{"schema_version":"1.0","name":"VEM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"ab84f6aa-1e8e-44c1-9a77-3efe476fa471","symbol":"VEM","name":"VIRTUS EMERGING MARKETS DIVIDEND ETF","exchange":"NYSEARCA","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, Activity pressure and cumulative balance, Range position and boundary pressure, Range pressure and compression, Acceleration, deceleration and rollover, 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":29,"displayedObservations":29,"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":["2026-08-21"],"values":[-0.004596],"opens":[27.7717],"highs":[28.2027],"lows":[27.0627],"closes":[28.2027],"hoverRows":[[{"label":"Open","value":"27.8","className":"is-ohlc","compact":true},{"label":"High","value":"28.2","className":"is-ohlc","compact":true},{"label":"Low","value":"27.1","className":"is-ohlc","compact":true},{"label":"Close","value":"28.2","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":[27.0827,29.3227],"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 below zero 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 below zero 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":21,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[25.2737,25.6329,26.2651,26.0851,24.1331,23.6742,23.2972,23.25,24.0159,25.5999,26.608,26.146,26.004,27.2514,26.1413,26.3978,27.4741,26.0901,27.4776,28.3869,27.1613,26.2687,27.0874,25.793,26.2846,26.6868,26.8211,27.4119,28.2027],"consensus":[100.0,-75.2929,100.0,-46.4603,-76.6176,-64.5396,-63.9986,-57.1365,0.0,68.3751,77.2963,39.274,36.1977,77.7998,-22.599,31.4454,45.5272,-41.4943,57.5466,68.7904,-26.0824,-32.7012,15.3042,-50.0883,0.0,28.6276,10.0395,45.5559,52.5915],"supportDates":["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,-68.6221,-67.3598,-57.6863,0.0,56.9879,77.0221,35.5453,32.661,76.6369,-27.3174,34.7721,43.8551,-36.2496,63.7087,69.2668,-25.4848,-39.4709,23.1901,-49.3848,0.0,26.0842,17.8614,50.6028,58.2756],"force":[100.0,-75.2929,100.0,-46.4603,-56.3839,-44.7784,-43.0159,-34.1606,0.0,95.8873,82.294,10.0424,11.8778,86.3794,-61.6152,20.6192,31.8591,-94.0051,57.701,80.3632,-84.129,-62.6635,12.7812,-65.4487,0.0,57.5434,8.5939,46.8756,46.0587],"direction":[null,null,null,null,-91.0702,-73.9891,-75.1449,-72.9194,0.0,61.7374,74.0398,64.4149,57.611,73.0004,-10.662,35.3765,57.2011,-9.9806,50.3939,59.9796,-14.6965,-3.5627,8.0939,-39.9205,0.0,10.8802,2.1327,38.8453,50.7617],"intensity":[null,null,null,null,100.0,60.0,16.6667,14.2857,62.5,88.8889,90.0,27.2727,8.3333,69.2308,57.1429,46.6667,81.25,70.5882,72.2222,89.4737,55.0,47.619,40.9091,65.2174,20.8333,32.0,46.1538,25.9259,42.8571],"confirmation":[54.6667,46.7604,54.6667,37.534,68.926,87.9882,87.7889,85.5751,31.5535,90.892,92.8913,79.7336,78.896,93.1751,33.2901,77.6819,82.1776,82.9584,86.3257,90.3584,35.9264,56.6077,72.7003,84.5071,25.4834,78.0808,48.3827,82.5412,55.0],"persistence":[null,null,33.3333,0.0,20.0,33.3333,42.8571,50.0,62.5,37.5,37.5,12.5,12.5,37.5,37.5,62.5,75.0,50.0,50.0,50.0,25.0,0.0,25.0,0.0,12.5,12.5,12.5,12.5,37.5],"assessmentRisk":[null,null,null,null,2.3117,16.4456,17.9264,21.3689,10.3121,14.2364,11.2707,30.1987,30.8904,8.7014,11.4788,2.5899,22.5546,22.3721,15.889,14.2893,1.9203,24.771,26.4086,24.3435,32.0118,4.9989,18.4409,24.2651,22.0058],"volumeParticipation":true,"latest":{"consensus":52.6,"control":58.3,"force":46.1,"direction":50.8,"confirmation":55.0,"persistence":37.5,"assessmentRisk":22.0,"intensity":42.9,"evidenceDepth":100},"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":"Control support is strengthening","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+52.6","detail":"Price structure has the available support","tone":"positive"},{"label":"SM Control Gauge","value":"+58.3","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+46.