{"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":"7585babb-5bc9-4e1e-b04a-b5ddd29f3499","symbol":"GQEM","name":"Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD Acc","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but 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, Strength versus the research benchmark, Activity pressure and cumulative balance, Acceleration, deceleration and rollover, Range position and boundary pressure, Directional strength and control."},{"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":60,"displayedObservations":60,"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. 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 improved this week but 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 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Further price weakness would confirm the rollover.","confirm":"Further price weakness with weak Market Dynamics would confirm the rollover.","invalidate":"A recovery in both price and Market Dynamics would remove the rollover warning.","level":"negative","direction":"strengthening","zone":"middle","zoneContext":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":14.2,"sample":1},"nowContext":{"label":"Slightly 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 has moved below distribution","detail":"Price left the upper zone as Market Dynamics weakened."}},"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 14.2% across 1 cases.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."},{"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 1.0 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 5.0% across 1 completed cases, with the largest move arriving after 2.0 weeks on average.","approach":"Avoid adding simply because price is rising. 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0.0,0.0,0.0,0.0,12.5],"assessmentRisk":[44.1064,6.3238,4.8545,23.7522,39.9105,6.1334,18.6914,6.5632,23.1803,20.725,44.1163,20.9388,22.959,53.2725,0.3655,26.7465,26.7656,4.8086,11.8472,14.7881,20.0296,12.0584,23.9667,20.3009,24.3416,14.0681,16.6021,16.114,30.4488,22.5408,19.4578,30.877,14.4493,12.3868,30.4616,17.4191,7.859,34.7211,10.0981,12.2343,16.1359,12.8989,21.6863,21.1982,21.7094,24.1429,26.9422,38.6755,38.8012,45.3783,26.8949,36.4799],"volumeParticipation":true,"latest":{"consensus":15.3,"control":10.0,"force":4.5,"direction":29.0,"confirmation":36.0,"persistence":12.5,"assessmentRisk":36.5,"intensity":25.0,"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":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+15.3","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+10.0","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+4.5","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+29.0","detail":"Upward 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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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,10.0399,1.4708,41.2602,36.7507,16.1366,0.0,36.0044,0.0,15.3783,0.0,0.0,15.2709,1.9811,5.0922,33.6266,0.5773,51.0581,13.9509,90.8637,0.0,365.2079,216.7059,83.4725,63.4382,1400.1405,0.0,0.0,319.3701,44.9149,59.2175,167.7071,67.6308,29.5122,427.4158,752.5005,18.4835,157.7525,547.8553,131.3623,99.1765,160.8814,59.7975,0.0282,218.892,0.0,0.0,0.0,0.0,152.3442,59.5901,554.6634,4.3671,30.6285],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of direction.","series":[{"label":"Impulse","values":[null,null,null,null,null,null,null,null,null,null,null,null,0.4094,0.5076,0.5211,0.5657,0.6212,0.679,0.6727,0.7054,0.6288,0.6148,0.6149,0.5887,0.5741,0.5735,0.6195,0.6912,0.7661,0.8593,0.9469,1.0106,1.0849,1.1706,1.2561,1.1288,0.9939,0.8517,0.6956,0.6105,0.6856,0.8567,0.9662,1.0765,1.2731,1.3376,1.414,1.5521,1.5419,1.5997,1.7027,1.6753,1.6415,1.5678,1.3507,1.1934,1.0496,0.9888,0.9724,0.9488],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.5011,0.5367,0.5639,0.5922,0.5995,0.6026,0.605,0.6018,0.5962,0.5917,0.5972,0.616,0.6461,0.6887,0.7403,0.7944,0.8525,0.9161,0.9841,1.0131,1.0092,0.9777,0.9213,0.8591,0.8244,0.8309,0.8579,0.9016,0.9759,1.0483,1.1214,1.2076,1.2744,1.3395,1.4121,1.4648,1.5001,1.5136,1.4811,1.4235,1.3488,1.2768,1.2159,1.1625],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1201,0.1423,0.1088,0.1132,0.0292,0.0123,0.0098,-0.013,-0.0221,-0.0182,0.0222,0.0751,0.1201,0.1706,0.2066,0.2162,0.2324,0.2545,0.272,0.1157,-0.0153,-0.126,-0.2257,-0.2487,-0.1388,0.0258,0.1083,0.1749,0.2972,0.2894,0.2926,0.3445,0.2675,0.2602,0.2906,0.2105,0.1414,0.0541,-0.1303,-0.2301,-0.2991,-0.288,-0.2435,-0.2137],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-07-04","2025-07-11","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"]},{"key":"range","eyebrow":"Acceptance 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,92.6058,65.657,87.9287,100.0,78.0016,71.1036,100.46,73.2615,90.9322,96.0364,87.192,71.7945,87.682,54.6473,73.3342,79.6332,72.9143,77.3237,83.4127,100.0,99.0958,93.6284,100.0,92.1125,93.1434,96.5725,100.0,93.2558,55.0876,44.0678,38.0885,28.6398,39.4636,75.1916,104.023,98.5902,99.0426,101.3324,85.9193,92.656,99.1287,82.8332,96.3214,97.1279,83.3848,84.4348,80.0185,58.1223,62.4768,61.3959,71.2786,77.8567,77.9185],"stroke":"#10243b","width":2.0},{"label":"From 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