{
  "ticker": {
    "uuid": "4b28ae00-744b-450f-9983-5b7e30796462",
    "symbol": "BUYO",
    "name": "KRANESHARES MAN BUYOUT BETA INDEX 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": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 84.152,
    "architecture_energy": 64.279,
    "architecture_maturity": 74.421,
    "architecture_confidence": 74.675,
    "architecture_tenure": "Established",
    "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": 14.03,
        "rotation_up": 53.57,
        "upward_expansion": 81.75,
        "deceleration": 70.37,
        "rotation_down": 28.16,
        "downward_expansion": 10.75
      },
      "activity_lines": [
        33.126187,
        32.96628,
        32.220122,
        31.371815
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 34.1806,
    "trend_reference": 30.43845,
    "distance_from_trend": 0.122942,
    "trend_direction": "Improving",
    "fair_value": 27.026459,
    "distance_from_fair_value": 0.264709,
    "fair_value_direction": "Improving",
    "relative_strength": 5.284069,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.167239,
    "excess_performance": 0.041614,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.122942,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.059125,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.264709,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.06962,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.052841,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.024446,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.167239,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 4.256381,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 642,
      "relative_activity": 0.196724,
      "balance": 4.256381,
      "dry_up": 0.492424,
      "accumulation_observations": 4,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.026051,
      "annualized_volatility": 0.173387,
      "from_high_reference": 0.0,
      "from_low_reference": 0.365733
    },
    "levels": {
      "trend_reference": 30.43845,
      "fair_value_reference": 27.026459,
      "structural_low": 26.5901,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 3,
        "median_return": 0.031267,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.018452,
        "regime_survival": 1.0,
        "best_return": 0.045146,
        "worst_return": -0.016708,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 1,
        "median_return": 0.061973,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.022724,
        "regime_survival": 1.0,
        "best_return": 0.061973,
        "worst_return": 0.061973,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 0,
        "median_return": null,
        "positive_rate": null,
        "directional_follow_through": null,
        "median_excess_return": null,
        "regime_survival": null,
        "best_return": null,
        "worst_return": null,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 0,
        "median_return": null,
        "positive_rate": null,
        "directional_follow_through": null,
        "median_excess_return": null,
        "regime_survival": null,
        "best_return": null,
        "worst_return": null,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-04-17",
        "end": "2026-04-24",
        "tenure": "New",
        "return": -0.000304,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-05-01",
        "end": "2026-08-07",
        "tenure": "Established",
        "return": 0.116283,
        "active": true
      }
    ],
    "chart_path": [
      {
        "date": "2024-10-11",
        "close": 25.477618,
        "volume": 396183,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-10-18",
        "close": 25.837727,
        "volume": 4637,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-10-25",
        "close": 25.007666,
        "volume": 614,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-11-01",
        "close": 25.130401,
        "volume": 2327,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-11-08",
        "close": 26.593627,
        "volume": 5380,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-11-15",
        "close": 25.745276,
        "volume": 5201,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-11-22",
        "close": 26.874379,
        "volume": 2694,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-11-29",
        "close": 27.088665,
        "volume": 2837,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-12-06",
        "close": 27.065178,
        "volume": 1013,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-12-13",
        "close": 26.326269,
        "volume": 505,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-12-20",
        "close": 25.32096,
        "volume": 743,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-12-27",
        "close": 25.247969,
        "volume": 1495,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-01-03",
        "close": 25.339258,
        "volume": 200922,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-01-10",
        "close": 24.788324,
        "volume": 423,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-01-17",
        "close": 25.812901,
        "volume": 730,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-01-24",
        "close": 26.23485,
        "volume": 776,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-01-31",
        "close": 26.116364,
        "volume": 1436,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-02-07",
        "close": 26.095567,
        "volume": 877,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-02-14",
        "close": 25.999278,
        "volume": 500,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-02-21",
        "close": 25.007298,
        "volume": 763,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-02-28",
        "close": 24.674138,
        "volume": 1571,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-03-07",
        "close": 23.608965,
        "volume": 2847,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-03-14",
        "close": 23.041434,
        "volume": 329,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-03-21",
        "close": 23.170018,
        "volume": 39,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-03-28",
        "close": 22.753868,
        "volume": 23,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-04-04",
        "close": 20.377953,
        "volume": 1053,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-04-11",
        "close": 20.944085,
        "volume": 804,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-04-18",
        "close": 21.019876,
        "volume": 104,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-04-25",
