{"schema_version":"1.0","name":"3448 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"b6c0d469-d005-402a-aa42-13fe1d2f5985","symbol":"3448","name":"Global X Exchange Traded Funds Series Ofc - Global X China Core Tech Etf","exchange":"HKG","country":"HK","asset_type":"etf","currency":"HKD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but 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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range pressure and compression, Drawdown and recovery pressure, 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":58,"displayedObservations":58,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics improved this week but remains below zero. 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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.7,"sample":1},{"week":2,"averageReturn":-2.8,"sample":1},{"week":3,"averageReturn":-5.9,"sample":1},{"week":4,"averageReturn":3.6,"sample":1},{"week":5,"averageReturn":2.7,"sample":1},{"week":6,"averageReturn":-0.6,"sample":1},{"week":7,"averageReturn":-4.0,"sample":1},{"week":8,"averageReturn":-14.7,"sample":1},{"week":9,"averageReturn":-11.7,"sample":1},{"week":10,"averageReturn":-17.3,"sample":1},{"week":11,"averageReturn":-11.0,"sample":1},{"week":12,"averageReturn":-11.6,"sample":1},{"week":13,"averageReturn":-12.1,"sample":1},{"week":14,"sample":0},{"week":15,"sample":0},{"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":"Underlying support lags price","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":"This is a downside risk watch, not a completed reversal. 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":"strengthening","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":17.6,"sample":1},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics improved this week but 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":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 17.6% across 1 cases.","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 2 cases. Distinct visits lasted 1.5 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."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 3.3% across 1 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 history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-05-22","price":137.149994}],"reversal_dangers":[{"date":"2026-06-05","price":133.350006}]}},"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":[97.98,100.7,97.4,97.22,102.35,108.2,115.5,113.5,117.0,122.0,123.9,132.1,123.55,114.2,118.8,118.7,117.2,115.0,105.9,112.05,114.15,114.7,110.75,112.5,116.0,114.5,117.65,115.3,113.7,109.4,113.35,113.05,111.5,107.4,109.6,110.5,108.25,106.35,115.95,119.75,121.3,122.9,130.0,132.3,137.15,139.45,133.35,129.0,142.05,140.85,136.35,131.6,117.0,121.15,113.4,122.0,121.25,120.5],"consensus":[90.6385,35.3232,-88.0108,0.0,54.0268,63.2664,72.2323,30.9097,72.6807,70.5275,44.7501,80.6811,0.0,-46.4788,28.8842,-14.0717,-9.1547,-18.2206,-63.8159,0.0,8.7738,0.0,-22.9016,0.0,30.974,-15.622,41.3465,-9.4448,-20.2107,-42.2845,8.8437,-18.841,-22.6304,-36.0208,0.0,-10.2941,-29.8808,-31.6715,54.1103,51.9399,38.0317,43.2849,68.4823,42.2907,66.3643,43.3454,0.0,0.0,63.1428,11.8445,0.0,-17.3567,-63.4843,-18.8095,-56.9703,9.7891,-14.1702,-16.6687],"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":[80.8373,22.3092