{"schema_version":"1.0","name":"FREP Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"f6934504-4999-4a36-a1f3-87dfd1c5fe63","symbol":"FREP","name":"Franklin MSCI Emerging Markets","exchange":"PAR","country":"FR","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics weakened this week and 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, Directional strength and control, Strength versus the research benchmark, Acceleration, deceleration and rollover, Range pressure and compression, 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":77,"displayedObservations":77,"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 structure remains rotational.","evidenceAlignment":{"status":"Underlying support lags price","headline":"Market Dynamics is weaker than the current price position","summary":"Market Dynamics weakened this week and remains below zero. Underlying support has contracted across the recent completed path. Price structure remains rotational.","take":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the 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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 3.1% across 1 completed cases, with the largest move arriving after 1.0 weeks on average.","approach":"Avoid adding simply because price is rising. 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history."},"events":{"positioning_recoveries":[{"date":"2025-11-07","price":30.719999},{"date":"2026-01-09","price":32.23}],"reversal_warnings":[{"date":"2026-05-08","price":37.763}],"reversal_dangers":[{"date":"2026-05-22","price":37.942001}]}},"smTape":{"available":true,"dates":["2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","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":[26.632,26.632,26.632,26.632,26.632,23.48,23.48,23.48,25.224,25.224,25.224,26.771,26.532,26.532,26.532,26.532,26.532,26.532,26.532,26.532,27.31,27.31,27.372,27.372,27.372,27.372,27.372,27.372,29.645,29.645,29.645,29.645,29.645,29.645,29.645,30.72,31.152,30.849,30.849,30.849,30.922,30.622,30.622,30.622,32.23,32.979,32.979,33.528,33.528,33.966,33.966,35.263,33.361,33.361,33.361,33.361,33.361,34.411,34.411,35.845,35.845,37.763,37.942,37.942,38.694,38.694,38.694,38.694,38.694,38.694,38.694,37.071,37.071,36.018,36.018,36.018,36.018],"consensus":[-71.9344,0.0,0.0,0.0,0.0,-84.3727,-48.646,-48.0406,16.7153,0.0,0.0,41.5607,17.9469,36.1209,35.1462,17.2839,20.703,19.9047,19.0057,18.0372,74.0354,40.7076,28.5834,40.4676,30.567,29.804,26.4088,25.2004,85.0119,49.4459,49.5119,49.197,37.1353,36.3762,35.427,81.5702,80.3491,46.9108,43.5575,36.6033,38.8783,0.0,17.6117,15.2185,44.3215,70.8754,45.2303,67.7042,45.4856,76.4138,45.59,89.5643,-25.4929,10.0663,0.0,0.0,11.8486,64.7232,35.5984,85.4005,41.8939,80.1959,73.115,46.8274,66.9757,46.228,45.2413,44.3407,33.9011,32.2692,30.3951,-52.6073,-35.5568,-82.7855,-46.4747,-46.3642,-46.1216],"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":[30.5243,29.5705,28.5497,79.6866,39.658,39.155,38.6485,38.1417,37.6363,37.1321,79.6414,79.531,45.1621,36.8351,36.3271,58.7237,0.0,30.4112,29.449,38.2212,82.4893,39.4217,73.4477,38.9809,89.4846,38.969,91.7078,-27.9442,22.6333,0.0,0.0,19.0076,78.3443,35.1657,92.8785,38.3601,96.2571,73.6048,39.7174,52.6839,39.3446,38.8389,38.3319,37.8259,37.3214,36.8169,-48.1678,-25.0119,-79.0525,-35.2386,-34.6757,-34.0759],"force":[3.6295,0.0,0.0,99.9979,17.9998,17.9999,18.0,0.0,0.0,0.0,86.498,80.078,7.9298,10.4223,4.0376,9.4946,0.0,6.8861,7.2312,19.8648,46.5162,10.4399,44.1385,10.4189,51.5754,10.3689,97.4697,-92.6562,8.784,0.0,0.0,0.0,57.4321,10.3535,99.8624,10.4398,57.9468,62.2438,10.4368,69.7981,9.9971,9.7207,9.879,0.0,0.0,0.0,-55.9437,-17.9899,-96.0078,-17.9999,-17.8434,-17.8967],"direction":[47.6769,41.6588,39.373,80.3938,83.0935,83.8569,83.5361,62.5104,60.9192,58.7834,80.2549,81.4777,76.7528,74.9083,60.1802,37.1863,0.0,20.4822,14.9907,68.7625,75.0017,76.719,77.9728,77.9671,79.2174,78.3147,81.4679,-25.2824,9.1686,0.0,0.0,12.13,54.3642,54.125,66.5244,68.3999,77.7326,80.3204,80.9463,81.2931,79.974,77.9301,75.8234,53.6308,49.5446,44.7667,-55.2978,-60.156,-77.6074,-79.6549,-80.0945,-80.0489],"intensity":[52.0,53.8462,55.5556,96.4286,96.5517,53.3333,54.8387,56.25,57.5758,58.8235,82.8571,80.5556,