{"schema_version":"1.0","name":"HEDL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"e0f3785a-efce-4978-be77-ec6c7f87df5b","symbol":"HEDL","name":"JPM US Hedged Equity Laddered Overlay Active UCITS ETF - USD (dist)","exchange":"GER","country":"DE","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has 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, Activity pressure and cumulative balance, Range position and boundary pressure, Directional strength and control, Range pressure and compression, Acceleration, deceleration and rollover."},{"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":40,"displayedObservations":40,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","evidenceAlignment":{"status":"Confirmation weakening","headline":"Upward price structure remains intact, but support is fading","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure remains intact, but its underlying support has weakened.","take":"Treat the advance as conditional. Renewed Market Dynamics would restore confirmation; continued contraction would increase rollover risk.","tone":"caution","conflict":true},"marketDynamics":{"available":true,"readAvailable":true,"dates":["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":[0.835869,1.032662,0.985094,1.026639,1.062947,1.235047,1.32443,1.427049,1.314414,1.307894,1.287811,1.113286],"opens":[21.988907,21.854067,22.368456,22.23861,22.37345,22.49,22.395,22.379999,22.555,22.51,22.865,22.905001],"highs":[22.148717,21.948956,22.368456,22.243605,22.448362,22.555,22.42,22.59,22.584999,22.889999,22.975,22.905001],"lows":[21.988907,21.854067,22.313521,22.13873,22.37345,22.49,22.395,22.379999,22.190001,22.51,22.855,22.41],"closes":[22.133736,21.948956,22.333498,22.243605,22.448362,22.555,22.42,22.525,22.360001,22.875,22.879999,22.52],"hoverRows":[[{"label":"Open","value":"22.0","className":"is-ohlc","compact":true},{"label":"High","value":"22.1","className":"is-ohlc","compact":true},{"label":"Low","value":"22.0","className":"is-ohlc","compact":true},{"label":"Close","value":"22.1","className":"is-ohlc","compact":true},{"label":"Market 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Dynamics","value":"1.32","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.4","className":"is-ohlc","compact":true},{"label":"High","value":"22.6","className":"is-ohlc","compact":true},{"label":"Low","value":"22.4","className":"is-ohlc","compact":true},{"label":"Close","value":"22.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.43","note":"Supportive and strengthening","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.6","className":"is-ohlc","compact":true},{"label":"High","value":"22.6","className":"is-ohlc","compact":true},{"label":"Low","value":"22.2","className":"is-ohlc","compact":true},{"label":"Close","value":"22.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.31","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.5","className":"is-ohlc","compact":true},{"label":"High","value":"22.9","className":"is-ohlc","compact":true},{"label":"Low","value":"22.5","className":"is-ohlc","compact":true},{"label":"Close","value":"22.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.31","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.9","className":"is-ohlc","compact":true},{"label":"High","value":"23.0","className":"is-ohlc","compact":true},{"label":"Low","value":"22.9","className":"is-ohlc","compact":true},{"label":"Close","value":"22.9","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.29","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"22.9","className":"is-ohlc","compact":true},{"label":"High","value":"22.9","className":"is-ohlc","compact":true},{"label":"Low","value":"22.4","className":"is-ohlc","compact":true},{"label":"Close","value":"22.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"1.11","note":"Supportive but easing","className":"is-positive","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[21.893093,22.935862],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"latest":1.113286,"state":"Positive but weakening over four weeks","context":{"scenario":"positiveWeakening","latestDirection":"easing","fourWeekDirection":"weakening","now":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"fourWeek":{"label":"Weakened over four weeks","detail":"Underlying support has contracted 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":"Positive support is weakening","detail":"Market Dynamics remains above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","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 above zero, but support has contracted across the recent completed path. Price confirmation now carries more weight.","annotations":[{"label":"Current tape relationship","value":"Positive support is