{ "ticker": { "uuid": "088ac64f-bbdc-4808-b04d-a8d974e9cb28", "symbol": "ETHW", "name": "BITWISE ETHEREUM ETF", "exchange": "NYSEARCA", "country": "US", "assetType": "etf" }, "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.", "analysis": { "eligible": true, "as_of": "2026-08-07", "benchmark": "SPY", "stage": 4, "stage_name": "Declining", "phase": "4b", "phase_label": "Stage 4B \u00b7 Declining", "transition": "stage_4_declining", "transition_label": "Stage 4 decline intact", "confidence": 96.0, "architecture_regime": "downward_expansion", "architecture_regime_label": "Downward Expansion", "architecture_modifier": "Established contraction", "architecture_gate": "down", "architecture_direction": -32.307, "architecture_energy": 22.552, "architecture_maturity": 81.49, "architecture_confidence": 56.395, "architecture_tenure": "Developing", "architecture": { "interpretation": { "headline": "The weekly architecture is expanding downward.", "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation." }, "scores": { "balance": 52.74, "rotation_up": 30.83, "upward_expansion": 19.41, "deceleration": 46.87, "rotation_down": 20.04, "downward_expansion": 53.41 }, "activity_lines": [ 13.406, 12.918545, 13.459, 13.954688 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": 0.0 }, "latest_close": 13.72, "trend_reference": 14.931333, "distance_from_trend": -0.081127, "trend_direction": "Weakening", "fair_value": 19.77972, "distance_from_fair_value": -0.30636, "fair_value_direction": "Weakening", "relative_strength": -39.375865, "relative_strength_direction": "Weakening", "price_momentum": -0.066667, "excess_performance": -0.192292, "evidence": [ { "label": "Price vs Trend", "positive": false, "value": -0.081127, "read": "Below" }, { "label": "Trend direction", "positive": false, "value": -0.173451, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": false, "value": -0.30636, "read": "Below anchor" }, { "label": "Fair Value direction", "positive": false, "value": -0.10717, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.393759, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.066124, "read": "Weakening" }, { "label": "Price momentum", "positive": false, "value": -0.066667, "read": "Negative" }, { "label": "Volume balance", "positive": true, "value": 1.831131, "read": "Demand-led" } ], "volume": { "latest": 4297406, "relative_activity": 1.006663, "balance": 1.831131, "dry_up": 1.052325, "accumulation_observations": 5, "distribution_observations": 2 }, "risk": { "range_context": 0.093437, "annualized_volatility": 0.487131, "from_high_reference": -0.6062, "from_low_reference": 0.255261 }, "levels": { "trend_reference": 14.931333, "fair_value_reference": 19.77972, "structural_low": 10.93, "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired." }, "outcomes": [ { "horizon": "Near term", "sample_count": 6, "median_return": 0.058318, "positive_rate": 0.666667, "directional_follow_through": 0.333333, "median_excess_return": 0.054192, "regime_survival": 0.833333, "best_return": 0.164912, "worst_return": -0.280564, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 2, "median_return": -0.164707, "positive_rate": 0.0, "directional_follow_through": 1.0, "median_excess_return": -0.206497, "regime_survival": 1.0, "best_return": -0.137409, "worst_return": -0.192005, "sufficient": false }, { "horizon": "Extended", "sample_count": 1, "median_return": -0.30303, "positive_rate": 0.0, "directional_follow_through": 1.0, "median_excess_return": -0.388351, "regime_survival": 1.0, "best_return": -0.30303, "worst_return": -0.30303, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 0, "median_return": null, "positive_rate": null, "directional_follow_through": null, "median_excess_return": null, "regime_survival": null, "best_return": null, "worst_return": null, "sufficient": false } ], "ledger": [ { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2026-01-30", "end": "2026-05-08", "tenure": "Established", "return": -0.133751, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-05-15", "end": "2026-05-29", "tenure": "New", "return": -0.093652, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2026-06-05", "end": "2026-08-07", "tenure": "Developing", "return": 0.219556, "active": true } ], "chart_path": [ { "date": "2024-07-26", "close": 23.53, "volume": 8266056, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-08-02", "close": 21.61, "volume": 4017590, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-08-09", "close": 18.605, "volume": 3497781, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-08-16", "close": 18.83, "volume": 2051997, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-08-23", "close": 19.75, "volume": 1276406, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-08-30", "close": 18.0, "volume": 972309, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-09-06", "close": 15.95, "volume": 922340, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-09-13", "close": 17.38, "volume": 894235, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-09-20", "close": 18.25, "volume": 2649110, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-09-27", "close": 19.39, "volume": 1620639, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-10-04", "close": 17.43, "volume": 