{"schema_version":"1.0","name":"CHSM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"94e0d178-e0d2-4ab4-99ed-8597e591b9f2","symbol":"CHSM","name":"UBSLFS-U.C.BBG EO Ar.Lq.Crp.UEA","exchange":"GER","country":"DE","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, Activity pressure and cumulative balance, Directional strength and control, Acceleration, deceleration and rollover, 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":55,"displayedObservations":55,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics weakened this week and remains below zero. 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":1,"completedEpisodes":0,"activeEpisodes":1,"horizons":[{"weeks":4,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":0.2,"medianReturn":0.2,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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underlying position.","confirm":"This is a downside risk watch, not a completed reversal. Stronger Market Dynamics or weaker price is needed to close the gap.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"negative","direction":"weakening","zone":"middle","zoneContext":"Price has advanced further through its recent range than Market Dynamics. The gap is an early-downside risk watch; stronger underlying support or a price reset is needed to close it.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","percent":0.0,"averageReturn":0.9,"sample":2},"nowContext":{"label":"Slightly easier this week","detail":"Market Dynamics weakened this week and remains below zero."},"fourWeekContext":{"label":"Weakened over four weeks","detail":"Underlying support has contracted across the recent completed path."},"priceContext":{"label":"Price is ahead of the underlying support","detail":"Price is extended relative to Market Dynamics. The gap is a downside-risk warning until support catches up or price resets."}},"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":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"In this ticker's completed record, 0.0% of comparable cases moved lower after 12 weeks, with an average move of 0.9% across 2 cases.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. 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 0.1% across 2 completed cases, with the largest move arriving after 7.0 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."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[],"reversal_dangers":[]}},"smTape":{"available":true,"dates":["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":[9.56,9.5494,9.5568,9.5446,9.5824,9.5814,9.586,9.5746,9.616,9.6228,9.6634,9.6702,9.6664,9.6264,9.6176,9.6268,9.65,9.6316,9.5972,9.5916,9.6056,9.6092,9.6568,9.6696,9.6578,9.7034,9.7062,9.7404,9.7464,9.7634,9.672,9.568,9.513,9.4746,9.5698,9.6066,9.6858,9.6292,9.6216,9.6504,9.5986,9.659,9.7236,9.6794,9.7046,9.7036,9.7638,9.7526,9.7136,9.6698,9.6478,9.6512,9.7022,9.6844,9.6652],"consensus":[-100.0,-79.9043,21.3115,-14.1081,60.628,18.3047,25.8624,0.0,68.8796,53.2099,77.1678,49.1377,41.9885,-19.9294,-20.7697,12.016,39.4422,-14.4472,-42.4476,-42.9379,0.0,-19.2599,65.6372,52.074,0.0,48.1212,27.7708,60.7332,47.5076,56.3834,-47.1526,-