{"schema_version":"1.0","name":"USSM Technical Research Pack","type":"technical_research_pack","method_version":"technical-research-pack-1","as_of":"2026-08-21","ticker":{"uuid":"a12f6eae-9d21-40de-b2fd-13938ca9d92d","symbol":"USSM","name":"BNP PARIBAS Easy ICAV - BNP Paribas Easy MSCI USA Small Cap Min TE UCITS ET","exchange":"PAR","country":"FR","asset_type":"etf","currency":"EUR","sector":null,"industry":null},"summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","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, Strength versus the research benchmark, 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":60,"displayedObservations":60,"assetType":"ETF","state":"Aligned upward","stateTone":"positive","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","evidenceAlignment":{"status":"Price ahead of underlying support","headline":"The upward price response is leading Market Dynamics","summary":"Market Dynamics eased this week but remains positive. Underlying support has contracted across the recent completed path. The upward price structure is leading its underlying support.","take":"Treat the gap as an early-downside risk watch. 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may correct toward the weaker underlying position.","confirm":"Treat the gap as an early-downside risk watch. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through correction.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","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":15.5,"sample":1},"nowContext":{"label":"Easier this week","detail":"Market Dynamics eased this week but remains positive."},"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 15.5% across 1 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 2.0 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 3.7% across 1 completed cases, with the largest move arriving after 1.0 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":[{"date":"2026-05-01","price":12.1782}],"reversal_warnings":[{"date":"2026-06-19","price":13.3945}],"reversal_dangers":[{"date":"2026-06-19","price":13.3945}]}},"smTape":{"available":true,"dates":["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":[9.9912,10.0151,10.0151,10.0151,9.8489,9.8489,10.1503,10.4616,10.4616,10.4616,10.5717,10.5717,10.5717,10.5717,10.8793,10.8793,10.98,10.9749,10.8184,10.6858,10.5349,11.0361,11.1014,11.1261,11.0664,11.1804,10.9718,11.6171,11.9042,11.6653,11.3592,11.5998,11.6949,11.8328,11.8719,11.4588,11.3458,11.154,11.2062,11.455,11.7212,12.1606,12.1814,12.1782,12.4378,12.2986,12.5756,12.78,12.8307,13.2214,13.3945,13.6193,13.5333,13.4477,13.2244,13.3396,12.9983,13.4241,13.6387,13.3135],"consensus":[100.0,16.9844,0.0,0.0,-52.7918,-20.9599,48.3491,77.2728,39.8688,39.0057,34.8481,34.5,33.9941,33.4432,75.1319,43.5224,64.6815,48.5875,14.6356,-25.0043,-57.5812,61.3983,57.685,32.9826,17.7773,64.7718,-33.9201,77.6501,84.3632,0.0,-13.1991,60.4262,26.964,58.3925,34.0391,-39.1063,-29.5115,-56.9122,-13.4131,27.3391,48.526,71.9749,32.2251,34.3759,57.4601,0.0,69.2606,57.0592,25.4936,67.7131,61.1851,55.6314,35.993,30.6651,-8.6501,38.2753,-42.3262,56.7831,57.465,26.996],"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":[30.86,29.9322,19.1947,31.1185,30.2114,29.2345,84.7846,34.8033,76.2979,49.5933,21.5584,-28.3229,-56.2459,59.713,57.9354,20.6076,14.3237,68.8236,-29.8438,74.7517,88.9146,0.0,-24.3905,70.0255,30.4086,56.6896,19.2998,-35.2834,-17.9633,-47.7073,-3.9463,31.5798,47.2338,72.7909,25.3947,31.7299,48.521,0.0,69.1624,57.8092,12.4854,78.665,68.9972,57.4464,28.9498,26.9428,-1.3475,51.5363,-33.7336,65.9862,68.2167,26.4608],"force":[10.3465,10.3782,7.2342,5.4321,5.7621,6.0998,55.3303,9.9786,42.1786,22.4424,12.9638,-44.43,-83.7242,90.1711,58.0173,17.5432,26.1454,77.3023,-89.7335,99.6765,95.4443,0.0,-71.4402,81.0694,27.5797,