{ "ticker": { "uuid": "1a7721d7-c855-4ce7-844e-451902a532d5", "symbol": "CGHM", "name": "CAPITAL GROUP MUNICIPAL HIGH-INCOME 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": 1, "stage_name": "Basing", "phase": "1b", "phase_label": "Stage 1B \u00b7 Basing", "transition": "stage_1_building", "transition_label": "Base still building", "confidence": 51.719, "architecture_regime": "deceleration", "architecture_regime_label": "Deceleration", "architecture_modifier": "Recompressing", "architecture_gate": "up", "architecture_direction": 20.241, "architecture_energy": 23.658, "architecture_maturity": 57.26, "architecture_confidence": 74.28, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The upward structure remains, but its energy is decelerating.", "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down." }, "scores": { "balance": 46.9, "rotation_up": 19.8, "upward_expansion": 53.94, "deceleration": 91.1, "rotation_down": 42.85, "downward_expansion": 22.27 }, "activity_lines": [ 25.486173, 25.581128, 25.554353, 25.503395 ], "activity_state": "Moderate", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": -0.166667 }, "latest_close": 25.52, "trend_reference": 25.437205, "distance_from_trend": 0.003255, "trend_direction": "Improving", "fair_value": 24.46536, "distance_from_fair_value": 0.043107, "fair_value_direction": "Weakening", "relative_strength": -9.529942, "relative_strength_direction": "Weakening", "price_momentum": 0.0088, "excess_performance": -0.116825, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.003255, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.00845, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.043107, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.003408, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.095299, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.012816, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.0088, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.889366, "read": "Supply-led" } ], "volume": { "latest": 2153940, "relative_activity": 1.071224, "balance": 0.889366, "dry_up": 1.049129, "accumulation_observations": 3, "distribution_observations": 5 }, "risk": { "range_context": 0.0078, "annualized_volatility": 0.04037, "from_high_reference": -0.143434, "from_low_reference": 0.077022 }, "levels": { "trend_reference": 25.437205, "fair_value_reference": 24.46536, "structural_low": 24.898461, "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 4, "median_return": 0.007035, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": -0.027094, "regime_survival": 0.75, "best_return": 0.020628, "worst_return": -0.009457, "sufficient": false }, { "horizon": "Intermediate", "sample_count": 1, "median_return": 0.032951, "positive_rate": 1.0, "directional_follow_through": 1.0, "median_excess_return": -0.119643, "regime_survival": 0.0, "best_return": 0.032951, "worst_return": 0.032951, "sufficient": false }, { "horizon": "Extended", "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 }, { "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": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-01-02", "end": "2026-03-20", "tenure": "Developing", "return": 0.001547, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-03-27", "end": "2026-06-19", "tenure": "Established", "return": 0.030205, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-06-26", "end": "2026-07-31", "tenure": "Developing", "return": -0.017083, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-08-07", "end": "2026-08-07", "tenure": "New", "return": 0.0, "active": true } ], "chart_path": [ { "date": "2024-06-28", "close": 23.32479, "volume": 810861, "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": "2024-07-05", "close": 23.427255, "volume": 287866, "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": "2024-07-12", "close": 23.590267, "volume": 524883, "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": "2024-07-19", "close": 23.62287, "volume": 666949, "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": "2024-07-26", "close": 23.67876, "volume": 167671, "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": 23.961821, "volume": 72485, "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": 23.775202, "volume": 55413, "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": 23.817191, "volume": 23515, "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": 23.943159, "volume": 134282, "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": 23.911527, "volume": 54598, "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": 24.061266, "volume": 105412, "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": 24.21007, "volume": 101175, "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": 24.215685, "volume": 78356, "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": 24.287373, "volume": 283940, "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": 24.24045, "volume": 124465, "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": 24.188835, "volume": 336705, "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": 24.231065, "volume": 177116, "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": 23.955345, "volume": 