{"schema_version":"1.0","name":"ANAU Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"737dbeb8-ce0f-4181-a8cb-a6e2245669ba","symbol":"ANAU","name":"BNP Paribas Easy II NASDAQ 100","exchange":"PAR","country":"FR","asset_type":"etf","currency":"EUR","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, Directional strength and control, Range pressure and compression, Range position and boundary pressure, 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":29,"displayedObservations":29,"assetType":"ETF","state":"Rotational","stateTone":"caution","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":["2026-08-21"],"values":[-0.031946],"opens":[22.700001],"highs":[22.705],"lows":[21.74],"closes":[21.844999],"hoverRows":[[{"label":"Open","value":"22.7","className":"is-ohlc","compact":true},{"label":"High","value":"22.7","className":"is-ohlc","compact":true},{"label":"Low","value":"21.7","className":"is-ohlc","compact":true},{"label":"Close","value":"21.8","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":[20.724999,22.964999],"zones":{"accumulationBoundary":-1.5,"accumulationDarkBoundary":-2.0,"distributionBoundary":1.5,"distributionDarkBoundary":2.0},"state":"Insufficient history","context":{"scenario":"developing","latestDirection":"steady","fourWeekDirection":"steady","now":{"label":"Little changed this week","detail":"Market Dynamics remains below zero and was little changed this week."},"fourWeek":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"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 remains below zero and was little changed this week.","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":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":["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":[18.318,18.12,18.386,18.342,18.6,18.57,18.118,17.582,18.08,18.67,19.66,20.195,20.235,21.485,21.875,22.22,22.59,22.365,22.3,23.045,22.37,22.57,22.665,21.745,21.675,21.205,22.385,22.54,21.845],"consensus":[0.0,-88.4765,89.6907,-35.0484,36.1464,20.6949,-36.5927,-64.7971,14.6656,50.6753,80.1143,81.2689,48.1788,89.487,72.3535,80.334,69.7908,16.4621,46.5746,69.8542,18.8172,45.741,48.5617,-24.5081,-18.6658,-49.1169,45.3667,34.9251,-32.7219],"supportDates":["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,14.9243,-41.4069,-55.183,29.3818,48.8557,73.9766,78.6958,40.4827,89.9043,61.5922,76.9276,62.4577,4.3806,55.0278,77.557,34.7383,49.227,58.0661,-7.6492,-11.4593,-35.9345,51.9341,32.4826,-33.7731],"force":[0.0,-88.4765,89.6907,-35.0484,27.2427,14.308,-40.4589,-84.7132,52.767,80.7818,97.2977,89.3067,20.2678,97.3186,74.0774,81.8088,73.9584,40.4385,10.2679,56.1676,31.4351,35.1615,27.7033,-63.9682,-29.5824,-77.6588,78.3695,31.4542,-76.8404],"direction":[null,null,null,null,42.5062,31.852,-28.3291,-61.5589,29.3682,31.2501,74.855,78.4683,76.9107,83.4162,83.4209,83.1735,75.1947,70.9128,62.8473,70.8273,36.5161,49.3139,52.5983,-15.5897,-19.1041,-43.7954,14.2877,40.1959,-0.0074],"intensity":[null,null,null,null,75.0,20.0,100.0,100.0,87.5,100.0,100.0,90.9091,50.0,100.0,78.5714,40.0,75.0,17.6471,38.8889,84.2105,80.0,42.8571,9.0909,95.6522,50.0,72.0,96.1538,88.8889,60.7143],"confirmation":[1.0391,50.9792,51.3677,33.8822,56.4932,74.5157,79.7541,89.4885,34.5618,85.1613,94.2538,94.2902,82.6839,96.8682,91.3696,93.8037,90.5718,12.3447,81.6686,89.8189,33.6202,82.2616,82.7592,54.6354,74.4156,84.7881,83.4231,79.1075,55.0],"persistence":[null,null,0.0,25.0,0.0,16.6667,0.0,12.5,0.0,25.0,25.0,50.0,50.0,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,25.0,25.0,25.0,0.0],"assessmentRisk":[null,null,null,null,26.368,38.9348,21.1608,17.0635,52.9406,12.2506,9.8297,9.3647,25.9061,5.255,13.8113,9.8071,15.099,38.8377,11.0602,12.1844,30.4164,3.149,7.3098,36.8934,33.6323,24.6802,46.1646,27.4743,30.8648],"volumeParticipation":true,"latest":{"consensus":-32.7,"control":-33.8,"force":-76.8,"direction":-0.0,"confirmation":55.0,"persistence":0.0,"assessmentRisk":30.9,"intensity":60.7,"evidenceDepth":100},"analysis":{"status":"Completed tape 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":"Completed