{"schema_version":"1.0","name":"VGHY Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"cd68a486-10ac-4614-9cce-53923c5b27df","symbol":"VGHY","name":"Vanguard HighYield Active ETF","exchange":"CBOE","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","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 position and boundary pressure, Range pressure and compression, Activity pressure and cumulative balance, Directional strength and control, 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":49,"displayedObservations":49,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","evidenceAlignment":{"status":"Repair in progress","headline":"Market Dynamics is improving but remains below zero","summary":"Market Dynamics improved this week but remains below zero. Underlying support has strengthened across the recent completed path. The upward price structure has improving support, but confirmation is not complete.","take":"Continued repair would strengthen the upward case. Renewed weakness would leave price ahead of the underlying position.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[-0.316706,-0.391742,-0.284292,-0.138429,-0.109846,-0.015758,-0.119364,-0.214572,-0.204147,-0.238467,-0.073273,0.046199,0.093224,0.099628,-0.027143,-0.254032,-0.429408,-0.676497,-0.588976,-0.466954,-0.319313],"opens":[72.741924,73.568043,73.974004,74.647305,74.132798,74.12763,74.068233,73.612855,74.038534,74.183855,74.024662,74.51219,74.313199,74.007261,74.233288,74.103962,74.193495,73.830387,74.0,74.39,74.53],"highs":[73.696762,74.47898,74.845038,74.726517,74.206826,74.315622,74.246424,73.989037,74.444415,74.452493,74.402745,74.591687,74.442543,74.253184,74.362614,74.33277,74.253184,74.014428,74.475,74.7,74.84],"lows":[72.515437,73.508634,73.974004,74.340359,73.763366,73.860343,73.622754,73.325769,73.974187,73.865469,73.955015,74.243552,74.223653,74.002312,74.103962,74.014428,73.67619,73.720957,73.9,74.3321,74.43],"closes":[73.591609,74.172034,74.785926,74.577995,74.157329,74.246424,73.622754,73.860343,74.333441,73.905268,74.392796,74.452493,74.392796,74.233288,74.163651,74.243236,73.780646,73.983987,74.475,74.605,74.555],"hoverRows":[[{"label":"Open","value":"72.7","className":"is-ohlc","compact":true},{"label":"High","value":"73.7","className":"is-ohlc","compact":true},{"label":"Low","value":"72.5","className":"is-ohlc","compact":true},{"label":"Close","value":"73.6","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"-0.59","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"74.4","className":"is-ohlc","compact":true},{"label":"High","value":"74.7","className":"is-ohlc","compact":true},{"label":"Low","value":"74.3","className":"is-ohlc","compact":true},{"label":"Close","value":"74.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.47","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"74.5","className":"is-ohlc","compact":true},{"label":"High","value":"74.8","className":"is-ohlc","compact":true},{"label":"Low","value":"74.4","className":"is-ohlc","compact":true},{"label":"Close","value":"74.6","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"-0.32","note":"Cautious but repairing","className":"is-negative","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[73.51995,74.857585],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":-0.319313,"state":"Negative but repairing over four weeks","context":{"scenario":"negativeRepair","latestDirection":"strengthening","fourWeekDirection":"strengthening","now":{"label":"Stronger this week","detail":"Market Dynamics improved this week but remains below zero."