{"schema_version":"1.0","name":"HEOL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6878dd67-e1d5-417b-86b0-7800be8e0e5a","symbol":"HEOL","name":"JPM US Hedged Equity Laddered Overlay Active UCITS ETF - USD (acc)","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has 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, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, Range pressure and compression, Acceleration, deceleration and rollover."},{"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":40,"displayedObservations":40,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.918478,1.189062,1.178601,1.120451,1.159642,1.277042,1.366693,1.445514,1.27062,1.217623,1.128047,0.903079],"opens":[22.08,21.93,22.445,22.264999,22.450001,22.57,22.469999,22.465,22.635,22.584999,22.945,22.985001],"highs":[22.190001,22.094999,22.445,22.309999,22.525,22.629999,22.504999,22.665001,22.665001,22.965,23.055,23.014999],"lows":[22.08,21.93,22.395,22.215,22.450001,22.57,22.42,22.465,22.27,22.575001,22.93,22.49],"closes":[22.190001,22.040001,22.415001,22.309999,22.525,22.629999,22.459999,22.594999,22.41,22.955,22.959999,22.595],"hoverRows":[[{"label":"Open","value":"22.1","className":"is-ohlc","compact":true},{"label":"High","value":"22.2","className":"is-ohlc","compact":true},{"label":"Low","value":"22.1","className":"is-ohlc","compact":true},{"label":"Close","value":"22.2","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"1.37","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.5","className":"is-ohlc","compact":true},{"label":"High","value":"22.7","className":"is-ohlc","compact":true},{"label":"Low","value":"22.5","className":"is-ohlc","compact":true},{"label":"Close","value":"22.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.45","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.6","className":"is-ohlc","compact":true},{"label":"High","value":"22.7","className":"is-ohlc","compact":true},{"label":"Low","value":"22.3","className":"is-ohlc","compact":true},{"label":"Close","value":"22.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.27","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.6","className":"is-ohlc","compact":true},{"label":"High","value":"23.0","className":"is-ohlc","compact":true},{"label":"Low","value":"22.6","className":"is-ohlc","compact":true},{"label":"Close","value":"23.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.22","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.9","className":"is-ohlc","compact":true},{"label":"High","value":"23.1","className":"is-ohlc","compact":true},{"label":"Low","value":"22.9","className":"is-ohlc","compact":true},{"label":"Close","value":"23.0","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.13","note":"Supportive but easing","className":"is-positive","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":"23.0","className":"is-ohlc","compact":true},{"label":"Low","value":"22.5","className":"is-ohlc","compact":true},{"label":"Close","value":"22.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"0.90","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[21.984801,23.015199],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":0.903079,"state":"Positive but weakening over four weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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":"Positive support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","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 above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics eased this week but remains positive.","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":"19 Jun 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":12,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-06-19","price":22.415001}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[21.19,21.54,21.53,21.295,21.395,21.43,21.365,21.77,21.795,21.435,21.315,21.395,21.245,21.465,21.29,21.65,21.51,21.07,20.85,21.095,21.12,21.54,21.715,21.71,21.785,22.1,22.125,22.105,22.19,22.04,22.415,22.31,22.525,22.63,22.46,22.595,22.41,22.955,22.96,22.595],"consensus":[-20.8787,78.4616,100.0,-58.0,28.5936,9.4646,-16.7091,60.2142,41.2615,-12.5646,-16.9804,0.0,-37.3144,26.805,-25.2557,53.4216,0.0,-51.1076,-52.6226,0.0,-11.2659,52.407,47.8609,22.7931,26.3531,67.2677,46.6945,35.2564,53.66,0.0,50.8396,31.2462,63.8658,57.1347,0.0,55.9185,-11.3149,76.1799,31.5275,20.2547],"supportDates":["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,17.1987,-21.0547,63.0778,38.8618,-16.7538,-9.7732,0.0,-34.4963,30.0129,-33.1989,45.8245,0.0,-55.856,-57.216,0.0,-0.8358,51.465,49.8625,14.2419,16.1928,68.2861,51.4941,35.395,60.9046,0.0,45.2621,42.2928,70.3925,65.0617,0.0,50.1542,-11.8491,80.6378,22.4544,25.4475],"force":[-20.8787,78.4616,100.0,-58.0,23.4075,2.6835,-24.4656,57.0149,24.0795,-22.3096,-29.0745,0.0,-35.7598,46.1861,-28.112,82.8631,0.0,-57.1673,-48.1808,0.0,-1.1598,76.8186,45.0784,3.8577,10.4062,78.1001,24.1053,6.5821,36.381,0.0,50.831,11.1796,60.8184,35.9201,0.0,67.996,-45.246,94.2197,5.5864,64.5784],"direction":[null,null,null,null,32.2979,5.4693,-6.2025,59.2266,56.2768,-0.8163,-16.5787,0.0,-41.6456,9.2952,-14.1377,41.0743,0.0,-41.3525,-50.5458,0.0,-32.0616,36.0468,47.5608,46.091,49.3555,58.3664,57.3445,55.5796,57.7227,0.0,57.2201,48.9258,58.5835,63.2286,0.0,53.8794,-13.532,58.1995,60.4262,17.3399],"intensity":[null,null,null,null,50.0,80.0,16.6667,100.0,25.0,100.0,40.0,45.4545,41.6667,61.5385,42.8571,86.6667,37.5,100.0,83.3333,63.1579,10.0,95.2381,86.3636,30.4348,8.3333,68.0,65.3846,3.7037,17.8571,34.4828,100.0,45.1613,59.375,24.2424,38.2353,37.1429,52.7778,100.0,76.3158,94.8718],"confirmation":[29.3478,47.7744,54.6667,41.2267,54.2462,25.3708,50.8504,87.1274,80.7166,49.5872,73.9121,5.2413,79.9362,77.1194,76.0478,86.1079,28.0036,84.4667,84.6339,32.02,26.2994,85.5286,83.2002,52.1803,76.1018,89.8403,82.1807,55.7394,84.5342,32.1857,84.3534,33.5891,88.2447,85.5158,33.7536,86.3498,30.2002,92.8594,54.7698,42.119],"persistence":[null,null,33.3333,0.0,20.0,33.3333,14.2857,25.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5,12.5,25.0,25.0,25.0,25.0,25.0,25.0,0.0,0.0,12.5,37.5,62.5,75.0,100.0,87.5,87.5,87.5,87.5,87.5,75.0,75.0,50.0,62.5,62.5,37.5],"assessmentRisk":[null,null,null,null,23.2185,31.0025,28.2152,18.8155,27.6566,7.3635,2.5034,46.7513,30.811,6.3083,6.176,14.5299,39.5123,20.8004,20.973,49.8101,41.2328,21.1954,25.9859,38.0002,36.425,15.3239,23.3857,29.0526,20.7787,16.4218,20.2962,25.7821,16.0813,21.3356,11.2326,19.2926,23.444,7.1489,33.4306,10.1275],"volumeParticipation":true,"latest":{"consensus":20.3,"control":25.4,"force":64.6,"direction":17.3,"confirmation":42.1,"persistence":37.5,"assessmentRisk":10.1,"intensity":94.9,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+20.3","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+25.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+64.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+17.3","detail":"Upward 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}