0.0,0.0,0.0,0.0,25.0,50.0,37.5,50.0,50.0,50.0,50.0,50.0,50.0,25.0,50.0,25.0],"assessmentRisk":[null,null,null,null,5.0264,18.0542,18.5842,30.478,3.9071,7.46,33.9414,9.8105,6.1841,7.1542,15.4336,19.1053,40.7633,23.556,29.2492,28.0307,45.982,36.7482,5.6761,19.4947,15.8405,11.5917,27.3604,39.4323,3.8065,4.0521,35.3489,23.9139,16.5256,9.4327,41.755,48.6636,6.8459,27.9347],"volumeParticipation":true,"latest":{"consensus":-43.9,"control":-46.1,"force":-57.7,"direction":-31.6,"confirmation":82.4,"persistence":25.0,"assessmentRisk":27.9,"intensity":64.9,"evidenceDepth":100},"analysis":{"status":"Market 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 easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-43.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-46.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-57.7","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-31.6","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":"44.5","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"3.5%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"24.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"45%","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 is rotating through its trend references.","series":[{"label":"Close","values":[22.6362,21.6271,21.9387,22.0519,24.959,25.119,25.878,25.848,26.03,25.14,25.841,26.289,26.1527,23.985,22.831,22.5792,23.0249,23.4096,24.255,24.8029,24.457,24.064,24.693,24.2854,23.6328,23.528,23.2172,23.2458,23.6594,23.4385,23.7848,23.264,22.4659,21.0573,21.4629,22.4126,22.3865,23.2145],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,22.7862,23.2104,23.6954,24.0868,24.4401,24.5673,24.7989,25.0698,25.2667,25.0337,24.6332,24.2597,24.0352,23.9215,23.9821,24.1313,24.1906,24.1675,24.2631,24.2671,24.1518,24.0384,23.8891,23.7721,23.7516,23.6947,23.7111,23.6298,23.4182,22.9889,22.7115,22.6571,22.6079,22.7182],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,24.1186,24.1087,24.0141,23.9078,23.8424,23.8103,23.8433,23.9144,23.9546,23.9627,24.0168,24.0367,24.0067,23.9713,23.9154,23.8658,23.8505,23.82,23.8174,23.7764,23.6793,23.4851,23.3353,23.267,23.2017,23.2027],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,27.5822,27.7221,27.9253,28.0415,27.8871,27.7696,27.6687,27.5482,27.431,27.3482,27.3105,27.3157,27.1788,27.0673,26.9029,26.8784,26.8341,26.683,26.5047,26.2479,26.1338,25.8661,25.4081,24.9243,25.1837,25.3137,25.3214,25.3347,25.3261],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,20.6634,20.8358,20.9677,21.114,21.1837,21.0739,20.9446,20.9143,20.9402,21.0302,21.1293,21.3062,21.6868,22.0737,22.4614,22.3533,22.2385,22.1236,22.0416,22.0614,22.0053,22.0674,22.223,22.3381,21.7859,21.5191,21.4947,21.4176,21.4066],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"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,101.1079,162.4971,169.1338,112.0783,62.479,104.7051,53.0238,45.4291,14.9309,15.4711,41.5675,27.1052,30.868,11.3471,9.5578,17.604,9.8039,17.7257,8.053,57.4026,12.7793,13.3988,9.0132,10.7379,79.0969,50.7729,87.1839,61.8114,69.1993,23.7729,22.9893],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,125.7005,135.0,119.7361,129.9746,135.0,125.8434,121.3681,117.6777,116.5299,117.6595,120.5938,122.4327,124.4534,123.7299,123.1655,124.1249,123.6084,122.7285,122.3742,119.9515,120.445,120.876,120.6529,120.8656,119.4584,118.7701,117.7383,118.3755,119.0732,118.8442,119.0341],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical 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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,17.3177,18.4381,18.8561,19.4246,19.1393,19.2901,20.2222,22.1122,24.0979,24.8931,24.5964,24.4857],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,25.3393,22.2802,19.5337,18.2798,22.3062,18.4471,21.2248,20.4984,19.4911,21.2834,20.3695,19.2057,18.3765,17.1625,16.6756,19.3703,18.6684,22.4932,21.2857,19.5535,16.9223,15.2141,19.9339,25.3817,23.0742],"stroke":"#07865c","width":1.6},{"label":"Negative 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}