tape","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"-32.7","detail":"Completed tape has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-33.8","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-76.8","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-0.0","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"55/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"53.8","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.2%","detail":"Elevated","tone":"caution"},{"label":"Trend quality","value":"48.4","detail":"Directional","tone":"positive"},{"label":"Range position","value":"78%","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 is rotating through its trend references.","series":[{"label":"Close","values":[18.318,18.12,18.386,18.342,18.6,18.57,18.118,17.582,18.08,18.67,19.66,20.195,20.235,21.485,21.875,22.22,22.59,22.365,22.3,23.045,22.37,22.57,22.665,21.745,21.675,21.205,22.385,22.54,21.845],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,18.3614,18.3993,18.3482,18.2089,18.1854,18.2735,18.5256,18.8291,19.0848,19.5212,19.9491,20.362,20.7671,21.0576,21.2835,21.6038,21.7431,21.8934,22.0337,21.9812,21.9256,21.7945,21.9019,22.0179,21.9865],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,18.6544,18.864,19.0871,19.3192,19.5614,19.7691,19.9566,20.1854,20.3472,20.5118,20.6713,20.7509,20.8193,20.8479,20.9617,21.0787,21.1354],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,18.8899,19.3893,19.9207,20.273,20.9881,21.6052,22.1549,22.6695,23.0108,23.2701,23.6313,23.9002,24.1448,24.3713,24.4288,24.4661,24.4346,24.4175,24.2257,23.9216],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,17.6673,17.419,17.1861,17.0925,16.7778,16.5596,16.4021,16.2771,16.2571,16.2785,16.2443,16.3806,16.581,16.7824,17.0652,17.3354,17.6304,18.0742,18.7618,19.4424],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,255.1097,83.3711,139.353,272.8696,310.0381,233.1574,699.538,399.9489,581.2026,411.1719,69.5496,149.3521,16.8375,27.6488,68.4875,29.2801,231.1821,289.0951,285.2811,327.2109,115.3787,291.3684],"stroke":"#1678a7","width":1.8},{"label":"Cumulative balance","values":[null,null,null,null,null,null,null,65.0,71.8335,83.7777,112.0541,135.0,135.0,135.0,135.0,135.0,135.0,133.4432,130.0059,130.3772,129.7639,131.3302,132.0054,126.0462,117.3546,107.3639,121.042,126.1124,111.167],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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,53.8761,51.4457,48.3836],"stroke":"#10243b","width":2.0},{"label":"Positive direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,34.636,38.6464,36.9643,40.5539,39.4787,37.88,43.0057,38.2976,39.9672,40.1171,34.7409,36.9898,32.5892,35.5133,35.3967,31.9579],"stroke":"#07865c","width":1.6},{"label":"Negative direction","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,5.4765,5.054,4.6713,4.4094,4.2925,8.1087,7.4015,16.5282,16.0809,15.7908,25.4514,23.3239,28.8062,24.8016,23.6717,26.9091],"stroke":"#c13f3f","width":1.6}],"guides":[],"dates":["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,3.0408,3.0051,2.9721,2.8759,2.7708,2.6893,2.6474,2.8438,2.69,2.5331,2.8311,2.8779,3.1004,3.1676,3.0605,3.2479],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,6.6885,10.7057,14.7393,17.0237,22.2967,26.4407,29.8408,32.8264,34.398,35.357,37.0504,37.3361,37.1446,36.8805,35.4926,34.1168,32.3508,29.8563,25.4208,20.6584],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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":"range","eyebrow":"Acceptance 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,-14.4982,42.8349,88.7851,106.5,99.8127,94.5805,100.0,95.0766,100.1067,97.3077,92.9808,91.7307,100.0,87.7607,91.3871,93.1097,76.4279,75.1586,66.6364,88.0326,90.8432,78.2411],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-6.5483,-3.9013,-0.7654,0.6656,-0.0248,-0.7602,0.0,-1.0181,0.0225,-0.6159,-1.6058,-1.8918,0.0,-2.929,-2.0612,-1.6489,-5.6411,-5.9449,-7.9844,-2.864,-2.1914,-5.2072],"stroke":"#c13f3f","width":1.5},{"label":"From 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