{"schema_version":"1.0","name":"JHAI Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"c9ef3379-92ab-412f-a003-ffbb6952bcec","symbol":"JHAI","name":"JANUS HENDERSON GLOBAL ARTIFICIAL INTELLIGENCE ETF","exchange":"NASDAQ","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but 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, Range position and boundary pressure, Activity pressure and cumulative balance, 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":53,"displayedObservations":53,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but 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 improved this week but 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":["2026-03-06","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"],"values":[-0.438639,-0.75605,-1.070393,-1.269646,-1.269646,-0.919732,-0.431054,0.193426,0.823252,1.165164,1.365562,1.442064,1.441846,1.397292,1.333306,1.329553,1.254729,1.104225,1.090085,0.711784,0.316255,0.087042,-0.292621,-0.356586,-0.295733],"opens":[26.564849,26.015369,26.844584,26.784641,24.606703,26.16,27.86,29.54,30.74,31.11,32.35,32.89,33.61,34.95,34.19,35.75,36.72,34.95,34.92,34.38,33.07,31.95,32.16,34.25,35.82],"highs":[27.294158,27.347707,27.124319,26.784641,26.2984,28.18,29.71,30.9801,31.0,32.56,33.66,33.21,34.7,36.39,34.56,36.65,36.93,36.888,35.055,34.8,33.98,32.41,34.65,35.8,35.96],"lows":[26.135255,26.015369,25.876001,25.022009,24.392306,25.92,27.86,29.4329,29.895,30.78,32.0,31.2,33.3628,33.09,32.44,35.1,34.185,33.72,33.155,32.21,32.4466,29.7299,32.16,34.0574,33.44],"closes":[26.4049,26.426679,26.025459,25.022009,26.0244,27.9065,29.6439,30.8841,30.7729,32.5107,32.61,32.8748,34.4811,33.1425,34.4057,36.595,34.5314,34.0203,34.7687,32.4016,32.4466,32.2806,34.3688,35.4147,33.7682],"hoverRows":[[{"label":"Open","value":"26.6","className":"is-ohlc","compact":true},{"label":"High","value":"27.3","className":"is-ohlc","compact":true},{"label":"Low","value":"26.1","className":"is-ohlc","compact":true},{"label":"Close","value":"26.4","className":"is-ohlc","compact":true},{"label":"Market 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repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"Reversal danger","className":"is-negative","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[24.32763,37.289379],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.295733,"state":"Price is moving ahead of Market Dynamics","context":{"scenario":"priceAhead","latestDirection":"strengthening","fourWeekDirection":"weakening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"price":{"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."}},"diagnosis":{"label":"Distribution rollover","detail":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","tone":"negative"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price has moved down through distribution conditions as Market Dynamics contracted. The completed tape now carries a stronger continuation-risk warning.","annotations":[{"label":"Current tape relationship","value":"Distribution rollover","detail":"Market Dynamics improved this week but remains below zero.","tone":"negative"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","tone":"neutral"},{"label":"Latest positioning marker","value":"24 Apr 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Lagging price","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":25,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-04-24","price":30.8841}],"reversal_warnings":[{"date":"2026-06-19","price":36.595},{"date":"2026-08-14","price":35.4147}],"reversal_dangers":[{"date":"2026-06-26","price":34.5314},{"date":"2026-08-21","price":33.7682}]}},"smTape":{"available":true,"dates":["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":[25.0991,25.1113,25.4385,26.3538,26.9577,26.6948,27.3296,26.4681,27.0756,27.8323,28.4794,27.34,26.8193,25.7842,27.1632,27.5153,26.7633,26.9204,27.5992,27.5369,28.1933,28.2332,27.8894,27.5135,26.8084,27.1121,27.6085,27.1836,26.4049,26.4267,26.0255,25.022,26.0244,27.9065,29.6439,30.8841,30.7729,32.5107,32.61,32.8748,34.4811,33.1425,34.4057,36.595,34.5314,34.0203,34.7687,32.4016,32.4466,32.2806,34.3688,35.4147,33.7682],"consensus":[88.7097,-70.7005,76.0543,37.5026,76.4784,24.8807,58.3564,-21.4031,36.4047,65.4786,58.9967,0.0,-23.0747,-50.1394,28.9111,32.4841,-27.3419,15.3771,37.7497,12.0391,50.4337,28.41,11.1247,-15.3423