{ "ticker": { "uuid": "38589892-7208-417f-be76-d8af2ba70f41", "symbol": "KCCA", "name": "KRANESHARES TR CALIFORNIA CARBON ALLOWANCE STRATEGY 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": 2, "stage_name": "Advancing", "phase": "2a", "phase_label": "Stage 2A \u00b7 Early advance", "transition": "stage_2_healthy", "transition_label": "Stage 2 trend intact", "confidence": 80.666, "architecture_regime": "upward_expansion", "architecture_regime_label": "Upward Expansion", "architecture_modifier": "Early expansion", "architecture_gate": "up", "architecture_direction": 67.25, "architecture_energy": 52.966, "architecture_maturity": 63.869, "architecture_confidence": 53.558, "architecture_tenure": "Developing", "architecture": { "interpretation": { "headline": "The weekly architecture is expanding upward.", "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing." }, "scores": { "balance": 17.63, "rotation_up": 46.69, "upward_expansion": 75.99, "deceleration": 71.49, "rotation_down": 28.33, "downward_expansion": 13.99 }, "activity_lines": [ 17.027467, 17.010516, 16.53453, 16.157655 ], "activity_state": "Wide", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.5 }, "latest_close": 17.18, "trend_reference": 15.79794, "distance_from_trend": 0.087484, "trend_direction": "Improving", "fair_value": 18.258892, "distance_from_fair_value": -0.059089, "fair_value_direction": "Improving", "relative_strength": -4.881593, "relative_strength_direction": "Improving", "price_momentum": 0.122876, "excess_performance": -0.002749, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.087484, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.011995, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": false, "value": -0.059089, "read": "Below anchor" }, { "label": "Fair Value direction", "positive": true, "value": 0.131175, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.048816, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.100483, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.122876, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 2.975656, "read": "Demand-led" } ], "volume": { "latest": 49553, "relative_activity": 0.303781, "balance": 2.975656, "dry_up": 0.427714, "accumulation_observations": 3, "distribution_observations": 1 }, "risk": { "range_context": 0.029085, "annualized_volatility": 0.109018, "from_high_reference": -0.042897, "from_low_reference": 0.179135 }, "levels": { "trend_reference": 15.79794, "fair_value_reference": 18.258892, "structural_low": 14.57, "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 15, "median_return": -0.002154, "positive_rate": 0.466667, "directional_follow_through": 0.466667, "median_excess_return": -0.013573, "regime_survival": 0.8, "best_return": 0.109159, "worst_return": -0.083665, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 5, "median_return": 0.074385, "positive_rate": 0.8, "directional_follow_through": 0.8, "median_excess_return": -0.013972, "regime_survival": 0.6, "best_return": 0.111667, "worst_return": -0.043877, "sufficient": true }, { "horizon": "Extended", "sample_count": 3, "median_return": 0.06289, "positive_rate": 0.666667, "directional_follow_through": 0.666667, "median_excess_return": -0.117639, "regime_survival": 0.333333, "best_return": 0.159647, "worst_return": -0.132039, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 1, "median_return": 0.232577, "positive_rate": 1.0, "directional_follow_through": 1.0, "median_excess_return": -0.024009, "regime_survival": 0.0, "best_return": 0.232577, "worst_return": 0.232577, "sufficient": false } ], "ledger": [ { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2024-05-03", "end": "2024-05-03", "tenure": "New", "return": 0.0, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-05-10", "end": "2024-09-27", "tenure": "Established", "return": -0.077215, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2024-10-04", "end": "2024-10-18", "tenure": "New", "return": 0.053871, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2024-10-25", "end": "2024-11-15", "tenure": "New", "return": -0.074536, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2024-11-22", "end": "2024-12-13", "tenure": "New", "return": 0.007441, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-12-20", "end": "2025-07-18", "tenure": "Extended", "return": -0.203809, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-07-25", "end": "2025-08-29", "tenure": "Developing", "return": 0.055275, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-09-05", "end": "2025-09-26", "tenure": "New", "return": 0.079669, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-10-03", "end": "2025-11-14", "tenure": "Developing", "return": -0.057725, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-11-21", "end": "2026-01-30", "tenure": "Developing", "return": -0.059222, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-02-06", "end": "2026-02-20", "tenure": "New", "return": -0.003595, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2026-02-27", "end": "2026-05-29", "tenure": "Established", "return": 0.06529, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2026-06-05", "end": "2026-07-03", "tenure": "Developing", "return": 0.026442, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-07-10", "end": "2026-08-07", "tenure": "Developing", "return": -0.013211, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 20.616867, "volume": 59746, "typical_volume": 136861.0, "trend": 18.214012, "fair_value": 18.15105, "relative_strength": 8.377532, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 69.886205, "energy": 80.212799, "activity_lines": [ 20.605802, 20.09386, 19.344589, 18.857214 ] }, { "date": "2023-08-25", "close": 20.786523, "volume": 49199, "typical_volume": 133372.55, "trend": 18.35006, "fair_value": 18.177671, "relative_strength": 8.195288, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.837928, "energy": 68.181111, "activity_lines": [ 20.705383, 20.297524, 19.533067, 19.023182 ] }, { "date": "2023-09-01", "close": 21.133211, "volume": 80146, "typical_volume": 132872.0, "trend": 18.494006, "fair_value": 18.207226, "relative_strength": 7.116996, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 78.492879, "energy": 69.531524, "activity_lines": [ 20.845288, 20.525669, 19.738647, 19.20274 ] }, { "date": "2023-09-08", "close": 21.265985, "volume": 116133, "typical_volume": 131310.55, "trend": 18.652621, "fair_value": 18.237511, "relative_strength": 8.847468, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 77.586387, "energy": 68.91987, "activity_lines": [ 21.00683, 20.735492, 19.9415, 19.381578 ] }, { "date": "2023-09-15", "close": 21.440066, "volume": 105961, "typical_volume": 128243.8, "trend": 18.814113, "fair_value": 18.268909, "relative_strength": 9.699119, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 77.982504, "energy": 69.603441, "activity_lines": [ 21.190254, 