{"schema_version":"1.0","name":"BCPL Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"029c5310-9e5d-4a26-9804-2f11d497fd4d","symbol":"BCPL","name":"BNY MELLON CORE PLUS ETF","exchange":"NYSEARCA","country":"US","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","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, Directional strength and control, Range position and boundary pressure, Range pressure and compression."},{"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":32,"displayedObservations":32,"assetType":"ETF","state":"Aligned downward","stateTone":"negative","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","evidenceAlignment":{"status":"Evidence developing","headline":"Price structure is visible; Market Dynamics is not yet established","summary":"The completed price path and its progression through the positioning zones can be described, but there is not enough usable Market Dynamics history to confirm or challenge the technical state.","take":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","tone":"neutral","conflict":false},"marketDynamics":{"available":true,"readAvailable":false,"dates":["2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"values":[-0.540843,-0.709911,-0.711644,-0.701359],"opens":[24.450395,24.41,24.56,24.53],"highs":[24.54003,24.6,24.64,24.63],"lows":[24.310963,24.4,24.43,24.45],"closes":[24.36076,24.5403,24.5095,24.45],"hoverRows":[[{"label":"Open","value":"24.5","className":"is-ohlc","compact":true},{"label":"High","value":"24.5","className":"is-ohlc","compact":true},{"label":"Low","value":"24.3","className":"is-ohlc","compact":true},{"label":"Close","value":"24.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.4","className":"is-ohlc","compact":true},{"label":"High","value":"24.6","className":"is-ohlc","compact":true},{"label":"Low","value":"24.4","className":"is-ohlc","compact":true},{"label":"Close","value":"24.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.6","className":"is-ohlc","compact":true},{"label":"High","value":"24.6","className":"is-ohlc","compact":true},{"label":"Low","value":"24.4","className":"is-ohlc","compact":true},{"label":"Close","value":"24.5","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}],[{"label":"Open","value":"24.5","className":"is-ohlc","compact":true},{"label":"High","value":"24.6","className":"is-ohlc","compact":true},{"label":"Low","value":"24.4","className":"is-ohlc","compact":true},{"label":"Close","value":"24.4","className":"is-ohlc","compact":true},{"label":"Market Dynamics","value":"Unavailable","note":"Insufficient completed history","className":"is-muted","wide":true},{"label":"Signal / event","value":"No event marker","className":"is-muted","wide":true}]],"pressureRange":[-2.3,2.3],"priceRange":[24.349988,24.551072],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"slight strengthening","fourWeekDirection":"weakening","now":{"label":"Slightly 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 and Market Dynamics are broadly aligned","detail":"The current price response is broadly consistent with the underlying Market Dynamics path."}},"diagnosis":{"label":"Zone progression","detail":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","tone":"neutral"},"chartSummary":"Price is between the outer positioning zones. The Market Dynamics bars show whether underlying support is strengthening or weakening.","summary":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","annotations":[{"label":"Current tape relationship","value":"Zone progression","detail":"Market Dynamics improved this week but remains below zero.","tone":"neutral"},{"label":"Price location","value":"Between zones","detail":"Price is progressing between the lower and upper positioning zones while the Market Dynamics read develops.","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":"Unavailable","detail":"Too little usable Market Dynamics history is available for a directional confirmation read.","tone":"neutral"}],"relationshipEvidence":{"available":false,"observations":24,"summary":"More completed weekly history is needed for a dependable ticker-level record."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[24.6585,24.7028,24.6929,24.7389,24.9661,24.9701,25.0896,24.7938,24.5707,24.4369,24.351,24.6523,24.7517,24.9207,24.861,24.6867,24.6966,24.4582,24.5575,24.7463,24.6511,24.7709,24.8205,24.9254,24.7093,24.5599,24.5799,24.3508,24.3608,24.5403,24.5095,24.45],"consensus":[0.0,100.0,0.0,31.6367,66.6713,35.4657,55.2391,-33.5734,-54.9033,-50.6114,-48.6199,22.9315,24.9299,48.2515,19.6153,-12.0531,0.0,-56.3845,0.0,25.1259,-21.2674,26.5343,21.6044,37.3109,-21.8804,-43.3778,-10.2348,-47.4978,-32.5916,13.1801,-15.582,-21.2832],"supportDates":["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,30.6331,58.1571,-36.0347,-44.0336,-44.3659,-43.5324,26.8465,22.2364,47.3338,11.7378,-11.7293,0.0,-53.0336,0.0,27.2694,-24.77,24.3901,18.3067,41.1936,-26.6915,-44.3532,-2.7209,-43.576,-31.7688,17.2968,-14.7375,-33.2644],"force":[0.0,100.0,0.0,31.6367,46.7708,13.6766,34.8408,-81.366,-82.1708,-50.7448,-38.3682,66.764,31.0101,45.9578,0.5014,-25.1548,0.0,-83.0048,0.0,41.4801,-36.4304,30.9446,16.1195,35.0095,-47.8626,