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+50.8","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":"62.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"21.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"93%","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":[25.2737,25.6329,26.2651,26.0851,24.1331,23.6742,23.2972,23.25,24.0159,25.5999,26.608,26.146,26.004,27.2514,26.1413,26.3978,27.4741,26.0901,27.4776,28.3869,27.1613,26.2687,27.0874,25.793,26.2846,26.6868,26.8211,27.4119,28.2027],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,25.3435,25.04,24.7231,24.4553,24.3754,24.598,24.9635,25.1785,25.3286,25.6782,25.7624,25.8779,26.1681,26.1539,26.3946,26.7569,26.8304,26.7283,26.7936,26.6116,26.5522,26.5767,26.6211,26.7649,27.0263],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.1895,25.3422,25.4014,25.4752,25.6233,25.6579,25.7927,25.9848,26.072,26.0866,26.1607,26.1335,26.1446,26.1848,26.2319,26.3193,26.4589],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,26.9394,27.2694,27.3755,27.4217,27.7543,27.7713,27.8207,28.0705,28.0465,28.233,28.5761,28.7249,28.7603,28.8451,28.8301,28.8237,28.7701,28.5975,28.3438,28.2733],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,22.506,22.5188,22.6213,22.7299,22.7081,22.8124,22.9013,22.9001,22.9913,23.0109,22.9443,22.9843,23.0125,23.0099,22.9957,23.2173,23.5721,24.0971,24.767,25.2561],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,1.0696,0.7303,21.3533,11.6509,1.9243,2.9007,4.216,1.8698,0.1825,0.1244,5.1962,1.1452,28.7112,13.0084,17.1654,1.1029,27.6207,6.8481,550.784,4.9781,13.903,3.0446],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,118.4334,118.4886,119.9717,120.7152,120.6025,120.4452,120.6581,120.5699,120.5779,120.5831,120.3782,120.421,121.4555,121.0908,120.9072,120.9189,120.8415,120.8587,122.7425,122.7594,122.8064,122.8166],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,0.0,25.5847,67.9229,94.8681,82.5198,78.7242,99.9485,73.1866,79.2772,98.5694,54.7133,79.7577,96.1687,73.7891,57.7349,72.4599,49.1789,58.0208,65.2548,67.6703,78.2964,92.5196],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-13.2463,-10.3884,-4.478,-0.7164,-2.4402,-2.9701,-0.0079,-4.1413,-3.2007,-0.2327,-8.7733,-3.9215,-0.7422,-5.0921,-8.2111,-5.3504,-9.8733,-8.1555,-6.7502,-6.2809,-4.2165,-1.4533],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,0.0,4.1511,11.0206,15.3925,13.3889,12.7731,18.1829,13.3685,14.481,19.1486,13.1463,19.1639,23.1071,17.792,13.921,17.4715,11.858,13.9899,15.7342,16.3166,18.8788,22.3083],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,3.4324,3.6312,3.5311,3.4469,4.0574,3.9408,3.7709,4.0805,4.2297,4.1124,4.3687,4.2668,4.2479,4.0643,3.8579,3.7706],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,17.9323,19.083,19.0181,18.7104,19.9997,19.6068,19.3976,20.2876,19.8094,20.3814,21.8623,22.2037,22.2039,22.5057,22.5155,21.5461,19.8618,17.0811,13.4689,11.2729],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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 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