{"schema_version":"1.0","name":"3489 Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"c2603b13-9db5-404e-b563-c49f69804c3d","symbol":"3489","name":"E Fund (HK) FTSE AI Select Index ETF","exchange":"HKG","country":"HK","asset_type":"etf","currency":"HKD","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 pressure and compression, Activity pressure and cumulative balance, Directional strength and control, Range position and boundary pressure, Drawdown and recovery pressure."},{"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":37,"displayedObservations":37,"assetType":"ETF","state":"Rotational","stateTone":"caution","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.","evidenceAlignment":{"status":"Rollover warning","headline":"Price has moved below distribution as Market Dynamics weakened","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.","take":"The prior extension has started to roll over. Further price weakness would confirm the downside transition; a recovery in both readings would remove the warning.","tone":"negative","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.405618,0.511784,0.507503,0.364059,0.200742,0.021891,-0.136763,-0.180312,-0.19973],"opens":[13.99,13.74,14.05,13.6,12.84,13.0,13.01,13.76,13.76],"highs":[13.99,13.8,14.38,13.6,13.66,13.4,13.87,13.95,14.0],"lows":[13.21,13.57,13.83,12.81,12.84,12.5,13.01,13.51,13.21],"closes":[13.44,13.65,13.85,12.84,13.11,13.0,13.68,13.76,13.38],"hoverRows":[[{"label":"Open","value":"14.0","className":"is-ohlc","compact":true},{"label":"High","value":"14.0","className":"is-ohlc","compact":true},{"label":"Low","value":"13.2","className":"is-ohlc","compact":true},{"label":"Close","value":"13.4","className":"is-ohlc","compact":true},{"label":"Market 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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":"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 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":13.68}],"reversal_dangers":[{"date":"2026-08-21","price":13.38}]}},"smTape":{"available":true,"dates":["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":[13.75,13.41,13.53,13.85,13.77,14.18,14.02,13.96,13.05,13.13,13.0,12.82,12.42,12.4,12.08,11.55,11.4,12.23,12.89,13.13,13.15,14.02,13.72,13.83,13.96,14.06,13.5,14.21,13.44,13.65,13.85,12.84,13.11,13.0,13.68,13.76,13.38],"consensus":[21.0526,29.1667,41.1765,54.8649,0.0,51.2397,16.0381,0.0,-67.6358,-35.8253,-47.7836,-58.7582,-65.6955,-35.8731,-63.6057,-76.3471,-42.1888,15.4944,47.6596,46.1813,24.4816,75.5484,0.0,48.2777,36.7934,15.648,-24.0019,64.3582,-38.1638,8.6486,14.4411,-64.1028,0.0,-22.9274,37.1141,22.5441,-17.3643],"supportDates":["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,49.044,2.4271,0.0,-60.5074,-28.1711,-44.2601,-55.848,-53.9605,-24.8519,-61.8325,-73.7497,-35.5934,25.7126,46.4911,47.7924,16.0151,74.8246,0.0,46.123,24.0683,5.5064,-28.7539,63.0791,-33.2552,7.0665,2.9612,-61.3019,0.0,-14.2476,40.129,17.4725,-24.9173],"force":[21.0526,29.1667,41.1765,54.8649,0.0,39.8767,1.944,0.0,-77.4068,-7.6266,-26.1926,-47.9173,-75.9686,-5.9737,-52.4379,-77.1776,-19.2315,62.89,71.2695,45.6653,8.4414,94.0178,0.0,42.0724,29.6019,2.6573,-58.5304,88.2109,-82.5813,23.9976,12.3104,-94.7104,0.0,-22.2066,73.1658,16.2254,-35.7573],"direction":[null,null,null,null,0.0,61.8654,44.4377,0.0,-68.8032,-64.7149,-67.2327,-69.8276,-71.7689,-69.8255,-73.6091,-78.7222,-66.1245,30.0376,32.1308,44.7085,45.6149,63.1832,0.0,55.1726,56.4732,40.3134,-6.0922,48.7825,-12.047,0.5068,29.0829,-45.4414,0.0,-33.3622,7.9173,32.8536,-4.4055],"intensity":[null,null,null,null,25.0,80.0,33.3333,14.2857,100.0,88.8889,60.0,27.2727,91.6667,7.6923,57.1429,86.6667,75.0,94.1176,83.3333,78.9474,30.0,95.2381,45.4545,56.5217,70.8333,28.0,69.2308,85.1852,85.7143,41.3793,63.3333,100.0,25.0,39.3939,76.4706,60.0,41.6667],"confirmation":[29.4035,32.0,35.8431,40.2234,3.9008,84.0838,27.8729,4.0306,90.0499,56.0547,82.6864,86.5166,89.5145,56.0694,88.0405,92.4959,80.9013,35.3216,83.9884,82.7377,75.4743,92.7494,12.6661,83.2926,79.7486,27.8376,55.2935,89.3411,81.6409,26.0342,50.0645,89.4884,6.7988,75.4471,58.2626,75.0988,52.2752],"persistence":[null,null,100.0,100.0,80.0,83.3333,85.7143,75.0,50.0,25.0,0.0,25.0,37.5,62.5,87.5,100.0,100.0,75.0,50.0,25.0,0.0,25.0,37.5,62.5,87.5,87.5,62.5,62.5,37.5,37.5,50.0,25.0,12.5,12.5,12.5,12.5,12.5],"assessmentRisk":[null,null,null,null,3.509,24.0337,39.5742,19.5652,13.801,31.749,25.8105,20.5082,14.9235,31.015,17.88,11.779,28.7871,27.495,23.7862,26.827,37.7204,12.1978,46.1074,21.7056,29.1337,3.05,10.4396,1.3813,19.8862,38.4841,25.1829,17.4579,28.5033,31.0285,35.0913,36.4602,33.4127],"volumeParticipation":true,"latest":{"consensus":-17.4,"control":-24.9,"force":-35.8,"direction":-4.4,"confirmation":52.3,"persistence":12.5,"assessmentRisk":33.4,"intensity":41.7,"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":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-17.