1246788, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-10-11", "close": 17.66, "volume": 768365, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-10-18", "close": 19.05, "volume": 946497, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-10-25", "close": 17.73, "volume": 826488, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-11-01", "close": 18.02, "volume": 1172231, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-11-08", "close": 21.15, "volume": 1594566, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-11-15", "close": 22.19, "volume": 2164656, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-11-22", "close": 23.66, "volume": 1420888, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-11-29", "close": 25.8, "volume": 2000590, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-12-06", "close": 29.14, "volume": 1625846, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-12-13", "close": 28.12, "volume": 1328343, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-12-20", "close": 24.66, "volume": 2034830, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-12-27", "close": 23.94, "volume": 928820, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-01-03", "close": 25.84, "volume": 862560, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-01-10", "close": 23.37, "volume": 933813, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-01-17", "close": 25.25, "volume": 1435763, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-01-24", "close": 23.91, "volume": 1602715, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-01-31", "close": 23.8, "volume": 1258401, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-02-07", "close": 18.58, "volume": 2712960, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-02-14", "close": 19.61, "volume": 1065151, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-02-21", "close": 18.86, "volume": 1241473, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-02-28", "close": 15.91, "volume": 1991325, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-03-07", "close": 15.48, "volume": 2009033, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-03-14", "close": 13.86, "volume": 1843824, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-03-21", "close": 14.145, "volume": 1214568, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-03-28", "close": 13.42, "volume": 1308364, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-04-04", "close": 12.96, "volume": 1666299, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-04-11", "close": 11.21, "volume": 2835162, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-04-18", "close": 11.35, "volume": 1419914, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-04-25", "close": 12.96, "volume": 2218583, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-05-02", "close": 13.21, "volume": 965305, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-05-09", "close": 16.75, "volume": 1548995, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-05-16", "close": 18.62, "volume": 1927441, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-05-23", "close": 18.38, "volume": 2393281, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-05-30", "close": 18.47, "volume": 1481117, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-06-06", "close": 17.83, "volume": 1512738, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-06-13", "close": 18.12, "volume": 2061773, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-06-20", "close": 17.33, "volume": 2135510, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-06-27", "close": 17.36, "volume": 1879810, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-07-04", "close": 18.49, "volume": 1510824, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-07-11", "close": 21.6, "volume": 3865434, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-07-18", "close": 25.5, "volume": 5314768, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-07-25", "close": 26.13, "volume": 5416277, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-08-01", "close": 25.15, "volume": 5244548, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-08-08", "close": 29.13, "volume": 6984309, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-08-15", "close": 31.41, "volume": 9395979, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-08-22", "close": 34.69, "volume": 10298736, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-08-29", "close": 31.11, "volume": 10260974, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-09-05", "close": 31.05, "volume": 3625126, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-09-12", "close": 33.48, "volume": 5363984, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-09-19", "close": 31.83, "volume": 5235217, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-09-26", "close": 28.89, "volume": 7114499, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-10-03", "close": 32.43, "volume": 7673827, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-10-10", "close": 28.63, "volume": 11552506, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-10-17", "close": 27.42, "volume": 12086501, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-10-24", "close": 28.15, "volume": 