68.9336,-74.2931,-65.5452,12.18,24.9668,60.6989,-18.2701,0.0,29.1981,-42.0865,47.0493,65.6209,0.0,33.0281,9.1741,49.9576,16.0067,0.0,-34.7365,-32.5172,-27.1732,26.212,-8.9775,-15.882],"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":[null,null,3.7489,15.6045,0.0,72.8797,51.3622,74.9744,41.7738,33.9721,-31.1307,-14.6857,29.5125,46.6249,-19.2017,-43.512,-40.047,0.0,-18.0878,63.3739,46.3939,0.0,32.3789,22.028,64.4288,47.9584,65.5673,-43.873,-63.3175,-71.7898,-60.9631,25.5967,18.507,56.1762,-25.4912,0.0,28.3793,-44.8718,45.4189,67.4087,0.0,29.5078,3.7747,59.1908,0.4275,0.0,-45.9145,-27.3553,-25.2284,29.1575,-14.0533,-21.3713],"force":[-14.1081,50.0275,2.7355,6.8927,0.0,65.4204,34.9071,79.1564,20.7315,10.7189,-58.4892,-30.4417,13.5561,61.6919,-43.6587,-48.6894,-45.6991,0.0,-15.8083,95.2351,60.5248,0.0,67.628,8.5752,59.8734,30.6838,36.914,-91.8543,-91.934,-90.7176,-68.5837,74.9577,69.3095,94.284,-59.8043,0.0,41.7176,-53.8719,84.3383,84.7212,0.0,23.1962,8.413,36.3026,9.1312,0.0,-37.6898,-31.7044,-16.8954,48.1008,-21.392,-22.9842],"direction":[null,68.1998,49.9686,51.1356,0.0,66.7789,68.3949,78.2541,77.8437,73.4855,-20.4148,-20.8143,9.0801,15.3407,-11.8519,-36.7727,-44.2696,0.0,-23.0649,47.0826,52.5292,0.0,52.179,48.0452,57.1237,59.0094,59.7944,-18.9709,-58.9231,-65.4222,-68.6116,47.9947,0.6759,41.8784,-19.6499,0.0,21.1913,-30.4851,22.2777,49.9347,0.0,44.074,36.5349,49.159,51.7671,0.0,-19.8521,-38.9971,-36.7371,7.211,-5.691,-4.5356],"intensity":[null,100.0,100.0,16.6667,71.4286,87.5,44.4444,90.0,72.7273,16.6667,69.2308,21.4286,60.0,62.5,47.0588,88.8889,15.7895,35.0,57.1429,95.4545,82.6087,41.6667,100.0,96.1538,59.2593,53.5714,37.931,93.3333,93.5484,84.375,84.8485,91.1765,85.7143,86.1111,75.6757,60.5263,43.5897,72.5,78.0488,90.4762,58.1395,36.3636,6.6667,76.087,10.6383,54.1667,59.1837,66.0,31.3725,80.7692,44.2308,34.6154],"confirmation":[27.1813,64.2497,28.6883,53.1875,28.7123,89.8751,84.4975,92.7877,82.9706,80.6055,34.4037,75.0338,28.2292,81.1901,30.636,81.7572,81.8683,30.588,74.0758,89.9404,85.0078,9.1146,84.2332,76.3892,87.3521,82.6828,85.3094,84.5011,90.8453,92.3125,89.1369,38.5119,54.7725,88.5161,33.8609,24.3539,77.7374,81.7844,84.217,89.5535,30.2586,78.323,5.1971,83.4296,6.5414,28.4973,79.0353,78.4594,76.4118,54.3434,49.7212,50.5484],"persistence":[50.0,20.0,0.0,14.2857,12.5,37.5,62.5,62.5,87.5,87.5,62.5,37.5,50.0,50.0,25.0,0.0,25.0,37.5,37.5,12.5,12.5,25.0,0.0,25.0,50.0,62.5,87.5,62.5,37.5,25.0,0.0,0.0,0.0,0.0,25.0,12.5,12.5,12.5,37.5,37.5,25.0,25.0,50.0,62.5,62.5,75.0,50.0,25.0,12.5,12.5,12.5,37.5],"assessmentRisk":[null,9.947,37.9689,34.1858,45.1851,12.1711,22.1558,11.362,25.4252,28.484,17.8701,37.9419,53.9384,50.986,19.0252,13.4258,23.5134,48.5285,29.6376,16.3817,23.8672,45.4812,25.8734,34.8719,19.4052,26.1963,21.2595,14.0968,15.4917,12.8491,17.2269,53.7769,18.2393,19.3871,58.5515,33.1355,16.8186,23.91,1.2844,13.0452,24.6606,31.6465,31.0134,8.8387,38.3499,11.0791,15.2932,33.4039,35.7321,26.2878,22.1068,29.8973],"volumeParticipation":true,"latest":{"consensus":-15.9,"control":-21.4,"force":-23.0,"direction":-4.5,"confirmation":50.5,"persistence":37.5,"assessmentRisk":29.9,"intensity":34.6,"evidenceDepth":100},"analysis":{"status":"Market 