20.931233, 20.145974, 19.561413 ] }, { "date": "2023-09-22", "close": 21.406873, "volume": 87888, "typical_volume": 129455.2, "trend": 18.969864, "fair_value": 18.299374, "relative_strength": 12.504343, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 72.033202, "energy": 67.236038, "activity_lines": [ 21.309702, 21.070834, 20.331742, 19.728688 ] }, { "date": "2023-09-29", "close": 20.997265, "volume": 115577, "typical_volume": 133021.25, "trend": 19.082936, "fair_value": 18.325315, "relative_strength": 10.94631, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.768469, "energy": 61.78199, "activity_lines": [ 21.239946, 21.098126, 20.461058, 19.859488 ] }, { "date": "2023-10-06", "close": 21.000437, "volume": 234934, "typical_volume": 143031.25, "trend": 19.199285, "fair_value": 18.350793, "relative_strength": 10.343772, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 62.298834, "energy": 53.941818, "activity_lines": [ 21.157199, 21.101644, 20.575743, 19.983198 ] }, { "date": "2023-10-13", "close": 20.763582, "volume": 135108, "typical_volume": 139113.4, "trend": 19.324812, "fair_value": 18.373555, "relative_strength": 8.615674, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 48.353382, "energy": 41.080412, "activity_lines": [ 21.004351, 21.058342, 20.65353, 20.08412 ] }, { "date": "2023-10-20", "close": 21.111082, "volume": 64770, "typical_volume": 136875.15, "trend": 19.449972, "fair_value": 18.399139, "relative_strength": 12.9134, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 46.801877, "energy": 35.028911, "activity_lines": [ 21.00083, 21.077499, 20.751429, 20.199363 ] }, { "date": "2023-10-27", "close": 21.671683, "volume": 229156, "typical_volume": 145802.5, "trend": 19.590891, "fair_value": 18.429441, "relative_strength": 18.52248, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 76.242818, "energy": 52.999951, "activity_lines": [ 21.206109, 21.190135, 20.887556, 20.342699 ] }, { "date": "2023-11-03", "close": 22.26179, "volume": 274006, "typical_volume": 154406.35, "trend": 19.75148, "fair_value": 18.4646, "relative_strength": 14.758119, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 86.209469, "energy": 81.014086, "activity_lines": [ 21.590435, 21.390884, 21.063725, 20.515015 ] }, { "date": "2023-11-10", "close": 22.0405, "volume": 179405, "typical_volume": 160597.5, "trend": 19.889327, "fair_value": 18.497108, "relative_strength": 11.74461, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 76.131144, "energy": 88.059112, "activity_lines": [ 21.816697, 21.524575, 21.201695, 20.662694 ] }, { "date": "2023-11-17", "close": 22.446199, "volume": 553347, "typical_volume": 179420.0, "trend": 20.03338, "fair_value": 18.532685, "relative_strength": 10.907453, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 82.397215, "energy": 92.250546, "activity_lines": [ 22.108854, 21.715534, 21.362863, 20.827654 ] }, { "date": "2023-11-24", "close": 22.387188, "volume": 118440, "typical_volume": 180497.7, "trend": 20.173758, "fair_value": 18.567101, "relative_strength": 9.134767, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 74.905489, "energy": 89.635947, "activity_lines": [ 22.269167, 21.874305, 21.500812, 20.979512 ] }, { "date": "2023-12-01", "close": 22.213844, "volume": 175988, "typical_volume": 185564.45, "trend": 20.322749, "fair_value": 18.599373, "relative_strength": 7.046924, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.278794, "energy": 80.090277, "activity_lines": [ 22.286624, 21.984338, 21.60462, 21.111131 ] }, { "date": "2023-12-08", "close": 22.460952, "volume": 144460, "typical_volume": 185026.9, "trend": 20.476075, "fair_value": 18.633246, "relative_strength": 7.689999, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 72.623217, "energy": 67.992823, "activity_lines": [ 22.350307, 22.124628, 21.71821, 21.249079 ] }, { "date": "2023-12-15", "close": 22.615855, "volume": 187048, "typical_volume": 172238.0, "trend": 20.630295, "fair_value": 18.667878, "relative_strength": 5.73395, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 74.552066, "energy": 67.142929, "activity_lines": [ 22.452346, 22.26647, 21.833205, 21.38713 ] }, { "date": "2023-12-22", "close": 22.621143, "volume": 435299, "typical_volume": 172765.2, "trend": 20.783106, "fair_value": 18.701957, "relative_strength": 4.666188, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 70.179008, "energy": 61.374722, "activity_lines": [ 22.517791, 22.379902, 21.940027, 21.515571 ] }, { "date": "2023-12-29", "close": 22.790065, "volume": 95720, "typical_volume": 172116.55, "trend": 20.945207, "fair_value": 18.736899, "relative_strength": 4.954706, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 73.967054, "energy": 64.564279, "activity_lines": [ 22.627881, 22.490273, 22.053903, 21.645053 ] }, { "date": "2024-01-05", "close": 23.112414, "volume": 143338, "typical_volume": 176296.15, "trend": 21.106345, "fair_value": 18.773979, "relative_strength": 7.837205, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 79.600079, "energy": 67.334207, "activity_lines": [ 22.818561, 22.628726, 22.188271, 21.784872 ] }, { "date": "2024-01-12", "close": 23.082182, "volume": 131691, "typical_volume": 180420.75, "trend": 21.253549, "fair_value": 18.810183, "relative_strength": 5.480558, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 74.241117, "energy": 65.062644, "activity_lines": [ 22.93926, 22.735487, 22.307875, 21.912346 ] }, { "date": "2024-01-19", "close": 23.633917, "volume": 206830, "typical_volume": 186754.95, "trend": 21.414753, "fair_value": 18.85038, "relative_strength": 6.475635, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 86.344976, "energy": 83.964493, "activity_lines": [ 23.202455, 22.927648, 22.469094, 22.065918 ] }, { "date": "2024-01-26", "close": 23.482757, "volume": 429243, "typical_volume": 202410.45, "trend": 21.57249, "fair_value": 18.888664, "relative_strength": 4.435627, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 75.300805, "energy": 81.715115, "activity_lines": [ 23.347393, 23.063353, 22.604009, 22.199338 ] }, { "date": "2024-02-02", "close": 23.732172, "volume": 128964, "typical_volume": 203560.6, "trend": 21.740753, "fair_value": 18.928365, "relative_strength": 3.777439, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 79.428947, "energy": 85.554213, "activity_lines": [ 23.518028, 23.225561, 22.752122, 22.338672 ] }, { "date": "2024-02-09", "close": 23.384503, "volume": 229811, "typical_volume": 210656.75, "trend": 21.876036, "fair_value": 18.964594, "relative_strength": 0.626055, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.871802, "energy": 72.384889, "activity_lines": [ 23.509966, 23.300101, 22.856208, 22.44472 ] }, { "date": "2024-02-16", "close": 23.172878, "volume": 121310, "typical_volume": 210943.4, "trend": 21.993201, "fair_value": 18.998532, "relative_strength": -0.155049, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.759231, "energy": 