6772496, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-10-31", "close": 27.81, "volume": 6687569, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-11-07", "close": 24.83, "volume": 8039235, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-11-14", "close": 22.46, "volume": 8644119, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-11-21", "close": 19.62, "volume": 11637039, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-11-28", "close": 21.76, "volume": 5901964, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-12-05", "close": 21.65, "volume": 6892405, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-12-12", "close": 22.07, "volume": 7219729, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-12-19", "close": 21.46, "volume": 9598079, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-12-26", "close": 20.99, "volume": 3681242, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-02", "close": 22.34, "volume": 5284707, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-09", "close": 21.98, "volume": 7455606, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-16", "close": 23.57, "volume": 5211714, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-23", "close": 21.02, "volume": 6771577, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-30", "close": 19.14, "volume": 8555003, "typical_volume": 7600751.7, "trend": 25.91, "fair_value": 21.65275, "relative_strength": -19.738691, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -70.501281, "energy": 44.43323, "activity_lines": [ 21.119333, 21.438182, 22.561762, 24.32286 ] }, { "date": "2026-02-06", "close": 14.7, "volume": 18331324, "typical_volume": 8255557.05, "trend": 25.68, "fair_value": 21.566914, "relative_strength": -37.890086, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -85.370614, "energy": 77.901066, "activity_lines": [ 18.816, 20.184, 21.637714, 23.599634 ] }, { "date": "2026-02-13", "close": 14.65, "volume": 8795386, "typical_volume": 8339601.4, "trend": 25.318333, "fair_value": 21.482561, "relative_strength": -36.904727, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -83.336652, "energy": 90.120161, "activity_lines": [ 17.005333, 19.049091, 20.790476, 22.888022 ] }, { "date": "2026-02-20", "close": 14.11, "volume": 5136731, "typical_volume": 8212746.6, "trend": 24.917667, "fair_value": 21.393735, "relative_strength": -39.520168, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -80.323155, "energy": 92.066722, "activity_lines": [ 15.503333, 17.943273, 19.959619, 22.164903 ] }, { "date": "2026-02-27", "close": 13.77, "volume": 8771420, "typical_volume": 8073692.3, "trend": 24.538333, "fair_value": 21.302976, "relative_strength": -40.444055, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -76.527347, "energy": 91.019029, "activity_lines": [ 14.518667, 16.920364, 19.183619, 21.445699 ] }, { "date": "2026-03-06", "close": 14.17, "volume": 11604008, "typical_volume": 8049567.65, "trend": 24.039667, "fair_value": 21.219059, "relative_strength": -37.254448, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -67.905365, "energy": 87.300877, "activity_lines": [ 14.150667, 16.11, 18.516476, 20.776774 ] }, { "date": "2026-03-13", "close": 15.05, "volume": 6637244, "typical_volume": 8042805.05, "trend": 23.494333, "fair_value": 21.147326, "relative_strength": -32.257497, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -66.013058, "energy": 80.01198, "activity_lines": [ 14.407333, 15.583636, 17.996238, 20.196796 ] }, { "date": "2026-03-20", "close": 15.25, "volume": 8109631, "typical_volume": 8113908.15, "trend": 22.846333, "fair_value": 21.07954, "relative_strength": -30.024642, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.422959, "energy": 62.368073, "activity_lines": [ 14.707333, 15.226182, 17.557429, 19.664903 ] }, { "date": "2026-03-27", "close": 14.25, "volume": 5578615, "typical_volume": 7990877.15, "trend": 22.284333, "fair_value": 21.001932, "relative_strength": -33.045098, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -65.994567, "energy": 58.264008, "activity_lines": [ 14.634, 14.809273, 17.08319, 19.110301 ] }, { "date": "2026-04-03", "close": 14.78, "volume": 4817974, "typical_volume": 7799569.9, "trend": 21.742, "fair_value": 20.932022, "relative_strength": -32.725548, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -49.810903, "energy": 47.828604, "activity_lines": [ 14.728, 14.658182, 16.70981, 18.626151 ] }, { "date": "2026-04-10", "close": 16.14, "volume": 6003350, "typical_volume": 7517885.45, "trend": 21.164, "fair_value": 20.878778, "relative_strength": -29.192508, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -45.922235, "energy": 40.694985, "activity_lines": [ 15.208, 14.867818, 16.502524, 18.264731 ] }, { "date": "2026-04-17", "close": 17.4, "volume": 6587077, "typical_volume": 7552141.1, "trend": 20.683, "fair_value": 20.840549, "relative_strength": -27.075284, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -40.889959, "energy": 29.977719, "activity_lines": [ 15.976667, 15.361091, 16.43181, 18.021892 ] }, { "date": "2026-04-24", "close": 16.6, "volume": 4154223, "typical_volume": 7415232.0, "trend": 20.273333, "fair_value": 20.794457, "relative_strength": -30.776458, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -35.804724, "energy": 