148605, "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": 23.984401, "volume": 137389, "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": 24.036193, "volume": 242195, "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": 24.087985, "volume": 164246, "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": 24.116235, "volume": 203604, "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": 24.287996, "volume": 89635, "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": 24.420201, "volume": 170381, "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": 24.165234, "volume": 263045, "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": 23.89138, "volume": 362399, "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": 23.909528, "volume": 1214594, "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": 24.023293, "volume": 685390, "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": 23.852646, "volume": 538045, "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": 23.928489, "volume": 517163, "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": 24.042254, "volume": 224400, "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": 24.102075, "volume": 349934, "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": 24.263642, "volume": 503071, "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": 24.182859, "volume": 375290, "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": 24.339674, "volume": 316890, "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": 24.441272, "volume": 316442, "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": 24.260155, "volume": 390709, "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": 24.107635, "volume": 448819, "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": 24.140999, "volume": 269160, "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": 23.916699, "volume": 315941, "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": 24.203682, "volume": 224555, "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": 22.998757, "volume": 1423345, "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": 23.362147, "volume": 559196, "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": 23.457776, "volume": 1639981, "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": 23.569107, "volume": 660557, "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": 23.593089, "volume": 361665, "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": 23.674626, "volume": 616722, "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": 23.511552, "volume": 620552, "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": 23.573136, "volume": 773745, "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": 23.496163, "volume": 406769, "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": 23.602001, "volume": 981784, "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": 23.669353, "volume": 519371, "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": 23.74344, "volume": 663388, "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": 23.772384, "volume": 326666, "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": 23.704849, "volume": 695255, "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": 23.434708, "volume": 707825, "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": 23.531187, "volume": 938645, "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": 23.734676, "volume": 814153, "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": 23.753075, "volume": 571677, "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": 23.762758, "volume": 45256643, "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": 23.811174, "volume": 3995938, "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": 23.858138, "volume": 1903722, "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": 24.119783, "volume": 1274708, "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": 24.526786, "volume": 1226356, "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": 24.604311, "volume": 1244470, "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": 24.51225, "volume": 1890037, "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": 24.644836, "volume": 1538368, "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": 24.742054, "volume": 1365272, "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": 24.868438, "volume": 3003983, "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": 24.965656, "volume": 1047431, "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": 24.917922, "volume": 1536070, "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": 24.947203, "volume": 1713221, "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": 24.878881, "volume": 1282378, "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": 24.956963, "volume": 1186764, "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": 25.005472, "volume": 918318, "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": 24.922251, "volume": 1535832, "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": 24.936937, "volume": 1322050, "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": 24.98589, "volume": 1946287, "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": 