{ "ticker": { "uuid": "3024a14e-9a7f-44b9-b216-9ac35c92bd79", "symbol": "1633", "name": "NEXT FUNDS TOPIX-17 REAL ESTATE ETF", "exchange": "JPX", "country": "JP", "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": "^N225", "stage": 4, "stage_name": "Declining", "phase": "4a", "phase_label": "Stage 4A \u00b7 Breakdown", "transition": "stage_4_declining", "transition_label": "Stage 4 decline intact", "confidence": 96.0, "architecture_regime": "downward_expansion", "architecture_regime_label": "Downward Expansion", "architecture_modifier": "Early contraction", "architecture_gate": "down", "architecture_direction": -47.988, "architecture_energy": 33.095, "architecture_maturity": 55.314, "architecture_confidence": 69.084, "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": 34.17, "rotation_up": 25.62, "upward_expansion": 15.9, "deceleration": 66.11, "rotation_down": 34.4, "downward_expansion": 61.24 }, "activity_lines": [ 50682.839063, 50673.688636, 51498.235975, 53108.163945 ], "activity_state": "Moderate", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": -0.166667 }, "latest_close": 50050.0, "trend_reference": 54960.288932, "distance_from_trend": -0.089342, "trend_direction": "Weakening", "fair_value": 42446.001215, "distance_from_fair_value": 0.179145, "fair_value_direction": "Weakening", "relative_strength": -21.114046, "relative_strength_direction": "Weakening", "price_momentum": -0.125764, "excess_performance": -0.335022, "evidence": [ { "label": "Price vs Trend", "positive": false, "value": -0.089342, "read": "Below" }, { "label": "Trend direction", "positive": false, "value": -0.007549, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.179145, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.196011, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.21114, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.070211, "read": "Weakening" }, { "label": "Price momentum", "positive": false, "value": -0.125764, "read": "Negative" }, { "label": "Volume balance", "positive": false, "value": 0.34668, "read": "Supply-led" } ], "volume": { "latest": 1797, "relative_activity": 0.916276, "balance": 0.34668, "dry_up": 0.882113, "accumulation_observations": 1, "distribution_observations": 3 }, "risk": { "range_context": 0.049094, "annualized_volatility": 0.237819, "from_high_reference": -0.243386, "from_low_reference": 0.106322 }, "levels": { "trend_reference": 54960.288932, "fair_value_reference": 42446.001215, "structural_low": 48700.0, "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": 12, "median_return": 0.014165, "positive_rate": 0.666667, "directional_follow_through": 0.25, "median_excess_return": 0.020438, "regime_survival": 0.75, "best_return": 0.071164, "worst_return": -0.065308, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 5, "median_return": 0.048803, "positive_rate": 1.0, "directional_follow_through": 0.0, "median_excess_return": 0.002289, "regime_survival": 0.4, "best_return": 0.121626, "worst_return": 0.014049, "sufficient": true }, { "horizon": "Extended", "sample_count": 3, "median_return": 0.10181, "positive_rate": 1.0, "directional_follow_through": 0.0, "median_excess_return": 0.117781, "regime_survival": 0.0, "best_return": 0.137384, "worst_return": 0.09477, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 3, "median_return": 0.30282, "positive_rate": 1.0, "directional_follow_through": 0.0, "median_excess_return": 0.065023, "regime_survival": 0.0, "best_return": 0.368665, "worst_return": 0.119101, "sufficient": false } ], "ledger": [ { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2023-06-16", "end": "2023-07-21", "tenure": "Developing", "return": -0.014579, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2023-07-28", "end": "2023-08-11", "tenure": "New", "return": 0.038961, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2023-08-18", "end": "2023-10-20", "tenure": "Developing", "return": 0.070989, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2023-10-27", "end": "2023-11-17", "tenure": "New", "return": 0.049367, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2023-11-24", "end": "2024-05-17", "tenure": "Established", "return": 0.191613, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2024-05-24", "end": "2024-08-09", "tenure": "Developing", "return": -0.052115, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2024-08-16", "end": "2024-08-23", "tenure": "New", "return": 0.014456, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2024-08-30", "end": "2024-11-08", "tenure": "Developing", "return": -0.058337, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-11-15", "end": "2025-01-24", "tenure": "Developing", "return": 0.015928, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-01-31", "end": "2025-03-28", "tenure": "Developing", "return": 0.040462, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-04-04", "end": "2026-03-27", "tenure": "Extended", "return": 0.441441, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-04-03", "end": "2026-05-15", "tenure": "Developing", "return": -0.071679, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-05-22", "end": "2026-06-19", "tenure": "Developing", "return": -0.020296, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2026-06-26", "end": "2026-08-07", "tenure": "Developing", "return": 0.004196, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 29787.601563, "volume": 335, "typical_volume": 523.75, "trend": 27837.007747, "fair_value": 26710.58744, "relative_strength": -2.704497, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.81796, "energy": 51.133201, "activity_lines": [ 29942.736328, 29604.739134, 29180.078404, 28592.506767 ] }, { "date": "2023-08-25", "close": 30328.318359, "volume": 114, "typical_volume": 512.4, "trend": 27957.564063, "fair_value": 26767.241036, "relative_strength": -1.406838, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.446065, "energy": 57.060202, "activity_lines": [ 30121.04375, 29755.975213, 29342.310947, 28753.236484 ] }, { "date": "2023-09-01", "close": 31921.496094, "volume": 567, "typical_volume": 532.7, "trend": 28157.211589, "fair_value": 26832.363532, "relative_strength": 0.406948, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 86.496501, "energy": 82.399774, "activity_lines": [ 30758.314974, 30185.084908, 29636.145248, 29008.974034 ] }, { "date": "2023-09-08", "close": 33012.582031, "volume": 1025, "typical_volume": 571.05, "trend": 28397.298568, "fair_value": 26901.515738, "relative_strength": 4.184875, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 89.501404, "energy": 89.270979, "activity_lines": [ 31613.803516, 30771.982671, 30009.016527, 29322.22374 ] }, { "date": "2023-09-15", "close": 33669.164063, "volume": 1519, "typical_volume": 615.75, "trend": 28654.105925, "fair_value": 26974.469914, "relative_strength": 3.46144, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 87.705632, "energy": 93.444363, "activity_lines": [ 32440.325, 31411.169922, 30415.35412, 29662.344095 ] }, { "date": "2023-09-22", "close": 32858.09375, "volume": 1495, "typical_volume": 675.0, "trend": 28866.345378, "fair_value": 27047.107522, "relative_strength": 