,65.6833,59.7375,28.4357,76.4014,0.0,-38.4138,32.5618,-8.8907,-1.7631,-24.6165,-64.3591,0.0,22.006,0.0,-31.8154,0.0,37.0467,-15.0749,34.6611,-11.1821,-15.6538,-43.5079,17.4707,-23.4056,-23.2849,-37.479,0.0,-7.5781,-25.4605,-35.7326,56.1133,52.5515,33.8641,41.7195,68.2074,32.1073,68.772,30.9828,0.0,0.0,72.9246,4.7072,0.0,-29.9222,-72.0169,-10.0587,-53.4709,25.0213,-22.4788,-16.7241],"force":[49.7756,13.7677,80.576,77.8392,34.2936,89.3266,0.0,-90.6383,57.9876,-30.0049,-23.6678,-25.6201,-76.6176,0.0,18.8422,0.0,-30.1882,0.0,47.9318,-35.6575,68.296,-33.7111,-34.689,-43.3429,32.3998,-17.6715,-22.9274,-33.7878,0.0,-1.7976,-36.0492,-27.8451,76.8403,55.7776,23.7934,28.2247,75.5701,28.1692,61.7084,29.3106,0.0,0.0,59.195,20.3973,0.0,-36.6057,-62.1516,-6.3675,-61.0027,45.6659,-6.9723,-11.3603],"direction":[78.4386,72.6512,75.0383,77.6364,70.864,79.397,0.0,-24.1534,3.8932,-8.6122,-11.2656,-5.6256,-54.051,0.0,13.5404,0.0,-7.5096,0.0,11.921,-1.9361,29.7374,-9.8737,-15.0769,-40.1303,17.8413,-14.4596,-21.6701,-35.9493,0.0,-19.4671,-30.5267,-29.7634,35.5854,48.4998,52.9648,55.8312,63.7336,64.0159,66.9383,67.4988,0.0,0.0,54.7835,43.0312,0.0,-10.7533,-54.6847,-46.7939,-58.0892,33.2454,-9.8159,-20.3972],"intensity":[100.0,14.2857,37.5,88.8889,100.0,90.9091,91.6667,92.3077,35.7143,40.0,62.5,11.7647,88.8889,57.8947,30.0,14.2857,50.0,13.0435,29.1667,4.0,23.0769,18.5185,7.1429,55.1724,40.0,41.9355,21.875,75.7576,11.7647,77.1429,44.4444,8.1081,97.3684,71.7949,37.5,4.878,85.7143,90.6977,61.3636,97.7778,65.2174,91.4894,97.9167,93.8776,44.0,56.8627,100.0,36.5385,73.0769,80.7692,90.3846,17.3077],"confirmation":[90.2988,34.2643,91.6051,90.9561,82.25,94.1467,36.794,84.3419,55.4072,73.0675,49.2476,51.292,88.803,31.6905,28.4681,1.0515,52.7481,26.4795,78.3359,50.9513,82.1541,28.5085,74.9781,81.5446,29.8893,73.9239,75.2408,79.4364,29.7475,25.7432,77.8172,77.9564,85.9775,84.7284,79.7997,81.416,90.1345,81.2578,89.058,81.6312,34.8956,3.4035,87.9363,7.2678,31.6662,30.91,88.1443,52.0768,86.4067,33.7528,49.5218,73.1714],"persistence":[57.1429,62.5,62.5,62.5,87.5,100.0,87.5,62.5,62.5,37.5,12.5,12.5,37.5,50.0,37.5,25.0,50.0,37.5,12.5,12.5,12.5,0.0,25.0,37.5,12.5,25.0,50.0,50.0,62.5,62.5,62.5,62.5,62.5,37.5,12.5,12.5,25.0,50.0,75.0,100.0,87.5,75.0,75.0,75.0,62.5,37.5,12.5,12.5,25.0,12.5,37.5,62.5],"assessmentRisk":[13.8786,34.5256,13.631,14.6999,27.0003,9.6566,44.7021,21.3864,50.9057,42.2981,36.7287,16.4928,16.94,44.5087,28.8613,3.0369,46.8847,1.77,2.2099,5.6096,26.5509,36.5466,17.2849,22.1503,43.8734,21.6916,22.5739,12.7186,43.8085,31.7343,26.7551,4.059,19.8224,23.3221,30.9003,28.3462,15.7079,28.7514,16.7981,28.3175,36.4793,32.4673,5.1481,7.3263,27.2696,31.6665,18.2051,40.3103,21.3718,48.5139,33.8916,3.6428],"volumeParticipation":true,"latest":{"consensus":-16.7,"control":-16.7,"force":-11.4,"direction":-20.4,"confirmation":73.2,"persistence":62.5,"assessmentRisk":3.6,"intensity":17.3,"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":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-16.7","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-16.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-11.4","detail":"Commitment is limited","tone":"negative"},{"label":"SM Direction Gauge","value":"-20.4","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"73/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"48.4","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"7.4%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"18.