{"schema_version":"1.0","name":"HQEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"4e54e06f-f496-4704-9ab7-af3dc8aee51a","symbol":"HQEM","name":"HSBC ETFS PLC HSBC PLUS EM EQ Q","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","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, Range pressure and compression, Range position and boundary pressure, Acceleration, deceleration and rollover, Directional strength and control, Drawdown and recovery 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":52,"displayedObservations":52,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price has moved below the distribution zone after Market Dynamics weakened.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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"],"values":[0.28847,0.235203,0.0815,-0.008469,-0.094497,0.137544,0.219231,0.436328,0.717921,0.627725,0.783018,0.787352,0.619944,0.704939,0.734834,0.702478,0.736289,0.608435,0.237242,-0.020759,-0.265692,-0.526753,-0.408934,-0.467475],"opens":[11.418,11.778,11.178,11.141,11.434,12.212,12.843,12.9,13.17,13.842,13.296,14.032,13.561,14.03,14.5,13.98,14.018,13.678,13.018,13.012,13.011,13.144,13.432,13.99],"highs":[12.03,11.928,11.679,11.552,12.319,12.98,12.884,13.088,13.834,13.93,13.593,14.156,13.561,14.03,14.5,13.98,14.018,13.8,13.018,13.455,13.128,13.585,13.786,13.99],"lows":[11.418,11.394,11.178,11.141,11.434,12.21,12.813,12.768,13.15,13.392,13.054,13.902,13.561,14.03,14.5,13.98,14.018,13.678,13.018,13.01,12.563,13.144,13.432,13.472],"closes":[11.545,11.394,11.215,11.419,12.319,12.974,12.884,13.059,13.834,13.366,13.593,14.15,13.561,14.03,14.5,13.98,14.018,13.8,13.018,13.178,13.128,13.485,13.706,13.676],"hoverRows":[[{"label":"Open","value":"11.4","className":"is-ohlc","compact":true},{"label":"High","value":"12.0","className":"is-ohlc","compact":true},{"label":"Low","value":"11.4","className":"is-ohlc","compact":true},{"label":"Close","value":"11.5","className":"is-ohlc","compact":true},{"label":"Market 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repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal warning","className":"is-caution","wide":true}],[{"label":"Open","value":"14.0","className":"is-ohlc","compact":true},{"label":"High","value":"14.0","className":"is-ohlc","compact":true},{"label":"Low","value":"13.5","className":"is-ohlc","compact":true},{"label":"Close","value":"13.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.47","note":"Cautious and weakening","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[11.0179,14.6971],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.467475,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"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":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics weakened this week and remains below zero.","tone":"negative"},{"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":"negative"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-08","price":13.834},{"date":"2026-08-14","price":13.706}],"reversal_dangers":[{"date":"2026-05-15","price":13.366},{"date":"2026-08-21","price":13.676}]}},"smTape":{"available":true,"dates":["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":[9.965,10.0245,10.391,10.563,10.479,10.822,10.52,10.714,10.8261,10.878,10.652,10.883,10.383,10.713,10.844,10.73,10.813,10.929,11.26,11.512,11.694,11.884,12.057,12.11,12.325,12.529,12.677,11.634,11.545,11.394,11.215,11.419,12.319,12.974,12.884,13.059,13.834,13.366,13.593,14.15,13.561,14.03,14.5,13.98,14.018,13.8,13.018,13.178,13.128,13.485,13.706,13.676],"consensus":[-100.0,100.0,96.3235,26.25,41.3242,91.8011,0.0,59.0559,45.2873,22.1254,0.0,37.6848,-54.9734,35.683,54.2801,-13.4032,39.4524,57.1414,78.3311,68.8167,51.663,69.8855,49.7836,58.8316,57.55,72.2553,57.9526,-43.963,-24.6372,-45.663,-43.5421,0.0,59.2219,79.1094,42.2565,65.6154,85.2539,0.0,69.7025,76.3547,0.0,49.584,52.3838,0.0,31.6029,13.6525,-45.9109,-9.9612,-17.342,15.4461,43.6954,7.1574],"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":[null,null,null,null,null,92.85,0.0,60.2874,36.2333,10.5281,0.0,28.3515,-54.1312,58.6651,61.9492,-17.081,41.5155,63.2536,83.5759,70.1358,50.8289,81.6519,44.6807,63.0373,58.5042,83.7153,58.167,-49.215,-16.6659,-44.8994,-41.304,0.0,63.8298,83.6392,52.1954,65.1393,90.1898,0.0,68.8292,78.3547,0.0,50.1288,52.2016,0.0,29.2984,28.3134,-46.1314,-5.3962,-0.6422,32.1262,38.7306,0.4624],"force":[-100.0,100.0,96.3235,26.25,40.0246,97.053,0.0,40.9882,13.4448,11.9084,0.0,13.7976,-56.5629,34.075,37.3097,-33.9282,31.8967,62.2677,93.7855,68.5889,26.0738,45.9256,23.3128,31.0158,30.9662,47.4302,31.7235,-56.9737,-17.7946,-42.6988,-29.3064,0.0,65.1142,97.268,0.0444,69.5316,97.7646,0.0,80.0877,83.5316,0.0,32.8624,33.5575,0.0,10.8612,4.0227,-39.0087,-28.3472,-6.378,28.6339,71.2089,4.4222],"direction":[null,null,null,null,99.4304