58.492492, "activity_lines": [ 23.413223, 23.31488, 22.930723, 22.528387 ] }, { "date": "2024-02-23", "close": 23.313458, "volume": 299313, "typical_volume": 214162.35, "trend": 22.077186, "fair_value": 19.033051, "relative_strength": -1.323187, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 59.83558, "energy": 49.819333, "activity_lines": [ 23.357294, 23.342274, 23.008266, 22.613565 ] }, { "date": "2024-03-01", "close": 23.150204, "volume": 206305, "typical_volume": 217722.2, "trend": 22.158066, "fair_value": 19.065727, "relative_strength": -3.006252, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 43.820556, "energy": 32.858674, "activity_lines": [ 23.268311, 23.327302, 23.059246, 22.682792 ] }, { "date": "2024-03-08", "close": 22.424635, "volume": 115532, "typical_volume": 220260.3, "trend": 22.217341, "fair_value": 19.092175, "relative_strength": -5.751277, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 20.220239, "energy": 17.666115, "activity_lines": [ 22.959642, 23.17079, 23.02976, 22.69999 ] }, { "date": "2024-03-15", "close": 21.532789, "volume": 805359, "typical_volume": 249070.45, "trend": 22.247872, "fair_value": 19.111242, "relative_strength": -9.373247, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -15.018328, "energy": 22.063635, "activity_lines": [ 22.440859, 22.858767, 22.909081, 22.655826 ] }, { "date": "2024-03-22", "close": 22.182778, "volume": 163614, "typical_volume": 243550.85, "trend": 22.294414, "fair_value": 19.135053, "relative_strength": -8.603049, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -19.281521, "energy": 28.123648, "activity_lines": [ 22.262188, 22.693645, 22.850968, 22.651626 ] }, { "date": "2024-03-29", "close": 21.653717, "volume": 615182, "typical_volume": 265339.7, "trend": 22.311764, "fair_value": 19.154427, "relative_strength": -11.032763, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -29.960557, "energy": 35.178869, "activity_lines": [ 21.973169, 22.448683, 22.742843, 22.610291 ] }, { "date": "2024-04-05", "close": 21.411861, "volume": 365410, "typical_volume": 255942.85, "trend": 22.316626, "fair_value": 19.171659, "relative_strength": -11.16748, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -32.816585, "energy": 43.825143, "activity_lines": [ 21.714181, 22.195751, 22.613527, 22.552233 ] }, { "date": "2024-04-12", "close": 22.069408, "volume": 289950, "typical_volume": 264518.35, "trend": 22.337604, "fair_value": 19.193612, "relative_strength": -7.04855, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -22.145312, "energy": 35.2806, "activity_lines": [ 21.790265, 22.100025, 22.55176, 22.536283 ] }, { "date": "2024-04-19", "close": 21.911445, "volume": 92764, "typical_volume": 260357.15, "trend": 22.354423, "fair_value": 19.214047, "relative_strength": -4.775436, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -28.862319, "energy": 27.810129, "activity_lines": [ 21.837377, 22.005811, 22.476461, 22.508789 ] }, { "date": "2024-04-26", "close": 21.498324, "volume": 220444, "typical_volume": 264156.35, "trend": 22.371125, "fair_value": 19.231094, "relative_strength": -8.902047, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -33.131348, "energy": 27.362942, "activity_lines": [ 21.721538, 21.863266, 22.363258, 22.453557 ] }, { "date": "2024-05-03", "close": 21.563021, "volume": 183484, "typical_volume": 263978.15, "trend": 22.389878, "fair_value": 19.248367, "relative_strength": -9.114609, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -29.26636, "energy": 23.412171, "activity_lines": [ 21.672894, 21.762932, 22.260801, 22.401421 ] }, { "date": "2024-05-10", "close": 21.560602, "volume": 103066, "typical_volume": 247366.5, "trend": 22.416446, "fair_value": 19.265369, "relative_strength": -10.693661, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -55.659336, "energy": 33.691767, "activity_lines": [ 21.629491, 21.693983, 22.163126, 22.347919 ] }, { "date": "2024-05-17", "close": 21.678129, "volume": 222108, "typical_volume": 253685.9, "trend": 22.435347, "fair_value": 19.28298, "relative_strength": -11.569709, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -51.974218, "energy": 31.857802, "activity_lines": [ 21.615347, 21.675305, 22.081695, 22.300286 ] }, { "date": "2024-05-24", "close": 22.107198, "volume": 248517, "typical_volume": 258944.85, "trend": 22.449864, "fair_value": 19.303446, "relative_strength": -9.749791, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -39.426199, "energy": 22.332228, "activity_lines": [ 21.770312, 21.748213, 22.046423, 22.279115 ] }, { "date": "2024-05-31", "close": 21.283374, "volume": 288312, "typical_volume": 266775.9, "trend": 22.41725, "fair_value": 19.31769, "relative_strength": -12.694038, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -58.220944, "energy": 29.810039, "activity_lines": [ 21.637618, 21.66089, 21.937477, 22.203857 ] }, { "date": "2024-06-07", "close": 20.278158, "volume": 620453, "typical_volume": 287457.05, "trend": 22.358506, "fair_value": 19.32455, "relative_strength": -17.674973, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -70.953548, "energy": 43.874432, "activity_lines": [ 21.184183, 21.407154, 21.741363, 22.065852 ] }, { "date": "2024-06-14", "close": 19.870025, "volume": 153280, "typical_volume": 273658.9, "trend": 22.272633, "fair_value": 19.328419, "relative_strength": -20.42544, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -78.802136, "energy": 73.52753, "activity_lines": [ 20.68036, 21.104222, 21.522359, 21.905304 ] }, { "date": "2024-06-21", "close": 19.446776, "volume": 1142365, "typical_volume": 324328.95, "trend": 22.174619, "fair_value": 19.329252, "relative_strength": -22.349714, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -81.024099, "energy": 85.104337, "activity_lines": [ 20.14816, 20.752368, 21.280248, 21.722991 ] }, { "date": "2024-06-28", "close": 20.747546, "volume": 1154618, "typical_volume": 370569.3, "trend": 22.125743, "fair_value": 19.339171, "relative_strength": -16.945952, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.947762, "energy": 77.411881, "activity_lines": [ 20.198307, 20.684703, 21.182428, 21.630922 ] }, { "date": "2024-07-05", "close": 20.88179, "volume": 462510, "typical_volume": 387629.3, "trend": 22.073104, "fair_value": 19.349883, "relative_strength": -17.787675, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -61.873354, "energy": 68.927909, "activity_lines": [ 20.383845, 20.662608, 21.109949, 21.550667 ] }, { "date": "2024-07-12", "close": 19.608792, "volume": 604992, "typical_volume": 402913.25, "trend": 21.972869, "fair_value": 19.351669, "relative_strength": -23.259792, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -74.779194, "energy": 55.652956, "activity_lines": [ 20.171822, 20.420268, 20.927142, 21.391679 ] }, { "date": "2024-07-19", "close": 19.136626, "volume": 405546, "typical_volume": 