{"schema_version":"1.0","name":"JEQE Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a55bafd6-7778-43ef-b05e-54e62b49177e","symbol":"JEQE","name":"JPM Nasdaq Equity Premium Income Active UCITS ETF EUR Hedged Dist","exchange":"MIL","country":"IT","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and 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, Range position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance, Directional strength and control, Directional pressure and rotation."},{"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":39,"displayedObservations":39,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics weakened this week and remains below zero. 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The completed tape now carries a stronger continuation-risk warning.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"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 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":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"A recovery in both price and Market Dynamics would remove the rollover warning."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-08-07","price":22.038267}],"reversal_dangers":[{"date":"2026-08-14","price":22.34}]}},"smTape":{"available":true,"dates":["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":[20.2584,20.2584,20.7139,20.8434,21.0064,20.8769,21.2605,21.1776,20.975,21.3175,20.7098,20.8184,20.9011,21.013,20.6821,21.1272,20.4608,19.819,20.2471,20.9478,21.3593,21.3936,21.4328,22.0586,21.8639,22.0635,22.2566,21.9333,21.9153,22.3817,21.9848,22.2229,22.0531,21.3422,21.3323,21.1348,22.0383,22.34,22.09],"consensus":[-100.0,0.0,-100.0,80.0002,65.522,14.327,83.0915,12.0007,0.0,61.6016,-60.2529,-8.7848,18.3614,22.3829,-40.1793,54.7157,-63.2553,-74.9782,0.0,41.7779,67.1998,32.9145,25.1112,71.7127,29.0174,55.0593,56.8278,-11.2933,34.0125,47.8825,0.0,51.4855,17.1659,-42.9009,-33.5717,-44.0371,49.0886,61.5912,2.148],"supportDates":["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,15.1052,94.3946,3.5266,0.0,42.2584,-48.2182,-8.3298,25.8157,41.3445,-38.5678,52.0799,-57.5319,-74.5106,0.0,47.2241,67.0017,27.9698,14.0192,81.5725,33.3675,51.8697,57.8138,-15.7329,44.6058,50.7654,0.0,61.7645,18.7419,-25.9887,-27.934,-28.9947,53.649,60.8271,11.9466],"force":[-100.0,0.0,-100.0,80.0002,17.2726,32.4324,57.0672,63.0893,0.0,67.5526,-99.4074,-11.3175,25.2012,18.4649,-61.6998,60.8978,-91.9059,-87.4424,0.0,79.6432,90.314,12.7439,3.1725,66.2004,18.4742,50.6553,44.0985,-60.0865,17.6776,32.5481,0.0,43.0555,0.163,-60.9832,-23.0198,-53.7672,86.0171,82.1354,39.5374],"direction":[null,null,null,null,99.9859,81.3633,88.7624,83.3819,0.0,79.4575,-46.0393,-23.6636,4.9567,3.5109,-26.6493,53.3122,-49.3316,-66.6097,0.0,8.5071,50.9161,52.9732,53.4582,64.3817,57.9685,61.8502,64.7935,-28.6329,33.5737,55.5409,0.0,45.7595,27.7427,-49.3131,-47.552,-54.2783,17.499,47.79,35.757],"intensity":[null,null,null,null,75.0,40.0,66.6667,42.8571,50.0,88.8889,90.0,54.5455,41.6667,15.3846,50.0,73.3333,93.75,88.2353,72.2222,100.0,95.0,52.381,18.1818,78.2609,20.8333,32.0,26.9231,40.7407,28.5714,86.2069,56.6667,22.5806,18.75,90.9091,67.6471,74.2857,100.0,86.4865,23.6842],"confirmation":[54.6667,0.0,54.6667,48.2667,64.0947,36.4161,93.6239,15.9998,33.1363,88.1886,88.6576,27.2865,51.3039,52.0875,81.5378,85.7376,89.2021,92.38,36.9845,82.4399,90.2114,77.9933,52.8693,90.6298,34.3798,85.5334,85.7819,33.8082,78.2248,82.8111,4.6261,84.0618,50.3091,82.5371,78.5073,82.6176,84.7643,88.3469,23.0201],"persistence":[null,null,66.6667,25.0,0.0,16.6667,28.5714,37.5,50.0,62.5,62.5,37.5,37.5,37.5,12.5,12.5,0.0,25.0,12.5,12.5,12.5,12.5,37.5,37.5,62.5,87.5,100.0,75.0,75.0,75.0,62.5,62.5,62.5,37.5,12.5,12.5,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,17.2264,42.6583,7.9975,40.173,5.5343,17.2487,17.2505,37.7921,22.1389,51.8183,15.3015,12.2613,11.4277,12.3523,43.5535,40.6455,14.6822,33.4654,37.0408,13.6422,26.8734,18.2662,19.4753,8.5646,10.8764,10.7258,32.085,9.5961,13.0464,28.293,30.9038,27.7757,26.4123,18.5303,48.7881],"volumeParticipation":true,"latest":{"consensus":2.1,"control":11.9,"force":39.5,"direction":35.8,"confirmation":23.0,"persistence":12.5,"assessmentRisk":48.8,"intensity":23.7,"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":"Control support is