4.598718, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 68.508094, "energy": 87.010743, "activity_lines": [ 32811.745443, 31823.009056, 30716.414472, 29933.569116 ] }, { "date": "2023-09-29", "close": 32829.125, "volume": 1602, "typical_volume": 740.45, "trend": 29062.278451, "fair_value": 27117.525003, "relative_strength": 6.397002, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.176982, "energy": 81.444744, "activity_lines": [ 32968.810156, 32141.820242, 30991.529641, 30189.232317 ] }, { "date": "2023-10-06", "close": 32095.298828, "volume": 650, "typical_volume": 730.4, "trend": 29228.741406, "fair_value": 27182.889724, "relative_strength": 7.001936, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 62.861595, "energy": 54.245472, "activity_lines": [ 32714.545703, 32262.076882, 31174.781687, 30384.911051 ] }, { "date": "2023-10-13", "close": 32288.408203, "volume": 231, "typical_volume": 716.35, "trend": 29432.009766, "fair_value": 27251.933606, "relative_strength": 3.424714, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 58.407382, "energy": 45.254417, "activity_lines": [ 32513.064193, 32374.608452, 31358.257673, 30582.308909 ] }, { "date": "2023-10-20", "close": 31902.183594, "volume": 148, "typical_volume": 698.65, "trend": 29657.468425, "fair_value": 27318.269193, "relative_strength": 5.749128, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 44.434331, "energy": 33.28753, "activity_lines": [ 32231.119401, 32362.49478, 31483.515309, 30741.674962 ] }, { "date": "2023-10-27", "close": 31293.880859, "volume": 350, "typical_volume": 684.8, "trend": 29823.2028, "fair_value": 27385.878618, "relative_strength": 4.717557, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.703889, "energy": 22.417118, "activity_lines": [ 31864.205729, 32221.522727, 31535.380525, 30847.249958 ] }, { "date": "2023-11-03", "close": 32587.734375, "volume": 270, "typical_volume": 685.55, "trend": 30039.422852, "fair_value": 27455.097494, "relative_strength": 5.819879, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 42.607379, "energy": 24.816922, "activity_lines": [ 32032.857422, 32288.409872, 31700.099275, 31025.606834 ] }, { "date": "2023-11-10", "close": 32558.765625, "volume": 666, "typical_volume": 683.4, "trend": 30234.79694, "fair_value": 27518.085562, "relative_strength": 3.764726, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 43.427349, "energy": 25.519121, "activity_lines": [ 32207.945573, 32308.94968, 31848.210789, 31188.145077 ] }, { "date": "2023-11-17", "close": 32838.777344, "volume": 149, "typical_volume": 673.8, "trend": 30432.460612, "fair_value": 27575.137808, "relative_strength": 1.61779, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 57.594733, "energy": 33.564542, "activity_lines": [ 32445.473177, 32368.813991, 32009.324442, 31356.143813 ] }, { "date": "2023-11-24", "close": 33157.417969, "volume": 380, "typical_volume": 559.65, "trend": 30611.629557, "fair_value": 27627.373748, "relative_strength": 2.616007, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 61.76507, "energy": 40.741462, "activity_lines": [ 32752.523047, 32489.773047, 32184.041518, 31531.947514 ] }, { "date": "2023-12-01", "close": 33225.007813, "volume": 302, "typical_volume": 557.15, "trend": 30786.163802, "fair_value": 27680.856721, "relative_strength": 3.459203, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 61.347998, "energy": 45.953283, "activity_lines": [ 32998.420573, 32632.325639, 32346.711449, 31700.552562 ] }, { "date": "2023-12-08", "close": 32742.226563, "volume": 617, "typical_volume": 578.15, "trend": 30937.091602, "fair_value": 27734.151267, "relative_strength": 5.492557, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 56.269528, "energy": 41.399037, "activity_lines": [ 32954.649219, 32680.428658, 32438.670006, 31826.75016 ] }, { "date": "2023-12-15", "close": 33080.167969, "volume": 10486, "typical_volume": 1084.4, "trend": 31097.092578, "fair_value": 27792.692746, "relative_strength": 4.484409, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 57.501149, "energy": 41.960601, "activity_lines": [ 33013.225521, 32791.55554, 32546.168983, 31965.013151 ] }, { "date": "2023-12-22", "close": 32365.65625, "volume": 385, "typical_volume": 1077.8, "trend": 31249.712891, "fair_value": 27848.920949, "relative_strength": 1.675514, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 50.999188, "energy": 30.208561, "activity_lines": [ 32798.871094, 32754.864489, 32569.710454, 32046.855969 ] }, { "date": "2023-12-29", "close": 32732.568359, "volume": 546, "typical_volume": 1091.85, "trend": 31385.604167, "fair_value": 27906.45489, "relative_strength": 1.995939, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 38.374715, "energy": 22.027234, "activity_lines": [ 32738.362109, 32783.48022, 32613.574554, 32142.524063 ] }, { "date": "2024-01-05", "close": 33533.984375, "volume": 169, "typical_volume": 1083.55, "trend": 31532.868555, "fair_value": 27970.114258, "relative_strength": 4.735967, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.535485, "energy": 35.714002, "activity_lines": [ 32973.315104, 32942.71005, 32725.027948, 32281.129238 ] }, { "date": "2024-01-12", "close": 34943.703125, "volume": 510, "typical_volume": 1103.35, "trend": 31708.338997, "fair_value": 28043.798428, "relative_strength": 2.385495, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 79.384138, "energy": 61.793352, "activity_lines": [ 33657.575911, 33317.523225, 32952.900354, 32501.183081 ] }, { "date": "2024-01-19", "close": 34605.761719, "volume": 360, "typical_volume": 1093.0, "trend": 31872.231706, "fair_value": 28117.234463, "relative_strength": 0.356069, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 72.592289, "energy": 73.214514, "activity_lines": [ 34082.424479, 33588.056712, 33126.60984, 32688.11358 ] }, { "date": "2024-01-26", "close": 34277.46875, "volume": 1001, "typical_volume": 1091.8, "trend": 32037.391211, "fair_value": 28186.18288, "relative_strength": 0.02757, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.696283, "energy": 70.618824, "activity_lines": [ 34296.135807, 33761.682457, 33256.271112, 32843.290163 ] }, { "date": "2024-02-02", "close": 34692.660156, "volume": 649, "typical_volume": 1048.3, "trend": 32217.955859, "fair_value": 28246.225699, "relative_strength": 0.065994, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 66.883712, "energy": 74.533524, "activity_lines": [ 34520.790104, 33984.639524, 33419.451153, 33014.597837 ] }, { "date": "2024-02-09", "close": 35677.535156, "volume": 1515, "typical_volume": 1049.3, "trend": 32472.832227, "fair_value": 28307.989871, "relative_strength": 0.775425, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 79.347291, "energy": 76.323583, "activity_lines": [ 34943.063281, 34358.751278, 33671.555022, 33237.796501 ] }, { "date": "2024-02-16", "close": 35648.566406, "volume": 1339, "typical_volume": 1036.15, "trend": 32686.22155, "fair_value": 28372.765275, "relative_strength": -3.431972, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 73.262929, "energy": 68.29117, "activity_lines": [ 35212.776823, 34683.004581, 