70.9062,30.1797,-86.1056,-47.9954,-85.4097,-10.8474,57.4734,67.6904,94.612,10.7161,11.5245,69.9273,0.0,88.0451,50.5291,0.3846,51.1043,37.8709,31.6549,1.941,1.8898,-68.1477,43.701,-90.1735,81.7854,46.953,83.2197],"direction":[71.252,69.8237,72.4621,59.1275,58.4829,57.7842,78.2443,77.4468,67.4792,66.1132,26.4376,-7.3361,-40.4337,42.7722,57.1615,58.1537,53.0976,51.1909,-1.288,65.2293,71.2464,0.0,-41.1917,34.7103,22.5877,51.4003,53.6405,-9.9044,-29.5068,-47.0769,-41.5611,0.968,36.314,54.8731,55.3949,53.7223,58.771,0.0,55.9553,60.8664,58.8445,67.0601,68.91,70.683,68.3654,58.1727,-22.4222,19.2442,-17.9697,28.4066,52.686,12.5522],"intensity":[75.0,22.2222,40.0,27.2727,25.0,30.7692,71.4286,73.3333,37.5,35.2941,61.1111,42.1053,70.0,100.0,95.4545,56.5217,45.8333,32.0,61.5385,100.0,100.0,58.6207,80.0,58.0645,65.625,33.3333,82.3529,80.0,77.7778,45.9459,34.2105,56.4103,85.0,87.8049,90.4762,18.6047,61.3636,28.8889,54.3478,72.3404,77.0833,77.551,70.0,56.8627,32.6923,13.4615,48.0769,17.3077,69.2308,86.5385,67.3077,65.3846],"confirmation":[79.9956,79.7476,55.8817,55.539,55.4087,55.266,91.2917,81.0377,87.8353,82.7359,29.169,53.8762,87.2431,88.55,86.4655,78.2725,32.6471,89.0471,58.2256,93.5635,95.2646,38.9113,37.2824,87.8192,76.5948,87.0929,78.9995,82.0046,78.183,87.2207,6.0112,54.9356,84.1321,91.7094,77.7606,78.3442,86.9034,8.6931,90.7374,86.0485,52.9829,88.9951,86.7497,85.0437,55.9207,54.6139,9.8045,80.2114,83.1335,86.7923,85.9046,43.7048],"persistence":[25.0,25.0,37.5,50.0,75.0,100.0,100.0,100.0,100.0,100.0,100.0,75.0,50.0,50.0,50.0,50.0,50.0,50.0,25.0,50.0,75.0,62.5,37.5,37.5,37.5,37.5,62.5,37.5,12.5,0.0,0.0,0.0,0.0,0.0,0.0,25.0,50.0,62.5,87.5,87.5,87.5,87.5,87.5,87.5,87.5,100.0,75.0,75.0,50.0,50.0,50.0,25.0],"assessmentRisk":[30.0316,30.4748,32.3396,16.5529,17.6311,18.6727,11.1106,26.9154,17.3474,25.5385,27.7201,32.2107,21.1561,14.0739,17.2553,32.8442,40.8597,1.0615,12.5866,9.4563,7.6974,48.2484,50.6867,33.3017,45.6364,1.3311,31.6069,4.3027,27.9816,20.777,42.4708,14.3532,22.1579,13.9853,33.8637,32.7027,21.1489,25.9235,12.3465,20.9328,35.8653,16.1382,19.4038,22.1821,31.9764,27.2084,32.6076,64.9424,28.2001,33.5538,18.9493,8.1323],"volumeParticipation":true,"latest":{"consensus":27.0,"control":26.5,"force":83.2,"direction":12.6,"confirmation":43.7,"persistence":25.0,"assessmentRisk":8.1,"intensity":65.4,"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":"Buyer control supports the view","controlPath":"Control support is easing","forceState":"Upward commitment","forcePath":"Commitment is strengthening","directionState":"Upward follow-through","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+27.0","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+26.5","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+83.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+12.6","detail":"Upward 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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,322.771,0.0,0.0,0.6277,0.0,0.0,0.0,52.9817,0.0,0.0,2.309,243.5897,7.1633,3.1786,0.7962,72.1467,41.0465,3.3908,5.6354,1489.0169,115.3384,16.0496,14.0434,290.4553,65.2529,344.7643,438.504,806.6958,202.0589,193.8227,90.3165,92.1851,34.901,69.9239,119.4784,70.0913,218.5163,132.3033,47.1317,144.9905,81.1034,22.0774,13.3919,21.0821,20.509,0.0,0.0,162.2503,258.336,314.6651,148.7522,20.0356,238.756],"stroke":"#1678a7","width":1.8},{"label":"Cumulative 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leadership","title":"Strength versus the research benchmark","description":"Relative performance is separated from absolute price direction to reveal leadership and lagging pressure.","reason":"Selected because benchmark-relative leadership is strengthening, fading or diverging from price.","series":[{"label":"Relative 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