},"fourWeek":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"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":"Underlying pressure is repairing","detail":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","tone":"caution"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Market Dynamics remains below zero, but it has improved across the recent completed path. This is an early repair watch until price confirms it.","annotations":[{"label":"Current tape relationship","value":"Underlying pressure is repairing","detail":"Market Dynamics improved this week but remains below zero.","tone":"caution"},{"label":"Price location","value":"Between zones","detail":"Price is travelling between the two major positioning zones.","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":"Repairing","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"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":["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":[72.4177,72.1296,72.4273,71.7448,72.1774,72.6387,72.36,72.1952,72.2616,72.3776,72.9778,73.0991,73.0311,73.2234,73.4087,73.5258,73.8868,73.7112,73.8868,73.8283,74.0166,74.1979,74.4038,74.0901,73.6479,73.0373,72.8306,72.4268,73.5916,74.172,74.7859,74.578,74.1573,74.2464,73.6228,73.8603,74.3334,73.9053,74.3928,74.4525,74.3928,74.2333,74.1637,74.2432,73.7806,73.984,74.475,74.605,74.555],"consensus":[-74.6988,-79.015,15.9418,-57.3446,0.0,22.174,-10.9412,0.0,0.0,8.0512,35.5788,27.8694,17.4487,28.3684,28.3267,27.0836,45.6358,0.0,27.9754,13.6469,31.1826,31.3216,40.9535,0.0,-28.5701,-48.5947,-40.7594,-52.0239,30.6191,41.8949,57.5552,24.4062,12.0204,20.5484,-40.3503,0.0,31.9694,-26.8027,43.3563,21.6674,15.3043,13.6366,-10.6995,8.5739,-43.1268,0.0,44.7595,31.8326,15.4328],"supportDates":["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,null,29.6198,-17.8012,0.0,0.0,15.7549,39.7476,27.6055,15.7317,24.668,31.4682,28.4622,48.7015,0.0,28.9694,12.9776,37.5954,31.07,47.1057,0.0,-29.6757,-43.6014,-37.6227,-51.87,40.4846,41.8539,61.5337,21.1065,12.3756,26.1735,-40.9366,0.0,38.2534,-26.8215,46.8105,19.544,21.6503,17.6467,-10.9159,16.6508,-41.5229,0.0,48.4781,35.3321,7.5268],"force":[-74.6988,-79.015,15.9418,-57.3446,0.0,21.0157,-14.862,0.0,0.0,10.6735,40.8117,20.8431,4.5897,27.7722,20.6596,17.8387,51.4801,0.0,21.8589,1.8173,28.9831,26.7232,34.3906,0.0,-52.8177,-68.6315,-39.4758,-51.901,53.2732,47.593,60.7945,1.3973,6.0885,17.6438,-56.2228,0.0,38.2877,-49.7893,53.9541,12.3992,5.0292,6.2623,-16.9126,10.9416,-58.4161,0.0,65.005,26.4034,1.3409],"direction":[null,null,null,null,0.0,14.4918,-0.3006,0.0,0.0,2.626,27.0767,33.1898,28.596,33.0233,30.2128,32.1115,37.9577,0.0,31.2084,25.4577,25.4248,34.8937,38.6102,0.0,-9.9869,-39.9893,-45.2609,-52.2875,3.1626,37.8718,50.6944,46.6084,24.5494,16.1942,-28.3427,0.0,20.2745,-10.3622,31.8388,30.7143,15.391,14.321,-6.0143,2.348,-34.0388,0.0,26.0487,31.7111,34.534],"intensity":[null,null,null,null,50.0,60.0,16.6667,42.8571,37.5,44.4444,80.0,72.7273,8.3333,76.9231,92.8571,13.3333,43.75,11.7647,11.1111,10.5263,25.0,47.619,31.8182,47.8261,62.5,88.0,30.7692,77.7778,96.4286,93.1034,80.0,51.6129,75.0,6.0606,85.2941,31.4286,86.1111,51.3514,65.7895,28.2051,10.0,24.3902,7.1429,4.6512,65.9091,28.8889,71.7391,55.3191,12.5],"confirmation":[46.5703,47.9515,27.7681,41.0169,1.2878,74.9469,48.8495,0.9512,0.9762,48.4325,79.4812,76.7081,50.5512,77.1161,76.783,76.364,82.7349,6.1224,76.7506,49.6269,77.8137,77.8866,80.8114,30.1795,77.8646,84.237,81.0517,84.6462,55.6715,81.5807,86.4557,52.7053,49.9214,74.4012,81.3869,28.1774,78.327,77.2771,82.1444,74.6835,49.8208,49.4112,48.9432,48.527,82.291,28.8182,82.8834,77.9676,19.6532],"persistence":[null,null,33.3333,50.0,40.0,16.6667,28.5714,25.0,12.5,12.5,12.5,37.5,50.0,50.0,75.0,87.5,100.0,87.5,87.5,87.5,87.5,87.5,87.5,75.0,50.0,37.5,12.5,12.5,12.5,12.5,12.5,0.0,25.0,50.0,50.0,62.5,62.5,37.5,37.5,37.5,37.5,37.5,37.5,50.0,25.0,37.5,37.5,37.5,37.5],"assessmentRisk":[null,null,null,null,22.2131,29.3458,2.2726,40.594,12.5366,35.0973,28.3032,35.3316,39.9902,35.1025,29.0761,29.7866,27.096,47.2525,34.5991,38.2972,14.3446,33.7974,29.1272,47.8348,32.0045,25.6734,29.6188,23.9869,21.646,28.3471,21.1933,37.7827,34.519,2.881,28.6531,46.9281,0.1281,14.7535,23.5253,30.3148,1.6032,27.1912,22.4722,32.9345,25.8374,35.7082,12.9473,25.7458,41.7174],"volumeParticipation":true,"latest":{"consensus":15.4,"control":7.5,"force":1.3,"direction":34.5,"confirmation":19.7,"persistence":37.5,"assessmentRisk":41.7,"intensity":12.5,"evidenceDepth":100},"analysis":{"status":"Price