easing","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":"+2.1","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+11.9","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+39.5","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+35.8","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"23/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"56.4","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"2.1%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"16.5","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"90%","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":[20.2584,20.2584,20.7139,20.8434,21.0064,20.8769,21.2605,21.1776,20.975,21.3175,20.7098,20.8184,20.9011,21.013,20.6821,21.1272,20.4608,19.819,20.2471,20.9478,21.3593,21.3936,21.4328,22.0586,21.8639,22.0635,22.2566,21.9333,21.9153,22.3817,21.9848,22.2229,22.0531,21.3422,21.3323,21.1348,22.0383,22.34,22.09],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,20.5368,20.5987,20.719,20.8024,20.8338,20.9217,20.8832,20.8714,20.8768,20.9016,20.8617,20.9099,20.8283,20.6448,20.5725,20.6407,20.7714,20.8845,20.9842,21.1795,21.304,21.4421,21.5902,21.6525,21.7003,21.8242,21.8534,21.9206,21.9447,21.8351,21.7437,21.633,21.7067,21.8218,21.8706],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,20.6615,20.6875,20.6871,20.7197,20.7005,20.6352,20.6065,20.6318,20.6856,20.7381,20.7895,20.8835,20.9562,21.0382,21.1284,21.1881,21.2419,21.3264,21.3751,21.4379,21.4835,21.473,21.4626,21.4383,21.4828,21.5463,21.5865],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,21.576,21.5348,21.5031,21.4819,21.4758,21.45,21.4631,21.4529,21.5439,21.5343,21.5284,21.5865,21.6348,21.7031,21.9065,22.0265,22.1802,22.3425,22.4299,22.514,22.6632,22.7354,22.8359,22.9007,22.9038,22.8912,22.8912,22.8997,22.783,22.6461],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,20.1616,20.1739,20.1996,20.2284,20.257,20.2583,20.2793,20.2412,20.036,19.9885,20.013,20.065,20.1302,20.1338,20.052,20.0177,19.9826,19.9199,19.9081,19.918,19.8752,19.9306,19.9706,20.0209,20.0508,20.1283,20.1292,20.2784,20.6472,20.9684],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,80.5572,62.805,74.0383,31.5553,39.1468,44.9287,52.7516,29.6233,60.7355,14.1521,-7.01,35.0057,66.5925,85.1439,86.6899,88.4567,100.7703,93.1867,94.9233,97.4028,86.0983,85.4701,100.0,86.3651,94.546,88.7109,64.29,63.9509,57.1673,88.2021,98.5671,89.9792],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-1.0367,-1.9833,-1.7123,-4.5141,-4.0135,-3.6321,-3.1162,-4.6416,-2.5896,-5.6619,-8.6213,-6.6472,-3.4167,-1.5194,-1.3613,-1.1806,0.0898,-0.794,-0.6246,-0.3327,-1.7806,-1.8611,0.0,-1.7734,-0.7094,-1.4683,-4.6446,-4.6887,-5.5711,-1.5345,-0.1864,-1.3034],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,4.5374,3.5375,5.2279,2.2281,2.7642,3.1724,3.7248,2.0917,4.2885,0.9993,-0.6142,3.988,7.5866,9.7001,9.8762,10.0775,13.2919,12.2916,13.3168,14.3088,12.6481,12.5558,14.9512,12.9126,14.1357,13.2633,9.6121,9.5614,8.5472,13.1872,14.7369,13.4529],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,1.1704,1.2621,1.3997,1.5867,1.7595,1.8732,2.0337,2.0175,1.926,1.8782,1.8908,1.8719,1.8526,1.7911,1.793,1.7304,1.7221,1.757,1.6905,1.6689,1.8921,1.9627,2.1049,2.1784,2.0999,2.0674],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,6.7773,6.5256,6.2516,6.0106,5.841,5.7147,5.672,5.8122,7.2533,7.4453,7.2956,7.3059,7.2051,7.5019,8.8396,9.5556,10.4245,11.4647,11.9125,12.2362,13.1081,13.1478,13.3872,13.4186,13.2836,12.8447,12.8406,12.1421,9.8359,7.6932],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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":"participation","eyebrow":"Participation","title":"Activity 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,178.9187,1.3289,186.9478,191.3764,392.0303,67.7004,4.2052,90.7086,2.6138,109.223,90.8766,78.9528,464.9572,298.1347,31.6341,64.648,34.078,110.467,97.8383,54.1037,63.4801,3.8882,0.0,0.0,40.3376,4.8666,128.8017,166.3908,656.0163,264.0296,253.2196,74.8638],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,124.2846,124.2138,135.0,122.657,135.0,135.0,135.0,131.0261,131.1336,126.6143,122.8741,126.086,135.0,135.0,135.0,135.0,135.0,131.8172,134.7671,135.0,133.2847,133.1794,133.1794,133.1794,133.9975,133.902,131.2087,127.576,106.2861,115.8485,126.1048,123.0108],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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 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