33907.474051, 33442.682577 ] }, { "date": "2024-02-23", "close": 36141.003906, "volume": 1105, "typical_volume": 1058.9, "trend": 32899.610807, "fair_value": 28438.953551, "relative_strength": -3.550564, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 76.224295, "energy": 75.725979, "activity_lines": [ 35599.645312, 35043.949432, 34176.865978, 33665.571762 ] }, { "date": "2024-03-01", "close": 36787.929688, "volume": 1064, "typical_volume": 1100.55, "trend": 33149.369596, "fair_value": 28505.045586, "relative_strength": -3.738272, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 79.515656, "energy": 81.075422, "activity_lines": [ 36099.80625, 35466.865589, 34488.604622, 33916.431044 ] }, { "date": "2024-03-08", "close": 37396.238281, "volume": 1116, "typical_volume": 1148.95, "trend": 33365.977539, "fair_value": 28572.595728, "relative_strength": -1.558517, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 82.508399, "energy": 85.689016, "activity_lines": [ 36635.372656, 35919.978338, 34836.851125, 34190.422572 ] }, { "date": "2024-03-15", "close": 37492.789063, "volume": 1648, "typical_volume": 1213.85, "trend": 33622.817122, "fair_value": 28632.743415, "relative_strength": 1.176499, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 76.883717, "energy": 83.184447, "activity_lines": [ 37022.884115, 36305.851776, 35168.130776, 34456.668477 ] }, { "date": "2024-03-22", "close": 41248.828125, "volume": 3992, "typical_volume": 1399.95, "trend": 33986.834115, "fair_value": 28719.002679, "relative_strength": 5.183558, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 95.499963, "energy": 94.434782, "activity_lines": [ 38541.391667, 37302.663139, 35827.609821, 34948.669187 ] }, { "date": "2024-03-29", "close": 42359.226563, "volume": 6126, "typical_volume": 1672.95, "trend": 34334.758464, "fair_value": 28814.995568, "relative_strength": 9.161576, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 92.076733, "energy": 93.268398, "activity_lines": [ 40056.68125, 38386.726492, 36551.597796, 35488.823538 ] }, { "date": "2024-04-05", "close": 41229.519531, "volume": 9170, "typical_volume": 2124.0, "trend": 34608.65638, "fair_value": 28906.711175, "relative_strength": 9.764372, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 74.104868, "energy": 80.074905, "activity_lines": [ 40780.853646, 39124.416477, 37121.325763, 35933.646833 ] }, { "date": "2024-04-12", "close": 43150.988281, "volume": 8287, "typical_volume": 2519.35, "trend": 34924.717188, "fair_value": 29009.174454, "relative_strength": 12.985888, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 83.054806, "energy": 88.548888, "activity_lines": [ 41849.409635, 40085.063494, 37834.094838, 36484.76502 ] }, { "date": "2024-04-19", "close": 41403.320313, "volume": 6690, "typical_volume": 2838.75, "trend": 35209.558073, "fair_value": 29107.235502, "relative_strength": 15.189325, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 67.071429, "energy": 65.676336, "activity_lines": [ 41951.759636, 40574.164915, 38332.830915, 36902.739415 ] }, { "date": "2024-04-26", "close": 40833.636719, "volume": 3247, "typical_volume": 2970.25, "trend": 35476.37513, "fair_value": 29202.051608, "relative_strength": 10.760103, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.137448, "energy": 59.146215, "activity_lines": [ 41603.513021, 40855.582315, 38738.367067, 37265.583199 ] }, { "date": "2024-05-03", "close": 41644.710938, "volume": 2232, "typical_volume": 2557.55, "trend": 35794.688867, "fair_value": 29296.95181, "relative_strength": 11.784097, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.906973, "energy": 55.285168, "activity_lines": [ 41553.303907, 41190.19375, 39182.617857, 37663.540348 ] }, { "date": "2024-05-10", "close": 41876.445313, "volume": 2010, "typical_volume": 2638.8, "trend": 36114.290104, "fair_value": 29400.138246, "relative_strength": 12.127047, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.311709, "energy": 49.677504, "activity_lines": [ 41627.973959, 41466.871307, 39608.15505, 38055.911731 ] }, { "date": "2024-05-17", "close": 39510.816406, "volume": 4606, "typical_volume": 2841.8, "trend": 36367.911198, "fair_value": 29482.173403, "relative_strength": 4.063918, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 45.847803, "energy": 34.525261, "activity_lines": [ 40870.972656, 41220.916051, 39763.104781, 38275.042461 ] }, { "date": "2024-05-24", "close": 37907.980469, "volume": 2994, "typical_volume": 2983.05, "trend": 36588.381185, "fair_value": 29550.795172, "relative_strength": 0.045925, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 31.626973, "energy": 19.413304, "activity_lines": [ 39822.370834, 40645.089205, 39733.126098, 38374.401768 ] }, { "date": "2024-05-31", "close": 38767.332031, "volume": 5844, "typical_volume": 3249.75, "trend": 36794.367774, "fair_value": 29622.019306, "relative_strength": 2.536886, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 30.031399, "energy": 21.58828, "activity_lines": [ 39293.242188, 40217.959162, 39764.161868, 38514.979242 ] }, { "date": "2024-06-07", "close": 39327.363281, "volume": 3969, "typical_volume": 3430.2, "trend": 37019.987695, "fair_value": 29691.892653, "relative_strength": 3.260095, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 25.814158, "energy": 22.297105, "activity_lines": [ 39088.544271, 39937.771094, 39830.326191, 38678.398307 ] }, { "date": "2024-06-14", "close": 39085.972656, "volume": 1679, "typical_volume": 3464.1, "trend": 37228.227539, "fair_value": 29763.12495, "relative_strength": 2.028895, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 14.020283, "energy": 16.479035, "activity_lines": [ 38957.872656, 39668.818608, 39851.017113, 38811.68766 ] }, { "date": "2024-06-21", "close": 37463.824219, "volume": 1863, "typical_volume": 3524.8, "trend": 37371.774414, "fair_value": 29824.830742, "relative_strength": -1.777311, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -1.623228, "energy": 12.673751, "activity_lines": [ 38472.516406, 39143.903622, 39694.320071, 38826.887445 ] }, { "date": "2024-06-28", "close": 38690.089844, "volume": 1350, "typical_volume": 3516.55, "trend": 37553.943815, "fair_value": 29897.303523, "relative_strength": -1.271099, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 7.973636, "energy": 13.515116, "activity_lines": [ 38532.38151, 38945.349006, 39641.214211, 38911.940054 ] }, { "date": "2024-07-05", "close": 39723.238281, "volume": 2968, "typical_volume": 3598.0, "trend": 37786.644206, "fair_value": 29980.409743, "relative_strength": -2.05575, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 12.944444, "energy": 11.84369, "activity_lines": [ 38884.488802, 38983.971023, 39672.157943, 39051.894536 ] }, { "date": "2024-07-12", "close": 40302.578125, "volume": 2375, "typical_volume": 3661.5, "trend": 38027.391211, "fair_value": 30063.882925, "relative_strength": -1.514688, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 33.781927, "energy": 15.359116, "activity_lines": [ 39365.982292, 39148.116619, 39738.873698, 39214.212853 ] }, { "date": "2024-07-19", "close": 40428.828125, "volume": 2119, "typical_volume": 