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"39%","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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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,7.0996,6.4569,6.2468,6.0031,5.624,5.0874,3.8831,3.3859,3.1253,2.9294,2.4274,2.1461,2.1804,2.0628,2.1984,2.0921,1.8574,1.3093,1.1801,1.0414,0.7973,0.2699,0.0291,-0.0881,-0.3584,-0.7177,-0.2252,0.4664,1.1266,1.7586,2.8001,3.7677,4.8697,5.8611,6.0844,5.843,6.6284,7.0724,6.9807,6.4504,4.7967,3.7775,2.3177,1.8336,1.3736,0.9377],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,6.4541,6.1807,5.7212,5.2542,4.8284,4.4486,4.0444,3.6647,3.3679,3.1068,2.9252,2.7586,2.5783,2.3245,2.0956,1.8848,1.6673,1.3878,1.1161,0.8752,0.6285,0.3593,0.2424,0.2872,0.4551,0.7158,1.1326,1.6597,2.3017,3.0136,3.6277,4.0708,4.5823,5.0803,5.4604,5.6584,5.4861,5.1444,4.579,4.0299,3.4987,2.9865],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.83,-1.0933,-1.8381,-1.8682,-1.7031,-1.5192,-1.6169,-1.5186,-1.1874,-1.0441,-0.7267,-0.6664,-0.7209,-1.0152,-0.9156,-0.8434,-0.87,-1.1179,-1.087,-0.9633,-0.9869,-1.0769,-0.4675,0.1792,0.6715,1.0428,1.6675,2.108,2.568,2.8475,2.4567,1.7723,2.0461,1.9921,1.5203,0.792,-0.6893,-1.3668,-2.2613,-2.1963,-2.1251,-2.0488],"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":"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,89.0307,264.4647,188.54,464.1682,174.4828,48.874,103.4944,288.0879,352.1559,148.3549,35.1747,42.3176,25.5978,15.1938,17.5461,36.9153,7.2379,53.6317,453.8172,123.3178,115.0818,128.283,19.8096,42.6944,1.4134,14.5888,21.2397,18.5374,31.7767,61.9689,30.5817,30.6427,40.2662,25.8333,24.8407,40.8801,41.7276,34.0917,81.3211,55.4449,7.9833,23.3904,14.7462,8.4172,3.2779,37.0918,63.908,97.3141,73.0166,49.7282,158.0303],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,6.6282,6.3644,6.3781,6.3854,6.375,7.0421,6.7125,6.3655,6.0818,6.2519,5.8833,5.5414,5.397,5.1627,5.1797,5.1538,5.3949,5.377,5.0598,5.1097,5.4279,5.5158,5.4324,5.4792,5.5044,5.3164,5.1021,4.9127,4.7552,4.6964,4.8844,4.9454,4.9185,5.1511,5.2711,5.1162,5.2426,5.6312,5.9904,7.1846,7.0678,7.9406,7.6001,7.4013,7.4282],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,0.0,-3.2771,-3.4558,0.0,0.0,0.0,-1.7316,0.0,0.0,0.0,0.0,-6.4724,-13.5503,-10.0681,-10.1438,-11.2793,-12.9447,-19.8335,-15.1779,-13.5882,-13.1718,-16.162,-14.8372,-12.1877,-13.3232,-10.9387,-12.7176,-13.9288,-17.184,-14.1938,-14.4209,-15.5943,-18.698,-17.0326,-16.3513,-18.0545,-19.4928,-12.2256,-9.349,-8.1756,-6.9644,-1.5897,0.0,0.0,0.0,-4.3743,-7.4937,0.0,-0.8448,-4.0127,-7.3566,-17.6346,-14.7131,-20.169,-14.1148,-14.6427,-15.1707],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,16.7455,20.3456,25.4886,27.4429,35.8774,27.0829,17.4655,22.1971,22.0942,20.5513,18.2884,8.9282,15.2541,17.4141,17.9798,13.9169,15.7169,19.317,17.7741,21.0142,18.597,16.9512,6.8881,7.0349,6.7517,5.288,1.4164,3.4939,4.3437,2.2191,0.4249,9.4901,13.0784,14.542,16.0529,22.7573,24.9292,28.961,31.1236,25.3879,21.2976,33.5684,32.4401,28.2088,23.7424,10.0141,13.9163,6.6291,14.7156,14.0103,13.3051],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior 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