24.998575, "volume": 1946706, "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": 25.047746, "volume": 1477558, "typical_volume": 1667773.45, "trend": 24.365323, "fair_value": 24.091794, "relative_strength": -6.905729, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 72.671632, "energy": 64.876152, "activity_lines": [ 24.999122, 24.977236, 24.884468, 24.668053 ] }, { "date": "2026-01-09", "close": 25.195259, "volume": 1967514, "typical_volume": 1566352.25, "trend": 24.418432, "fair_value": 24.105417, "relative_strength": -7.590238, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 84.295255, "energy": 71.062112, "activity_lines": [ 25.071448, 25.02005, 24.930439, 24.721598 ] }, { "date": "2026-01-16", "close": 25.205093, "volume": 1827328, "typical_volume": 1562532.55, "trend": 24.469623, "fair_value": 24.118828, "relative_strength": -7.04686, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 80.714893, "energy": 75.408771, "activity_lines": [ 25.128852, 25.059609, 24.970755, 24.77235 ] }, { "date": "2026-01-23", "close": 25.151005, "volume": 4224300, "typical_volume": 1710012.15, "trend": 24.516542, "fair_value": 24.131263, "relative_strength": -6.758465, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 68.534844, "energy": 67.686979, "activity_lines": [ 25.150349, 25.084645, 24.999507, 24.81631 ] }, { "date": "2026-01-30", "close": 25.159364, "volume": 1774060, "typical_volume": 1737397.35, "trend": 24.562775, "fair_value": 24.143503, "relative_strength": -6.90658, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.01943, "energy": 66.08762, "activity_lines": [ 25.163626, 25.106253, 25.024144, 24.857783 ] }, { "date": "2026-02-06", "close": 25.297386, "volume": 2204178, "typical_volume": 1785382.75, "trend": 24.615859, "fair_value": 24.157078, "relative_strength": -6.017136, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 81.155988, "energy": 70.276642, "activity_lines": [ 25.21219, 25.149276, 25.058913, 24.905177 ] }, { "date": "2026-02-13", "close": 25.474842, "volume": 2017918, "typical_volume": 1791776.8, "trend": 24.683864, "fair_value": 24.172401, "relative_strength": -3.995718, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 90.844227, "energy": 74.540172, "activity_lines": [ 25.303263, 25.219257, 25.107283, 24.960595 ] }, { "date": "2026-02-20", "close": 25.514277, "volume": 1572991, "typical_volume": 1793507.95, "trend": 24.749967, "fair_value": 24.187825, "relative_strength": -4.728162, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 87.881401, "energy": 88.89064, "activity_lines": [ 25.388843, 25.28636, 25.154825, 25.01417 ] }, { "date": "2026-02-27", "close": 25.640665, "volume": 1958013, "typical_volume": 1823145.0, "trend": 24.8135, "fair_value": 24.204334, "relative_strength": -3.573764, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 89.381175, "energy": 94.116342, "activity_lines": [ 25.49594, 25.365946, 25.210263, 25.071635 ] }, { "date": "2026-03-06", "close": 25.432848, "volume": 1976866, "typical_volume": 1771789.15, "trend": 24.869492, "fair_value": 24.218138, "relative_strength": -2.186749, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.648379, "energy": 80.202531, "activity_lines": [ 25.50112, 25.395841, 25.241631, 25.111593 ] }, { "date": "2026-03-13", "close": 25.323992, "volume": 1607511, "typical_volume": 1799793.15, "trend": 24.921533, "fair_value": 24.230425, "relative_strength": -0.870233, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.143171, "energy": 62.5641, "activity_lines": [ 25.451783, 25.398049, 25.259943, 25.140915 ] }, { "date": "2026-03-20", "close": 25.086486, "volume": 2111965, "typical_volume": 1828587.9, "trend": 24.964044, "fair_value": 24.239832, "relative_strength": 0.230363, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 36.206334, "energy": 33.086102, "activity_lines": [ 25.321503, 25.352052, 25.253929, 25.151557 ] }, { "date": "2026-03-27", "close": 24.997422, "volume": 2018654, "typical_volume": 1843859.55, "trend": 25.00202, "fair_value": 24.248067, "relative_strength": 2.365058, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 7.972983, "energy": 20.21896, "activity_lines": [ 25.187426, 25.291838, 25.238631, 25.153711 ] }, { "date": "2026-04-03", "close": 25.244931, "volume": 1651441, "typical_volume": 1862312.7, "trend": 25.039525, "fair_value": 24.258786, "relative_strength": 0.451223, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 20.813274, "energy": 25.861554, "activity_lines": [ 25.170309, 25.280402, 25.246665, 25.169382 ] }, { "date": "2026-04-10", "close": 25.393898, "volume": 1817999, "typical_volume": 1893874.45, "trend": 25.068428, "fair_value": 24.270861, "relative_strength": -2.165981, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 29.480398, "energy": 15.847853, "activity_lines": [ 25.22923, 25.294343, 25.267144, 25.192245 ] }, { "date": "2026-04-17", "close": 25.493209, "volume": 1869224, "typical_volume": 1941419.75, "trend": 25.098058, "fair_value": 24.283728, "relative_strength": -5.599356, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 46.386737, "energy": 19.140717, "activity_lines": [ 25.323851, 25.322077, 25.295001, 25.21965 ] }, { "date": "2026-04-24", "close": 25.513071, "volume": 1357545, "typical_volume": 1932505.4, "trend": 25.131419, "fair_value": 24.296534, "relative_strength": -5.677879, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 48.340198, "energy": 26.265433, "activity_lines": [ 25.413811, 25.349861, 25.322426, 25.246425 ] }, { "date": "2026-05-01", "close": 25.381055, "volume": 2122944, "typical_volume": 1972550.1, "trend": 25.15596, "fair_value": 24.307715, "relative_strength": -6.715619, "stage": 1, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 45.22665, "energy": 25.762987, "activity_lines": [ 25.431328, 25.352948, 25.334465, 25.262531 ] }, { "date": "2026-05-08", "close": 25.450593, "volume": 1647157, "typical_volume": 1957593.6, "trend": 25.179578, "fair_value": 24.319377, "relative_strength": -8.248358, "stage": 1, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 47.752827, "energy": 30.902899, "activity_lines": [ 25.446448, 25.3711, 25.351012, 25.281539 ] }, { "date": "2026-05-15", "close": 25.241981, "volume": 3727620, "typical_volume": 2046639.3, "trend": 25.192029, "fair_value": 24.328696, "relative_strength": -8.904712, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 41.112917, "energy": 18.747036, "activity_lines": [ 25.37832, 25.354778, 25.345478, 25.285566 ] }, { "date": "2026-05-22", "close": 25.271783, "volume": 1979345, "typical_volume": 2071728.65, "trend": 25.202233, "fair_value": 24.338127, "relative_strength": -9.254646, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.092926, "energy": 11.057049, "activity_lines": [ 25.330253, 25.347345, 25.341624, 25.290711 ] }, { "date": "2026-05-29", "close": 25.573077, "volume": 1532945, "typical_volume": 2050000.2, "trend": 25.224072, "fair_value": 24.350354, "relative_strength": -9.177665, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 47.245856, "energy": 19.093688, "activity_lines": [ 25.39738, 25.395642, 25.365397, 25.314636 ] }, { "date": "2026-06-05", "close": 25.612942, "volume": 2074548, "typical_volume": 2062361.2, "trend": 25.246263, "fair_value": 24.362732, "relative_strength": -6.4627, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 47.663866, "energy": 21.525234, "activity_lines": [ 25.473795, 25.44234, 25.391168, 25.339725 ] }, { "date": "2026-06-12", "close": 25.632874, "volume": 1703515, "typical_volume": 1936321.95, "trend": 25.271396, "fair_value": 24.375064, "relative_strength": -6.657392, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 49.476992, "energy": 32.490502, "activity_lines": [ 25.541394, 25.481471, 25.416895, 25.364667 ] }, { "date": "2026-06-19", "close": 25.752467, "volume": 1516262, "typical_volume": 1923432.05, "trend": 25.297913, "fair_value": 24.388308, "relative_strength": -6.806198, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 53.794488, "energy": 45.241174, "activity_lines": [ 25.636706, 25.535293, 25.451717, 25.395704 ] }, { "date": "2026-06-26", "close": 25.821115, "volume": 2092370, "typical_volume": 1917841.65, "trend": 25.325101, "fair_value": 24.401954, "relative_strength": -4.1022, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 57.290236, "energy": 49.491154, "activity_lines": [ 25.720868, 25.595076, 25.490252, 25.429459 ] }, { "date": "2026-07-03", "close": 25.814152, "volume": 2387588, "typical_volume": 1936325.15, "trend": 25.354831, "fair_value": 24.415276, "relative_strength": -5.975818, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 58.200629, "energy": 48.933976, "activity_lines": [ 25.766087, 25.647632, 25.525631, 25.461011 ] }, { "date": "2026-07-10", "close": 25.704643, "volume": 2277350, "typical_volume": 1971543.1, "trend": 25.380421, "fair_value": 24.427327, "relative_strength": -7.424212, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 64.943899, "energy": 76.404188, "activity_lines": [ 25.758732, 25.674803, 25.548965, 25.483579 ] }, { "date": "2026-07-17", "close": 25.625, "volume": 1859860, "typical_volume": 1966635.45, "trend": 25.401725, "fair_value": 24.438416, "relative_strength": -6.102319, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.872312, "energy": 67.063871, "activity_lines": [ 25.718715, 25.68161, 25.563806, 25.499359 ] }, { "date": "2026-07-24", "close": 25.405983, "volume": 2359320, "typical_volume": 1985758.15, "trend": 25.415305, "fair_value": 24.447293, "relative_strength": -6.210105, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 27.871118, "energy": 27.118838, "activity_lines": [ 25.606218, 25.645424, 25.557864, 25.499633 ] }, { "date": "2026-07-31", "close": 25.38, "volume": 2064929, "typical_volume": 2008629.05, "trend": 25.42638, "fair_value": 24.455772, "relative_strength": -7.096624, "stage": 1, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 11.757153, "energy": 18.105154, "activity_lines": [ 25.508158, 25.601532, 25.549575, 25.497356 ] }, { "date": "2026-08-07", "close": 25.52, "volume": 2153940, "typical_volume": 2010727.8, "trend": 25.437205, "fair_value": 24.46536, "relative_strength": -9.529942, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 20.240597, "energy": 23.657865, "activity_lines": [ 25.486173, 25.581128, 25.554353, 25.503395 ] } ], "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." } } }