{"schema_version":"1.0","name":"BBEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"797d6f92-0374-4ade-9855-8b6a06f74b20","symbol":"BBEM","name":"JPMorgan Betabuilders Emerging Markets Equity ETF","exchange":"MEX","country":"MX","asset_type":"etf","currency":"MXN","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","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, Directional strength and control, Acceleration, deceleration and rollover, Directional pressure and rotation, 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":68,"displayedObservations":68,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":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"],"values":[0.090066,-0.313217,-0.991975,-1.842052,-2.716581,-3.204132,-3.504347,-3.607179,-3.625593,-3.604361,-3.575063,-3.534047,-3.068305,-2.496668,-1.634159,-0.880532,-0.551869,-0.358231,-0.44596,-0.434936,-0.490176,-0.563103,-0.397058,-0.166824,0.135588,0.472883,0.56253,0.583997,0.665247,0.703401,0.76968,0.827179,0.805985,0.743163,0.47082,0.159381,-0.213678,-0.547062,-0.702039,-0.751726],"opens":[1230.730713,1166.734619,1166.734619,1166.734619,1168.246216,1168.246216,1169.187256,1169.187256,1169.187256,1169.187256,1180.432861,1180.432861,1180.432861,1218.230713,1217.85144,1257.265747,1191.408936,1191.408936,1191.408936,1190.0,1190.0,1173.0,1166.334595,1253.595825,1287.641235,1287.641235,1287.641235,1287.641235,1401.689453,1330.894043,1377.627075,1385.5,1385.5,1357.5,1297.0,1290.0,1281.0,1292.0,1291.0,1325.5],"highs":[1230.730713,1166.734619,1166.734619,1166.734619,1168.246216,1169.187256,1169.187256,1169.187256,1169.187256,1180.432861,1180.432861,1180.432861,1218.230713,1218.230713,1257.265747,1257.265747,1191.408936,1191.408936,1194.0,1190.0,1190.0,1173.0,1253.595825,1287.641235,1287.641235,1287.641235,1287.641235,1287.641235,1401.689453,1330.894043,1377.627075,1385.5,1385.5,1357.5,1297.0,1290.0,1292.0,1292.0,1291.5,1325.5],"lows":[1230.730713,1166.734619,1166.734619,1166.734619,1168.246216,1168.246216,1169.187256,1169.187256,1169.187256,1169.187256,1180.432861,1180.432861,1180.432861,1215.356934,1217.85144,1191.408936,1191.408936,1191.408936,1190.0,1190.0,1173.0,1173.0,1166.334595,1253.595825,1287.641235,1287.641235,1287.641235,1287.641235,1401.689453,1330.894043,1377.627075,1385.5,1385.5,1357.5,1297.0,1290.0,1281.0,1292.0,1291.0,1305.0],"closes":[1230.730713,1166.734619,1166.734619,1166.734619,1168.246216,1169.187256,1169.187256,1169.187256,1169.187256,1180.432861,1180.432861,1180.432861,1218.230713,1217.85144,1257.265747,1191.408936,1191.408936,1191.408936,1190.0,1190.0,1173.0,1173.0,1253.595825,1287.641235,1287.641235,1287.641235,1287.641235,1287.641235,1401.689453,1330.894043,1377.627075,1385.5,1385.5,1357.5,1297.0,1290.0,1292.0,1292.0,1291.5,1305.0],"hoverRows":[[{"label":"Open","value":"1,231","className":"is-ohlc","compact":true},{"label":"High","value":"1,231","className":"is-ohlc","compact":true},{"label":"Low","value":"1,231","className":"is-ohlc","compact":true},{"label":"Close","value":"1,231","className":"is-ohlc","compact":true},{"label":"Market 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The gap is a downside-risk warning until support catches up or price resets."}},"diagnosis":{"label":"Price response ahead of support","detail":"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.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has advanced further through its recent range than Market Dynamics. 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Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","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":2.7,"sample":2},"nowContext":{"label":"Easier this week","detail":"Market Dynamics weakened this week and 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. 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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 1.4% across 2 completed cases, with the largest move arriving after 1.0 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 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3258,31.7329,31.6372,83.3196,79.9558,7.0402,77.042,5.3535,24.1927],"persistence":[87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,12.5,25.0,37.5,50.0,25.0,0.0,25.0,50.0,62.5,75.0,62.5,50.0,25.0,0.0,25.0,50.0,75.0,75.0,50.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,25.0,37.5],"assessmentRisk":[29.6502,33.2777,24.7306,39.8408,11.1464,33.8952,14.9988,33.9363,31.8558,11.2572,33.3533,33.6352,33.9789,31.825,38.9177,38.9318,40.473,2.1551,8.3268,8.4578,5.7467,0.0946,20.4762,20.7617,14.3234,26.7461,15.8719,37.7599,30.6215,30.2726,32.4184,3.7306,0.293,13.3659,19.5364,14.0422,30.1728,29.9828,19.4548,14.8731,19.407,25.9608,17.8111,24.079,30.1197,16.6839,22.9484,29.6736,41.4043,30.4327,0.7201,19.0392],"volumeParticipation":true,"latest":{"consensus":-5.1,"control":-8.7,"force":-3.4,"direction":-2.2,"confirmation":24.2,"persistence":37.5,"assessmentRisk":19.0,"intensity":67.3,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the downward view","summary":"The completed evidence gives the downward view the clearer support.","take":"Current assessment: downward pressure has the stronger support.