{"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":"feeb3714-365b-4f3f-9b43-4d5442133cc9","symbol":"USSM","name":"BNP PARIBAS Easy ICAV - BNP Paribas Easy MSCI USA Small Cap Min TE UCITS ETF UCITS ETF USD CAP","exchange":"LSE","country":"GB","asset_type":"etf","currency":"USD","sector":null,"industry":null},"summary":"Market Dynamics strengthened this week and 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, Strength versus the research benchmark, Range position and boundary pressure, Directional strength and control, Range pressure and compression, Directional pressure and rotation."},{"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 strengthened this week and 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 strengthened this week and 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. Stronger Market Dynamics would confirm the price move; a weaker price response would confirm that the gap is closing through 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elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":1,"completedEpisodes":1,"activeEpisodes":0,"medianExpectedMove":0.8,"averageExpectedMove":0.8,"averageWeeksToLargestMove":1.0,"horizons":[{"weeks":4,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":4.0,"medianReturn":4.0,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":0,"expectedPercent":0.0,"averageReturn":4.1,"medianReturn":4.1,"confidenceLow":0.0,"confidenceHigh":79.3,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough 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underlying support","use":"Market Dynamics must catch up or price 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":"strengthening","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":12.1,"sample":1},"nowContext":{"label":"Slightly stronger this week","detail":"Market Dynamics strengthened this week and 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 12.1% 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 3.0 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 2.0 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":12.89}],"reversal_warnings":[{"date":"2026-05-29","price":13.386}],"reversal_dangers":[{"date":"2026-06-19","price":13.779}]}},"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":[10.5258,10.471,10.4967,10.6328,10.2382,10.3739,10.6497,10.9684,10.9752,11.1153,11.1222,11.2462,11.1495,11.3257,10.9103,11.1576,11.4431,11.2724,11.1702,11.084,10.823,11.476,11.583,11.708,11.627,11.693,11.569,12.122,12.344,12.362,12.078,12.423,12.449,12.492,12.544,11.917,11.636,11.573,11.571,11.869,12.333,12.847,12.786,12.89,13.131,12.813,13.088,13.386,13.279,13.732,13.779,13.928,13.831,13.751,13.57,13.626,13.403,13.921,14.16,13.93],"consensus":[100.0,-21.6614,67.6587,61.0111,-78.0202,-20.3289,41.2443,69.038,38.8807,66.7732,36.5563,53.4871,19.5176,66.1769,-45.714,13.5919,62.6531,-10.5699,8.9367,-24.785,-57.5615,63.6395,56.9125,52.8686,34.5211,20.1725,0.0,78.0421,71.4029,62.6752,0.0,72.1134,30.1321,43.3842,60.6795,-56.6278,-60.759,-55.8723,-31.4799,23.3629,64.0949,76.5984,17.4976,59.8415,57.4633,-14.3009,56.5071,57.0316,26.3721,66.515,44.6675,50.7575,34.3401,22.3168,0.0,21.4313,-25.9752,57.9522,63.481,1.3691],"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":[27.0106,63.8417,24.7777,48.8868,11.3711,68.8745,-40.7959,16.5867,67.515,-11.0026,1.001,-25.596,-57.4855,67.5582,59.8367,51.3019,30.5064,11.827,0.0,83.9623,74.2955,64.4585,0.0,78.6037,30.7479,46.3834,62.1385,-51.0672,-56.6544,-53.2696,-20.8057,31.635,63.5113,81.7353,3.281,62.5434,55.0729,-19.1398,66.6375,65.9933,24.4602,79.7559,38.4577,45.8304,26.4092,25.0047,0.0,40.3544,-24.6494,74.4272,78