{"schema_version":"1.0","name":"BRM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-14","ticker":{"uuid":"76da2cf7-50cc-4dc4-b51d-157448b7cb97","symbol":"BRM","name":"Bristol-Myers Squibb Company","exchange":"GER","country":"DE","asset_type":"equity","currency":"EUR","sector":"Healthcare","industry":"Drug Manufacturers - General"},"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, Strength versus the research benchmark, Directional strength and control, Drawdown and recovery pressure, Range position and boundary pressure, Activity pressure and cumulative balance."},{"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":"2026-08-14","observations":260,"displayedObservations":104,"assetType":"Equity","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics strengthened this week and remains positive. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":15,"completedEpisodes":15,"activeEpisodes":0,"medianExpectedMove":7.4,"averageExpectedMove":8.6,"averageWeeksToLargestMove":5.7,"horizons":[{"weeks":4,"sample":15,"expectedCount":9,"expectedPercent":60.0,"averageReturn":-0.4,"medianReturn":2.8,"confidenceLow":35.7,"confidenceHigh":80.2,"confidence":"Mixed historical record"},{"weeks":12,"sample":15,"expectedCount":6,"expectedPercent":40.0,"averageReturn":-1.1,"medianReturn":-4.7,"confidenceLow":19.8,"confidenceHigh":64.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":13,"expectedCount":7,"expectedPercent":53.8,"averageReturn":2.2,"medianReturn":0.9,"confidenceLow":29.1,"confidenceHigh":76.8,"confidence":"Mixed historical 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":4,"completedEpisodes":3,"activeEpisodes":1,"medianExpectedMove":25.9,"averageExpectedMove":24.7,"averageWeeksToLargestMove":11.0,"horizons":[{"weeks":4,"sample":4,"expectedCount":3,"expectedPercent":75.0,"averageReturn":-7.6,"medianReturn":-5.0,"confidenceLow":30.1,"confidenceHigh":95.4,"confidence":"Mixed historical record"},{"weeks":12,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":-23.4,"medianReturn":-22.2,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":-27.7,"medianReturn":-26.9,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.1,"sample":4},{"week":2,"averageReturn":-3.0,"sample":4},{"week":3,"averageReturn":-6.5,"sample":4},{"week":4,"averageReturn":-7.6,"sample":4},{"week":5,"averageReturn":-11.5,"sample":3},{"week":6,"averageReturn":-13.9,"sample":3},{"week":7,"averageReturn":-17.1,"sample":3},{"week":8,"averageReturn":-17.1,"sample":3},{"week":9,"averageReturn":-17.0,"sample":3},{"week":10,"averageReturn":-19.4,"sample":3},{"week":11,"averageReturn":-23.7,"sample":3},{"week":12,"averageReturn":-23.4,"sample":3},{"week":13,"averageReturn":-25.6,"sample":3},{"week":14,"averageReturn":-24.6,"sample":3},{"week":15,"averageReturn":-24.9,"sample":3},{"week":16,"averageReturn":-26.4,"sample":3},{"week":17,"averageReturn":-26.7,"sample":3},{"week":18,"averageReturn":-25.9,"sample":3},{"week":19,"averageReturn":-27.4,"sample":3},{"week":20,"averageReturn":-25.6,"sample":3},{"week":21,"averageReturn":-26.1,"sample":3},{"week":22,"averageReturn":-28.4,"sample":3},{"week":23,"averageReturn":-27.7,"sample":3},{"week":24,"averageReturn":-26.6,"sample":3},{"week":25,"averageReturn":-25.9,"sample":3},{"week":26,"averageReturn":-27.7,"sample":3}]},"currentApplication":{"status":"Evidence aligned","tone":"positive","headline":"Price and Market Dynamics remain aligned upward","use":"The advance retains underlying support while price structure and Market Dynamics remain intact.","confirm":"The advance remains supported. Reclassify it only if the broader Market Dynamics path weakens or price structure breaks.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"distribution","zoneContext":"Price is inside distribution conditions, but Market Dynamics still offers support. Extension can persist; a rollover has not been confirmed.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":46.2,"averageReturn":4.2,"sample":13},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and remains positive."