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":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-15.9","detail":"Market Dynamics has stronger support","tone":"negative"},{"label":"SM Control Gauge","value":"-21.4","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-23.0","detail":"Downward 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envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[9.56,9.5494,9.5568,9.5446,9.5824,9.5814,9.586,9.5746,9.616,9.6228,9.6634,9.6702,9.6664,9.6264,9.6176,9.6268,9.65,9.6316,9.5972,9.5916,9.6056,9.6092,9.6568,9.6696,9.6578,9.7034,9.7062,9.7404,9.7464,9.7634,9.672,9.568,9.513,9.4746,9.5698,9.6066,9.6858,9.6292,9.6216,9.6504,9.5986,9.659,9.7236,9.6794,9.7046,9.7036,9.7638,9.7526,9.7136,9.6698,9.6478,9.6512,9.7022,9.6844,9.6652],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,9.5603,9.5642,9.5681,9.5693,9.5778,9.586,9.6001,9.6128,9.6226,9.6233,9.6222,9.6231,9.628,9.6286,9.6229,9.6172,9.6151,9.614,9.6218,9.6305,9.6355,9.6478,9.6584,9.6733,9.6866,9.7006,9.6954,9.6722,9.6433,9.6126,9.6048,9.6051,9.6198,9.6215,9.6215,9.6268,9.6217,9.6284,9.6457,9.6519,9.6615,9.6691,9.6863,9.6984,9.7011,9.6954,9.6868,9.6803,9.6843,9.6843,9.6808],"stroke":"#176fa3","width":1.7},{"label":"Slow 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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,65.7006,55.4851,78.8178,112.1966,0.0,0.0,51.5757,0.0,38.3538,167.5283,82.4917,45.5943,215.469,0.0,58.5805,140.331,679.7802,187.2627,834.2088,30.9087,34.4788,76.3023,0.0,77.4128,178.5891,184.8441,103.3477,91.7528,137.1524,103.4672,133.0669,34.4749,83.1183,41.4345,138.473,115.8118,21.9113,28.9838,15.474,7.8157,0.0,27.8416,16.1108,72.4988,149.3866,114.2519,64.4022,76.9618],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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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,0.0244,0.0234,0.0217,0.0208,0.0217,0.0208,0.017,0.0134,0.0116,0.0103,0.013,0.0159,0.0171,0.0215,0.0249,0.0301,0.0342,0.0384,0.034,0.0218,0.0077,-0.0066,-0.01,-0.0097,-0.0031,-0.0023,-0.0023,0.0,-0.0023,0.0008,0.0083,0.0106,0.0142,0.0169,0.0235,0.0276,0.0274,0.0234,0.0182,0.0143,0.015,0.0141,0.0116],"stroke":"#1678a7","width":2.0},{"label":"Signal","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,0.0228,0.0224,0.0213,0.0198,0.0181,0.0166,0.0158,0.0159,0.0161,0.0172,0.0188,0.021,0.0237,0.0266,0.0281,0.0268,0.023,0.0171,0.0117,0.0074,0.0053,0.0038,0.0026,0.0021,0.0012,0.0011,0.0025,0.0041,0.0062,0.0083,0.0113,0.0146,0.0172,0.0184,0.0184,0.0175,0.017,0.0165,0.0155],"stroke":"#b87806","width":1.7},{"label":"Expansion","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,null,-0.0011,-0.0017,-0.0043,-0.0063,-0.0065,-0.0063,-0.0029,0.0001,0.001,0.0043,0.0062,0.009,0.0106,0.0118,0.0059,-0.005,-0.0153,-0.0237,-0.0217,-0.0171,-0.0084,-0.0061,-0.0049,-0.002,-0.0035,-0.0003,0.0057,0.0064,0.0081,0.0086,0.0122,0.013,0.0102,0.005,-0.0001,-0.0033,-0.002,-0.0024,-0.0039],"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],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"range","eyebrow":"Acceptance 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