{"schema_version":"1.0","name":"REFA Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"fd9e34a7-a652-4a66-a35e-cab4a0019e10","symbol":"REFA","name":"COLUMBIA RESEARCH ENHANCED INTERNATIONAL EQUITY ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","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, Acceleration, deceleration and rollover, Range position and boundary pressure, Range pressure and compression, 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":44,"displayedObservations":44,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","evidenceAlignment":{"status":"Evidence aligned","headline":"Upward price structure retains strong Market Dynamics support","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. The completed evidence supports the upward price structure.","take":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure 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strengthening","fourWeekDirection":"strengthening","now":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"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":"Extended but supported","detail":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","tone":"caution"},"chartSummary":"Price is in the distribution zone. The Market Dynamics bars show whether underlying support is keeping pace with that elevated price.","summary":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","annotations":[{"label":"Current tape relationship","value":"Extended but supported","detail":"Market Dynamics strengthened this week and remains positive.","tone":"caution"},{"label":"Price location","value":"Distribution zone","detail":"Price is extended; support can persist, but rollover risk must be monitored.","tone":"caution"},{"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":"Supported","detail":"Underlying support has strengthened across the recent completed path.","tone":"positive"}],"relationshipEvidence":{"available":false,"observations":16,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["2020-01-03","2020-01-10","2020-01-17","2020-01-24","2020-01-31","2020-02-07","2020-02-14","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":[25.6624,25.5985,25.7792,25.3401,24.5617,25.1126,25.2595,20.2484,20.4375,20.623,20.7604,21.1626,21.264,21.4107,21.66,22.0845,22.3849,22.5654,22.8235,21.2686,20.9006,20.297,20.4988,21.428,22.168,22.5749,21.8259,21.7962,22.1678,21.6469,22.0968,22.3708,21.7976,21.6812,22.6399,22.3836,22.7837,22.7574,22.5692,22.619,23.1402,23.8366,23.8734,23.8558],"consensus":[-67.5392,-100.0,22.3999,-53.0719,-78.8447,0.0,-8.6524,-89.468,-28.8262,-30.6552,-29.62,0.0,-11.136,0.0,0.0,26.0749,20.9306,38.7774,47.2418,-64.7158,-63.8196,-65.7848,-40.5181,28.4373,49.9254,58.1512,-13.3929,12.949,40.534,-35.8683,32.5334,42.8413,-30.4281,-8.6145,32.6241,0.0,54.0416,24.6079,0.0,23.6353,58.5937,77.3097,44.4141,47.1787],"supportDates":["2020-01-03","2020-01-10","2020-01-17","2020-01-24","2020-01-31","2020-02-07","2020-02-14","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,0.0,-6.2567,-87.4511,-11.7041,-8.0331,-7.2006,0.0,-19.9186,0.0,0.0,21.0337,2.9183,37.7917,44.071,-63.8703,-65.3154,-78.1743,-47.1966,30.1683,51.6665,61.757,-34.6507,9.0556,37.0354,-41.8299,36.1717,49.4348,-38.3746,-14.9453,24.1264,0.0,60.1045,14.5169,0.0,22.4055,55.1754,80.345,41.2423,49.2862],"force":[-67.5392,-100.0,22.3999,-53.0719,-51.3259,0.0,-7.1405,-89.4433,-28.8896,-12.5077,-12.044,0.0,-26.5233,0.0,0.0,60.9231,47.8691,38.1138,45.1778,-94.3646,-78.658,-57.6378,-9.7895,68.0167,54.3001,54.3886,-36.8166,13.5694,71.3831,-49.2783,34.9324,31.6576,-46.634,-5.2799,23.2761,0.0,43.3664,2.1289,0.0,14.1917,76.9975,88.2043,17.7953,18.0525],"direction":[null,null,null,null,-98.5009,0.0,-36.9719,-91.7906,-89.6199,-87.3397,-85.0021,0.0,-27.9982,0.0,0.0,6.9446,28.9449,40.378,52.34,-44.5043,-51.5114,-57.4446,-54.8347,1.8121,44.8106,56.7179,-27.633,16.9554,22.4973,-19.4765,26.6619,43.2941,-9.7709,-3.7612,49.013,0.0,54.7377,52.1969,0.0,31.7861,49.3547,66.059,67.0525,65.5744],"intensity":[null,null,null,null,100.0,80.0,66.6667,100.0,25.0,44.4444,10.0,72.7273,16.6667,15.3846,78.5714,53.3333,93.75,23.5294,50.0,94.7368,90.0,76.1905,36.3636,91.3043,87.5,72.0,69.2308,51.8519,42.8571,58.6207,46.6667,67.7419,65.625,72.7273,94.1176,31.4286,33.3333,24.3243,21.0526,2.5641,62.5,73.1707,61.9048,18.6047],"confirmation":[44.2792,54.6667,29.8346,39.6497,69.3056,32.7778,28.0394,96.6597,36.5561,34.1739,11.1197,7.7888,30.607,7.4227,29.917,54.8162,53.8381,80.4036,83.1028,89.6255,88.8517,88.614,79.9275,55.9997,84.0829,86.4388,33.2374,72.2219,81.9643,79.7957,78.4284,81.2679,78.1098,25.2252,78.2843,6.199,84.8756,52.6766,6.4835,75.2942,87.3629,93.0249,81.4496,90.1774],"persistence":[null,null,33.3333,50.0,60.0,50.0,57.1429,62.5,62.5,62.5,87.5,75.0,75.0,75.0,62.5,37.5,12.5,12.5,37.5,25.0,25.0,12.5,0.0,0.0,0.0,0.0,25.0,0.0,25.0,25.0,50.0,50.0,25.0,0.0,25.0,12.5,12.5,37.5,25.0,25.0,50.0,75.0,75.0,87.5],"assessmentRisk":[null,null,null,null,10.3386,37.1284,37.289,4.9434,34.8298,34.2868,34.8922,26.9622,31.4652,24.1593,31.636,15.7322,22.5347,14.3651,10.4473,6.7389,17.8306,17.0897,29.7264,0.8703,23.5471,20.8665,55.0261,19.216,20.2825,26.5308,3.0311,13.4603,14.8922,7.5957,22.1264,1.4983,21.0144,36.6776,6.736,14.2004,4.9764,10.5376,27.622,26.1922],"volumeParticipation":true,"latest":{"consensus":47.2,"control":49.3,"force":18.1,"direction":65.6,"confirmation":90.2,"persistence":87.5,"assessmentRisk":26.2,"intensity":18.6,"evidenceDepth":100},"analysis":{"status":"Joint 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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 strengthening","forceState":"Upward commitment","forcePath":"Broadly stable","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+47.2","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+49.3","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+18.1","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+65.6","detail":"Upward 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Market Dynamics construction and private inputs are not disclosed. Historical research is not a forecast or instruction to trade."}