{"schema_version":"1.0","name":"FSML Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"991891df-7ec1-432b-8fe4-4720d3051c68","symbol":"FSML","name":"Firetrail Australian Small Companies Fund - Active ETF","exchange":"ASX","country":"AU","asset_type":"etf","currency":"AUD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","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, Acceleration, deceleration and rollover, Activity pressure and cumulative balance, Range position and boundary pressure, Drawdown and recovery pressure."},{"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":90,"displayedObservations":90,"assetType":"ETF","state":"Rotational","stateTone":"caution","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","evidenceAlignment":{"status":"Underlying strength ahead of price","headline":"Market Dynamics is improving before price has fully responded","summary":"Market Dynamics strengthened this week and remains positive. Underlying support has strengthened across the recent completed path. Price has not yet responded to the same extent.","take":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger 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cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":3,"completedEpisodes":3,"activeEpisodes":0,"medianExpectedMove":11.2,"averageExpectedMove":12.7,"averageWeeksToLargestMove":7.7,"horizons":[{"weeks":4,"sample":3,"expectedCount":3,"expectedPercent":100.0,"averageReturn":5.2,"medianReturn":2.3,"confidenceLow":43.9,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":3,"expectedCount":2,"expectedPercent":66.7,"averageReturn":6.7,"medianReturn":8.0,"confidenceLow":20.8,"confidenceHigh":93.9,"confidence":"Mixed historical record"},{"weeks":26,"sample":3,"expectedCount":1,"expectedPercent":33.3,"averageReturn":5.2,"medianReturn":-1.9,"confidenceLow":6.1,"confidenceHigh":79.2,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":1.5,"sample":3},{"week":2,"averageReturn":1.2,"sample":3},{"week":3,"averageReturn":5.7,"sample":3},{"week":4,"averageReturn":5.2,"sample":3},{"week":5,"averageReturn":4.3,"sample":3},{"week":6,"averageReturn":3.4,"sample":3},{"week":7,"averageReturn":4.5,"sample":3},{"week":8,"averageReturn":4.8,"sample":3},{"week":9,"averageReturn":8.6,"sample":3},{"week":10,"averageReturn":10.0,"sample":3},{"week":11,"averageReturn":10.3,"sample":3},{"week":12,"averageReturn":6.7,"sample":3},{"week":13,"averageReturn":4.1,"sample":3},{"week":14,"averageReturn":3.0,"sample":3},{"week":15,"averageReturn":3.5,"sample":3},{"week":16,"averageReturn":5.1,"sample":3},{"week":17,"averageReturn":5.2,"sample":3},{"week":18,"averageReturn":3.1,"sample":3},{"week":19,"averageReturn":2.9,"sample":3},{"week":20,"averageReturn":2.0,"sample":3},{"week":21,"averageReturn":3.7,"sample":3},{"week":22,"averageReturn":4.3,"sample":3},{"week":23,"averageReturn":5.2,"sample":3},{"week":24,"averageReturn":6.2,"sample":3},{"week":25,"averageReturn":4.3,"sample":3},{"week":26,"averageReturn":5.2,"sample":3}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":2,"activeEpisodes":0,"medianExpectedMove":13.2,"averageExpectedMove":13.2,"averageWeeksToLargestMove":12.0,"horizons":[{"weeks":4,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":-4.2,"medianReturn":-4.2,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-13.2,"medianReturn":-13.2,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-12.2,"medianReturn":-12.2,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-2.9,"sample":2},{"week":2,"averageReturn":-4.0,"sample":2},{"week":3,"averageReturn":-5.3,"sample":2},{"week":4,"averageReturn":-4.2,"sample":2},{"week":5,"averageReturn":-5.3,"sample":2},{"week":6,"averageReturn":-6.8,"sample":2},{"week":7,"averageReturn":-5.5,"sample":2},{"week":8,"averageReturn":-5.3,"sample":2},{"week":9,"averageReturn":-5.8,"sample":2},{"week":10,"averageReturn":-8.6,"sample":2},{"week":11,"averageReturn":-10.6,"sample":2},{"week":12,"averageReturn":-13.2,"sample":2},{"week":13,"averageReturn":-11.6,"sample":2},{"week":14,"averageReturn":-11.9,"sample":2},{"week":15,"averageReturn":-9.3,"sample":2},{"week":16,"averageReturn":-6.8,"sample":2},{"week":17,"averageReturn":-9.3,"sample":2},{"week":18,"averageReturn":-11.9,"sample":2},{"week":19,"averageReturn":-13.2,"sample":2},{"week":20,"averageReturn":-14.1,"sample":2},{"week":21,"averageReturn":-13.7,"sample":2},{"week":22,"averageReturn":-12.5,"sample":2},{"week":23,"averageReturn":-10.2,"sample":2},{"week":24,"averageReturn":-10.4,"sample":2},{"week":25,"averageReturn":-8.8,"sample":2},{"week":26,"averageReturn":-12.2,"sample":1}]},"currentApplication":{"status":"Underlying