{"schema_version":"1.0","name":"EMEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a9713e93-bbdf-494a-bdbf-6d30f61b5d95","symbol":"EMEM","name":"SOPHUS CAPITAL EMERGING MARKET ETF","exchange":"NASDAQ","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, Activity pressure and cumulative balance, Range pressure and compression, 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":20,"displayedObservations":20,"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":["2020-01-03","2020-01-10","2020-01-17","2020-01-24","2020-01-31","2020-02-07","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":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"opens":[23.33,23.0507,23.8348,23.4122,23.58,23.58,25.1,26.335,26.92,25.83,27.15,28.3,25.82,26.6585,26.27,24.79,24.61,24.515,25.295,26.07],"highs":[23.5748,23.58,23.9135,23.6,23.58,23.58,26.145,26.78,27.5,28.66,27.61,28.3,26.86,26.8,26.27,25.5,25.17,26.37,25.91,26.27],"lows":[23.1743,23.0507,23.48,23.4122,23.58,23.58,24.95,26.3116,25.121,25.14,26.63,25.9201,25.48,25.365,23.91,24.4901,23.405,24.21,25.2584,25.215],"closes":[23.287,23.58,23.875,23.58,23.58,23.58,25.5112,26.4693,25.2406,26.4269,27.5269,26.0301,25.6354,25.8782,24.447,24.5288,24.62,25.3585,25.7198,25.8525],"hoverRows":[[{"label":"Open","value":"23.3","className":"is-ohlc","compact":true},{"label":"High","value":"23.6","className":"is-ohlc","compact":true},{"label":"Low","value":"23.2","className":"is-ohlc","compact":true},{"label":"Close","value":"23.3","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":"24.8","className":"is-ohlc","compact":true},{"label":"High","value":"25.5","className":"is-ohlc","compact":true},{"label":"Low","value":"24.5","className":"is-ohlc","compact":true},{"label":"Close","value":"24.5","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":"24.6","className":"is-ohlc","compact":true},{"label":"High","value":"25.2","className":"is-ohlc","compact":true},{"label":"Low","value":"23.4","className":"is-ohlc","compact":true},{"label":"Close","value":"24.6","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}],[{"label":"Open","value":"24.5","className":"is-ohlc","compact":true},{"label":"High","value":"26.4","className":"is-ohlc","compact":true},{"label":"Low","value":"24.2","className":"is-ohlc","compact":true},{"label":"Close","value":"25.4","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":"25.3","className":"is-ohlc","compact":true},{"label":"High","value":"25.9","className":"is-ohlc","compact":true},{"label":"Low","value":"25.3","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":"26.1","className":"is-ohlc","compact":true},{"label":"High","value":"26.3","className":"is-ohlc","compact":true},{"label":"Low","value":"25.2","className":"is-ohlc","compact":true},{"label":"Close","value":"25.9","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":[23.032606,27.781294],"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":20,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-29","price":26.4693}],"reversal_dangers":[{"date":"2026-06-05","price":25.2406}]}},"smTape":{"available":true,"dates":["2020-01-03","2020-01-10","2020-01-17","2020-01-24","2020-01-31","2020-02-07","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":[23.287,23.58,23.875,23.58,23.58,23.58,25.5112,26.4693,25.2406,26.4269,27.5269,26.0301,25.6354,25.8782,24.447,24.5288,24.62,25.3585,25.7198,25.8525],"consensus":[-43.7203,100.0,82.2376,45.6464,28.8989,8.5598,65.6599,70.082,0.0,64.7599,79.7925,-25.1444,0.0,0.0,-55.1559,-29.2298,-10.8011,14.9114,29.8649,19.9514],"supportDates":["2020-01-03","2020-01-10","2020-01-17","2020-01-24","2020-01-31","2020-02-07","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,9.5762,65.4589,54.3799,0.0,47.6069,76.1767,-25.1767,0.0,0.0,-44.1583,-24.9475,-2.2186,22.9471,29.5747,15.4356],"force":[-43.7203,100.0,82.2376,45.6464,6.6941,0.0,40.9389,72.4423,0.0,76.4567,85.5577,-90.1279,0.0,0.0,-76.1821,-15.3096,-1.4845,28.2219,33.7898,13.7537],"direction":[null,null,null,null,44.7594,13.5123,83.5474,86.3412,0.0,76.0083,79.8069,-21.3092,0.0,0.0,-52.7058,-44.067,-29.3851,3.7797,27.3932,29.5392],"intensity":[null,null,null,null,25.0,20.0,100.0,85.7143,75.0,66.6667,90.0,90.9091,75.0,23.0769,78.5714,46.6667,50.0,58.8235,44.4444,31.5789],"confirmation":[36.6572,54.6667,48.9827,37.2735,30.8992,47.7961,88.2608,90.7374,40.4721,89.341,93.7644,37.2388,29.2309,25.002,86.4583,76.9946,26.1961,51.1945,77.6808,55.0],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,75.0,87.5,87.5,87.5,62.5,50.0,37.5,12.5,12.5,25.0,25.0,25.0,0.0],"assessmentRisk":[null,null,null,null,27.2346,4.2799,16.0775,14.9321,49.9169,17.4822,9.2366,8.4242,20.0445,30.4032,22.1911,30.4782,32.8317,30.8827,27.3921,35.1986],"volumeParticipation":true,"latest":{"consensus":20.0,"control":15.4,"force":13.8,"direction":29.5,"confirmation":55.0,"persistence":0.0,"assessmentRisk":35.2,"intensity":31.6,"evidenceDepth":77},"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":"Broadly stable","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+20.0","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+15.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+13.8","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+29.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"64.2","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"4.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"50%","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":[23.287,23.58,23.875,23.58,23.58,23.58,25.5112,26.4693,25.2406,26.4269,27.5269,26.0301,25.6354,25.8782,24.447,24.5288,24.62,25.3585,25.7198,25.8525],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,23.4846,23.5019,23.8673,24.3404,24.504,24.8537,25.3397,25.4652,25.4962,25.5656,25.3622,25.2107,25.1033,25.1497,25.2534,25.3623],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,24.5383,24.6376,24.6235,24.6165,24.6167,24.6717,24.7493,24.831],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,26.9137,27.6579,27.7239,27.6988,27.7081,27.5943,27.4925,27.402,27.3642,27.3651,27.3782],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,22.1123,21.9161,22.0573,22.197,22.3205,22.3587,22.4046,22.4564,22.5419,22.6217,22.6946],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2020-01-03","2020-01-10","2020-01-17","2020-01-24","2020-01-31","2020-02-07","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 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