412875.3, "trend": 21.856718, "fair_value": 19.350196, "relative_strength": -23.308798, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -75.914511, "energy": 52.740394, "activity_lines": [ 19.847036, 20.127611, 20.717009, 21.208695 ] }, { "date": "2024-07-26", "close": 18.544103, "volume": 300156, "typical_volume": 422106.5, "trend": 21.715186, "fair_value": 19.344712, "relative_strength": -24.677058, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -81.947417, "energy": 69.094443, "activity_lines": [ 19.373635, 19.771295, 20.469557, 20.994978 ] }, { "date": "2024-08-02", "close": 18.821848, "volume": 533676, "typical_volume": 408522.35, "trend": 21.572167, "fair_value": 19.341179, "relative_strength": -21.502289, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -69.440567, "energy": 72.532641, "activity_lines": [ 19.052994, 19.52246, 20.267035, 20.808311 ] }, { "date": "2024-08-09", "close": 18.682976, "volume": 178274, "typical_volume": 409255.35, "trend": 21.425527, "fair_value": 19.336762, "relative_strength": -21.695449, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -68.002416, "energy": 70.081301, "activity_lines": [ 18.814442, 19.308109, 20.064197, 20.621912 ] }, { "date": "2024-08-16", "close": 18.108969, "volume": 247789, "typical_volume": 390885.7, "trend": 21.241362, "fair_value": 19.328577, "relative_strength": -26.539942, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -75.750237, "energy": 74.192111, "activity_lines": [ 18.531142, 19.036674, 19.823357, 20.40794 ] }, { "date": "2024-08-23", "close": 17.960839, "volume": 992294, "typical_volume": 422229.9, "trend": 21.057298, "fair_value": 19.319519, "relative_strength": -27.655177, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -72.727676, "energy": 58.818791, "activity_lines": [ 18.298453, 18.777746, 19.58529, 20.196294 ] }, { "date": "2024-08-30", "close": 19.331047, "volume": 634554, "typical_volume": 439460.1, "trend": 20.910594, "fair_value": 19.319595, "relative_strength": -21.901207, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -61.551281, "energy": 47.735366, "activity_lines": [ 18.600887, 18.802658, 19.494152, 20.084923 ] }, { "date": "2024-09-06", "close": 18.766299, "volume": 227044, "typical_volume": 446174.1, "trend": 20.756654, "fair_value": 19.315978, "relative_strength": -20.434321, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -59.009732, "energy": 44.130527, "activity_lines": [ 18.662608, 18.726994, 19.362268, 19.946581 ] }, { "date": "2024-09-13", "close": 19.701374, "volume": 179097, "typical_volume": 444106.75, "trend": 20.640937, "fair_value": 19.318481, "relative_strength": -19.196005, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -42.153897, "energy": 27.356215, "activity_lines": [ 19.039724, 18.857366, 19.334416, 19.878499 ] }, { "date": "2024-09-20", "close": 19.756923, "volume": 120613, "typical_volume": 440963.2, "trend": 20.522386, "fair_value": 19.32131, "relative_strength": -19.54731, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -33.33598, "energy": 22.764338, "activity_lines": [ 19.367463, 19.0193, 19.320411, 19.821465 ] }, { "date": "2024-09-27", "close": 19.895795, "volume": 194490, "typical_volume": 445534.4, "trend": 20.413906, "fair_value": 19.324992, "relative_strength": -18.898054, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -23.365085, "energy": 20.062533, "activity_lines": [ 19.631629, 19.203789, 19.328232, 19.78104 ] }, { "date": "2024-10-04", "close": 20.451285, "volume": 243140, "typical_volume": 446586.0, "trend": 20.348127, "fair_value": 19.343443, "relative_strength": -16.33388, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 3.729623, "energy": 18.446229, "activity_lines": [ 19.951961, 19.475475, 19.396885, 19.783452 ] }, { "date": "2024-10-11", "close": 20.469801, "volume": 242359, "typical_volume": 446278.1, "trend": 20.312694, "fair_value": 19.358504, "relative_strength": -16.7066, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 5.018397, "energy": 22.528343, "activity_lines": [ 20.203783, 19.71585, 19.473143, 19.791302 ] }, { "date": "2024-10-18", "close": 21.553007, "volume": 360061, "typical_volume": 449865.55, "trend": 20.291702, "fair_value": 19.371923, "relative_strength": -12.497595, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 41.883488, "energy": 54.311665, "activity_lines": [ 20.703107, 20.123209, 19.660362, 19.871322 ] }, { "date": "2024-10-25", "close": 20.469801, "volume": 110857, "typical_volume": 424385.75, "trend": 20.252238, "fair_value": 19.3769, "relative_strength": -15.398489, "stage": 1, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 23.079239, "energy": 46.761423, "activity_lines": [ 20.71792, 20.28144, 19.743133, 19.882812 ] }, { "date": "2024-11-01", "close": 21.043808, "volume": 184868, "typical_volume": 425965.15, "trend": 20.23997, "fair_value": 19.381206, "relative_strength": -11.19231, "stage": 4, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 30.182783, "energy": 53.237485, "activity_lines": [ 20.876543, 20.501111, 19.87966, 19.933881 ] }, { "date": "2024-11-08", "close": 21.451167, "volume": 172470, "typical_volume": 377470.4, "trend": 20.219362, "fair_value": 19.377642, "relative_strength": -12.983451, "stage": 1, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 45.264709, "energy": 58.788436, "activity_lines": [ 21.094419, 20.738793, 20.049393, 20.012023 ] }, { "date": "2024-11-15", "close": 18.944056, "volume": 305370, "typical_volume": 335008.0, "trend": 20.120449, "fair_value": 19.354918, "relative_strength": -20.851998, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": -5.953169, "energy": 9.667259, "activity_lines": [ 20.409932, 20.48209, 19.970808, 19.929745 ] }, { "date": "2024-11-22", "close": 18.664459, "volume": 230424, "typical_volume": 323403.7, "trend": 20.025986, "fair_value": 19.347036, "relative_strength": -22.624696, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -20.767135, "energy": 18.077608, "activity_lines": [ 19.733962, 20.171318, 19.874184, 19.83581 ] }, { "date": "2024-11-29", "close": 19.021824, "volume": 219466, "typical_volume": 304127.4, "trend": 19.94128, "fair_value": 19.354289, "relative_strength": -21.412629, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -19.059147, "energy": 26.530132, "activity_lines": [ 19.369684, 19.944375, 19.822153, 19.771026 ] }, { "date": "2024-12-06", "close": 18.479296, "volume": 5262872, "typical_volume": 546993.7, "trend": 19.83857, "fair_value": 19.347677, "relative_strength": -23.61758, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -55.954058, "energy": 46.653541, "activity_lines": [ 18.921095, 19.632156, 19.721248, 19.676704 ] }, { "date": "2024-12-13", "close": 18.803332, "volume": 324207, "typical_volume": 548196.25, "trend": 19.742743, "fair_value": 19.348897, "relative_strength": -21.147563, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -48.285345, "energy": 