{ "ticker": { "uuid": "5d0802eb-a8d9-46ce-8311-494096ee0458", "symbol": "XDER", "name": "Xtrackers FTSE Developed Europe Real Estate UCITS ETF 1C", "exchange": "LSE", "country": "GB", "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": "^FTSE", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 50.739, "architecture_regime": "rotation_up", "architecture_regime_label": "Rotation Up", "architecture_modifier": "Value reclamation", "architecture_gate": "mixed", "architecture_direction": 33.286, "architecture_energy": 40.553, "architecture_maturity": 5.69, "architecture_confidence": 48.121, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The Activity Line structure is rotating upward.", "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair." }, "scores": { "balance": 42.47, "rotation_up": 58.17, "upward_expansion": 54.44, "deceleration": 27.35, "rotation_down": 19.92, "downward_expansion": 15.1 }, "activity_lines": [ 2162.633333, 2145.854545, 2123.860476, 2123.031074 ], "activity_state": "Moderate", "activity_direction": "Expanding", "rotation_direction": "Improving", "price_acceptance": 0.666667 }, "latest_close": 2177.25, "trend_reference": 2132.214998, "distance_from_trend": 0.021121, "trend_direction": "Improving", "fair_value": 1999.404233, "distance_from_fair_value": 0.088949, "fair_value_direction": "Improving", "relative_strength": -5.188269, "relative_strength_direction": "Improving", "price_momentum": -0.004686, "excess_performance": -0.055921, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.021121, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.005861, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.088949, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.026715, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.051883, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.017978, "read": "Improving" }, { "label": "Price momentum", "positive": false, "value": -0.004686, "read": "Negative" }, { "label": "Volume balance", "positive": false, "value": 0.963357, "read": "Supply-led" } ], "volume": { "latest": 10016, "relative_activity": 2.333753, "balance": 0.963357, "dry_up": 1.130819, "accumulation_observations": 3, "distribution_observations": 3 }, "risk": { "range_context": 0.030101, "annualized_volatility": 0.224738, "from_high_reference": -0.120129, "from_low_reference": 0.127525 }, "levels": { "trend_reference": 2132.214998, "fair_value_reference": 1999.404233, "structural_low": 1931.0, "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration." }, "outcomes": [ { "horizon": "Near term", "sample_count": 4, "median_return": -0.013224, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": -0.037079, "regime_survival": 0.5, "best_return": 0.086804, "worst_return": -0.14142, "sufficient": false }, { "horizon": "Intermediate", "sample_count": 2, "median_return": -0.026612, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": -0.065012, "regime_survival": 0.0, "best_return": 0.039808, "worst_return": -0.093031, "sufficient": false }, { "horizon": "Extended", "sample_count": 2, "median_return": -0.041671, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": -0.103022, "regime_survival": 0.0, "best_return": 0.038088, "worst_return": -0.121431, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 2, "median_return": -0.002079, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": -0.091793, "regime_survival": 0.0, "best_return": 0.024696, "worst_return": -0.028854, "sufficient": false } ], "ledger": [ { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2024-06-28", "end": "2024-07-12", "tenure": "New", "return": 0.052333, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2024-07-19", "end": "2024-10-18", "tenure": "Established", "return": 0.049525, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2024-10-25", "end": "2024-11-15", "tenure": "New", "return": -0.04418, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2024-11-22", "end": "2024-12-20", "tenure": "Developing", "return": -0.044447, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-12-27", "end": "2025-04-18", "tenure": "Established", "return": 0.056274, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-04-25", "end": "2025-05-02", "tenure": "New", "return": 0.030114, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-05-09", "end": "2025-05-16", "tenure": "New", "return": -0.00086, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-05-23", "end": "2025-08-01", "tenure": "Developing", "return": 0.020707, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-08-08", "end": "2025-10-24", "tenure": "Developing", "return": 