{"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":"97033c4c-a7e2-451a-af0a-384d73af12e9","symbol":"GQEM","name":"Goldman Sachs Alpha Enhanced Emerging Markets Equity Active UCITS ETF USD Acc","exchange":"EBS","country":"CH","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. The upward price structure is leading its underlying support.","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, Acceleration, deceleration and rollover, Directional strength and control, Range position and boundary pressure, Range pressure and compression."},{"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":58,"displayedObservations":58,"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. The upward price structure is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through 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positive","kind":"disagreement","expectedDirection":"higher","episodes":3,"completedEpisodes":1,"activeEpisodes":2,"medianExpectedMove":20.5,"averageExpectedMove":20.5,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":3,"expectedCount":0,"expectedPercent":0.0,"averageReturn":-3.2,"medianReturn":-2.1,"confidenceLow":0.0,"confidenceHigh":56.1,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":20.5,"medianReturn":20.5,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":4.6,"averageExpectedMove":4.6,"averageWeeksToLargestMove":10.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":1.3,"medianReturn":1.3,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-2.9,"medianReturn":-2.9,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.8,"sample":1},{"week":2,"averageReturn":-1.6,"sample":1},{"week":3,"averageReturn":2.6,"sample":1},{"week":4,"averageReturn":1.3,"sample":1},{"week":5,"averageReturn":1.3,"sample":1},{"week":6,"averageReturn":5.8,"sample":1},{"week":7,"averageReturn":2.4,"sample":1},{"week":8,"averageReturn":1.3,"sample":1},{"week":9,"averageReturn":0.2,"sample":1},{"week":10,"averageReturn":-4.6,"sample":1},{"week":11,"averageReturn":-3.6,"sample":1},{"week":12,"averageReturn":-2.9,"sample":1},{"week":13,"averageReturn":-1.5,"sample":1},{"week":14,"averageReturn":-0.2,"sample":1},{"week":15,"averageReturn":-0.7,"sample":1},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Price ahead of underlying support","tone":"caution","headline":"Price is leading its underlying support","use":"Market Dynamics must catch up or price may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","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","sample":0},"nowContext":{"label":"Slightly 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. The disagreement is a warning condition, not an automatic exit.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"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 2.0 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."