        "close": 22.15474,
        "volume": 1213,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-05-02",
        "close": 22.891052,
        "volume": 448,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-05-09",
        "close": 23.335398,
        "volume": 366,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-05-16",
        "close": 24.454664,
        "volume": 399,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-05-23",
        "close": 23.538474,
        "volume": 12,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-05-30",
        "close": 23.90043,
        "volume": 89,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-06-06",
        "close": 24.441965,
        "volume": 41,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-06-13",
        "close": 23.801142,
        "volume": 2619,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-06-20",
        "close": 23.981021,
        "volume": 8,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-06-27",
        "close": 24.937106,
        "volume": 448,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-07-04",
        "close": 25.731811,
        "volume": 828,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-07-11",
        "close": 25.361455,
        "volume": 23,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-07-18",
        "close": 25.371154,
        "volume": 25,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-07-25",
        "close": 25.695215,
        "volume": 1116,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-08-01",
        "close": 24.665339,
        "volume": 16,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-08-08",
        "close": 25.178077,
        "volume": 422,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-08-15",
        "close": 25.810901,
        "volume": 599,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-08-22",
        "close": 26.524615,
        "volume": 4181,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-08-29",
        "close": 26.509517,
        "volume": 569,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-09-05",
        "close": 26.769286,
        "volume": 14,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-09-12",
        "close": 26.840177,
        "volume": 608,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-09-19",
        "close": 27.002558,
        "volume": 79,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-09-26",
        "close": 26.82268,
        "volume": 1635,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-10-03",
        "close": 26.807881,
        "volume": 741,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-10-10",
        "close": 25.622724,
        "volume": 40,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-10-17",
        "close": 26.268446,
        "volume": 47,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-10-24",
        "close": 27.180837,
        "volume": 177,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-10-31",
        "close": 26.825379,
        "volume": 135,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-11-07",
        "close": 26.880073,
        "volume": 220,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-11-14",
        "close": 26.668898,
        "volume": 1464,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-11-21",
        "close": 26.32244,
        "volume": 385,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-11-28",
        "close": 27.442705,
        "volume": 10069,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-12-05",
        "close": 27.597587,
        "volume": 1053,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-12-12",
        "close": 28.053932,
        "volume": 29348,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-12-19",
        "close": 28.06733,
        "volume": 3600,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2025-12-26",
        "close": 28.3148,
        "volume": 977,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-01-02",
        "close": 27.9553,
        "volume": 8147,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-01-09",
        "close": 28.9595,
        "volume": 5578,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-01-16",
        "close": 29.2898,
        "volume": 11133,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-01-23",
        "close": 29.2868,
        "volume": 4096,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-01-30",
        "close": 28.6955,
        "volume": 721,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-02-06",
        "close": 29.2833,
        "volume": 12618,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-02-13",
        "close": 29.1521,
        "volume": 1695,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-02-20",
        "close": 29.5467,
        "volume": 262,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-02-27",
        "close": 29.4247,
        "volume": 4717,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-03-06",
        "close": 27.9396,
        "volume": 3177,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-03-13",
        "close": 27.2951,
        "volume": 4744,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-03-20",
        "close": 26.9461,
        "volume": 20506,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-03-27",
        "close": 27.0376,
        "volume": 3684,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-04-03",
        "close": 28.0474,
        "volume": 7481,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-04-10",
        "close": 28.758,
        "volume": 4657,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2026-04-17",
        "close": 30.2901,
        "volume": 370,
        "typical_volume": 6428.2,
        "trend": 27.892777,
        "fair_value": 26.029742,
        "relative_strength": 3.527411,
        "stage": 2,
        "regime": "balance",
        "modifier": "Neutral compression",
        "gate": "up",
        "direction": 57.775772,
        "energy": 33.811174,
        "activity_lines": [
          28.7764,
          28.396282,
          28.529929,
          28.307043
        ]
      },
      {
        "date": "2026-04-24",
        "close": 30.2809,
        "volume": 1507,
        "typical_volume": 6450.9,
        "trend": 28.008051,
        "fair_value": 26.082225,
        "relative_strength": 2.862629,
        "stage": 2,
        "regime": "balance",
        "modifier": "Neutral compression",
        "gate": "up",
        "direction": 71.500561,
        "energy": 53.106841,
        "activity_lines": [
          29.464753,
          28.730311,
          28.699819,
          28.461116
        ]
      },