3714.25, "trend": 38296.163607, "fair_value": 30154.368778, "relative_strength": 1.369052, "stage": 2, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 42.489827, "energy": 26.520732, "activity_lines": [ 39824.544792, 39359.619176, 39797.796243, 39369.144267 ] }, { "date": "2024-07-26", "close": 38816.722656, "volume": 774, "typical_volume": 3697.15, "trend": 38498.96875, "fair_value": 30234.993264, "relative_strength": 3.274044, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 25.07953, "energy": 19.040636, "activity_lines": [ 39656.215104, 39304.33196, 39685.847321, 39402.728721 ] }, { "date": "2024-08-02", "close": 36165.496094, "volume": 2975, "typical_volume": 3763.5, "trend": 38586.685807, "fair_value": 30296.850311, "relative_strength": 0.741527, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -27.56651, "energy": 15.919341, "activity_lines": [ 38513.95, 38779.623437, 39314.636421, 39252.182098 ] }, { "date": "2024-08-09", "close": 35932.417969, "volume": 4486, "typical_volume": 3788.2, "trend": 38619.642969, "fair_value": 30356.445237, "relative_strength": 2.473794, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -35.133445, "energy": 40.577997, "activity_lines": [ 37462.298438, 38244.218608, 38927.548047, 39080.939012 ] }, { "date": "2024-08-16", "close": 38292.304688, "volume": 494, "typical_volume": 3506.6, "trend": 38742.527734, "fair_value": 30439.143442, "relative_strength": 0.374998, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -23.981367, "energy": 40.833976, "activity_lines": [ 37449.997136, 38189.427983, 38790.527028, 39059.820413 ] }, { "date": "2024-08-23", "close": 38845.859375, "volume": 468, "typical_volume": 3071.5, "trend": 38894.807422, "fair_value": 30520.131961, "relative_strength": 0.921864, "stage": 2, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -23.99619, "energy": 38.252026, "activity_lines": [ 37756.232292, 38254.102912, 38725.591797, 39066.486971 ] }, { "date": "2024-08-30", "close": 39952.964844, "volume": 577, "typical_volume": 2686.0, "trend": 39070.150912, "fair_value": 30600.536909, "relative_strength": 2.92256, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 1.06475, "energy": 5.647218, "activity_lines": [ 38537.033854, 38524.43544, 38777.445945, 39134.755192 ] }, { "date": "2024-09-06", "close": 38127.210938, "volume": 580, "typical_volume": 2380.5, "trend": 39151.806771, "fair_value": 30661.203426, "relative_strength": 4.238512, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -33.620973, "energy": 17.677941, "activity_lines": [ 38633.501302, 38417.555611, 38670.647452, 39073.920355 ] }, { "date": "2024-09-13", "close": 37243.46875, "volume": 2487, "typical_volume": 2342.5, "trend": 39204.970182, "fair_value": 30723.589919, "relative_strength": 1.26554, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -41.78732, "energy": 18.919573, "activity_lines": [ 38304.607031, 38160.229546, 38495.283557, 38950.801773 ] }, { "date": "2024-09-20", "close": 37680.484375, "volume": 3144, "typical_volume": 2388.1, "trend": 39256.286198, "fair_value": 30783.165202, "relative_strength": -0.619229, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -38.426291, "energy": 18.215883, "activity_lines": [ 38033.98125, 38027.447585, 38378.636235, 38852.44785 ] }, { "date": "2024-09-27", "close": 39855.851563, "volume": 557, "typical_volume": 2315.45, "trend": 39358.550261, "fair_value": 30861.529698, "relative_strength": -0.382147, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -21.945914, "energy": 11.994943, "activity_lines": [ 38529.265886, 38337.861364, 38488.044011, 38891.129486 ] }, { "date": "2024-10-04", "close": 38700.1875, "volume": 438, "typical_volume": 2107.05, "trend": 39402.015235, "fair_value": 30933.844927, "relative_strength": -0.216854, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -30.135704, "energy": 13.264639, "activity_lines": [ 38571.996354, 38448.572159, 38497.010417, 38848.654469 ] }, { "date": "2024-10-11", "close": 37894.136719, "volume": 456, "typical_volume": 1980.15, "trend": 39415.39349, "fair_value": 30995.675969, "relative_strength": -4.6111, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -37.019255, "energy": 14.490561, "activity_lines": [ 38429.561719, 38414.847088, 38433.07022, 38751.371984 ] }, { "date": "2024-10-18", "close": 37777.597656, "volume": 920, "typical_volume": 1733.95, "trend": 39299.685807, "fair_value": 31057.941569, "relative_strength": -3.286683, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -45.768678, "energy": 18.305229, "activity_lines": [ 38263.81901, 38328.503267, 38358.096987, 38645.707737 ] }, { "date": "2024-10-25", "close": 36806.449219, "volume": 1111, "typical_volume": 1591.05, "trend": 39114.593229, "fair_value": 31116.345052, "relative_strength": -3.046535, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -55.04933, "energy": 30.868207, "activity_lines": [ 37738.751563, 38032.038281, 38195.346447, 38484.853764 ] }, { "date": "2024-11-01", "close": 37039.527344, "volume": 1015, "typical_volume": 1557.85, "trend": 38974.926823, "fair_value": 31174.174842, "relative_strength": -2.703778, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -53.039605, "energy": 43.548279, "activity_lines": [ 37349.645833, 37804.96669, 38066.798177, 38350.978545 ] }, { "date": "2024-11-08", "close": 37622.214844, "volume": 412, "typical_volume": 1485.3, "trend": 38790.634375, "fair_value": 31236.626002, "relative_strength": -4.706116, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -52.927235, "energy": 49.164378, "activity_lines": [ 37342.524219, 37716.680682, 38003.488932, 38263.706805 ] }, { "date": "2024-11-15", "close": 36583.085938, "volume": 955, "typical_volume": 1465.55, "trend": 38629.959896, "fair_value": 31297.437863, "relative_strength": -5.225361, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.679406, "energy": 57.788329, "activity_lines": [ 37060.891146, 37481.839418, 37840.460789, 38121.284325 ] }, { "date": "2024-11-22", "close": 36369.433594, "volume": 877, "typical_volume": 1361.0, "trend": 38481.153125, "fair_value": 31360.661296, "relative_strength": -4.829062, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.230789, "energy": 55.991846, "activity_lines": [ 36795.444011, 37236.227273, 37667.118155, 37975.443918 ] }, { "date": "2024-11-29", "close": 36311.167969, "volume": 949, "typical_volume": 1289.7, "trend": 38303.368359, "fair_value": 31426.465219, "relative_strength": -4.713178, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.647742, "energy": 52.771854, "activity_lines": [ 36604.452604, 36995.912926, 37504.196912, 37835.444876 ] }, { "date": "2024-12-06", "close": 36379.148438, "volume": 1294, "typical_volume": 1248.45, "trend": 38120.12513, "fair_value": 31494.625013, "relative_strength": -6.542272, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -60.323919, "energy": 54.442342, "activity_lines": [ 36469.140105, 36792.855327, 37366.756715, 37711.301655 ] }, { "date": "2024-12-13", "close": 36233.472656, "volume": 1621, "typical_volume": 1290.8, "trend": 38010.880339, "fair_value": 31565.277632, "relative_strength": -7.658766, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.114661, "energy": 