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2026-04-03","price":24.805}],"reversal_warnings":[{"date":"2026-05-08","price":29.775}],"reversal_dangers":[{"date":"2026-05-15","price":28.955}]}},"smTape":{"available":true,"dates":["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"],"close":[21.065,21.285,21.015,21.18,21.465,21.655,21.48,21.61,22.43,22.79,22.62,23.37,22.675,23.155,23.425,23.84,23.29,23.815,22.64,23.26,23.45,23.505,23.335,23.455,23.735,24.785,25.255,25.655,26.085,26.02,26.605,26.99,27.47,25.33,25.035,24.635,24.24,24.805,26.455,27.535,27.805,27.865,29.775,28.955,29.305,30.535,30.15,30.165,31.49,30.485,30.175,29.845,28.41,28.695,28.9,29.335,29.715,29.565],"consensus":[79.7108,37.9315,-100.0,100.0,69.2811,55.19,14.5356,58.0655,84.9671,65.5286,21.1962,87.5966,0.0,67.3525,44.6752,42.6567,0.0,61.2184,-54.1305,37.4828,45.7335,29.7103,24.4874,38.7932,54.3587,75.5523,68.463,78.162,60.0375,55.9427,68.2345,69.5533,66.991,-37.6792,-36.1647,-49.0045,-54.825,11.4658,67.2738,78.1198,50.1726,46.4382,86.6671,0.0,67.9043,60.3396,19.6715,39.3572,57.4849,13.0954,17.1682,0.0,-45.7193,0.0,0.0,18.7028,47.6364,1.1743],"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":[1.67,52.6139,86.5973,64.9617,2.2116,90.6037,0.0,77.3272,33.0798,29.4461,0.0,73.9495,-48.3511,57.6558,55.4895,49.9567,18.2499,47.632,63.6598,82.5971,69.013,82.429,63.053,59.9708,78.0868,80.2241,73.5386,-44.4522,-35.6837,-50.0775,-58.8884,18.0337,64.3811,83.9178,49.2112,46.052,92.1181,0.0,68.4412,50.9856,25.3528,34.7587,57.161,13.3374,19.1747,0.0,-45.7723,0.0,0.0,37.2035,47.5592,6.6446],"force":[9.81,67.8734,89.4388,43.2321,20.6547,87.8798,0.0,48.8588,17.203,18.35,0.0,41.6246,-96.5423,50.7924,48.5107,18.3262,22.1905,40.2232,59.4406,81.5776,68.2492,80.4368,35.6899,27.3765,43.8994,43.5709,42.4033,-55.6924,-36.0709,-45.3079,-42.7904,64.2479,98.4994,95.6049,35.0818,23.8013,98.5375,0.0,69.4902,60.0141,41.4681,10.1572,38.5386,26.1596,11.0471,0.0,-39.196,0.0,0.0,30.0407,71.7965,14.5925],"direction":[50.446,57.2903,79.9099,82.1025,77.8416,83.9577,0.0,69.1628,77.5501,75.1165,0.0,60.6642,-30.4414,4.9211,32.6,14.7032,33.2565,27.6704,40.0989,63.1974,67.9872,71.6605,73.9825,71.7436,74.357,75.9169,77.0708,-17.072,-36.7813,-50.4187,-58.7772,33.7419,48.2758,59.0042,62.0504,63.0489,71.9586,0.0,66.1579,71.2623,56.8498,65.4698,71.3882,40.8583,35.0288,0.0,-50.3182,0.0,0.0,10.5393,30.4674,21.3722],"intensity":[33.3333,14.2857,100.0,88.8889,30.0,81.8182,75.0,61.5385,57.1429,73.3333,68.75,64.7059,100.0,73.6842,35.0,9.5238,45.4545,39.1304,33.3333,96.0,73.0769,37.037,78.5714,24.1379,93.3333,35.4839,75.0,100.0,94.1176,34.2857,61.1111,62.1622,97.3684,94.8718,90.0,2.439,97.619,79.0698,59.0909,97.7778,50.0,2.1277,89.5833,79.5918,24.0,25.4902,90.3846,44.2308,76.9231,86.5385,38.4615,17.3077],"confirmation":[6.6054,86.9629,95.3009,88.2983,10.7422,95.9937,36.1934,88.8372,81.6355,81.1107,34.0377,86.7988,86.7024,57.4261,82.5707,76.8518,75.861,80.3227,85.4079,92.253,89.8933,93.0161,86.424,84.9697,88.9433,89.3026,88.588,80.5031,79.5772,83.5524,85.1153,35.0425,90.5233,93.4429,83.61,82.1762,96.0122,36.7081,89.7695,87.4413,35.8582,79.7745,85.8227,31.2379,29.6267,27.0338,82.4306,8.3597,32.0848,30.9636,83.9811,3.2724],"persistence":[71.4286,75.0,75.0,75.0,100.0,100.0,87.5,87.5,87.5,87.5,75.0,75.0,50.0,50.0,62.5,62.5,62.5,62.5,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,0.0,0.0,0.0,0.0,0.0,25.0,50.0,62.