structure has stronger support","headline":"The gauges support the price-technical view","summary":"Price structure and Market Dynamics disagree. The completed evidence gives the upward price structure stronger support.","take":"Current assessment: price structure remains primary, but the disagreement lowers confirmation.","tone":"positive","supportedView":"Price structure","direction":"upward","disagreement":true},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+15.4","detail":"Price structure has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+7.5","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+1.3","detail":"Commitment is limited","tone":"positive"},{"label":"SM Direction Gauge","value":"+34.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"20/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"55.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"0.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"9.1","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"88%","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":[72.4177,72.1296,72.4273,71.7448,72.1774,72.6387,72.36,72.1952,72.2616,72.3776,72.9778,73.0991,73.0311,73.2234,73.4087,73.5258,73.8868,73.7112,73.8868,73.8283,74.0166,74.1979,74.4038,74.0901,73.6479,73.0373,72.8306,72.4268,73.5916,74.172,74.7859,74.578,74.1573,74.2464,73.6228,73.8603,74.3334,73.9053,74.3928,74.4525,74.3928,74.2333,74.1637,74.2432,73.7806,73.984,74.475,74.605,74.555],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,72.2464,72.3177,72.3254,72.3017,72.2944,72.3096,72.4311,72.5525,72.6395,72.7457,72.8662,72.9862,73.1499,73.252,73.3674,73.4512,73.554,73.6711,73.8043,73.8563,73.8184,73.6764,73.5226,73.3233,73.3721,73.5176,73.7482,73.8991,73.946,74.0006,73.9319,73.9189,73.9943,73.9781,74.0535,74.126,74.1745,74.1852,74.1813,74.1926,74.1177,74.0934,74.1628,74.2432,74.2999],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,16.4427,18.842,23.0331,44.7149,49.0954,46.64,53.5835,60.2799,64.5092,77.5496,71.2056,77.5496,75.4349,82.2367,88.7886,96.226,84.8929,68.9186,46.8641,40.6919,25.627,69.0897,88.5318,98.0354,91.1247,77.1437,78.9194,56.5868,62.6907,80.616,64.3929,82.8649,84.0905,81.6711,75.2063,72.384,75.6095,56.8612,65.1024,85.0027,90.2715,88.245],"stroke":"#10243b","width":2.0},{"label":"From 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centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"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,1.8082,1.7033,1.6,1.5147,1.4373,1.381,1.3126,1.2475,1.2103,1.159,1.1119,1.0941,1.1275,1.1576,1.177,1.1989,1.198,1.1865,1.1475,1.1501,1.1104,1.1004,1.0826,1.055,1.0421,1.0091,0.9696,0.9231,0.8965,0.8582,0.8267,0.8283,0.7954,0.7888,0.7664,0.7514],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,1.2522,1.6366,1.9506,2.09,2.2935,2.5392,2.7707,3.1433,3.3078,3.5037,3.6216,3.8191,3.9469,4.1727,3.9162,3.6884,3.6044,3.4497,3.34,3.0271,2.8143,3.0712,3.1806,3.1002,3.0683,3.0358,3.0112,3.0642,3.0575,3.1156,3.1777,3.2213,3.2253,3.1895,3.2044,3.1893,2.9749,2.6329,1.7128,1.5848],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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,60.5263,67.6444,63.0854,65.69,97.6917,159.4897,133.2481,81.9832,134.087,178.9986,161.6728,101.665,99.8682,159.4827,145.8685,114.3413,109.3655,130.9668,136.9147,78.6128,84.869,50.9039,68.9913,83.0969,96.9144,73.2575,114.9255,63.1744,89.4433,67.5907,110.7237,79.9127,80.5954,62.7133,92.4013,79.8898,71.303,90.2271,68.5612,102.277,66.0464,65.9272],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,13.9718,15.4285,15.7159,15.026,15.0375,15.0481,14.1296,13.181,12.6494,12.7001,11.7936,11.1618,10.5751,10.0203,9.4589,9.1412,8.5759,8.2681,8.7429,9.1839,8.6891,8.7384,9.0857],"stroke":"#10243b","width":2.0},{"label":"Positive 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pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed character across the latest 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