{"schema_version":"1.0","name":"GQEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"4a4fd036-468a-4d78-b17f-260a839c0a63","symbol":"GQEM","name":"Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD Acc","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","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, Directional strength and control, Acceleration, deceleration and rollover, Range pressure and compression, Range position and boundary pressure, Activity pressure and cumulative balance."},{"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":58,"displayedObservations":58,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics improved this week but remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. 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and Market Dynamics negative","kind":"aligned","expectedDirection":"lower","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"horizons":[{"weeks":4,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":2,"completedEpisodes":1,"activeEpisodes":1,"medianExpectedMove":20.2,"averageExpectedMove":20.2,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":2,"expectedCount":0,"expectedPercent":0.0,"averageReturn":-2.6,"medianReturn":-2.6,"confidenceLow":0.0,"confidenceHigh":65.8,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":20.2,"medianReturn":20.2,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.8,"sample":2},{"week":2,"averageReturn":-3.2,"sample":2},{"week":3,"averageReturn":-4.8,"sample":2},{"week":4,"averageReturn":-2.6,"sample":2},{"week":5,"averageReturn":1.0,"sample":2},{"week":6,"averageReturn":3.9,"sample":2},{"week":7,"averageReturn":9.1,"sample":1},{"week":8,"averageReturn":9.1,"sample":1},{"week":9,"averageReturn":16.2,"sample":1},{"week":10,"averageReturn":14.1,"sample":1},{"week":11,"averageReturn":15.7,"sample":1},{"week":12,"averageReturn":20.2,"sample":1},{"week":13,"averageReturn":17.2,"sample":1},{"week":14,"averageReturn":21.2,"sample":1},{"week":15,"averageReturn":25.0,"sample":1},{"week":16,"averageReturn":21.8,"sample":1},{"week":17,"averageReturn":21.2,"sample":1},{"week":18,"averageReturn":19.8,"sample":1},{"week":19,"averageReturn":13.4,"sample":1},{"week":20,"averageReturn":15.3,"sample":1},{"week":21,"averageReturn":13.1,"sample":1},{"week":22,"averageReturn":15.9,"sample":1},{"week":23,"averageReturn":17.8,"sample":1},{"week":24,"averageReturn":18.2,"sample":1},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":1,"activeEpisodes":1,"medianExpectedMove":5.9,"averageExpectedMove":5.9,"averageWeeksToLargestMove":9.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":1.4,"medianReturn":1.4,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-1.6,"medianReturn":-1.6,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.5,"sample":1},{"week":2,"averageReturn":0.9,"sample":1},{"week":3,"averageReturn":4.0,"sample":1},{"week":4,"averageReturn":1.4,"sample":1},{"week":5,"averageReturn":0.8,"sample":1},{"week":6,"averageReturn":-0.3,"sample":1},{"week":7,"averageReturn":-5.7,"sample":1},{"week":8,"averageReturn":-4.1,"sample":1},{"week":9,"averageReturn":-5.9,"sample":1},{"week":10,"averageReturn":-3.6,"sample":1},{"week":11,"averageReturn":-2.0,"sample":1},{"week":12,"averageReturn":-1.6,"sample":1},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Price ahead of underlying support","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"strengthening","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":16.9,"sample":1},"nowContext":{"label":"Stronger this week","detail":"Market Dynamics improved this week but 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 16.9% 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 1 cases. Distinct visits lasted 2.0 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 5.3% across 1 completed cases, with the largest move arriving after 2.0 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 history."},"events":{"positioning_recoveries":[{"date":"2026-04-03","price":21.405001}],"reversal_warnings":[{"date":"2026-05-29","price":26.245001},{"date":"2026-08-21","price":25.815}],"reversal_dangers":[{"date":"2026-06-05","price":25.584999}]}},"smTape":{"available":true,"dates":["2025-07-18","2025-07-25","2025-08-01","2025-08-08","2025-08-15","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","2026-08-21"],"close":[18.186,18.098,18.082,18.19,18.342,18.508,18.286,18.46,19.198,19.368,19.29,19.916,20.185,19.812,20.23,20.615,20.06,20.455,19.644,20.095,20.195,19.788,19.984,19.98,20.71,21.36,21.715,21.875,21.915,22.115,22.34,23.07,23.21,21.835,21.8,21.245,20.98,21.405,22.635,23.83,23.825,23.825,25.37,24.905,25.26,26.245,25.585