54.078909, "activity_lines": [ 36329.294271, 36626.524006, 37234.726823, 37589.582141 ] }, { "date": "2024-12-20", "close": 36534.53125, "volume": 2842, "typical_volume": 1284.15, "trend": 37965.098698, "fair_value": 31637.68288, "relative_strength": -4.984153, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -57.453835, "energy": 41.914814, "activity_lines": [ 36382.384115, 36559.779972, 37143.670368, 37494.333812 ] }, { "date": "2024-12-27", "close": 37369.714844, "volume": 1600, "typical_volume": 1139.85, "trend": 37918.511458, "fair_value": 31714.644281, "relative_strength": -6.531214, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -42.904998, "energy": 26.43162, "activity_lines": [ 36717.105469, 36669.6076, 37130.397898, 37455.921951 ] }, { "date": "2025-01-03", "close": 37272.601563, "volume": 43, "typical_volume": 1117.3, "trend": 37850.019401, "fair_value": 31790.362806, "relative_strength": -5.742062, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -37.620349, "energy": 19.242498, "activity_lines": [ 36952.770313, 36769.194318, 37101.032273, 37414.250345 ] }, { "date": "2025-01-10", "close": 36233.472656, "volume": 963, "typical_volume": 1142.05, "trend": 37754.936068, "fair_value": 31860.690467, "relative_strength": -6.61912, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -47.6984, "energy": 22.429225, "activity_lines": [ 36777.963281, 36671.373012, 36977.55772, 37309.957006 ] }, { "date": "2025-01-17", "close": 36214.050781, "volume": 475, "typical_volume": 1136.95, "trend": 37713.276953, "fair_value": 31929.475724, "relative_strength": -4.837815, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -47.658287, "energy": 24.34376, "activity_lines": [ 36606.39401, 36584.675994, 36864.6734, 37210.545052 ] }, { "date": "2025-01-24", "close": 37165.773438, "volume": 1400, "typical_volume": 1177.95, "trend": 37662.466406, "fair_value": 32002.264423, "relative_strength": -5.906574, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -36.077257, "energy": 20.010921, "activity_lines": [ 36753.360417, 36696.622443, 36860.233687, 37175.222245 ] }, { "date": "2025-01-31", "close": 38641.917969, "volume": 2297, "typical_volume": 1168.45, "trend": 37626.422396, "fair_value": 32083.186286, "relative_strength": -1.313291, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 4.664974, "energy": 6.953149, "activity_lines": [ 37350.292188, 37066.364489, 37000.957441, 37238.412668 ] }, { "date": "2025-02-07", "close": 37894.136719, "volume": 3094, "typical_volume": 1165.95, "trend": 37546.141016, "fair_value": 32155.120005, "relative_strength": -1.282485, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 14.759353, "energy": 18.80183, "activity_lines": [ 37613.15, 37258.828409, 37063.80465, 37255.68456 ] }, { "date": "2025-02-14", "close": 37146.351563, "volume": 703, "typical_volume": 1173.25, "trend": 37436.72513, "fair_value": 32221.167255, "relative_strength": -4.168403, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 10.32041, "energy": 19.713785, "activity_lines": [ 37585.310417, 37286.550142, 37054.416834, 37229.891692 ] }, { "date": "2025-02-21", "close": 36583.085938, "volume": 586, "typical_volume": 1180.65, "trend": 37362.270573, "fair_value": 32289.7186, "relative_strength": -4.750226, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -20.403882, "energy": 17.127609, "activity_lines": [ 37308.857032, 37197.910796, 37004.287054, 37174.818196 ] }, { "date": "2025-02-28", "close": 37330.871094, "volume": 326, "typical_volume": 1174.15, "trend": 37401.116406, "fair_value": 32368.173866, "relative_strength": 1.275211, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -11.514047, "energy": 5.977841, "activity_lines": [ 37257.063021, 37238.875782, 37035.456343, 37172.792423 ] }, { "date": "2025-03-07", "close": 37457.117188, "volume": 1012, "typical_volume": 1178.75, "trend": 37451.939714, "fair_value": 32448.472293, "relative_strength": 2.211834, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -18.902543, "energy": 10.648124, "activity_lines": [ 37236.344532, 37288.315696, 37081.331287, 37176.405377 ] }, { "date": "2025-03-14", "close": 37340.582031, "volume": 212, "typical_volume": 1133.8, "trend": 37420.215625, "fair_value": 32518.334585, "relative_strength": 1.360737, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -21.336743, "energy": 10.652268, "activity_lines": [ 37255.767709, 37314.978267, 37117.633743, 37169.22101 ] }, { "date": "2025-03-21", "close": 38874.992188, "volume": 248, "typical_volume": 1095.45, "trend": 37421.186719, "fair_value": 32591.563564, "relative_strength": 3.732195, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 39.652507, "energy": 32.103703, "activity_lines": [ 37823.564584, 37619.388495, 37297.527009, 37263.077562 ] }, { "date": "2025-03-28", "close": 40205.464844, "volume": 1413, "typical_volume": 1145.5, "trend": 37429.603386, "fair_value": 32675.034543, "relative_strength": 8.820227, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 79.131784, "energy": 69.22271, "activity_lines": [ 38719.609636, 38117.675213, 37595.391648, 37442.708409 ] }, { "date": "2025-04-04", "close": 39030.375, "volume": 1993, "typical_volume": 1197.4, "trend": 37459.708854, "fair_value": 32754.045072, "relative_strength": 15.864454, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 62.017105, "energy": 64.476094, "activity_lines": [ 38982.466146, 38329.738068, 37769.041778, 37545.983997 ] }, { "date": "2025-04-11", "close": 39098.355469, "volume": 4905, "typical_volume": 1398.8, "trend": 37521.538412, "fair_value": 32828.676357, "relative_strength": 16.577466, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.763418, "energy": 63.40158, "activity_lines": [ 39154.682552, 38520.259162, 37937.512482, 37651.703134 ] }, { "date": "2025-04-18", "close": 40069.503906, "volume": 704, "typical_volume": 1386.55, "trend": 37601.172396, "fair_value": 32910.950846, "relative_strength": 15.453483, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.676473, "energy": 65.316617, "activity_lines": [ 39541.199219, 38879.053835, 38185.478646, 37816.088004 ] }, { "date": "2025-04-25", "close": 39846.140625, "volume": 337, "typical_volume": 1338.7, "trend": 37600.848698, "fair_value": 32991.202737, "relative_strength": 11.588457, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 61.807327, "energy": 47.329792, "activity_lines": [ 39671.333333, 39157.684872, 38394.275279, 37960.924664 ] }, { "date": "2025-05-02", "close": 40555.078125, "volume": 1111, "typical_volume": 1313.2, "trend": 37662.678386, "fair_value": 33074.019919, "relative_strength": 10.079489, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 69.285688, "energy": 56.667213, "activity_lines": [ 39973.036719, 39516.126563, 38654.080283, 38151.520111 ] }, { "date": "2025-05-09", "close": 41196.03125, "volume": 1659, "typical_volume": 1254.05, "trend": 37772.741537, "fair_value": 33167.031025, "relative_strength": 9.807269, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 73.076626, "energy": 68.03134, "activity_lines": [ 40465.083594, 39918.887145, 38954.349368, 38379.47836 ] }, { "date": "2025-05-16", "close": 40050.082031, "volume": 1146, "typical_volume": 1231.35, "trend": 37848.491016, "fair_value": 33252.223645, "relative_strength": 5.95885, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.45632, "energy": 51.188147, "activity_lines": [ 40430.770312, 40043.017685, 39123.282813, 38526.403554 ] }, { "date": "2025-05-23", "close": 40127.773438, "volume": 896, "typical_volume": 1274.0, "trend": 37959.201823, "fair_value": 33329.318159, "relative_strength": 7.654644, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 58.34379, "energy": 43.211419, "activity_lines": [ 40358.905729, 40134.129119, 39286.851786, 38673.454032 ] }, { "date": "2025-05-30", "close": 40749.304688, "volume": 572, "typical_volume": 1254.45, "trend": 38082.861068, "fair_value": 33410.869491, "relative_strength": 6.86973, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 61.561146, "energy": 42.682381, "activity_lines": [ 40490.333594, 40287.570029, 39496.018155, 38853.460669 ] }, { "date": "2025-06-06", "close": 40351.136719, "volume": 1586, "typical_volume": 1310.0, "trend": 38173.82513, "fair_value": 33484.787585, "relative_strength": 6.345228, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 53.445546, "energy": 34.342283, "activity_lines": [ 40428.827865, 40334.538352, 39645.759803, 38999.801033 ] }, { "date": "2025-06-13", "close": 40545.363281, "volume": 964, "typical_volume": 1288.2, "trend": 38305.901042, "fair_value": 33566.626753, "relative_strength": 6.463772, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 54.44862, "energy": 34.093697, "activity_lines": [ 40445.660417, 40414.172017, 39794.29881, 39152.803495 ] }, { "date": "2025-06-20", "close": 41497.089844, "volume": 1999, "typical_volume": 1273.3, "trend": 38476.822917, "fair_value": 33650.017566, "relative_strength": 7.123487, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.51908, "energy": 42.450352, "activity_lines": [ 40823.113021, 40639.301634, 40017.385156, 39358.686643 ] }, { "date": "2025-06-27", "close": 40749.304688, "volume": 2522, "typical_volume": 1244.7, "trend": 38624.760807, "fair_value": 33730.032815, "relative_strength": 0.542767, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 54.36321, "energy": 37.242963, "activity_lines": [ 40854.836719, 40684.85696, 40155.657813, 39505.29837 ] }, { "date": "2025-07-04", "close": 40943.535156, "volume": 1251, "typical_volume": 1272.1, "trend": 38776.907031, "fair_value": 33812.297489, "relative_strength": 1.773022, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 56.836704, "energy": 40.847414, "activity_lines": [ 40909.86849, 40753.366904, 40298.832571, 39654.896716 ] }, { "date": "2025-07-11", "close": 41137.765625, "volume": 842, "typical_volume": 1284.9, "trend": 38940.383464, "fair_value": 33898.27037, "relative_strength": 2.759467, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 60.404666, "energy": 53.165536, "activity_lines": [ 41016.695052, 40837.23885, 40442.423642, 39807.210173 ] }, { "date": "2025-07-18", "close": 40150.0, "volume": 2603, "typical_volume": 1398.75, "trend": 39060.899089, "fair_value": 33972.191769, "relative_strength": -0.334626, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 51.636925, "energy": 30.250047, "activity_lines": [ 40741.824479, 40730.922727, 40470.252846, 39885.24995 ] }, { "date": "2025-07-25", "close": 41200.0, "volume": 793, "typical_volume": 1387.8, "trend": 39188.575261, "fair_value": 34051.037735, "relative_strength": -1.698371, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 58.454552, "energy": 32.823896, "activity_lines": [ 40843.311458, 40834.534446, 40584.657627, 40023.25646 ] }, { "date": "2025-08-01", "close": 42460.0, "volume": 1204, "typical_volume": 1437.4, "trend": 39361.488542, "fair_value": 34139.706618, "relative_strength": 2.872695, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 73.404555, "energy": 44.56693, "activity_lines": [ 41384.604427, 41146.329474, 40801.239156, 40234.316121 ] }, { "date": "2025-08-08", "close": 45300.0, "volume": 4119, "typical_volume": 1630.95, "trend": 39663.70612, "fair_value": 34244.653996, "relative_strength": 6.957807, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 90.302939, "energy": 78.254802, "activity_lines": [ 42758.517708, 41932.08402, 41263.918694, 40617.445892 ] }, { "date": "2025-08-15", "close": 45830.0, "volume": 2048, "typical_volume": 1662.7, "trend": 39984.237761, "fair_value": 34354.503981, "relative_strength": 4.2232, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 91.104758, "energy": 94.805387, "activity_lines": [ 44018.666667, 42731.462287, 41746.479148, 41015.271304 ] }, { "date": "2025-08-22", "close": 46660.0, "volume": 1159, "typical_volume": 1621.0, "trend": 40300.711979, "fair_value": 34470.457194, "relative_strength": 7.797538, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 88.438398, "energy": 95.380275, "activity_lines": [ 45242.666667, 43582.133949, 42281.30372, 41445.965642 ] }, { "date": "2025-08-29", "close": 46020.0, "volume": 760, "typical_volume": 1413.75, "trend": 40546.648047, "fair_value": 34585.257975, "relative_strength": 6.01958, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 72.977458, "energy": 90.065232, "activity_lines": [ 45819.333333, 44205.266761, 42718.844364, 41814.951966 ] }, { "date": "2025-09-05", "close": 46530.0, "volume": 696, "typical_volume": 1413.35, "trend": 40834.510156, "fair_value": 34699.053285, "relative_strength": 6.37796, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 74.328065, "energy": 90.17047, "activity_lines": [ 46244.666667, 44838.892116, 43171.996224, 42200.974672 ] }, { "date": "2025-09-12", "close": 47990.0, "volume": 1442, "typical_volume": 1468.6, "trend": 41195.965104, "fair_value": 34817.210399, "relative_strength": 5.321232, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 85.234856, "energy": 90.676479, "activity_lines": [ 46885.333333, 45632.868466, 43733.431436, 42662.619178 ] }, { "date": "2025-09-19", "close": 47370.0, "volume": 842, "typical_volume": 1455.15, "trend": 41555.528906, "fair_value": 34935.427008, "relative_strength": 3.21681, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 72.666001, "energy": 68.571671, "activity_lines": [ 47140.0, 46186.0, 44197.038746, 43060.94401 ] }, { "date": "2025-09-26", "close": 48360.0, "volume": 626, "typical_volume": 1403.5, "trend": 41923.166537, "fair_value": 35065.950271, "relative_strength": 4.526229, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 80.277275, "energy": 71.245363, "activity_lines": [ 47622.0, 46805.818182, 44722.479762, 43499.942146 ] }, { "date": "2025-10-03", "close": 46780.0, "volume": 1579, "typical_volume": 1425.15, "trend": 42233.929297, "fair_value": 35178.699056, "relative_strength": 0.156941, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.411611, "energy": 63.431233, "activity_lines": [ 47464.0, 46989.090909, 45063.33045, 43813.28624 ] }, { "date": "2025-10-10", "close": 47260.0, "volume": 2183, "typical_volume": 1489.5, "trend": 42564.576563, "fair_value": 35292.899164, "relative_strength": -3.742589, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 