55.807649, "activity_lines": [ 18.751486, 19.404607, 19.654333, 19.609915 ] }, { "date": "2024-12-20", "close": 18.876533, "volume": 208283, "typical_volume": 531926.6, "trend": 19.635054, "fair_value": 19.346843, "relative_strength": -18.710888, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -47.916428, "energy": 50.86651, "activity_lines": [ 18.782799, 19.220331, 19.593156, 19.55403 ] }, { "date": "2024-12-27", "close": 18.837672, "volume": 282656, "typical_volume": 537145.7, "trend": 19.553531, "fair_value": 19.335462, "relative_strength": -18.732009, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -45.862632, "energy": 40.098218, "activity_lines": [ 18.80566, 19.057957, 19.528017, 19.502586 ] }, { "date": "2025-01-03", "close": 19.216563, "volume": 207006, "typical_volume": 535106.55, "trend": 19.518144, "fair_value": 19.328476, "relative_strength": -15.940051, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -41.119269, "energy": 26.45436, "activity_lines": [ 18.943271, 19.013842, 19.498227, 19.480846 ] }, { "date": "2025-01-10", "close": 18.167327, "volume": 125460, "typical_volume": 491764.85, "trend": 19.461388, "fair_value": 19.319022, "relative_strength": -18.23833, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.167776, "energy": 35.542435, "activity_lines": [ 18.718153, 18.801743, 19.363235, 19.393697 ] }, { "date": "2025-01-17", "close": 16.952933, "volume": 287077, "typical_volume": 474391.0, "trend": 19.37826, "fair_value": 19.310392, "relative_strength": -25.085955, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -76.383368, "energy": 58.455674, "activity_lines": [ 18.109036, 18.421145, 19.111603, 19.231861 ] }, { "date": "2025-01-24", "close": 16.370025, "volume": 246812, "typical_volume": 475379.4, "trend": 19.232342, "fair_value": 19.300786, "relative_strength": -28.09948, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -81.317873, "energy": 79.272462, "activity_lines": [ 17.428976, 18.01635, 18.81578, 19.037781 ] }, { "date": "2025-01-31", "close": 16.37974, "volume": 333892, "typical_volume": 483119.15, "trend": 19.082274, "fair_value": 19.288248, "relative_strength": -26.513859, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -76.227307, "energy": 84.000525, "activity_lines": [ 16.919254, 17.660121, 18.532293, 18.853742 ] }, { "date": "2025-02-07", "close": 15.7774, "volume": 271809, "typical_volume": 490678.95, "trend": 18.954561, "fair_value": 19.276622, "relative_strength": -28.311058, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -79.635055, "energy": 89.280914, "activity_lines": [ 16.372615, 17.235917, 18.207258, 18.640525 ] }, { "date": "2025-02-14", "close": 16.535182, "volume": 464505, "typical_volume": 504179.7, "trend": 18.867846, "fair_value": 19.270368, "relative_strength": -25.188115, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -67.334046, "energy": 86.41577, "activity_lines": [ 16.307848, 17.00848, 17.973343, 18.484436 ] }, { "date": "2025-02-21", "close": 16.554612, "volume": 230661, "typical_volume": 503555.75, "trend": 18.80153, "fair_value": 19.256003, "relative_strength": -23.110776, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -65.159278, "energy": 80.254964, "activity_lines": [ 16.358366, 16.819924, 17.757281, 18.335195 ] }, { "date": "2025-02-28", "close": 16.846067, "volume": 239165, "typical_volume": 503396.05, "trend": 18.73567, "fair_value": 19.258433, "relative_strength": -20.256483, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -62.059605, "energy": 57.626909, "activity_lines": [ 16.532591, 16.725246, 17.587533, 18.209036 ] }, { "date": "2025-03-07", "close": 17.36097, "volume": 256554, "typical_volume": 498220.7, "trend": 18.691604, "fair_value": 19.259297, "relative_strength": -14.555424, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -47.122031, "energy": 40.269467, "activity_lines": [ 16.846715, 16.761103, 17.484079, 18.120346 ] }, { "date": "2025-03-14", "close": 15.787116, "volume": 288749, "typical_volume": 507115.3, "trend": 18.614208, "fair_value": 19.250072, "relative_strength": -19.853974, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -64.59524, "energy": 46.874427, "activity_lines": [ 16.570804, 16.537655, 17.250696, 17.932959 ] }, { "date": "2025-03-21", "close": 16.163869, "volume": 158428, "typical_volume": 505793.3, "trend": 18.554309, "fair_value": 19.241391, "relative_strength": -17.706021, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -62.977338, "energy": 46.284041, "activity_lines": [ 16.419831, 16.445061, 17.075492, 17.774873 ] }, { "date": "2025-03-28", "close": 16.340879, "volume": 105098, "typical_volume": 502424.7, "trend": 18.454637, "fair_value": 19.223317, "relative_strength": -14.97154, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -57.752401, "energy": 43.908343, "activity_lines": [ 16.352615, 16.421077, 16.940385, 17.632071 ] }, { "date": "2025-04-04", "close": 15.553952, "volume": 227170, "typical_volume": 498514.7, "trend": 18.347559, "fair_value": 19.197578, "relative_strength": -10.446721, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -71.867436, "energy": 53.868054, "activity_lines": [ 16.037339, 16.265143, 16.754667, 17.44493 ] }, { "date": "2025-04-11", "close": 14.038389, "volume": 430492, "typical_volume": 508518.1, "trend": 18.158793, "fair_value": 19.164089, "relative_strength": -22.756808, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -85.297547, "energy": 68.746866, "activity_lines": [ 15.303016, 15.848491, 16.440752, 17.166919 ] }, { "date": "2025-04-18", "close": 14.592152, "volume": 128865, "typical_volume": 503988.05, "trend": 17.986634, "fair_value": 19.135741, "relative_strength": -17.767213, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -75.43679, "energy": 78.387813, "activity_lines": [ 14.974787, 15.575092, 16.201607, 16.936813 ] }, { "date": "2025-04-25", "close": 14.456043, "volume": 247901, "typical_volume": 253239.5, "trend": 17.805309, "fair_value": 19.110871, "relative_strength": -21.375249, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -72.900484, "energy": 82.70833, "activity_lines": [ 14.680852, 15.298497, 15.970592, 16.709033 ] }, { "date": "2025-05-02", "close": 14.650443, "volume": 166981, "typical_volume": 245378.2, "trend": 17.611947, "fair_value": 19.087435, "relative_strength": -21.825195, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -66.34748, "energy": 79.296998, "activity_lines": [ 14.565572, 15.095049, 15.777249, 16.505493 ] }, { "date": "2025-05-09", "close": 14.941898, "volume": 91472, "typical_volume": 239537.65, "trend": 17.427684, "fair_value": 19.065868, "relative_strength": -19.202345, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -63.252682, "energy": 60.731272, "activity_lines": [ 14.660139, 14.979214, 15.63144, 16.333232 ] }, { "date": "2025-05-16", "close": 14.533862, "volume": 238652, "typical_volume": 237337.45, "trend": 