23.322876, "activity_lines": [ 16.322, 15.659818, 16.305667, 17.758473 ] }, { "date": "2026-05-01", "close": 16.51, "volume": 4009101, "typical_volume": 7254700.6, "trend": 19.742667, "fair_value": 20.748387, "relative_strength": -31.766819, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -31.335627, "energy": 24.464459, "activity_lines": [ 16.547333, 15.906727, 16.195, 17.515677 ] }, { "date": "2026-05-08", "close": 16.58, "volume": 3772464, "typical_volume": 6963419.85, "trend": 19.341, "fair_value": 20.704043, "relative_strength": -32.763479, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -18.697608, "energy": 20.589548, "activity_lines": [ 16.645333, 16.122727, 16.117476, 17.311634 ] }, { "date": "2026-05-15", "close": 15.91, "volume": 3243358, "typical_volume": 6941525.65, "trend": 18.957333, "fair_value": 20.653579, "relative_strength": -35.236873, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -24.550291, "energy": 16.190737, "activity_lines": [ 16.4, 16.165818, 15.999381, 17.09028 ] }, { "date": "2026-05-22", "close": 14.76, "volume": 3195268, "typical_volume": 6837053.7, "trend": 18.511, "fair_value": 20.592187, "relative_strength": -40.012197, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -54.856952, "energy": 34.243157, "activity_lines": [ 15.786667, 15.968182, 15.795952, 16.819484 ] }, { "date": "2026-05-29", "close": 14.42, "volume": 2624473, "typical_volume": 6595497.05, "trend": 18.064667, "fair_value": 20.528557, "relative_strength": -41.805316, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -58.889678, "energy": 48.284319, "activity_lines": [ 15.236, 15.714, 15.596238, 16.555548 ] }, { "date": "2026-06-05", "close": 11.25, "volume": 4469060, "typical_volume": 6558364.35, "trend": 17.612, "fair_value": 20.433878, "relative_strength": -53.023692, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -89.599404, "energy": 85.716803, "activity_lines": [ 13.774, 14.898545, 15.130619, 16.115892 ] }, { "date": "2026-06-12", "close": 11.9, "volume": 4628858, "typical_volume": 6451228.4, "trend": 17.26, "fair_value": 20.347677, "relative_strength": -50.158207, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -82.031177, "energy": 89.949478, "activity_lines": [ 12.879333, 14.255818, 14.785571, 15.747376 ] }, { "date": "2026-06-19", "close": 12.21, "volume": 2632209, "typical_volume": 6155088.7, "trend": 17.013, "fair_value": 20.2663, "relative_strength": -48.931036, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -72.026501, "energy": 88.398223, "activity_lines": [ 12.4, 13.721818, 14.513476, 15.42157 ] }, { "date": "2026-06-26", "close": 11.25, "volume": 4289852, "typical_volume": 5453015.1, "trend": 16.662667, "fair_value": 20.17703, "relative_strength": -51.417995, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -79.15266, "energy": 91.624077, "activity_lines": [ 11.847333, 13.084727, 14.182952, 15.049763 ] }, { "date": "2026-07-03", "close": 12.17, "volume": 3105860, "typical_volume": 5168538.8, "trend": 16.346667, "fair_value": 20.098529, "relative_strength": -48.133675, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -66.889524, "energy": 80.798867, "activity_lines": [ 11.835333, 12.726727, 13.956476, 14.759914 ] }, { "date": "2026-07-10", "close": 12.82, "volume": 4298155, "typical_volume": 5126610.0, "trend": 16.038333, "fair_value": 20.027864, "relative_strength": -45.499424, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.871399, "energy": 57.451626, "activity_lines": [ 12.19, 12.567455, 13.803714, 14.532387 ] }, { "date": "2026-07-17", "close": 13.19, "volume": 3185076, "typical_volume": 4847292.8, "trend": 15.762667, "fair_value": 19.962115, "relative_strength": -42.214564, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -50.839593, "energy": 45.281126, "activity_lines": [ 12.563333, 12.542545, 13.692333, 14.348624 ] }, { "date": "2026-07-24", "close": 13.31, "volume": 4856576, "typical_volume": 4509921.2, "trend": 15.506667, "fair_value": 19.898762, "relative_strength": -40.470418, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -43.810912, "energy": 31.817314, "activity_lines": [ 12.890667, 12.601091, 13.595143, 14.190387 ] }, { "date": "2026-07-31", "close": 13.34, "volume": 5630292, "typical_volume": 4459573.6, "trend": 15.206667, "fair_value": 19.836887, "relative_strength": -40.106053, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -37.702487, "energy": 23.410432, "activity_lines": [ 13.154667, 12.712364, 13.504905, 14.050602 ] }, { "date": "2026-08-07", "close": 13.72, "volume": 4297406, "typical_volume": 4268962.35, "trend": 14.931333, "fair_value": 19.77972, "relative_strength": -39.375865, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -32.307466, "energy": 22.552142, "activity_lines": [ 13.406, 12.918545, 13.459, 13.954688 ] } ], "method": { "price_basis": "completed market observations", "trend": "Trend provides the primary directional reference.", "fair_value": "Fair Value provides long-term price context and is not a forecast or target.", "relative_strength": "Relative Strength shows leadership or lagging performance against the market benchmark.", "classification": "The SM framework combines Trend, Activity, Fair Value, Relative Strength and participation into a structural read." } } }