,26.47,27.285,26.6,26.455,26.155,24.755,25.165,24.685,25.305,25.725,25.815],"consensus":[76.1908,-46.5511,-100.0,0.0,23.7832,40.8068,-11.9437,38.4437,78.4107,62.882,28.3151,81.8762,75.7043,0.0,63.8582,64.0793,-12.0131,48.7207,-43.608,34.6073,33.3015,-41.4753,27.7735,0.0,58.7117,76.349,65.3657,59.5267,38.4247,55.2218,47.4718,72.5655,46.928,-35.4156,0.0,-43.7812,-49.0178,9.7347,54.0779,75.9027,46.3969,36.7219,80.5428,16.1413,59.8933,69.4131,0.0,67.9738,38.1572,31.5169,23.296,15.1881,-30.1109,0.0,-39.4438,10.2916,30.3608,17.1094],"supportDates":["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","2026-08-21"],"control":[-27.8101,30.2894,73.3698,65.7071,11.7709,79.4945,69.8853,0.0,66.7245,50.5325,-21.4345,44.1651,-37.9215,52.5721,36.5273,-33.5288,29.9118,0.0,69.1583,81.0786,59.4165,57.7797,29.957,49.1406,43.5302,83.9591,36.6136,-35.1068,0.0,-40.8344,-41.4637,12.8145,58.7249,78.6877,50.5681,34.3103,83.2352,6.5817,58.1604,64.4756,0.0,79.7612,25.0019,38.322,15.1381,25.2574,-15.983,0.0,-24.1115,23.3233,31.6498,14.2047],"force":[-26.3139,57.1508,94.0987,42.0435,5.3285,89.3672,79.2225,0.0,42.1605,68.035,-51.1226,46.5315,-89.341,45.8433,35.4702,-84.3836,35.1644,0.0,56.7885,90.0275,75.6544,53.7973,15.8752,56.3231,36.2026,60.5771,35.3837,-88.6409,0.0,-55.4356,-64.2528,47.8926,63.4871,95.8857,22.2181,10.5486,95.2305,30.1118,59.2662,79.9822,0.0,54.194,18.0078,2.2879,3.2258,8.2657,-39.0809,0.0,-61.394,27.9394,37.2799,15.7905],"direction":[-16.4539,34.4007,72.9659,74.5379,71.2538,79.2475,79.8415,0.0,76.0808,76.7359,-26.6894,55.491,-17.4404,6.0503,28.0657,-19.9081,20.0505,0.0,48.1464,61.1734,64.8157,65.6156,64.2089,61.3851,60.0258,68.1073,66.9618,-2.2496,0.0,-38.8242,-46.7691,21.0406,42.0462,58.4462,58.9004,58.1731,66.9745,60.1045,62.3217,67.5065,0.0,64.3451,67.5844,47.8858,51.5633,20.433,-39.8498,0.0,-41.2877,17.2072,23.9455,21.3711],"intensity":[83.3333,57.1429,100.0,88.8889,20.0,90.9091,75.0,69.2308,78.5714,93.3333,75.0,58.8235,100.0,63.1579,40.0,61.9048,45.4545,65.2174,91.6667,100.0,73.0769,14.8148,42.8571,34.4828,63.3333,90.3226,96.875,100.0,79.4118,62.8571,91.6667,48.6486,97.3684,94.8718,90.0,7.3171,100.0,69.7674,31.8182,95.5556,69.5652,85.1064,100.0,89.7959,30.0,49.0196,100.0,80.7692,84.6154,82.6923,44.2308,9.6154],"confirmation":[30.195,80.9964,93.6463,87.4441,54.7577,94.465,92.4213,13.6184,87.7297,88.8324,33.253,83.5933,83.435,56.4764,78.6734,82.7009,77.0802,1.3893,86.5699,92.7765,89.3212,86.9006,79.7377,85.7972,82.9076,90.682,82.8223,58.7731,24.4284,82.4101,84.2651,31.3864,85.5209,92.8554,82.0466,78.9901,94.1803,10.3251,87.1732,90.6095,10.2188,89.152,79.7967,54.7729,52.7922,28.422,78.1241,28.0218,81.5246,29.9701,77.9067,44.64],"persistence":[0.0,12.5,12.5,37.5,62.5,75.0,75.0,62.5,87.5,87.5,62.5,62.5,37.5,37.5,37.5,25.0,25.0,12.5,37.5,37.5,62.5,62.5,62.5,87.5,87.5,100.0,100.0,75.0,62.5,37.5,12.5,12.5,12.5,12.5,12.5,37.5,50.0,75.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,62.5,50.0,37.5,37.5,37.5,37.5],"assessmentRisk":[50.8059,28.6531,10.6342,18.4527,35.8135,9.0591,12.085,41.3807,17.8913,17.0515,10.7331,22.769,21.3885,58.3655,2.0248,24.8772,18.8745,14.0478,11.7119,11.7043,17.2694,20.2163,30.3708,20.1964,22.2945,13.6728,26.5148,6.5301,39.3431,27.9895,25.4606,38.4423,17.2115,12.0075,26.7824,31.5698,9.6517,35.8278,17.6685,15.0529,12.3279,14.7348,30.6685,7.0668,29.744,28.3106,34.7832,46.408,29.0497,46.8345,28.862,27.9975],"volumeParticipation":true,"latest":{"consensus":17.1,"control":14.2,"force":15.8,"direction":21.4,"confirmation":44.6,"persistence":37.5,"assessmentRisk":28.0,"intensity":9.6,"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":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+17.1","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+14.2","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+15.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+21.4","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":"59.7","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.8%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"33.1","detail":"Directional","tone":"positive"},{"label":"Range position","value":"73%","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":[18.186,18.098,18.082,18.19,18.342,18.508,18.286,18.46,19.198,19.368,19.29,19.916,20.185,19.812,20.23,20.615,20.06,20.455,19.644,20.095,20.195,19.788,19.984,19.98,20.71,21.36,21.715,21.875,21.915,22.115,22.34,23.07,23.21,21.835,21.8,21.245,20.98,21.405,22.635,23.83,23.825,23.825,25.37,24.905,25.26,26.245,25.585,26.47,27.285,26.6,26.455,26.155,24.755,25.165,24.685,25.305,25.725,25.815],"stroke":"#10243b","width":2.1},{"label":"Fast 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