62.910689, "energy": 55.213055, "activity_lines": [ 47415.333333, 47158.181818, 45417.848196, 44137.548866 ] }, { "date": "2025-10-17", "close": 47100.0, "volume": 1733, "typical_volume": 1547.55, "trend": 42838.74349, "fair_value": 35410.107497, "relative_strength": -3.084888, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 60.096603, "energy": 50.267689, "activity_lines": [ 47264.666667, 47210.909091, 45723.164862, 44430.15683 ] }, { "date": "2025-10-24", "close": 48600.0, "volume": 569, "typical_volume": 1496.7, "trend": 43118.561328, "fair_value": 35538.797626, "relative_strength": -3.509557, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.162521, "energy": 52.52676, "activity_lines": [ 47673.333333, 47503.636364, 46141.097266, 44801.850798 ] }, { "date": "2025-10-31", "close": 46960.0, "volume": 1566, "typical_volume": 1526.8, "trend": 43382.882162, "fair_value": 35658.419897, "relative_strength": -12.173103, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 55.928202, "energy": 42.517865, "activity_lines": [ 47453.333333, 47447.818182, 46363.558891, 45049.685551 ] }, { "date": "2025-11-07", "close": 47740.0, "volume": 712, "typical_volume": 1462.45, "trend": 43670.936979, "fair_value": 35779.309345, "relative_strength": -6.917733, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 58.141111, "energy": 43.808098, "activity_lines": [ 47586.666667, 47528.363636, 46629.760342, 45330.789928 ] }, { "date": "2025-11-14", "close": 50070.0, "volume": 1582, "typical_volume": 1415.45, "trend": 44004.286849, "fair_value": 35913.930564, "relative_strength": -2.65551, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 78.228801, "energy": 56.429236, "activity_lines": [ 48432.666667, 48001.272727, 47088.138411, 45743.632703 ] }, { "date": "2025-11-21", "close": 50650.0, "volume": 2698, "typical_volume": 1487.8, "trend": 44364.415495, "fair_value": 36047.874624, "relative_strength": 1.841583, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 77.812, "energy": 60.068941, "activity_lines": [ 49284.666667, 48515.272727, 47557.370313, 46172.38839 ] }, { "date": "2025-11-28", "close": 52350.0, "volume": 1284, "typical_volume": 1509.9, "trend": 44757.579557, "fair_value": 36203.282414, "relative_strength": 1.675107, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 85.508339, "energy": 85.937854, "activity_lines": [ 50466.666667, 49290.0, 48142.285714, 46687.587391 ] }, { "date": "2025-12-05", "close": 50720.0, "volume": 2663, "typical_volume": 1512.9, "trend": 45075.045182, "fair_value": 36347.940467, "relative_strength": -2.090769, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.575325, "energy": 76.868474, "activity_lines": [ 50855.333333, 49677.818182, 48518.571429, 47072.259677 ] }, { "date": "2025-12-12", "close": 52860.0, "volume": 1178, "typical_volume": 1532.15, "trend": 45502.042448, "fair_value": 36505.92513, "relative_strength": 1.117532, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 78.790619, "energy": 82.743023, "activity_lines": [ 51706.666667, 50411.818182, 49048.333333, 47574.514827 ] }, { "date": "2025-12-19", "close": 52630.0, "volume": 2167, "typical_volume": 1580.3, "trend": 45918.783333, "fair_value": 36674.266076, "relative_strength": 3.151184, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.436386, "energy": 73.24926, "activity_lines": [ 52140.0, 50993.454545, 49500.666667, 48034.383056 ] }, { "date": "2025-12-26", "close": 53400.0, "volume": 1087, "typical_volume": 1428.7, "trend": 46340.473177, "fair_value": 36846.850548, "relative_strength": 1.859966, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 73.9411, "energy": 63.953718, "activity_lines": [ 52659.333333, 51617.454545, 49977.904762, 48517.042196 ] }, { "date": "2026-01-02", "close": 52790.0, "volume": 344, "typical_volume": 1343.5, "trend": 46755.101953, "fair_value": 37020.251002, "relative_strength": 1.30261, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.809395, "energy": 67.658568, "activity_lines": [ 52792.0, 52016.0, 50358.47619, 48933.140701 ] }, { "date": "2026-01-09", "close": 54720.0, "volume": 1604, "typical_volume": 1365.75, "trend": 47227.589844, "fair_value": 37207.016664, "relative_strength": 1.527442, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 79.084011, "energy": 76.382695, "activity_lines": [ 53538.666667, 52689.272727, 50889.714286, 49447.005091 ] }, { "date": "2026-01-16", "close": 55630.0, "volume": 1067, "typical_volume": 1381.1, "trend": 47698.686849, "fair_value": 37395.642002, "relative_strength": -0.769122, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 81.789419, "energy": 83.441826, "activity_lines": [ 54322.0, 53386.909091, 51469.238095, 49989.096069 ] }, { "date": "2026-01-23", "close": 54400.0, "volume": 1364, "typical_volume": 1414.5, "trend": 48153.710026, "fair_value": 37573.131561, "relative_strength": -2.945064, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.822098, "energy": 68.439207, "activity_lines": [ 54510.666667, 53717.454545, 51885.857143, 50421.438852 ] }, { "date": "2026-01-30", "close": 54360.0, "volume": 2739, "typical_volume": 1479.35, "trend": 48600.925521, "fair_value": 37755.361879, "relative_strength": -2.14102, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.146174, "energy": 59.62615, "activity_lines": [ 54568.0, 53962.0, 52261.190476, 50821.844657 ] }, { "date": "2026-02-06", "close": 57250.0, "volume": 2749, "typical_volume": 1574.7, "trend": 49138.0, "fair_value": 37956.900516, "relative_strength": 1.147237, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 80.572879, "energy": 66.06106, "activity_lines": [ 55524.666667, 54664.545455, 52881.428571, 51379.849462 ] }, { "date": "2026-02-13", "close": 62820.0, "volume": 2839, "typical_volume": 1685.35, "trend": 49893.666667, "fair_value": 38193.150879, "relative_strength": 5.448145, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 93.103839, "energy": 78.575838, "activity_lines": [ 58040.666667, 56290.727273, 53985.095238, 52262.55914 ] }, { "date": "2026-02-20", "close": 63660.0, "volume": 1221, "typical_volume": 1667.45, "trend": 50642.333333, "fair_value": 38431.414275, "relative_strength": 6.729855, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 90.690569, "energy": 94.450126, "activity_lines": [ 60296.666667, 57849.636364, 55099.904762, 53150.709677 ] }, { "date": "2026-02-27", "close": 65500.0, "volume": 1494, "typical_volume": 1633.0, "trend": 51410.333333, "fair_value": 38678.522398, "relative_strength": 5.826941, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 88.603273, "energy": 95.559471, "activity_lines": [ 62630.666667, 59546.727273, 56309.571429, 54109.268817 ] }, { "date": "2026-03-06", "close": 62040.0, "volume": 2489, "typical_volume": 1670.8, "trend": 51968.333333, "fair_value": 38902.487718, "relative_strength": 5.863094, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.924242, "energy": 87.199681, "activity_lines": [ 63071.333333, 60380.727273, 57102.857143, 54795.053763 ] }, { "date": "2026-03-13", "close": 58210.0, "volume": 3557, "typical_volume": 1820.2, "trend": 52381.0, "fair_value": 39107.741837, "relative_strength": 