-62.0976,-1.987,-52.5371,-18.176,39.5004,-16.6003,-19.5778],"direction":[null,null,null,null,80.8859,56.5522,66.4744,-3.3771,-47.8491,-57.6537,-61.7566,12.8517,23.6653,50.9387,42.9871,-3.0647,0.0,-41.1996,0.0,10.9947,-6.4336,25.8346,29.2908,34.5176,-2.1767,-28.8918,-27.552,-48.3804,-43.8288,10.325,-15.8197,-8.8086],"intensity":[null,null,null,null,100.0,80.0,66.6667,100.0,100.0,55.5556,60.0,81.8182,33.3333,53.8462,14.2857,80.0,12.5,82.3529,44.4444,89.4737,30.0,42.8571,36.3636,34.7826,91.6667,92.0,34.6154,77.7778,46.4286,55.1724,3.3333,9.6774],"confirmation":[0.0001,54.6667,0.0,32.7904,65.7584,78.7586,85.0104,58.2163,86.5657,84.2949,83.3234,34.0226,76.2039,83.3846,51.2241,49.5945,24.5906,86.9054,4.9091,76.5061,52.5476,76.6581,74.7965,79.8102,53.5179,82.4365,26.1077,83.4126,78.0025,29.8264,73.0301,55.0],"persistence":[null,null,33.3333,50.0,60.0,66.6667,71.4286,50.0,37.5,12.5,0.0,0.0,0.0,0.0,0.0,0.0,12.5,12.5,25.0,25.0,0.0,0.0,0.0,25.0,12.5,12.5,0.0,25.0,25.0,25.0,50.0,75.0],"assessmentRisk":[null,null,null,null,16.56,32.0774,22.375,34.4441,21.8257,24.5856,25.685,45.3618,27.3206,25.5847,39.9723,15.7837,16.1363,21.3715,44.6317,3.4511,2.9312,35.0075,36.3662,23.4248,30.5115,23.285,42.1931,26.2159,33.0324,13.1126,16.1245,42.2579],"volumeParticipation":true,"latest":{"consensus":-21.3,"control":-33.3,"force":-19.6,"direction":-8.8,"confirmation":55.0,"persistence":75.0,"assessmentRisk":42.3,"intensity":9.7,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is easing","forceState":"Downward commitment","forcePath":"Commitment is easing","directionState":"Follow-through is limited","persistenceState":"Established","confirmationState":"Qualified support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-21.3","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-33.3","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-19.6","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-8.8","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"46.0","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"1.1%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"36.5","detail":"Directional","tone":"positive"},{"label":"Range position","value":"12%","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 downward.","series":[{"label":"Close","values":[24.6585,24.7028,24.6929,24.7389,24.9661,24.9701,25.0896,24.7938,24.5707,24.4369,24.351,24.6523,24.7517,24.9207,24.861,24.6867,24.6966,24.4582,24.5575,24.7463,24.6511,24.7709,24.8205,24.9254,24.7093,24.5599,24.5799,24.3508,24.3608,24.5403,24.5095,24.45],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.735,24.7777,24.8344,24.827,24.7804,24.718,24.6512,24.6514,24.6697,24.7153,24.7418,24.7318,24.7254,24.6768,24.6551,24.6717,24.6679,24.6867,24.711,24.75,24.7426,24.7094,24.6858,24.6249,24.5769,24.5702,24.5592,24.5393],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,24.6859,24.7033,24.715,24.7129,24.7117,24.6929,24.6829,24.6876,24.6849,24.6912,24.7008,24.7174,24.7168,24.7052,24.6959,24.6704,24.6474,24.6395,24.6299,24.6165],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,25.1389,25.1548,25.1323,25.119,25.1324,25.1324,25.1175,25.1042,25.1007,25.0892,25.0816,25.0814,25.0856,25.0944,25.114,25.086,25.0531,24.9821,24.9854,24.9971,24.993,24.98,24.9821],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,24.3851,24.2946,24.3049,24.3233,24.3385,24.3552,24.363,24.3711,24.3436,24.3378,24.3486,24.348,24.3507,24.3546,24.3537,24.3561,24.348,24.3679,24.3204,24.2876,24.302,24.3309,24.3086],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,310.5659,162.6003,67.2138,70.6536,139.4599,56.5468,32.5282,90.331,74.5948,293.3662,110.2316,39.3678,72.1793,91.4744,29.3273,41.5603,35.9116,71.6253,120.1063,40.8775,59.7922,36.8746,76.6237,138.9714,32.16],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,65.0,65.0,65.0,65.0,75.1112,79.0677,81.2314,75.2641,70.4184,92.0952,83.9009,86.732,91.8479,85.1801,87.2895,90.1009,92.4889,87.691,79.3984,82.219,78.6241,80.655,84.8505,77.0417,75.3703],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Typical activity","values":[100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"impulse","eyebrow":"Price 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,-0.0098,0.0104,0.0214,0.0159,0.0121,-0.01,-0.0192,-0.0112,-0.0124,-0.0036,0.0072,0.024,0.0197,0.0041,-0.0065,-0.033,-0.0526,-0.0531,-0.0553,-0.0611],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0047,0.0018,-0.0024,-0.0042,-0.0058,-0.0054,-0.0029,0.0025,0.006,0.0056,0.0032,-0.0041,-0.0138,-0.0216,-0.0284,-0.0349],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0074,-0.0118,-0.0168,-0.007,-0.0066,0.0017,0.0101,0.0215,0.0137,-0.0014,-0.0097,-0.029,-0.0389,-0.0314,-0.0269,-0.0262],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"directional","eyebrow":"Trend 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,45.4744,43.1746,41.0392,39.2896,37.8221,36.4594],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,29.6131,28.6439,26.5758,26.0954,24.271,22.5715,25.758,25.1187,24.706,24.3911,25.2508,30.1257,28.7225,27.4195,24.3175,22.9492,23.0753,22.8607,21.7894],"stroke":"#07865c","width":1.6},{"label":"Negative 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