{"schema_version":"1.0","name":"JELH Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"6ae67586-c706-430f-b021-313ac22ef1fb","symbol":"JELH","name":"JANUS HENDERSON EQUITY LINKED HIGH INCOME ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Completed returns and cumulative progression, Range expansion and closing direction, Acceleration, deceleration and rollover, 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":18,"displayedObservations":18,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[25.073176,24.581653,24.966821,24.818679,24.981635,25.184096,25.1918,24.964044,25.488873,24.918236,25.0361,25.034798,25.114147,25.1687,25.193497,25.21,25.61,25.63],"highs":[25.14299,24.956945,25.016202,25.055706,25.193972,25.312485,25.261117,25.518581,25.488873,24.957524,25.24309,25.163741,25.282765,25.32244,25.58,25.54,28.2,25.72],"lows":[24.958482,24.581653,24.808803,24.789051,24.954575,25.154467,24.964044,24.927207,24.973947,24.755389,24.867271,24.953762,24.995123,25.074473,25.193497,25.21,25.442,25.5],"closes":[24.972345,24.907663,24.923959,24.956846,25.129086,25.246264,25.070991,25.018508,25.063069,24.883074,24.936107,25.074572,25.16751,25.235949,25.493,25.5191,25.67,25.6],"hoverRows":[[{"label":"Open","value":"25.1","className":"is-ohlc","compact":true},{"label":"High","value":"25.1","className":"is-ohlc","compact":true},{"label":"Low","value":"25.0","className":"is-ohlc","compact":true},{"label":"Close","value":"25.0","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.2","className":"is-ohlc","compact":true},{"label":"High","value":"25.3","className":"is-ohlc","compact":true},{"label":"Low","value":"25.1","className":"is-ohlc","compact":true},{"label":"Close","value":"25.2","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.2","className":"is-ohlc","compact":true},{"label":"High","value":"25.6","className":"is-ohlc","compact":true},{"label":"Low","value":"25.2","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.2","className":"is-ohlc","compact":true},{"label":"High","value":"25.5","className":"is-ohlc","compact":true},{"label":"Low","value":"25.2","className":"is-ohlc","compact":true},{"label":"Close","value":"25.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.6","className":"is-ohlc","compact":true},{"label":"High","value":"28.2","className":"is-ohlc","compact":true},{"label":"Low","value":"25.4","className":"is-ohlc","compact":true},{"label":"Close","value":"25.7","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"25.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.7","className":"is-ohlc","compact":true},{"label":"Low","value":"25.5","className":"is-ohlc","compact":true},{"label":"Close","value":"25.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[24.835858,25.717216],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics remains positive and was little changed this week.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":18,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-24","price":24.972345}],"reversal_dangers":[{"date":"2026-05-01","price":24.907663}]}},"smTape":{"available":true,"dates":["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":[24.9723,24.9077,24.924,24.9568,25.1291,25.2463,25.071,25.0185,25.0631,24.8831,24.9361,25.0746,25.1675,25.2359,25.493,25.5191,25.67,25.6],"consensus":[-84.973,73.7367,11.0478,14.994,51.1034,45.9587,0.0,0.0,-8.0154,-40.9407,-13.7669,21.9309,30.397,36.993,67.2847,51.1593,29.6666,16.1707],"supportDates":["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,42.9758,0.0,0.0,-10.5936,-24.2337,-10.5181,20.7866,24.0912,28.6235,58.4945,48.1715,13.3137,12.8186],"force":[-84.973,73.7367,11.0478,14.994,35.5228,27.029,0.0,0.0,-13.6246,-63.137,-6.3155,31.6359,39.3698,32.6711,80.4305,36.9986,34.3112,8.8266],"direction":[null,null,null,null,62.2325,62.889,0.0,0.0,-1.0624,-44.1799,-22.8021,16.3064,31.1945,49.6452,67.9408,64.6889,45.038,37.8569],"intensity":[null,null,null,null,50.0,60.0,50.0,85.7143,25.0,100.0,80.0,27.2727,25.0,23.0769,78.5714,13.3333,100.0,94.1176],"confirmation":[49.858,46.2624,26.202,27.4648,60.9742,82.1753,29.4457,47.8351,48.0299,82.0321,49.5611,75.3311,78.0966,79.8336,90.0657,83.985,77.884,29.0136],"persistence":[null,null,33.3333,50.0,60.0,66.6667,57.1429,50.0,50.0,25.0,0.0,0.0,0.0,0.0,12.5,25.0,50.0,75.0],"assessmentRisk":[null,null,null,null,21.9836,26.9938,44.7211,27.7263,24.4654,29.3639,35.3041,12.1744,21.8501,31.3733,16.3482,24.3598,35.1383,41.6563],"volumeParticipation":true,"latest":{"consensus":16.2,"control":12.8,"force":8.8,"direction":37.9,"confirmation":29.0,"persistence":75.0,"assessmentRisk":41.7,"intensity":94.1,"evidenceDepth":69},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the upward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+16.2","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+12.8","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+8.8","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+37.9","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"29/100","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":"1.7%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"28%","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":[24.9723,24.9077,24.924,24.9568,25.1291,25.2463,25.071,25.0185,25.0631,24.8831,24.9361,25.0746,25.1675,25.2359,25.493,25.5191,25.67,25.6],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.9862,25.0335,25.0403,25.0363,25.0412,25.0125,24.9986,25.0124,25.0406,25.0761,25.1519,25.2187,25.3007,25.3551],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.012,25.0285,25.063,25.0967,25.1392,25.1733],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,25.231,25.219,25.2186,25.2386,25.2725,25.3886,25.4752,25.5857,25.6481],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,24.8033,24.8007,24.8118,24.8153,24.8112,24.7552,24.7245,24.6811,24.6706],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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":"returns","eyebrow":"Observed return path","title":"Completed returns and cumulative progression","description":"Period returns are shown beside the total move recorded across the available tape.","reason":"Selected because direct returns remain fully observable while longer indicators develop.","series":[{"label":"Period return","values":[null,-0.259,0.0654,0.1319,0.6902,0.4663,-0.6943,-0.2093,0.1781,-0.7182,0.2131,0.5553,0.3706,0.2719,1.0186,0.1024,0.5913,-0.2727],"stroke":"#176fa3","width":1.7},{"label":"Cumulative 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JELH Technical Research Pack, completed week 2026-08-21, https://sharemaestro.com/terminal/6ae67586-c706-430f-b021-313ac22ef1fb/technical-pack/","data_notes":{"time_series":"Parallel time-series arrays align by index with their dates array.","events":"Sparse chart markers are published as compact dated event records rather than null-filled arrays.","missing_values":"A remaining null in an aligned series means that observation is genuinely unavailable; zero remains a valid value."},"boundary":"Completed market observations and published proprietary outputs only. Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}