,-34.5297,-12.6047,19.6753,-20.1107,-34.1978,-17.8725,-42.9039,-60.5806,10.0288,57.055,69.9188,70.3266,42.8207,80.59,40.5245,49.8718,71.5236,0.0,60.7751,77.9237,-10.9692,0.0,37.6289,-47.0507,-22.5257,-8.4421,40.4213,47.0935,-19.367],"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":[null,null,null,null,6.9261,58.683,-26.5292,33.6599,65.6854,52.2059,0.0,-23.3266,-42.211,47.238,37.241,-32.6789,10.4137,47.5832,16.1285,50.795,24.736,12.5238,-18.8983,-25.3221,-8.2547,26.4319,-20.0001,-38.111,-12.884,-41.837,-62.7931,21.7463,52.1522,75.1581,76.8834,43.3408,83.0026,32.468,49.1185,73.9806,0.0,61.7901,79.8361,-15.9596,0.0,38.4666,-41.0582,-20.7109,-3.0969,49.869,49.789,-26.7663],"force":[-70.7005,76.0543,37.5026,46.633,7.1769,35.1186,-82.0942,32.1571,58.5309,49.7357,0.0,-46.8626,-53.6682,46.9812,28.6359,-50.386,22.6225,39.8219,1.3786,58.2185,14.2878,5.0633,-33.9098,-50.1121,-4.093,35.3827,-30.9061,-31.4458,-4.5117,-40.6407,-61.4924,41.402,91.0056,79.3205,68.8497,12.674,91.9273,14.0946,28.9893,67.7703,0.0,58.7871,86.5658,-71.7363,0.0,40.5914,-84.666,-23.3872,-3.6362,60.8851,45.3426,-57.3826],"direction":[null,null,null,97.7965,68.2984,74.5815,-27.8062,42.5755,70.2049,73.3726,0.0,-5.7954,-56.6799,4.9412,29.7963,-4.7824,15.8743,25.0313,14.9802,44.4603,42.696,21.0887,-1.9841,-33.9223,-23.6559,0.7338,-12.5261,-31.6913,-33.1172,-45.7399,-57.4006,25.7719,38.4077,57.2156,63.8881,63.7596,69.7345,68.6105,65.6487,71.3965,0.0,61.0352,69.5652,-38.1393,0.0,34.5555,-27.0314,-23.9845,-25.0623,15.0069,45.2636,-16.2432],"intensity":[null,null,null,75.0,80.0,66.6667,85.7143,50.0,77.7778,100.0,90.9091,66.6667,76.9231,92.8571,40.0,50.0,70.5882,88.8889,5.2632,35.0,9.5238,18.1818,52.1739,100.0,88.0,15.3846,11.1111,64.2857,3.4483,13.3333,74.1935,71.875,100.0,100.0,91.4286,19.4444,91.8919,76.3158,56.4103,100.0,87.8049,92.8571,100.0,95.4545,22.2222,89.1304,97.8723,50.0,100.0,96.0,86.2745,73.0769],"confirmation":[45.2908,47.004,34.6675,68.4421,31.4562,85.9609,37.2192,79.5619,88.7383,86.7002,35.3811,53.4384,84.273,55.9104,78.2051,54.7037,73.2171,79.9932,48.7986,84.3705,76.7168,49.4587,51.1778,79.6647,49.1737,52.0052,74.7661,78.7998,50.7214,81.6765,87.3799,32.1515,87.367,90.5807,90.3596,80.7759,94.0975,80.2851,83.334,90.7357,37.5677,87.372,93.1698,36.0891,7.06,80.1188,84.2939,75.2621,26.0582,81.4145,82.9755,24.0301],"persistence":[null,33.3333,50.0,60.0,66.6667,71.4286,50.0,50.0,75.0,75.0,62.5,37.5,12.5,12.5,37.5,12.5,12.5,12.5,25.0,50.0,75.0,75.0,50.0,50.0,25.0,25.0,0.0,25.0,50.0,75.0,75.0,50.0,25.0,25.0,0.0,25.0,50.0,75.0,100.0,100.0,87.5,87.5,87.5,62.5,50.0,50.0,25.0,0.0,12.5,12.5,12.5,12.5],"assessmentRisk":[null,null,null,11.7593,37.5094,20.8143,20.6313,7.6077,15.7891,19.2791,47.0287,6.9887,24.6277,61.015,5.3252,10.1377,37.2315,6.1634,4.6281,22.6395,33.0494,13.6298,5.9911,31.292,40.6806,32.3715,20.1639,16.2149,36.1198,28.4284,19.6978,33.956,19.4346,15.0092,14.8363,28.5862,9.6983,29.5288,23.4928,14.1867,30.6959,16.4014,10.9311,7.4971,27.5519,4.5473,26.2242,34.1952,38.4673,34.0733,25.0179,44.9085],"volumeParticipation":true,"latest":{"consensus":-19.4,"control":-26.8,"force":-57.4,"direction":-16.2,"confirmation":24.0,"persistence":12.5,"assessmentRisk":44.9,"intensity":73.1,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the Market Dynamics view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the downward Market Dynamics view stronger support.","take":"Current assessment: the visible price structure remains vulnerable until Market Dynamics changes.","tone":"negative","supportedView":"Market Dynamics","direction":"downward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Broadly stable","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Downward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"-19.4","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-26.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-57.4","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-16.2","detail":"Downward follow-through","tone":"negative"},{"label":"SM Confirmation Gauge","value":"24/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"56.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"5.9%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"22.8","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"75%","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 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