},"fourWeekContext":{"label":"Strengthened over four weeks","detail":"Underlying support has strengthened across the recent completed path."},"priceContext":{"label":"Price structure is upward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Trend participation","title":"Let confirmation support the position, then manage extension","tone":"positive","approach":"This is most useful for holding or selectively adding to an established upward case. Risk should still tighten as price becomes extended; confirmation is support, not immunity from reversal.","finding":"In this ticker's completed record, 46.2% of comparable cases moved higher after 12 weeks, with an average move of 4.2% across 13 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 3 cases. Distinct visits lasted 1.7 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."},{"eyebrow":"Disagreement playbook","title":"Use unsupported price strength to tighten discipline","tone":"caution","finding":"Comparable disagreements produced an average pullback of 8.7% across 17 completed cases, with the largest move arriving after 7.7 weeks on average.","approach":"Avoid adding simply because price is rising. Let improving Market Dynamics confirm the move, or let price reset before reassessing it.","watch":"The warning ends when Market Dynamics catches up or price gives way."},{"eyebrow":"Position management","title":"Separate downside warning from short execution","tone":"negative","finding":"Across 1 completed distribution cycles, the average gross downside opportunity was 31.5%, while the average adverse move was 1.2%.","approach":"Use distribution to reduce or hedge first. A short entry needs confirmed weakness because price can continue rising while distribution persists.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-08-08","price":37.475521},{"date":"2025-10-03","price":37.827591},{"date":"2025-10-31","price":38.938595}],"distribution_rollovers":[{"date":"2025-02-07","price":51.140434},{"date":"2025-03-28","price":50.869503}],"price_pressure_gaps":[{"date":"2025-01-24","price":52.915493},{"date":"2025-02-28","price":52.66325},{"date":"2025-03-21","price":52.747326},{"date":"2026-07-17","price":54.130001}]}},"smTape":{"available":true,"dates":["2024-08-23","2024-08-30","2024-09-06","2024-09-13","2024-09-20","2024-09-27","2024-10-04","2024-10-11","2024-10-18","2024-10-25","2024-11-01","2024-11-08","2024-11-15","2024-11-22","2024-11-29","2024-12-06","2024-12-13","2024-12-20","2024-12-27","2025-01-03","2025-01-10","2025-01-17","2025-01-24","2025-01-31","2025-02-07","2025-02-14","2025-02-21","2025-02-28","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"],"close":[39.2479,41.1505,40.3475,40.2425,40.3612,42.2866,45.2082,44.0811,45.1943,44.5984,46.6355,46.8757,49.5733,52.1601,51.7351,51.6243,49.2777,50.0537,51.3656,51.2245,51.3086,50.5145,52.9155,53.3546,51.1404,48.945,49.4027,52.6632,53.5321,50.692,52.7473,50.8695,48.287,41.3261,41.2032,39.2232,41.5198,39.3886,39.3319,39.0389,40.0076,40.1163,41.0614,38.6277,37.7157,38.4784,38.512,39.2797,38.8911,36.2471,37.4755,39.5196,39.4717,38.5216,38.2289,38.5408,36.9861,35.5946,37.8276,36.931,36.2196,36.741,38.9386,39.4161,39.382,39.2017,41.2629,43.9186,43.6067,45.0588,44.8444,45.1312,47.3001,47.7052,45.8871,45.7537,51.5094,50.5213,50.7387,52.0529,50.9363,50.9462,49.0688,50.5905,51.68,50.0,50.86,49.96,51.45,47.785,48.44,51.24,48.55,49.3656,48.6695,47.2823,49.7111,50.07,50.2,54.13,54.57,56.16,55.83,55.04],"consensus":[-16.2328,50.3066,0.0,12.0387,16.1111,47.2677,71.997,14.998,54.0437,17.3844,58.0463,35.9247,62.4223,78.145,29.0446,34.3641,-13.1294,19.9068,38.4219,26.8371,25.5752,0.0,53.2416,33.8343,-18.7449,-44.8957,0.0,42.0121,34.3036,-29.852,42.9722,-32.9371,-53.1199,-77.4254,-52.1627,-65.374,-13.3117,-63.4262,-30.0094,-39.9465,-9.898,-16.7435,0.0,-52.5574,-50.4181,0.0,-29.0276,0.0,-16.8138,-62.8223,-9.3724,27.3706,0.0,-18.0653,-17.6271,0.0,-52.597,-62.1036,22.7715,-39.5273,-