.2847,17.1146],"force":[19.177,66.1727,12.9737,44.081,12.7066,67.9047,-88.2241,0.9615,72.5816,-52.1016,2.1939,-50.6125,-74.1755,88.4698,60.6374,50.7404,16.1211,3.9079,0.0,92.8509,73.7455,54.8837,0.0,79.8572,2.6334,29.2485,60.7915,-96.0875,-77.1303,-58.1702,-14.2468,60.9301,92.7023,94.3731,16.6491,55.1912,52.5276,-69.8739,44.407,35.8853,2.6499,45.0972,23.4552,34.9607,4.6135,9.8618,0.0,7.0795,-36.6195,50.623,48.0441,29.226],"direction":[66.5206,70.5523,66.8623,65.4632,51.8453,61.8599,-20.9701,19.1909,50.005,-19.59,25.9566,-5.4098,-45.7813,41.4249,50.9099,56.1791,52.2523,46.9106,0.0,60.6985,66.4239,66.2026,0.0,59.1646,49.0702,50.0536,58.9321,-34.7972,-53.7561,-57.2053,-55.9884,12.9247,44.3282,58.0316,58.1357,60.0751,63.7207,-30.9244,53.5723,61.8941,49.2872,66.681,66.9159,67.672,64.6372,42.2298,0.0,10.0563,-19.8872,44.3589,57.5889,44.3469],"intensity":[75.0,22.2222,20.0,18.1818,16.6667,53.8462,92.8571,66.6667,68.75,41.1765,61.1111,10.5263,85.0,100.0,63.6364,52.1739,20.8333,28.0,23.0769,96.2963,82.1429,3.4483,66.6667,77.4194,37.5,9.0909,8.8235,97.1429,75.0,54.0541,39.4737,69.2308,92.5,92.6829,90.4762,20.9302,79.5455,64.4444,54.3478,100.0,16.6667,85.7143,34.0,31.3725,13.4615,7.6923,44.2308,11.5385,50.0,92.3077,73.0769,51.9231],"confirmation":[80.0222,89.3938,79.1588,84.8993,30.7651,89.1882,83.999,49.2522,88.2775,31.4874,25.7762,54.0393,86.9272,89.0616,86.281,84.877,78.5472,52.0155,30.4118,93.3346,90.8763,87.7914,35.3246,91.2134,54.1282,81.4065,87.3986,87.4082,88.0044,85.9888,77.711,33.9189,89.3911,92.9749,8.327,86.9664,86.2743,35.4601,85.5591,85.4691,53.4824,88.4303,81.7417,83.8361,55.5371,30.8903,28.8321,51.4656,76.6567,86.0703,87.6179,40.34],"persistence":[25.0,50.0,50.0,50.0,75.0,100.0,75.0,75.0,75.0,50.0,50.0,25.0,0.0,0.0,25.0,25.0,25.0,50.0,37.5,62.5,87.5,87.5,75.0,75.0,75.0,75.0,87.5,62.5,37.5,12.5,0.0,0.0,0.0,0.0,0.0,25.0,50.0,50.0,75.0,75.0,75.0,75.0,75.0,75.0,75.0,100.0,87.5,87.5,62.5,62.5,62.5,50.0],"assessmentRisk":[30.4738,16.5562,31.0484,18.7917,27.7174,8.581,14.86,25.6859,11.3981,7.5734,37.9901,5.1457,21.0354,0.4773,17.3361,22.6721,32.5032,23.7573,0.409,6.6474,13.8403,18.0725,47.713,3.8037,3.3431,2.0627,18.6976,19.2094,19.2866,21.9059,34.1537,19.7921,17.2487,11.6755,41.213,19.9805,20.8725,1.6068,9.1059,17.1889,12.8029,16.685,27.349,23.6315,31.7637,7.0868,37.5587,55.3858,34.9089,0.3862,17.6604,41.8874],"volumeParticipation":true,"latest":{"consensus":1.4,"control":17.1,"force":29.2,"direction":44.3,"confirmation":40.3,"persistence":50.0,"assessmentRisk":41.9,"intensity":51.9,"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":"Developing","confirmationState":"Qualified support","riskState":"Present","intensityState":"Normal"},"cards":[{"label":"SM Consensus Gauge","value":"+1.4","detail":"Joint upward confirmation","tone":"positive"},{"label":"SM Control Gauge","value":"+17.1","detail":"Buyer control supports the view","tone":"positive"},{"label":"SM Force Gauge","value":"+29.2","detail":"Upward commitment","tone":"positive"},{"label":"SM Direction Gauge","value":"+44.3","detail":"Upward 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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,100.0,93.3416,100.0,88.5857,92.9723,84.2148,100.0,60.989,82.8256,100.0,83.0743,75.0099,68.208,47.613,99.1399,100.0,95.1419,89.9642,93.8232,85.7585,100.0,98.8731,99.7183,85.6194,100.0,93.6673,95.3977,98.3523,62.7273,46.7614,43.1818,43.0682,60.0,86.3636,100.0,94.9471,99.9519,96.4226,83.1947,93.986,98.9289,93.4717,100.0,100.0,100.0,96.1138,92.9087,85.6571,87.9006,78.9663,99.7196,100.0,89.1506],"stroke":"#10243b","width":2.0},{"label":"From 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