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-24.9","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-35.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-4.4","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"52/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"46.7","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"5.0%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"18.2","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"67%","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 is rotating through its trend references.","series":[{"label":"Close","values":[13.75,13.41,13.53,13.85,13.77,14.18,14.02,13.96,13.05,13.13,13.0,12.82,12.42,12.4,12.08,11.55,11.4,12.23,12.89,13.13,13.15,14.02,13.72,13.83,13.96,14.06,13.5,14.21,13.44,13.65,13.85,12.84,13.11,13.0,13.68,13.76,13.38],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,13.7079,13.7937,13.8349,13.8576,13.7108,13.6052,13.4951,13.3724,13.1992,13.0539,12.8768,12.6356,12.4109,12.378,12.4711,12.5909,12.6926,12.9339,13.0768,13.2138,13.3495,13.4786,13.4825,13.6148,13.583,13.5952,13.6415,13.4958,13.4256,13.3483,13.4086,13.4725,13.4557],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,13.4934,13.4124,13.3137,13.1831,13.051,12.9902,12.9828,12.9937,13.0053,13.0804,13.1278,13.1798,13.2376,13.2985,13.3134,13.3799,13.3843,13.404,13.437,13.3928,13.3719,13.3443,13.3692,13.3981,13.3968],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,14.3801,14.3863,14.4042,14.476,14.503,14.5565,14.6696,14.7465,14.6982,14.6475,14.6124,14.549,14.6337,14.6572,14.6542,14.6829,14.661,14.5874,14.6333,14.6629,14.71,14.7865,14.7868,14.7905,14.7861,14.7966,14.7032,14.4487],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,12.9499,12.8228,12.6742,12.4301,12.2527,12.0261,11.6954,11.4088,11.3629,11.3988,11.4446,11.448,11.4243,11.4198,11.4208,11.4111,11.421,11.4426,11.4217,11.4311,11.436,11.4445,11.4462,11.5115,11.5759,11.7254,12.0398,12.4923],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,3.8664,4.1229,4.3999,4.4902,4.4589,4.3828,4.2021,4.0861,4.053,4.179,4.1285,4.1458,4.0611,4.2449,4.1218,4.5781,4.3741,4.3795,4.9651,4.9622,5.1413,4.991,4.836,5.0398],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,10.4663,11.492,12.7778,15.2077,16.8206,19.038,22.5613,25.5215,25.5957,24.9458,24.3147,23.8566,24.6332,24.8291,24.8006,25.0772,24.8455,24.1622,24.6529,24.7702,25.0438,25.481,25.4686,24.9342,24.3544,23.1595,19.9189,14.5241],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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,123.112,79.8534,62.6096,15.1699,81.9305,199.6627,52.0997,59.5943,105.3576,70.0932,64.0581,57.8646,58.1147,63.9631,477.918,434.1068,292.6537,428.013,79.4912,32.9673,1262.0873,89.3827,45.9007,34.0649,112.0498,81.3439,78.3921,99.1202,39.3034,54.2178],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,72.8689,65.0,77.8758,75.0,65.0,65.0,65.0,65.0,65.0,65.0,68.037,70.7176,73.3517,76.2518,102.8562,72.2025,94.9177,135.0,135.0,132.4744,135.0,132.7222,133.9115,134.8081,131.7075,134.0089,131.7114,134.7523,135.0,133.327],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,29.9821,29.2433,27.9862,26.8189,26.582,24.7925,23.0389,21.9222,20.5683,19.4316,18.2018],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,10.5411,9.8527,8.9664,8.2657,16.5046,21.7474,23.6551,25.2132,31.6924,30.7851,28.7054,34.195,32.1845,29.7776,31.8102,28.1174,26.9064,31.4235,27.7619,25.9212,23.428,26.2126,25.8333,23.6716],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,24.9365,22.29,28.1561,30.7002,26.7594,23.9851,22.8051,21.7441,19.0927,17.5705,20.2616,18.5612,17.4699,23.5173,21.3663,22.2525,21.2941,19.4636,28.6239,26.0468,27.1751,24.7017,23.5351,24.7434],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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,66.6667,7.5862,13.1034,4.1379,0.6329,17.5732,16.7364,3.3473,3.4014,8.8415,34.1463,54.2683,61.5854,62.1951,88.7195,79.5732,82.9268,84.5697,87.5371,70.9199,91.9881,69.1395,75.3709,81.3056,51.3353,59.3472,56.0831,76.2611,78.635,67.3591],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-2.9882,-9.312,-8.7561,-9.6595,-10.9104,-13.6901,-13.829,-16.0528,-19.7359,-20.7783,-15.0104,-10.4239,-8.7561,-8.6171,-2.5712,-4.656,-3.8916,-3.5912,-2.9006,-6.768,-1.8646,-7.1823,-5.732,-4.3508,-11.326,-9.4613,-10.221,-5.5249,-4.9724,-7.5967],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,6.5649,0.8501,1.4683,0.4637,0.0781,3.5,3.3333,0.6667,0.8734,2.6103,10.081,16.0216,18.1818,18.3618,26.1926,23.4923,24.4824,25.6526,26.5527,21.5122,27.9028,20.9721,22.8623,24.6625,15.5716,18.0018,17.0117,23.1323,23.8524,20.432],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range 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