70.2703,55.2632,53.8462,60.0,70.7317,69.0476,51.1628,86.3636,75.5556,58.6957,80.8511,70.8333,69.3878,70.0,84.3137,94.2308,94.2308,42.3077,42.3077,42.3077,78.8462,78.8462,80.7692,82.6923,96.1538,90.3846,53.8462,78.8462,55.7692,38.4615,38.4615,38.4615,38.4615,38.4615,86.5385,38.4615,76.9231,71.1538,40.3846,40.3846],"confirmation":[54.0619,52.9311,52.5784,95.7417,83.0135,83.0413,82.953,56.0696,55.8459,55.5643,94.282,93.7159,59.1834,81.031,56.0581,79.2432,7.2752,51.4965,50.8449,81.5305,89.7608,81.5019,88.8596,81.5858,91.4963,81.6163,96.8688,38.2275,26.9958,3.6313,3.6645,48.654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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":"Downward commitment","forcePath":"Broadly stable","directionState":"Downward follow-through","persistenceState":"Developing","confirmationState":"Strong support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-46.1","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-34.1","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-17.9","detail":"Downward 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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,24.7361,25.7349,28.9328,31.9023,34.6596,37.22,39.5975,41.8052,43.8552,46.5597,49.0817,51.4235,53.598,55.6172,57.53,57.863,58.1722,58.4593,59.7876,61.2897,62.6845,64.2371,65.6788,67.1022,68.4453,69.9581,69.9174,69.8797,69.8446,69.8121,69.7818,70.0598,70.4841,71.3054,72.068,73.1351,74.1512,75.0948,76.1209,77.0738,77.9586,78.7802,79.5431,80.2515,80.9093,77.6426,74.6093,69.9732,65.6682,61.6708,57.9589],"stroke":"#10243b","width":2.0},{"label":"Positive 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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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,-0.2446,-0.1599,-0.0918,-0.0374,0.0056,0.0393,0.0652,0.0848,0.1612,0.2193,0.2672,0.3017,0.3253,0.3401,0.3478,0.3499,0.5288,0.663,0.7606,0.8283,0.872,0.8963,0.9051,0.9874,1.0751,1.1074,1.1201,1.1173,1.1082,1.0645,1.0181,0.9702,1.0498,1.16,1.2331,1.3202,1.3733,1.4342,1.4656,1.577,1.4945,1.4129,1.3328,1.2549,1.1796,1.1909,1.1861,1.2833,1.3448,1.5307,1.6731,1.7657,1.8781,1.9447,1.9747,1.9758,1.9541,1.9148,1.8622,1.6703,1.5009,1.2671,1.0695,0.9025,0.7613],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.1332,-0.0987,-0.0659,-0.0357,0.0037,0.0468,0.0909,0.133,0.1715,0.2052,0.2337,0.2569,0.3113,0.3817,0.4574,0.5316,0.5997,0.659,0.7082,0.7641,0.8263,0.8825,0.93,0.9675,0.9956,1.0094,1.0111,1.0029,1.0123,1.0419,1.0801,1.1281,1.1772,1.2286,1.276,1.3362,1.3678,1.3769,1.368,1.3454,1.3123,1.288,1.2676,1.2707,1.2856,1.3346,1.4023,1.475,1.5556,1.6334,1.7017,1.7565,1.796,1.8198,1.8283,1.7967,1.7375,1.6434,1.5287,1.4034,1.275],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.1388,0.138,0.1311,0.1206,0.1576,0.1725,0.1763,0.1687,0.1538,0.1349,0.1141,0.0929,0.2175,0.2813,0.3031,0.2967,0.2723,0.2373,0.1969,0.2234,0.2489,0.2249,0.1901,0.1498,0.1126,0.0551,0.007,-0.0328,0.0375,0.1182,0.153,0.192,0.1961,0.2057,0.1896,0.2408,0.1267,0.036,-0.0352,-0.0905,-0.1327,-0.0971,-0.0815,0.0126,0.0593,0.1961,0.2708,0.2907,0.3225,0.3113,0.2731,0.2193,0.1581,0.095,0.034,-0.1264,-0.2366,-0.3763,-0.4592,-0.5009,-0.5137],"stroke":"#07865c","width":1.0,"fill":"rgba(7,134,92,.12)"}],"guides":[{"label":"Neutral","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2025-03-07","2025-03-14","2025-03-21","2025-03-28","2025-04-04","2025-04-11","2025-04-18","2025-04-25","2025-05-02","2025-05-09","2025-05-16","2025-05-23","2025-05-30","2025-06-06","2025-06-13","2025-06-20","2025-06-27","2025-07-04","2025-07-11","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":"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,2.3085,2.1437,1.9905,1.8484,1.7163,1.5937,1.4799,1.573,1.4607,1.3838,1.285,1.1932,1.108,1.0288,0.9553,1.3667,1.2691,1.1785,1.0943,1.0161,0.9435,0.8762,1.1571,1.1873,1.1888,1.1039,1.025,0.9699,1.0079,0.9359,0.869,1.1288,1.194,1.1087,1.2089,1.1225,1.1021,1.0234,1.2078,1.5931,1.4793,1.3737,1.2756,1.1844,1.1989,1.1133,1.2782,1.1869,1.4089,1.3533,1.2566,1.3524,1.2558,1.1661,1.0828,1.0055,0.9337,0.867,1.153,1.0707,1.2481,1.159,1.0762,0.9993],"stroke":"#c13f3f","width":1.9},{"label":"Envelope 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