2.513878, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.679463, "energy": 65.052204, "activity_lines": [ 61723.333333, 60361.272727, 57460.238095, 55197.741935 ] }, { "date": "2026-03-20", "close": 58150.0, "volume": 1295, "typical_volume": 1806.65, "trend": 52764.0, "fair_value": 39319.354505, "relative_strength": 3.157516, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 60.56633, "energy": 51.365941, "activity_lines": [ 60291.333333, 60232.363636, 57766.142857, 55569.935484 ] }, { "date": "2026-03-27", "close": 56260.0, "volume": 1466, "typical_volume": 1844.35, "trend": 53105.333333, "fair_value": 39511.265725, "relative_strength": -0.143565, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 39.167562, "energy": 26.393522, "activity_lines": [ 58540.666667, 59697.454545, 57838.761905, 55795.483871 ] }, { "date": "2026-04-03", "close": 57060.0, "volume": 2060, "typical_volume": 1868.25, "trend": 53456.333333, "fair_value": 39709.720002, "relative_strength": 1.903117, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 30.639222, "energy": 28.275105, "activity_lines": [ 57550.0, 59296.545455, 57947.0, 56050.623656 ] }, { "date": "2026-04-10", "close": 58080.0, "volume": 3438, "typical_volume": 1905.25, "trend": 53792.666667, "fair_value": 39910.889598, "relative_strength": -2.945909, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.175684, "energy": 23.972275, "activity_lines": [ 57462.0, 59032.727273, 58119.095238, 56348.924731 ] }, { "date": "2026-04-17", "close": 57070.0, "volume": 3196, "typical_volume": 2000.85, "trend": 54116.0, "fair_value": 40104.230193, "relative_strength": -6.861532, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 26.475819, "energy": 20.424912, "activity_lines": [ 57301.333333, 58517.636364, 58159.619048, 56560.365591 ] }, { "date": "2026-04-24", "close": 56250.0, "volume": 1570, "typical_volume": 1946.2, "trend": 54379.0, "fair_value": 40286.715132, "relative_strength": -9.818445, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 11.62528, "energy": 11.874613, "activity_lines": [ 56943.333333, 57856.727273, 58099.571429, 56698.043011 ] }, { "date": "2026-05-01", "close": 55840.0, "volume": 4841, "typical_volume": 2129.35, "trend": 54681.0, "fair_value": 40465.247308, "relative_strength": -9.900182, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 6.014011, "energy": 10.051431, "activity_lines": [ 56575.333333, 57240.727273, 57974.142857, 56792.301075 ] }, { "date": "2026-05-08", "close": 55890.0, "volume": 523, "typical_volume": 2047.15, "trend": 54968.666667, "fair_value": 40642.655048, "relative_strength": -14.092959, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 4.102764, "energy": 12.14633, "activity_lines": [ 56252.0, 56776.0, 57839.285714, 56870.301075 ] }, { "date": "2026-05-15", "close": 52970.0, "volume": 5002, "typical_volume": 2242.9, "trend": 55164.333333, "fair_value": 40800.92339, "relative_strength": -16.545138, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -32.346397, "energy": 36.841421, "activity_lines": [ 55033.333333, 55955.090909, 57410.809524, 56741.354839 ] }, { "date": "2026-05-22", "close": 50290.0, "volume": 2720, "typical_volume": 2361.7, "trend": 55220.666667, "fair_value": 40945.17309, "relative_strength": -22.770749, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -43.0348, "energy": 57.634325, "activity_lines": [ 53262.0, 54811.818182, 56729.142857, 56426.88172 ] }, { "date": "2026-05-29", "close": 51690.0, "volume": 1178, "typical_volume": 2340.4, "trend": 55378.333333, "fair_value": 41092.828025, "relative_strength": -23.780342, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -42.226002, "energy": 61.23224, "activity_lines": [ 52409.333333, 54067.090909, 56192.714286, 56199.096774 ] }, { "date": "2026-06-05", "close": 49900.0, "volume": 256, "typical_volume": 2299.85, "trend": 55450.333333, "fair_value": 41226.058456, "relative_strength": -26.262082, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -49.993672, "energy": 71.120228, "activity_lines": [ 51264.0, 53114.363636, 55500.238095, 55845.655914 ] }, { "date": "2026-06-12", "close": 50717.847656, "volume": 790, "typical_volume": 2271.15, "trend": 55471.928255, "fair_value": 41360.919083, "relative_strength": -23.972107, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -40.711102, "energy": 69.490228, "activity_lines": [ 50787.282552, 52425.972301, 54912.937872, 55540.334257 ] }, { "date": "2026-06-19", "close": 49269.328125, "volume": 1080, "typical_volume": 2188.2, "trend": 55425.905859, "fair_value": 41486.434132, "relative_strength": -31.054317, "stage": 4, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -74.567153, "energy": 80.575854, "activity_lines": [ 50172.535417, 51589.525639, 54205.217466, 55140.166507 ] }, { "date": "2026-06-26", "close": 49840.851563, "volume": 615, "typical_volume": 2081.5, "trend": 55342.267578, "fair_value": 41617.96085, "relative_strength": -27.945488, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -68.45692, "energy": 78.7799, "activity_lines": [ 49995.007552, 51017.186364, 53576.169159, 54779.840423 ] }, { "date": "2026-07-03", "close": 51378.054688, "volume": 487, "typical_volume": 1963.9, "trend": 55364.202734, "fair_value": 41759.642478, "relative_strength": -25.713271, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -64.41521, "energy": 66.693664, "activity_lines": [ 50359.823959, 50855.777628, 53128.802809, 54524.084753 ] }, { "date": "2026-07-10", "close": 51072.585938, "volume": 3082, "typical_volume": 2056.95, "trend": 55304.622266, "fair_value": 41907.343387, "relative_strength": -24.445352, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.682414, "energy": 51.23365, "activity_lines": [ 50643.613802, 50727.409943, 52706.82965, 54247.20625 ] }, { "date": "2026-07-17", "close": 51420.0, "volume": 2627, "typical_volume": 2113.6, "trend": 55264.288932, "fair_value": 42049.478729, "relative_strength": -18.364481, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -47.841871, "energy": 39.144738, "activity_lines": [ 50965.035938, 50748.888708, 52377.883612, 53996.585459 ] }, { "date": "2026-07-24", "close": 50880.0, "volume": 1337, "typical_volume": 2056.0, "trend": 55180.288932, "fair_value": 42184.995868, "relative_strength": -19.484091, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -43.864473, "energy": 32.782189, "activity_lines": [ 51059.647917, 50753.458381, 52064.556622, 53713.728108 ] }, { "date": "2026-07-31", "close": 50860.0, "volume": 1159, "typical_volume": 1936.1, "trend": 55115.955599, "fair_value": 42323.231984, "relative_strength": -18.804314, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -41.389033, "energy": 30.184312, "activity_lines": [ 51040.215104, 50792.39169, 51802.467727, 53434.99979 ] }, { "date": "2026-08-07", "close": 50050.0, "volume": 1797, "typical_volume": 1961.2, "trend": 54960.288932, "fair_value": 42446.001215, "relative_strength": -21.114046, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -47.988252, "energy": 33.095053, "activity_lines": [ 50682.839063, 50673.688636, 51498.235975, 53108.163945 ] } ], "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." } } }