,86.8509,0.0,70.554,78.3793,59.6893,0.0,65.4138,-54.8007,10.5664,57.637,-5.4607,42.4914,46.4944,61.2981,67.472,70.8943,73.5526,74.5232,73.8936,75.4479,76.8904,76.4426,-28.6675,-38.6347,-48.6529,-56.2684,0.0,49.7469,60.9621,61.1126,63.3623,70.6765,0.0,63.2825,68.9425,0.0,60.9053,66.0394,0.0,49.0522,9.5223,-50.5891,-42.5414,-44.259,13.0368,29.7169,24.1368],"intensity":[null,null,null,null,50.0,80.0,50.0,42.8571,50.0,33.3333,50.0,54.5455,100.0,69.2308,21.4286,20.0,18.75,64.7059,77.7778,94.7368,60.0,28.5714,90.9091,21.7391,75.0,40.0,65.3846,100.0,82.1429,20.6897,53.3333,38.7097,96.875,93.9394,91.1765,31.4286,91.6667,83.7838,68.4211,94.8718,85.0,80.4878,80.9524,83.7209,2.2727,62.2222,93.4783,70.2128,72.9167,83.6735,42.0,29.4118],"confirmation":[54.6667,54.6667,53.4902,31.0667,22.3128,97.5204,36.0062,86.3285,81.6595,31.4268,34.3281,79.4734,85.6528,79.0194,84.7356,51.3568,80.3631,86.3483,93.457,89.9943,83.765,89.4539,83.2018,85.9143,85.5913,90.1905,85.7422,82.3847,75.7968,82.5335,81.5337,34.0438,87.0604,93.7994,57.4243,89.1235,95.5873,38.5374,90.6346,92.6217,29.8468,83.349,84.1918,29.7252,77.5159,49.7982,82.4778,8.137,28.1365,30.5383,82.8967,18.5488],"persistence":[null,null,33.3333,50.0,60.0,66.6667,57.1429,62.5,87.5,87.5,75.0,75.0,50.0,50.0,62.5,37.5,37.5,37.5,50.0,50.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5,12.5,37.5,50.0,75.0,87.5,75.0,75.0,75.0,62.5,62.5,75.0,50.0,25.0,12.5,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,29.1439,4.0908,23.4262,0.1874,24.0094,2.887,29.3258,14.9868,19.538,46.1818,4.4923,20.9731,27.4724,7.0812,7.7801,15.4929,24.128,15.0347,25.0147,20.2475,20.9834,13.8712,21.0231,22.5127,36.7541,27.0459,28.2091,32.1134,18.1887,10.3728,28.822,17.1354,7.2002,34.8948,9.5485,10.3664,29.6054,20.1999,22.1341,20.4034,21.2204,30.5382,26.8488,41.6863,39.0329,38.7613,24.5558,38.1255],"volumeParticipation":true,"latest":{"consensus":7.2,"control":0.5,"force":4.4,"direction":24.1,"confirmation":18.5,"persistence":12.5,"assessmentRisk":38.1,"intensity":29.4,"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":"Control support is limited","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+7.2","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+0.5","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+4.4","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+24.1","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"19/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"58.0","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"25.2","detail":"Directional","tone":"positive"},{"label":"Range position","value":"75%","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 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trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,10.3631,10.389,10.4227,10.4455,10.4727,10.5065,10.5623,10.6326,10.7113,10.7981,10.8914,10.9817,11.0812,11.1884,11.2987,11.3235,11.3399,11.3439,11.3344,11.3406,11.4131,11.5287,11.6291,11.735,11.8905,11.9998,12.1178,12.2684,12.3641,12.4875,12.6366,12.7361,12.8311,12.9028,12.9114,12.9311,12.9457,12.9856,13.039,13.0862],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,11.1263,11.1153,11.1527,11.1236,11.1211,11.1394,11.1361,11.1436,11.1676,11.2587,11.3951,11.5253,11.6789,11.881,12.066,12.2674,12.4952,12.7102,12.7335,12.7483,12.7525,12.7367,12.7365,12.7761,12.965,13.1049,13.2358,13.5323,13.6621,13.8356,14.1195,14.2452,14.4442,14.7176,14.8567,14.988,15.076,15.0879,15.0663,15.0136,14.9307,14.7659,14.5351],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,9.9102,9.9456,9.9669,9.9688,9.9951,10.0149,10.0373,10.0565,10.069,10.0455,9.995,10.0378,10.0701,10.0347,10.0043,9.9875,9.9304,9.9312,9.9998,10.0569,10.1043,10.1764,10.2302,10.3842,10.4214,10.4855,10.5875,10.5931,10.707,10.7668,10.7467,10.8077,10.8233,10.7942,10.8421,10.8801,10.9192,10.9414,11.1174,11.3284,11.6204,12.0343,12.4908],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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"]},{"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 expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,2.0579,1.9741,1.9284,1.9058,1.8267,1.8563,1.8647,1.8511,1.8501,1.9161,1.8982,1.886,1.8528,1.8908,2.5535,2.7681,2.9392,3.0919,3.0768,3.1702,3.219,3.0992,3.0143,3.0424,3.2115,3.2155,3.1525,3.3647,3.2587,3.1594,3.3085,3.0832,3.0842,3.465,3.4197,3.5221,3.426,3.3145,3.355],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,83.3501,91.9201,81.6243,63.0845,82.0345,41.0172,68.0886,78.8351,69.4832,76.292,85.808,100.0,97.8378,96.8967,100.0,91.4598,93.6895,97.9543,100.0,94.5516,55.6374,47.332,41.1813,33.89,42.1996,78.8595,99.769,96.3034,98.9279,100.0,84.0992,90.0619,99.8304,83.1826,96.4387,100.0,85.3273,85.6505,79.1605,55.8797,60.643,59.1545,69.7827,76.362,75.4689],"stroke":"#10243b","width":2.0},{"label":"From 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