strength ahead of price","tone":"caution","headline":"Underlying strength is leading price","use":"A positive price response is needed before the early upside case is confirmed.","confirm":"Treat the gap as an early-upside opportunity watch. A continued positive price response would confirm that price is catching up with the stronger foundation.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"strengthening","zone":"middle","zoneContext":"Market Dynamics has strengthened across the recent completed path and remains strongly positive, while price has not advanced as far through its range. The gap is an early-upside watch; a positive price response is needed for confirmation.","historical":{"label":"Broad directional cases","weeks":12,"direction":"higher","percent":66.7,"averageReturn":6.7,"sample":3},"nowContext":{"label":"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 is lagging the underlying strength","detail":"Market Dynamics has advanced further through its recent range than price. This is positive divergence and an early-upside watch, but price confirmation is still required."}},"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":"Early repair watch","title":"Prepare the case before price confirms the recovery","tone":"recovery","approach":"Use the improvement to move the ticker onto a watchlist or define an entry trigger. Commitment should rise only after price responds; fading Market Dynamics cancels the early case.","finding":"In this ticker's completed record, 66.7% of comparable cases moved higher after 12 weeks, with an average move of 6.7% across 3 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 2 cases. Distinct visits lasted 2.5 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 improving Market Dynamics to prepare, not anticipate","tone":"recovery","finding":"Comparable disagreements produced an average recovery of 12.7% across 3 completed cases, with the largest move arriving after 7.7 weeks on average.","approach":"Define the price level that would confirm the repair. Until that response occurs, keep the idea at watchlist or starter-position size.","watch":"The early repair fails if Market Dynamics fades before price responds."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[{"date":"2025-08-15","price":1.966682}],"reversal_warnings":[{"date":"2025-12-26","price":2.296126},{"date":"2026-02-27","price":2.33}],"reversal_dangers":[{"date":"2026-01-30","price":2.34},{"date":"2026-03-06","price":2.21}]}},"smTape":{"available":true,"dates":["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","2026-08-21"],"close":[1.756,1.726,1.6512,1.6861,1.6961,1.6961,1.7061,1.746,1.7759,1.7809,1.8009,1.8108,1.751,1.721,1.7011,1.756,1.761,1.6113,1.6313,1.7011,1.6861,1.736,1.7959,1.8009,1.8208,1.8807,1.8707,1.8707,1.8557,1.8956,1.8868,1.8319,1.8918,1.9068,1.8818,1.9417,1.9667,1.9866,2.0965,2.1164,2.1364,2.1464,2.1564,2.2362,2.2362,2.2362,2.2258,2.2462,2.1663,2.1863,2.1064,2.2462,2.2063,2.2262,2.2462,2.2961,2.28,2.33,2.37,2.41,2.34,2.16,2.17,2.2,2.33,2.21,2.11,2.01,2.02,2.04,2.15,2.2,2.18,2.0242,2.0147,2.0242,2.0053,2.0715,2.0343,2.0438,2.11,2.0154,2.05,2.0,1.95,1.985,1.975,2.12,2.1,2.11],"consensus":[50.0013,-25.0025,-64.7053,58.0,-37.7864,-21.4277,16.521,49.9839,55.1475,44.7311,57.2366,49.3605,-40.3582,-44.9488,-41.6084,27.6949,15.1641,-70.5736,-9.5847,15.261,-29.0138,43.6245,58.2371,43.2378,51.0677,70.6715,27.6955,25.5743,11.4906,50.2801,27.7049,-35.7759,57.624,41.0175,-10.3121,68.6887,57.5814,47.0168,83.4932,63.0488,63.7607,49.5346,32.9339,80.1543,38.5219,34.953,30.8157,43.6997,-30.781,13.0276,-54.886,55.8373,0.0,37.2149,40.4703,48.9785,17.3086,51.4288,55.6381,57.8517,0.0,-67.1987,-35.4756,-14.8266,41.8023,-35.9346,-54.8482,-68.8853,-29.7362,-25.4063,28.1316,39.4782,0.0,-55.8683,-33.6936,-31.4815,-27.8186,25.4734,-31.4764,0.0,37.1369,-42.0539,14.5734,-30.8298,-56.2308,0.0,-27.7228,59.6921,11.0509,31.1388