34.2304,0.0,47.9997,36.5072,17.4277,16.7673,55.2751,75.114,39.3912,61.5364,24.0273,33.2922,67.8599,42.1679,0.0,24.2837,79.1255,26.2025,41.6942,65.8585,0.0,22.9258,-22.568,31.3926,33.1487,-12.9275,36.4453,-13.5682,32.2685,-52.0769,0.0,44.2492,-44.9159,20.3758,-24.6339,-24.2303,32.0196,24.8458,0.0,70.1787,49.1674,62.3719,15.9947,9.1503],"supportDates":["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"],"control":[0.0,-35.039,-29.8186,0.0,-53.2028,-62.5446,21.7289,-42.9649,-38.9148,0.0,42.3819,33.5613,6.4825,9.2615,53.1633,73.1399,38.1978,61.9667,7.6192,29.5748,65.5478,37.0401,0.0,24.7415,77.058,20.2003,38.8809,70.7231,0.0,23.0923,-25.6501,45.6995,37.1253,-14.1473,38.2882,-12.5591,42.409,-52.5778,0.0,48.7809,-44.4869,25.6356,-35.2728,-10.5829,41.221,36.5805,0.0,67.841,51.8317,55.4872,3.6315,5.9446],"force":[0.0,-26.3646,-17.9672,0.0,-73.3331,-82.071,67.0788,-51.6624,-36.2586,0.0,83.4978,34.3778,3.5395,3.4904,63.6787,92.9536,8.5951,53.0142,6.5762,7.2816,71.9968,17.9686,0.0,5.2305,97.6902,15.0382,14.6865,57.4408,0.0,1.4103,-50.3667,31.908,22.3532,-33.4316,41.5666,-32.5314,37.069,-68.8297,0.0,63.4722,-61.8904,33.6417,-23.1688,-12.3779,45.5061,21.9504,0.0,94.6401,34.7608,75.4061,20.7112,25.4759],"direction":[0.0,-7.2611,-3.451,0.0,-37.0931,-47.3374,7.6849,-26.9308,-27.4281,0.0,29.0644,41.3948,39.8567,34.829,51.686,64.6276,62.7524,67.1319,64.639,56.1196,67.5472,65.3134,0.0,37.3699,68.2279,62.5198,64.2007,66.3118,0.0,40.1185,-0.8107,14.6737,36.315,-3.1123,30.681,-1.1762,17.2504,-39.5382,0.0,25.3393,-33.2815,4.889,-13.5217,-48.2934,11.8706,13.5029,0.0,55.378,56.4128,60.9301,56.3427,37.5471],"intensity":[38.4615,21.1538,3.8462,9.6154,40.3846,34.6154,69.2308,23.0769,26.9231,13.4615,65.3846,88.4615,61.5385,51.9231,67.3077,86.5385,55.7692,42.3077,28.8462,1.9231,82.6923,90.3846,44.2308,11.5385,98.0769,94.2308,5.7692,32.6923,32.6923,55.7692,53.8462,44.2308,67.3077,61.5385,19.2308,21.1538,46.1538,96.1538,25.0,90.3846,88.4615,88.4615,11.5385,75.0,80.7692,40.3846,19.2308,98.0769,82.6923,75.0,94.2308,98.0769],"confirmation":[26.9457,52.6576,50.7986,24.9336,85.4538,88.475,55.6259,80.9662,78.9442,4.2767,84.5274,79.6623,27.9871,50.4086,85.9763,92.6103,79.6848,87.4254,31.0757,55.2508,89.8765,80.8344,9.4851,52.5165,93.9174,33.0942,80.5619,88.7441,8.6662,52.2263,53.5283,77.8433,78.218,50.7404,79.7905,50.2684,78.3177,85.1675,5.2266,82.6765,82.8969,52.1777,75.6761,75.6004,78.5171,75.6836,25.1145,91.2383,83.2539,88.4612,8.6064,15.3565],"persistence":[37.5,50.0,50.0,50.0,50.0,50.0,25.0,50.0,62.5,50.0,25.0,12.5,12.5,37.5,37.5,62.5,87.5,100.0,100.0,100.0,100.0,100.0,87.5,87.5,87.5,87.5,87.5,87.5,75.0,75.0,62.5,62.5,62.5,37.5,37.5,12.5,25.0,0.0,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,12.5,37.5,37.5,62.5,87.5],"assessmentRisk":[24.5287,56.0022,34.7408,30.2762,22.2377,18.1559,25.7902,21.5079,8.5042,34.3099,10.6741,29.7907,40.8872,40.2671,20.088,12.2934,30.0669,19.2193,37.735,23.127,15.9436,28.3408,31.8384,11.8052,9.4318,32.0677,28.5893,16.9605,15.1155,0.0423,23.8219,47.6192,1.6862,15.9661,17.8546,9.1711,22.0754,18.8299,42.4338,9.5126,23.604,24.8486,18.5711,36.6851,11.5382,5.7576,31.2079,14.7769,24.5635,18.5536,41.8658,19.3272],"volumeParticipation":true,"latest":{"consensus":9.2,"control":5.9,"force":25.5,"direction":37.5,"confirmation":15.4,"persistence":87.5,"assessmentRisk":19.3,"intensity":98.1,"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":"Control support is limited","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is easing","directionState":"Upward follow-through","persistenceState":"Established","confirmationState":"Limited support","riskState":"Contained","intensityState":"Elevated"},"cards":[{"label":"SM Consensus Gauge","value":"+9.2","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+5.9","detail":"Control support is limited","tone":"positive"},{"label":"SM Force Gauge","value":"+25.5","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+37.5","detail":"Upward 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