weakening","detail":"Market Dynamics eased this week but remains positive.","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":"19 Jun 2026","detail":"The green dot marks a confirmed recovery where institutional positioning is most plausible.","tone":"neutral"},{"label":"Market Dynamics confirmation","value":"Weakening","detail":"Underlying support has contracted across the recent completed path.","tone":"negative"}],"relationshipEvidence":{"available":false,"observations":12,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[{"date":"2026-06-19","price":22.333498}],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[21.1316,21.4908,21.4758,21.2463,21.3461,21.381,21.3162,21.7203,21.744,21.3895,21.2696,21.3445,21.1947,21.4194,21.2446,21.6042,21.4644,21.0249,20.8051,21.0449,21.075,21.505,21.665,21.66,21.735,22.05,22.08,22.025,22.1337,21.949,22.3335,22.2436,22.4484,22.555,22.42,22.525,22.36,22.875,22.88,22.52],"consensus":[-24.4444,75.7585,100.0,-58.0,29.7209,9.8412,-16.2776,61.1808,44.3888,0.0,-16.5502,0.0,-39.9752,28.5217,-25.0,51.3141,12.684,-54.7988,-60.679,11.1998,-10.7257,55.2741,51.5006,23.2313,27.1251,63.0324,49.3687,28.1039,52.7014,8.1008,43.7345,31.2355,58.5672,57.1667,31.2931,53.8747,-11.5457,75.7429,30.8241,24.1842],"supportDates":["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,17.6366,-20.7132,63.4271,45.0556,0.0,-9.2488,0.0,-34.3224,30.9433,-32.9638,50.3704,10.2671,-56.1589,-57.9949,21.0933,-0.0588,53.7196,48.5596,14.4874,16.6435,72.4197,55.8876,22.9948,58.9968,28.9598,43.2646,41.2098,69.6524,65.1855,39.8452,49.9441,-7.8787,79.9043,21.0267,25.3818],"force":[-24.4444,75.7585,100.0,-58.0,23.6668,2.6726,-24.4116,59.8089,25.9388,0.0,-29.0171,0.0,-46.5834,50.7949,-27.9892,65.752,6.0944,-71.126,-78.7141,65.2118,-2.2894,82.9972,61.5895,5.0539,12.5949,54.197,26.8528,0.4022,35.8832,41.9021,28.5231,9.6156,42.2479,36.3757,1.9044,60.2318,-56.7114,93.7514,5.6129,79.2496],"direction":[null,null,null,null,34.0452,6.0527,-5.3984,59.5935,56.8053,0.0,-15.9897,0.0,-41.7154,9.8448,-13.7635,42.0797,20.153,-41.5821,-50.8645,38.6871,-32.2128,37.2485,47.6553,46.2084,49.4829,58.6152,58.0012,54.3045,57.5196,19.9783,55.1368,49.0156,57.5549,62.8532,42.5111,53.826,-16.5245,58.1238,60.0291,16.5169],"intensity":[null,null,null,null,50.0,80.0,16.6667,100.0,37.5,100.0,40.0,45.4545,41.6667,61.5385,42.8571,86.6667,31.25,100.0,83.3333,63.1579,10.0,95.2381,86.3636,34.7826,8.3333,68.0,65.3846,3.7037,21.4286,48.2759,100.0,41.9355,59.375,24.2424,29.4118,40.0,47.2222,100.0,73.6842,94.8718],"confirmation":[30.4889,46.9094,54.6667,41.2267,54.5672,25.4786,50.7225,87.5018,81.632,25.0148,73.7873,5.071,81.0796,77.7688,75.9698,84.8749,49.2282,86.0125,88.0078,35.9992,26.3532,86.5563,84.8325,52.3466,76.3969,87.7581,83.0124,53.6215,84.256,32.3563,81.5386,33.3164,86.0752,85.5375,54.3211,85.4935,8.6522,92.7232,54.578,43.5892],"persistence":[null,null,33.3333,0.0,20.0,33.3333,14.2857,25.0,50.0,37.5,12.5,25.0,0.0,0.0,0.0,0.0,0.0,12.5,12.5,0.0,0.0,0.0,25.0,25.0,25.0,50.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,75.0,50.0],"assessmentRisk":[null,null,null,null,23.4327,30.9604,27.5132,18.307,26.0343,5.1298,2.0001,46.4875,29.4816,7.1756,6.0163,16.0213,36.5331,18.9729,16.9582,54.3403,41.5288,19.9364,24.1618,37.7782,36.0188,17.3006,22.1739,31.6355,21.0554,25.2654,21.325,26.2997,17.876,21.3117,8.7064,20.1277,17.9166,7.5184,33.5583,11.0108],"volumeParticipation":true,"latest":{"consensus":24.2,"control":25.4,"force":79.2,"direction":16.5,"confirmation":43.6,"persistence":50.0,"assessmentRisk":11.0,"intensity":94.9,"evidenceDepth":100},"analysis":{"status":"Joint upward confirmation","headline":"The gauges support the upward market view","summary":"Price structure and Market Dynamics agree. Control, force and direction support the same upward assessment.","take":"Current assessment: upward pressure has broad support.","tone":"positive","supportedView":"Price structure and Market Dynamics","direction":"upward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Developing","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+24.2","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+25.4","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+79.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+16.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"44/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned upward","detail":"completed-week alignment","tone":"positive"},{"label":"Momentum","value":"63.5","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"1.3%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"27.1","detail":"Directional","tone":"positive"},{"label":"Range position","value":"79%","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 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}