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-5.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-8.7","detail":"Control support is limited","tone":"negative"},{"label":"SM Force Gauge","value":"-3.4","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-2.2","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"24/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"67.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"39.8","detail":"Directional","tone":"positive"},{"label":"Range position","value":"59%","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 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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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direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,3.9375,3.9375,3.6769,3.6769,5.9508,5.9508,5.9508,5.2711,5.2711,4.9422,4.9342,4.9342,4.1487,4.1487,4.1487,4.1487,24.6762,24.6762,24.6762,24.5213,24.4185,24.4185,24.4185,24.4185,22.8772,22.8772,22.8772,18.0851,17.7801,14.2349,21.0782,21.0782,21.0782,20.6643,20.6643,27.6659,27.6659,18.1371,15.8442,15.8442,15.8442,15.8442,15.8442,9.8202,28.0958,24.5578,24.0093,24.0093,30.4196,41.8366,43.0019,44.2749,44.2749,44.4669,39.4852],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","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":"impulse","eyebrow":"Price 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,276.433,268.0714,258.4654,249.7404,240.0585,228.9871,217.7033,206.3818,198.4409,189.9579,182.7952,175.14,167.1464,162.9901,157.8763,152.0706,145.789,134.101,123.4155,113.6372,104.8018,96.7602,89.3571,82.5386,76.2559,71.3616,66.7138,62.3121,61.1686,59.5454,60.7392,55.7287,51.1681,47.0119,43.1074,39.5571,34.9686,30.9752,33.9227,38.5613,41.756,43.7832,44.8725,45.2146,54.0652,54.7358,58.3654,61.172,62.6738,60.9026,53.9947,47.4087,41.8681,37.05,32.813,30.1964],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,261.7312,255.1824,247.6866,239.4256,231.2287,222.9745,214.9387,206.9789,199.0124,191.8079,185.0216,178.4314,171.9029,164.3425,156.1571,147.6532,139.0829,130.6183,122.3661,114.4006,106.7716,99.6896,93.0945,86.938,81.7841,77.3364,74.0169,70.3593,66.5211,62.6192,58.7169,54.8849,50.9017,46.9164,44.3176,43.1663,42.8843,43.0641,43.4258,43.7835,45.8399,47.619,49.7683,52.0491,54.174,55.5197,55.2147,53.6535,51.2964,48.4471,45.3203,42.2955],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-21.6727,-26.1953,-29.9833,-33.0438,-32.7878,-33.0166,-32.1434,-31.839,-31.866,-28.8179,-27.1453,-26.3608,-26.1139,-30.2415,-32.7416,-34.0159,-34.2811,-33.8582,-33.009,-31.862,-30.5158,-28.328,-26.3807,-24.6259,-20.6155,-17.791,-13.2778,-14.6305,-15.3529,-15.6073,-15.6094,-15.3278,-15.933,-15.9412,-10.395,-4.6051,-1.1282,0.7191,1.4468,1.4311,8.2253,7.1167,8.5971,9.123,8.4998,5.3829,-1.2201,-6.2448,-9.4284,-11.3972,-12.5073,-12.0991],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","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":"momentum","eyebrow":"Momentum pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed character across the latest observations.","series":[{"label":"Momentum","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,99.61,99.6117,99.6117,99.3875,99.3875,99.3875,99.3949,99.3949,99.3992,99.3993,99.3993,99.4118,99.4118,99.4118,99.4118,95.9765,95.9765,95.9765,95.9806,95.9833,95.9833,95.9833,95.9833,96.0269,96.0269,96.0269,96.1999,96.1547,96.347,88.3914,88.3914,88.3914,88.1968,88.1968,85.561,85.561,87.5988,88.347,88.347,88.347,88.347,88.347,90.9858,79.0231,80.8161,81.1091,81.1091,76.3029,67.0568,66.0594,66.214,66.214,66.1267,67.378],"stroke":"#063b66","width":2.0},{"label":"Rotation","values":[null,null,null,null,null,null,100.0,100.0,100.0,97.5377,99.9152,99.6371,99.6371,99.6371,96.2366,93.7719,93.7719,72.5098,72.5098,69.386,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,43.1527,43.1527,43.1527,44.4954,45.3314,13.8579,13.8579,3.8325,21.4048,21.4048,21.4048,80.4676,79.8749,100.0,27.2551,27.2551,26.0198,24.4371,23.6298,4.3288,4.3288,95.9641,100.0,100.0,100.0,100.0,100.0,100.0,69.9197,89.7761,93.1213,93.1213,81.2243,55.5185,52.5442,25.9324,9.1143,8.7,19.8857],"stroke":"#1678a7","width":1.5},{"label":"Rotation 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zone","values":[30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0,30.0],"stroke":"#07865c","width":1.0,"dash":[6,5]}],"dates":["2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","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":"drawdown","eyebrow":"Path 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