      {
        "date": "2026-05-01",
        "close": 30.62,
        "volume": 1446,
        "typical_volume": 5055.8,
        "trend": 28.135122,
        "fair_value": 26.137564,
        "relative_strength": 2.967447,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 73.6311,
        "energy": 74.859056,
        "activity_lines": [
          30.04382,
          29.105471,
          28.889225,
          28.629629
        ]
      },
      {
        "date": "2026-05-08",
        "close": 31.3112,
        "volume": 814,
        "typical_volume": 4916.5,
        "trend": 28.324738,
        "fair_value": 26.199897,
        "relative_strength": 2.839452,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 80.911522,
        "energy": 86.381464,
        "activity_lines": [
          30.61446,
          29.586789,
          29.132241,
          28.834537
        ]
      },
      {
        "date": "2026-05-15",
        "close": 30.1429,
        "volume": 1074,
        "typical_volume": 4921.35,
        "trend": 28.453886,
        "fair_value": 26.246837,
        "relative_strength": -1.166289,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 65.172456,
        "energy": 77.367047,
        "activity_lines": [
          30.57808,
          29.821389,
          29.248544,
          28.951838
        ]
      },
      {
        "date": "2026-05-22",
        "close": 30.9896,
        "volume": 877,
        "typical_volume": 4557.85,
        "trend": 28.580845,
        "fair_value": 26.302634,
        "relative_strength": 0.707155,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 70.021675,
        "energy": 72.572142,
        "activity_lines": [
          30.731607,
          30.169875,
          29.436779,
          29.115432
        ]
      },
      {
        "date": "2026-05-29",
        "close": 31.5774,
        "volume": 14265,
        "typical_volume": 4992.2,
        "trend": 28.739245,
        "fair_value": 26.363969,
        "relative_strength": 1.112657,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 76.218663,
        "energy": 69.299384,
        "activity_lines": [
          31.034433,
          30.55806,
          29.666546,
          29.308758
        ]
      },
      {
        "date": "2026-06-05",
        "close": 31.2192,
        "volume": 2736,
        "typical_volume": 4572.35,
        "trend": 28.883883,
        "fair_value": 26.419776,
        "relative_strength": 2.480553,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 66.192421,
        "energy": 55.026416,
        "activity_lines": [
          31.131427,
          30.796913,
          29.849733,
          29.468755
        ]
      },
      {
        "date": "2026-06-12",
        "close": 32.3653,
        "volume": 4862,
        "typical_volume": 4610.65,
        "trend": 29.073763,
        "fair_value": 26.487339,
        "relative_strength": 5.478699,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 82.164486,
        "energy": 75.741707,
        "activity_lines": [
          31.570507,
          31.168118,
          30.132884,
          29.693363
        ]
      },
      {
        "date": "2026-06-19",
        "close": 32.4826,
        "volume": 3734,
        "typical_volume": 4761.3,
        "trend": 29.279102,
        "fair_value": 26.554701,
        "relative_strength": 4.755055,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 78.009695,
        "energy": 84.201654,
        "activity_lines": [
          31.978413,
          31.482144,
          30.412548,
          29.913288
        ]
      },
      {
        "date": "2026-06-26",
        "close": 33.003,
        "volume": 750,
        "typical_volume": 4167.9,
        "trend": 29.464445,
        "fair_value": 26.626349,
        "relative_strength": 8.809676,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 82.130779,
        "energy": 89.416385,
        "activity_lines": [
          32.403807,
          31.823067,
          30.723739,
          30.153539
        ]
      },
      {
        "date": "2026-07-03",
        "close": 33.1491,
        "volume": 1588,
        "typical_volume": 4162.55,
        "trend": 29.649495,
        "fair_value": 26.698028,
        "relative_strength": 6.830834,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 78.962926,
        "energy": 90.053346,
        "activity_lines": [
          32.743673,
          32.141229,
          31.031132,
          30.391259
        ]
      },
      {
        "date": "2026-07-10",
        "close": 33.1748,
        "volume": 8996,
        "typical_volume": 4599.25,
        "trend": 29.820191,
        "fair_value": 26.768427,
        "relative_strength": 5.33604,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 73.692647,
        "energy": 87.380877,
        "activity_lines": [
          32.987327,
          32.411915,
          31.321939,
          30.618698
        ]
      },
      {
        "date": "2026-07-17",
        "close": 32.6949,
        "volume": 4075,
        "typical_volume": 4567.15,
        "trend": 29.974443,
        "fair_value": 26.832153,
        "relative_strength": 5.289683,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 67.272515,
        "energy": 82.31034,
        "activity_lines": [
          32.94064,
          32.548895,
          31.549765,
          30.804163
        ]
      },
      {
        "date": "2026-07-24",
        "close": 32.4516,
        "volume": 735,
        "typical_volume": 4445.05,
        "trend": 30.112337,
        "fair_value": 26.891934,
        "relative_strength": 4.971086,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.500249,
        "energy": 61.878618,
        "activity_lines": [
          32.79088,
          32.61648,
          31.738847,
          30.96398
        ]
      },
      {
        "date": "2026-07-31",
        "close": 32.5176,
        "volume": 976,
        "typical_volume": 4256.65,
        "trend": 30.264413,
        "fair_value": 26.951152,
        "relative_strength": 3.880862,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 61.009625,
        "energy": 54.247751,
        "activity_lines": [
          32.665187,
          32.654089,
          31.912729,
          31.119158
        ]
      },
      {
        "date": "2026-08-07",
        "close": 34.1806,
        "volume": 642,
        "typical_volume": 3263.45,
        "trend": 30.43845,
        "fair_value": 27.026459,
        "relative_strength": 5.284069,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 84.15158,
        "energy": 64.278712,
        "activity_lines": [
          33.126187,
          32.96628,
          32.220122,
          31.371815
        ]
      }
    ],
    "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."
    }
  }
}