17.193712, "fair_value": 19.038362, "relative_strength": -24.605798, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -65.208935, "energy": 53.592794, "activity_lines": [ 14.659498, 14.823813, 15.465507, 16.146534 ] }, { "date": "2025-05-23", "close": 14.475571, "volume": 180564, "typical_volume": 236015.35, "trend": 16.993905, "fair_value": 19.004213, "relative_strength": -22.153669, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -64.290739, "energy": 50.512107, "activity_lines": [ 14.606395, 14.709215, 15.314516, 15.97117 ] }, { "date": "2025-05-30", "close": 14.193831, "volume": 150824, "typical_volume": 237283.55, "trend": 16.765572, "fair_value": 18.968914, "relative_strength": -24.238428, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -67.96837, "energy": 51.435841, "activity_lines": [ 14.467151, 14.567237, 15.15927, 15.79052 ] }, { "date": "2025-06-06", "close": 14.329843, "volume": 219477, "typical_volume": 233903.55, "trend": 16.528195, "fair_value": 18.933924, "relative_strength": -24.08949, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -62.930475, "energy": 50.710392, "activity_lines": [ 14.390725, 14.485809, 15.035898, 15.633376 ] }, { "date": "2025-06-13", "close": 14.233663, "volume": 390274, "typical_volume": 241076.65, "trend": 16.371182, "fair_value": 18.905617, "relative_strength": -23.712659, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -65.774416, "energy": 57.109732, "activity_lines": [ 14.303612, 14.423457, 14.915857, 15.485342 ] }, { "date": "2025-06-20", "close": 14.767025, "volume": 123175, "typical_volume": 230540.8, "trend": 16.241267, "fair_value": 18.885876, "relative_strength": -20.172829, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -60.787903, "energy": 46.403622, "activity_lines": [ 14.441503, 14.482085, 14.856786, 15.381848 ] }, { "date": "2025-06-27", "close": 15.000189, "volume": 297662, "typical_volume": 231833.45, "trend": 16.107213, "fair_value": 18.861921, "relative_strength": -20.939132, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -45.248354, "energy": 31.839561, "activity_lines": [ 14.64157, 14.569859, 14.8276, 15.301778 ] }, { "date": "2025-07-04", "close": 15.087625, "volume": 97633, "typical_volume": 213489.85, "trend": 15.994157, "fair_value": 18.840446, "relative_strength": -21.116806, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -37.95381, "energy": 21.11019, "activity_lines": [ 14.835808, 14.666111, 14.810443, 15.235999 ] }, { "date": "2025-07-11", "close": 15.10997, "volume": 89263, "typical_volume": 206419.95, "trend": 15.871045, "fair_value": 18.827021, "relative_strength": -20.219175, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -29.955108, "energy": 28.027898, "activity_lines": [ 14.977909, 14.754943, 14.802306, 15.178954 ] }, { "date": "2025-07-18", "close": 15.029334, "volume": 244870, "typical_volume": 206705.2, "trend": 15.742805, "fair_value": 18.813593, "relative_strength": -20.575194, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -15.416716, "energy": 23.330033, "activity_lines": [ 15.041122, 14.820759, 14.79337, 15.12465 ] }, { "date": "2025-07-25", "close": 14.895751, "volume": 54029, "typical_volume": 196578.95, "trend": 15.611407, "fair_value": 18.796503, "relative_strength": -21.904351, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -14.10193, "energy": 18.909014, "activity_lines": [ 15.006763, 14.860697, 14.780362, 15.070002 ] }, { "date": "2025-08-01", "close": 15.022533, "volume": 78491, "typical_volume": 186066.05, "trend": 15.471606, "fair_value": 18.775323, "relative_strength": -18.685636, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -13.665657, "energy": 14.502642, "activity_lines": [ 15.006082, 14.917106, 14.791168, 15.03201 ] }, { "date": "2025-08-08", "close": 15.087625, "volume": 711945, "typical_volume": 213741.9, "trend": 15.36895, "fair_value": 18.74842, "relative_strength": -19.701075, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -7.064427, "energy": 9.905119, "activity_lines": [ 15.02561, 14.975406, 14.811814, 15.007237 ] }, { "date": "2025-08-15", "close": 15.126486, "volume": 123621, "typical_volume": 214668.05, "trend": 15.308068, "fair_value": 18.723871, "relative_strength": -19.776992, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -1.885607, "energy": 10.026374, "activity_lines": [ 15.058091, 15.024521, 14.841286, 14.991594 ] }, { "date": "2025-08-22", "close": 15.427655, "volume": 591915, "typical_volume": 232905.3, "trend": 15.276656, "fair_value": 18.713372, "relative_strength": -17.962414, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 15.319093, "energy": 26.467169, "activity_lines": [ 15.189861, 15.113909, 14.905224, 14.999309 ] }, { "date": "2025-08-29", "close": 15.71911, "volume": 304271, "typical_volume": 226594.25, "trend": 15.254635, "fair_value": 18.706004, "relative_strength": -15.803744, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 44.536045, "energy": 58.952402, "activity_lines": [ 15.392227, 15.23458, 14.997521, 15.027855 ] }, { "date": "2025-09-05", "close": 15.504016, "volume": 470980, "typical_volume": 243700.0, "trend": 15.245522, "fair_value": 18.69983, "relative_strength": -16.61595, "stage": 4, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 36.048924, "energy": 51.401104, "activity_lines": [ 15.468005, 15.298832, 15.061329, 15.043944 ] }, { "date": "2025-09-12", "close": 17.07923, "volume": 638456, "typical_volume": 263227.75, "trend": 15.263657, "fair_value": 18.70076, "relative_strength": -8.985603, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 66.219477, "energy": 76.040374, "activity_lines": [ 16.036756, 15.640327, 15.270815, 15.162248 ] }, { "date": "2025-09-19", "close": 16.826636, "volume": 798200, "typical_volume": 294788.7, "trend": 15.272724, "fair_value": 18.708305, "relative_strength": -10.836597, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 56.282339, "energy": 77.43398, "activity_lines": [ 16.388535, 15.899684, 15.443754, 15.263085 ] }, { "date": "2025-09-26", "close": 16.7392, "volume": 295787, "typical_volume": 305004.45, "trend": 15.269162, "fair_value": 18.712577, "relative_strength": -10.44566, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "up", "direction": 73.846687, "energy": 85.726367, "activity_lines": [ 16.597825, 16.111932, 15.598002, 15.357696 ] }, { "date": "2025-10-03", "close": 17.166667, "volume": 860667, "typical_volume": 336105.2, "trend": 15.262685, "fair_value": 18.714862, "relative_strength": -8.520567, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 79.890818, "energy": 90.460891, "activity_lines": [ 16.862168, 16.370812, 15.784403, 15.480116 ] }, { "date": "2025-10-10", "close": 17.36097, "volume": 101701, "typical_volume": 332162.05, "trend": 15.315147, "fair_value": 18.71699, "relative_strength": -4.592106, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 78.30048, "energy": 88.890172, "activity_lines": [ 