],"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":[87.6128,68.1962,68.4646,45.0603,21.2382,81.0118,31.0594,25.7043,27.6054,50.2573,-27.2609,21.2817,-49.3688,61.8978,0.0,43.0033,40.1122,59.5981,11.3212,57.2411,60.9497,62.7078,0.0,-59.5095,-31.1592,-3.7943,52.7561,-46.4318,-58.5585,-73.7263,-20.2591,-15.5227,29.864,37.7683,0.0,-60.7289,-29.0725,-29.2627,-15.5329,28.1122,-46.3414,0.0,43.4447,-49.2515,22.1264,-33.0338,-64.7959,0.0,-23.4002,57.1836,0.8314,26.552],"force":[97.8214,45.4393,46.7211,28.3654,7.7044,90.9145,7.4358,7.3308,2.4495,32.3835,-78.2802,10.0969,-86.7631,84.9609,0.0,38.8895,39.8132,41.4121,5.4607,44.3101,48.2968,50.7364,0.0,-98.2956,-19.592,-7.1169,58.593,-56.2643,-55.9218,-65.3604,-3.8101,-4.4214,66.7973,60.5015,0.0,-73.7534,-15.2996,-8.3065,-14.379,61.095,-26.9928,0.0,42.3629,-41.0652,31.2339,-22.2929,-47.2832,0.0,-20.1718,84.3315,14.771,22.6203],"direction":[68.5508,69.7443,70.5558,69.7688,64.3214,71.4883,69.255,65.2531,58.2455,44.2884,-0.8759,5.6877,-38.4219,28.1083,0.0,29.4035,41.349,42.2462,40.4151,49.8709,54.8114,57.3843,0.0,-53.7744,-51.754,-43.1089,17.2902,-9.4167,-49.841,-65.8707,-64.5287,-58.0074,1.4665,26.4156,0.0,-37.5381,-52.1133,-50.5709,-51.459,2.9863,-17.6904,0.0,26.1951,-34.5342,5.9588,-34.4086,-52.8331,0.0,-38.0566,44.9595,41.1745,42.4655],"intensity":[94.7368,87.1795,37.5,39.0244,38.0952,90.6977,72.7273,51.1111,63.0435,12.766,89.5833,38.7755,92.0,96.0784,76.9231,48.0769,11.5385,84.6154,5.7692,59.6154,76.9231,46.1538,84.6154,100.0,73.0769,38.4615,92.3077,90.3846,94.2308,82.6923,50.0,67.3077,88.4615,51.9231,76.9231,98.0769,26.9231,13.4615,76.9231,67.3077,25.0,11.5385,67.3077,82.6923,23.0769,40.3846,42.3077,42.3077,21.1538,96.1538,86.5385,5.7692],"confirmation":[95.0917,87.5605,87.8124,83.2741,55.2815,93.9642,56.8267,55.8174,54.7521,81.5391,56.6845,49.2871,86.6191,86.6632,30.9433,79.8716,80.9359,83.2807,51.4343,84.1517,85.4995,86.2217,33.4677,90.5685,78.9339,28.4288,81.7215,79.9587,85.5276,89.8621,54.7838,53.6482,55.8003,81.2998,26.6538,86.3489,78.2918,77.4016,76.6796,55.1673,77.7093,27.4874,79.947,81.3174,51.6607,77.5718,85.5906,7.6363,76.707,87.8906,6.0562,77.7747],"persistence":[50.0,75.0,75.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,75.0,50.0,50.0,37.5,37.5,37.5,37.5,62.5,62.5,87.5,87.5,87.5,62.5,37.5,12.5,12.5,12.5,37.5,62.5,75.0,75.0,50.0,25.0,37.5,37.5,37.5,37.5,37.5,12.5,37.5,50.0,37.5,37.5,12.5,12.5,12.5,25.0,25.0,12.5,12.5,12.5],"assessmentRisk":[8.2501,18.456,18.0965,25.2026,29.0413,9.6242,30.4083,31.9526,32.507,7.2639,31.0143,47.8227,21.7508,27.9186,33.6058,11.9152,29.0673,10.5332,35.1635,21.9485,20.9732,19.3426,40.4876,15.294,31.764,42.287,27.8987,46.2809,3.7815,14.4306,35.0744,35.5938,7.0119,28.8503,46.6155,19.665,29.3914,32.8021,34.6576,15.0626,29.3627,11.7546,28.1527,12.9949,4.0558,15.2282,21.4307,22.2203,32.537,18.3145,43.7599,32.8635],"volumeParticipation":true,"latest":{"consensus":31.1,"control":26.6,"force":22.6,"direction":42.5,"confirmation":77.8,"persistence":12.5,"assessmentRisk":32.9,"intensity":5.8,"evidenceDepth":100},"analysis":{"status":"Market Dynamics has stronger support","headline":"The gauges support the upward view","summary":"The completed evidence gives the upward view the clearer support.","take":"Current assessment: upward pressure has the stronger support.","tone":"positive","supportedView":"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":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Strong support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+31.1","detail":"Market Dynamics has stronger support","tone":"positive"},{"label":"SM Control Gauge","value":"+26.6","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+22.6","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+42.5","detail":"Upward follow-through","tone":"positive"},{"label":"SM Confirmation Gauge","value":"78/100","detail":"Strong support","tone":"positive"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"52.6","detail":"Positive","tone":"positive"},{"label":"Risk pressure","value":"3.7%","detail":"Normal","tone":"neutral"},{"label":"Trend quality","value":"17.0","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"43%","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 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