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,62.5,50.0,37.5,37.5,37.5,25.0],"assessmentRisk":[41.5221,19.7195,7.3316,17.1899,39.3513,6.1991,27.4976,2.4182,25.8866,20.6508,43.2448,14.4545,16.8411,56.5947,9.5537,40.2824,30.3468,2.2973,2.0393,11.3855,15.6913,10.8905,19.9648,21.2909,15.3984,15.205,16.4939,18.2,30.5504,25.321,22.5683,35.5132,13.1157,10.8121,24.8864,26.6957,6.5504,41.7874,11.0307,19.1972,11.2829,25.4018,20.7832,9.3733,7.2075,20.3625,27.0112,44.1136,46.1431,38.2395,23.2526,40.656],"volumeParticipation":true,"latest":{"consensus":1.2,"control":6.6,"force":14.6,"direction":21.4,"confirmation":3.3,"persistence":25.0,"assessmentRisk":40.7,"intensity":17.3,"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":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+1.2","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+6.6","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+14.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+21.4","detail":"Upward 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trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,21.7148,21.8214,21.9402,22.0809,22.1705,22.2923,22.3181,22.3878,22.4665,22.5434,22.6021,22.6653,22.7445,22.8956,23.0704,23.2619,23.471,23.6598,23.878,24.1085,24.3575,24.4295,24.4744,24.4863,24.468,24.493,24.6383,24.8529,25.0716,25.2785,25.6116,25.8592,26.1145,26.4419,26.7166,26.972,27.3067,27.5421,27.7371,27.8933,27.9316,27.9881,28.0557,28.1504,28.2663,28.3625],"stroke":"#07865c","width":1.8},{"label":"Upper 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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,165.2893,2.7806,0.0,0.0,3.6961,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,6.6633,0.0,0.0,0.0,0.0,170.596,507.0423,177.2294,261.3359,0.0,2.1019,0.0,146.1276,0.0,1499.4514,100.0579,34.1491,748.1297,609.3634,14.7529,474.112,632.9921,7.686,433.3935,12.2861,39.8629,0.0,0.0,0.0,0.0,0.0,0.0,59.237,227.4955,0.0,19.584,9.9285],"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,0.4497,0.4954,0.5471,0.6145,0.6164,0.6528,0.5801,0.566,0.5636,0.5598,0.5368,0.5222,0.5272,0.6089,0.7034,0.8014,0.9033,0.9677,1.0537,1.1399,1.2327,1.1206,0.9965,0.856,0.7047,0.6231,0.6838,0.8097,0.9206,1.0018,1.2064,1.2875,1.3643,1.507,1.571,1.6044,1.718,1.7072,1.6546,1.5682,1.3681,1.2186,1.1038,1.0361,1.0015,0.951],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.5266,0.5518,0.5575,0.5592,0.5601,0.56,0.5554,0.5487,0.5444,0.5573,0.5866,0.6295,0.6843,0.741,0.8035,0.8708,0.9432,0.9787,0.9822,0.957,0.9065,0.8498,0.8166,0.8152,0.8363,0.8694,0.9368,1.0069,1.0784,1.1641,1.2455,1.3173,1.3974,1.4594,1.4984,1.5124,1.4835,1.4305,1.3652,1.2994,1.2398,1.182],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0898,0.1009,0.0226,0.0068,0.0036,-0.0002,-0.0186,-0.0265,-0.0172,0.0516,0.1169,0.1719,0.219,0.2267,0.2502,0.2691,0.2895,0.142,0.0143,-0.101,-0.2018,-0.2267,-0.1328,-0.0056,0.0843,0.1324,0.2696,0.2806,0.2859,0.3429,0.3255,0.2871,0.3205,0.2478,0.1562,0.0558,-0.1154,-0.212,-0.2614,-0.2633,-0.2383,-0.231],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"directional","eyebrow":"Trend quality","title":"Directional strength and control","description":"Directional pressure shows which side controls the tape while strength remains direction-neutral.","reason":"Selected because directional control or trend strength is materially changing.","series":[{"label":"Trend strength","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,46.7493,46.7588,47.3173,47.271,47.6737,48.2943,49.2645,47.1833,44.8472,42.1525,39.1607,36.4852,35.1606,34.7942,34.7542,34.717,35.7585,36.7732,37.0084,37.9352,38.4067,38.8525,39.8943,39.6032,38.9764,38.0166,35.6981,33.929,31.5513,29.6001,28.0863,26.9182],"stroke":"#10243b","width":2.0},{"label":"Positive 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