17.094775, 16.623731, 15.976772, 15.615489 ] }, { "date": "2025-10-17", "close": 17.467836, "volume": 147337, "typical_volume": 331987.7, "trend": 15.358613, "fair_value": 18.721346, "relative_strength": -4.924324, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 76.943503, "energy": 85.280949, "activity_lines": [ 17.239206, 16.853563, 16.165578, 15.754372 ] }, { "date": "2025-10-24", "close": 17.215242, "volume": 140636, "typical_volume": 328045.65, "trend": 15.387758, "fair_value": 18.719171, "relative_strength": -7.411348, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 66.658806, "energy": 69.931276, "activity_lines": [ 17.273533, 16.994193, 16.314737, 15.874155 ] }, { "date": "2025-10-31", "close": 17.069515, "volume": 149466, "typical_volume": 316005.25, "trend": 15.438277, "fair_value": 18.719757, "relative_strength": -8.052165, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 63.977194, "energy": 58.647869, "activity_lines": [ 17.233377, 17.070349, 16.436278, 15.982655 ] }, { "date": "2025-11-07", "close": 16.350594, "volume": 204027, "typical_volume": 320047.85, "trend": 15.515351, "fair_value": 18.716863, "relative_strength": -9.708215, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 48.474518, "energy": 40.187603, "activity_lines": [ 16.93156, 16.98594, 16.475846, 16.041514 ] }, { "date": "2025-11-14", "close": 16.175722, "volume": 223641, "typical_volume": 316346.8, "trend": 15.568136, "fair_value": 18.713124, "relative_strength": -10.247714, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 39.443745, "energy": 23.962996, "activity_lines": [ 16.625857, 16.858255, 16.491219, 16.084119 ] }, { "date": "2025-11-21", "close": 16.171836, "volume": 119298, "typical_volume": 317430.05, "trend": 15.625329, "fair_value": 18.712893, "relative_strength": -8.039293, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 30.719098, "energy": 26.102684, "activity_lines": [ 16.397875, 16.71765, 16.500623, 16.123067 ] }, { "date": "2025-11-28", "close": 15.641388, "volume": 145488, "typical_volume": 320241.3, "trend": 15.658361, "fair_value": 18.708395, "relative_strength": -13.662234, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 4.544562, "energy": 21.626961, "activity_lines": [ 16.079477, 16.497099, 16.454346, 16.124103 ] }, { "date": "2025-12-05", "close": 16.204867, "volume": 243376, "typical_volume": 320166.6, "trend": 15.70046, "fair_value": 18.706808, "relative_strength": -10.387926, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 7.636977, "energy": 22.264717, "activity_lines": [ 16.053829, 16.400548, 16.459204, 16.159362 ] }, { "date": "2025-12-12", "close": 16.350594, "volume": 355226, "typical_volume": 335226.45, "trend": 15.761017, "fair_value": 18.703642, "relative_strength": -8.559803, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 7.26151, "energy": 20.768272, "activity_lines": [ 16.1344, 16.340208, 16.472342, 16.201306 ] }, { "date": "2025-12-19", "close": 16.485829, "volume": 366300, "typical_volume": 349616.9, "trend": 15.828026, "fair_value": 18.700862, "relative_strength": -7.367332, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 10.173972, "energy": 15.255397, "activity_lines": [ 16.260049, 16.319294, 16.491431, 16.248068 ] }, { "date": "2025-12-26", "close": 16.6646, "volume": 442593, "typical_volume": 336149.3, "trend": 15.910385, "fair_value": 18.698728, "relative_strength": -7.142542, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.211007, "energy": 24.722204, "activity_lines": [ 16.424615, 16.346795, 16.520579, 16.302041 ] }, { "date": "2026-01-02", "close": 17.1797, "volume": 314159, "typical_volume": 345676.2, "trend": 16.00538, "fair_value": 18.703107, "relative_strength": -2.718033, "stage": 1, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 58.559624, "energy": 44.640702, "activity_lines": [ 16.728029, 16.482555, 16.591274, 16.383932 ] }, { "date": "2026-01-09", "close": 16.49, "volume": 255696, "typical_volume": 328865.25, "trend": 16.080592, "fair_value": 18.700415, "relative_strength": -7.546282, "stage": 1, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 38.951231, "energy": 31.098486, "activity_lines": [ 16.69899, 16.493562, 16.586507, 16.415198 ] }, { "date": "2026-01-16", "close": 16.25, "volume": 297392, "typical_volume": 328521.3, "trend": 16.130024, "fair_value": 18.695528, "relative_strength": -8.216758, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 26.482776, "energy": 19.420096, "activity_lines": [ 16.570942, 16.471469, 16.553823, 16.426127 ] }, { "date": "2026-01-23", "close": 15.8282, "volume": 183210, "typical_volume": 314132.8, "trend": 16.157624, "fair_value": 18.689907, "relative_strength": -9.994838, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -1.197809, "energy": 3.050609, "activity_lines": [ 16.309, 16.374513, 16.47844, 16.406655 ] }, { "date": "2026-01-30", "close": 15.2141, "volume": 176751, "typical_volume": 291047.55, "trend": 16.16184, "fair_value": 18.679646, "relative_strength": -13.467507, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -45.614132, "energy": 37.128592, "activity_lines": [ 15.8862, 16.172222, 16.343027, 16.345782 ] }, { "date": "2026-02-06", "close": 15.3, "volume": 139112, "typical_volume": 258093.15, "trend": 16.168175, "fair_value": 18.671905, "relative_strength": -12.516471, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -44.102486, "energy": 63.03134, "activity_lines": [ 15.588733, 16.002963, 16.224677, 16.29018 ] }, { "date": "2026-02-13", "close": 15.19, "volume": 247812, "typical_volume": 255694.4, "trend": 16.17353, "fair_value": 18.662897, "relative_strength": -11.669493, "stage": 1, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -45.12242, "energy": 69.251347, "activity_lines": [ 15.379913, 15.81991, 16.103121, 16.227072 ] }, { "date": "2026-02-20", "close": 15.245, "volume": 128862, "typical_volume": 219104.15, "trend": 16.185172, "fair_value": 18.65335, "relative_strength": -11.94755, "stage": 1, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -67.538044, "energy": 77.705789, "activity_lines": [ 15.276093, 15.66531, 15.99418, 16.167166 ] }, { "date": "2026-02-27", "close": 15.0851, "volume": 194086, "typical_volume": 223723.4, "trend": 16.187257, "fair_value": 18.637196, "relative_strength": -11.983034, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -70.570835, "energy": 78.250125, "activity_lines": [ 15.185973, 15.501738, 15.879161, 16.096194 ] }, { "date": "2026-03-06", "close": 15.052, "volume": 236210, "typical_volume": 228167.05, "trend": 16.18607, "fair_value": 18.62144, "relative_strength": -9.83552, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -69.651729, "energy": 73.254537, "activity_lines": [ 15.13436, 15.357616, 15.771827, 16.022952 ] }, { "date": "2026-03-13", "close": 14.8601, "volume": 176920, "typical_volume": 229981.25, "trend": 16.17719, "fair_value": 18.607737, "relative_strength": -9.211082, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -72.935858, "energy": 67.511417, "activity_lines": [ 15.029587, 15.207924, 15.657721, 15.937405 ] }, { "date": "2026-03-20", "close": 14.862, "volume": 104312, "typical_volume": 227723.55, "trend": 16.158335, "fair_value": 18.591748, "relative_strength": -7.096962, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -69.670367, "energy": 63.619929, "activity_lines": [ 14.954773, 15.100751, 15.55501, 15.852554 ] }, { "date": "2026-03-27", "close": 15.005, "volume": 222453, "typical_volume": 228644.85, "trend": 16.134531, "fair_value": 18.576112, "relative_strength": -3.60406, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -62.74864, "energy": 50.640413, "activity_lines": [ 14.949493, 15.049178, 15.476431, 15.778145 ] }, { "date": "2026-04-03", "close": 14.9, "volume": 117663, "typical_volume": 223345.95, "trend": 16.114398, "fair_value": 18.559804, "relative_strength": -6.837401, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -64.735147, "energy": 53.426744, "activity_lines": [ 14.925213, 15.001151, 15.39426, 15.698498 ] }, { "date": "2026-04-10", "close": 14.861, "volume": 98914, "typical_volume": 222326.75, "trend": 16.040457, "fair_value": 18.54029, "relative_strength": -9.977538, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -65.837436, "energy": 59.517096, "activity_lines": [ 14.900273, 14.962909, 15.314449, 15.617634 ] }, { "date": "2026-04-17", "close": 15.0, "volume": 184302, "typical_volume": 224267.45, "trend": 15.979569, "fair_value": 18.520261, "relative_strength": -12.582618, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.445198, "energy": 57.070125, "activity_lines": [ 14.9344, 14.95636, 15.254118, 15.550508 ] }, { "date": "2026-04-24", "close": 14.9, "volume": 96954, "typical_volume": 216946.35, "trend": 15.918262, "fair_value": 18.499262, "relative_strength": -13.235065, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -63.28742, "energy": 62.437537, "activity_lines": [ 14.925867, 14.937084, 15.187317, 15.480858 ] }, { "date": "2026-05-01", "close": 14.9651, "volume": 391103, "typical_volume": 218740.2, "trend": 15.844876, "fair_value": 18.481448, "relative_strength": -13.294442, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -50.531157, "energy": 50.871249, "activity_lines": [ 14.9365, 14.934916, 15.132931, 15.419364 ] }, { "date": "2026-05-08", "close": 14.95, "volume": 112251, "typical_volume": 206037.75, "trend": 15.764511, "fair_value": 18.462786, "relative_strength": -14.929846, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -48.474599, "energy": 41.539915, "activity_lines": [ 14.94476, 14.935093, 15.083703, 15.36163 ] }, { "date": "2026-05-15", "close": 15.2938, "volume": 220328, "typical_volume": 194924.5, "trend": 15.692043, "fair_value": 18.445508, "relative_strength": -12.871206, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -41.058362, "energy": 29.583882, "activity_lines": [ 15.064287, 15.000235, 15.074532, 15.331261 ] }, { "date": "2026-05-22", "close": 15.774, "volume": 45251, "typical_volume": 181479.1, "trend": 15.644001, "fair_value": 18.431003, "relative_strength": -10.616468, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": 10.471907, "energy": 18.405969, "activity_lines": [ 15.315027, 15.148289, 15.117622, 15.336549 ] }, { "date": "2026-05-29", "close": 16.07, "volume": 73572, "typical_volume": 172372.9, "trend": 15.610684, "fair_value": 18.419099, "relative_strength": -10.016261, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "mixed", "direction": 42.432101, "energy": 43.875711, "activity_lines": [ 15.612833, 15.333545, 15.195597, 15.364033 ] }, { "date": "2026-06-05", "close": 16.64, "volume": 431157, "typical_volume": 179061.15, "trend": 15.620331, "fair_value": 18.408597, "relative_strength": -4.306005, "stage": 1, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 54.247986, "energy": 73.063367, "activity_lines": [ 16.02264, 15.600475, 15.329857, 15.43044 ] }, { "date": "2026-06-12", "close": 16.423, "volume": 347493, "typical_volume": 187275.3, "trend": 15.628574, "fair_value": 18.394218, "relative_strength": -5.937217, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 40.909096, "energy": 76.580964, "activity_lines": [ 16.248453, 15.798222, 15.441593, 15.482225 ] }, { "date": "2026-06-19", "close": 16.8418, "volume": 94461, "typical_volume": 183160.8, "trend": 15.650906, "fair_value": 18.38168, "relative_strength": -4.226214, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 58.440845, "energy": 84.729676, "activity_lines": [ 16.515667, 16.044424, 15.590382, 15.560498 ] }, { "date": "2026-06-26", "close": 16.985, "volume": 411403, "typical_volume": 196775.35, "trend": 15.695693, "fair_value": 18.370361, "relative_strength": -0.94972, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 57.604661, "energy": 84.635637, "activity_lines": [ 16.727413, 16.280647, 15.745059, 15.646568 ] }, { "date": "2026-07-03", "close": 17.08, "volume": 52867, "typical_volume": 187028.1, "trend": 15.724864, "fair_value": 18.360078, "relative_strength": -2.390843, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "up", "direction": 81.061684, "energy": 92.352763, "activity_lines": [ 16.890093, 16.498053, 15.90076, 15.735879 ] }, { "date": "2026-07-10", "close": 17.41, "volume": 83168, "typical_volume": 184743.4, "trend": 15.760178, "fair_value": 18.347796, "relative_strength": -1.729743, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 86.706177, "energy": 94.270246, "activity_lines": [ 17.09544, 16.735822, 16.078889, 15.844597 ] }, { "date": "2026-07-17", "close": 17.16, "volume": 118496, "typical_volume": 180963.9, "trend": 15.78265, "fair_value": 18.331783, "relative_strength": -1.53055, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 68.091207, "energy": 85.925815, "activity_lines": [ 17.16612, 16.883684, 16.222899, 15.934908 ] }, { "date": "2026-07-24", "close": 16.67, "volume": 46826, "typical_volume": 171494.7, "trend": 15.78283, "fair_value": 18.305348, "relative_strength": -3.692641, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 65.123544, "energy": 63.742491, "activity_lines": [ 17.024333, 16.902273, 16.310361, 15.992157 ] }, { "date": "2026-07-31", "close": 16.943, "volume": 64201, "typical_volume": 165858.75, "trend": 15.77494, "fair_value": 18.281112, "relative_strength": -3.037537, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 61.95461, "energy": 56.364885, "activity_lines": [ 16.985, 16.945476, 16.41612, 16.067006 ] }, { "date": "2026-08-07", "close": 17.18, "volume": 49553, "typical_volume": 163120.8, "trend": 15.79794, "fair_value": 18.258892, "relative_strength": -4.881593, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.249745, "energy": 52.966138, "activity_lines": [ 17.027467, 17.010516, 16.53453, 16.157655 ] } ], "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." } } }