0.169566, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-10-31", "end": "2025-11-21", "tenure": "New", "return": -0.016955, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-11-28", "end": "2026-01-30", "tenure": "Developing", "return": 0.021397, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-02-06", "end": "2026-04-17", "tenure": "Developing", "return": 0.008343, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-04-24", "end": "2026-07-24", "tenure": "Established", "return": 0.015191, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2026-07-31", "end": "2026-08-07", "tenure": "New", "return": -0.000344, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 1631.300049, "volume": 5654, "typical_volume": 13275.15, "trend": 1751.928329, "fair_value": 2228.003204, "relative_strength": -5.143844, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -29.600101, "energy": 15.286458, "activity_lines": [ 1696.313355, 1686.754565, 1684.305248, 1702.757422 ] }, { "date": "2023-08-25", "close": 1664.599976, "volume": 7593, "typical_volume": 12732.85, "trend": 1741.45166, "fair_value": 2224.393268, "relative_strength": -3.877117, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -34.011776, "energy": 18.401942, "activity_lines": [ 1679.306673, 1685.829104, 1681.208103, 1697.123335 ] }, { "date": "2023-09-01", "close": 1705.5, "volume": 497, "typical_volume": 10833.05, "trend": 1729.459994, "fair_value": 2221.380448, "relative_strength": -2.821648, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -25.476861, "energy": 16.676351, "activity_lines": [ 1682.613338, 1692.365465, 1682.256198, 1694.803873 ] }, { "date": "2023-09-08", "close": 1700.599976, "volume": 3956, "typical_volume": 10964.15, "trend": 1720.109994, "fair_value": 2217.534935, "relative_strength": -2.939584, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -26.480564, "energy": 17.464249, "activity_lines": [ 1686.493327, 1695.376367, 1683.233815, 1692.941936 ] }, { "date": "2023-09-15", "close": 1736.5, "volume": 2187, "typical_volume": 10203.7, "trend": 1712.303329, "fair_value": 2214.009294, "relative_strength": -3.556885, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -2.122815, "energy": 4.730558, "activity_lines": [ 1704.12666, 1703.149092, 1687.968576, 1693.999356 ] }, { "date": "2023-09-22", "close": 1729.0, "volume": 3337, "typical_volume": 9412.5, "trend": 1706.649996, "fair_value": 2211.187178, "relative_strength": -3.453124, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 14.990424, "energy": 21.962693, "activity_lines": [ 1717.893327, 1707.165454, 1692.266671, 1695.07656 ] }, { "date": "2023-09-29", "close": 1688.599976, "volume": 5658, "typical_volume": 9381.35, "trend": 1699.766663, "fair_value": 2207.742306, "relative_strength": -4.56855, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 7.222287, "energy": 14.291893, "activity_lines": [ 1711.679989, 1703.01454, 1692.841431, 1693.912043 ] }, { "date": "2023-10-06", "close": 1651.599976, "volume": 804, "typical_volume": 8602.4, "trend": 1695.656661, "fair_value": 2203.797435, "relative_strength": -5.145455, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -36.377894, "energy": 14.095436, "activity_lines": [ 1691.533317, 1693.521809, 1689.878095, 1690.804515 ] }, { "date": "2023-10-13", "close": 1652.5, "volume": 25197, "typical_volume": 9464.05, "trend": 1693.269995, "fair_value": 2200.18205, "relative_strength": -6.272374, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -49.648423, "energy": 25.469164, "activity_lines": [ 1675.279989, 1685.774536, 1687.150952, 1688.020214 ] }, { "date": "2023-10-20", "close": 1593.800049, "volume": 2050, "typical_volume": 9384.65, "trend": 1692.059998, "fair_value": 2196.209614, "relative_strength": -7.043962, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -69.782067, "energy": 55.494073, "activity_lines": [ 1642.666675, 1668.716364, 1678.807146, 1681.602798 ] }, { "date": "2023-10-27", "close": 1587.400024, "volume": 5086, "typical_volume": 8877.65, "trend": 1688.416667, "fair_value": 2192.906089, "relative_strength": -5.812678, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -70.886596, "energy": 69.503046, "activity_lines": [ 1617.43335, 1652.716369, 1670.342386, 1674.850542 ] }, { "date": "2023-11-03", "close": 1779.599976, "volume": 30407, "typical_volume": 10146.2, "trend": 1690.5, "fair_value": 2190.028525, "relative_strength": 3.799819, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -14.326886, "energy": 20.130409, "activity_lines": [ 1665.706673, 1672.460001, 1680.747145, 1680.733336 ] }, { "date": "2023-11-10", "close": 1747.400024, "volume": 3130, "typical_volume": 9976.4, "trend": 1689.123336, "fair_value": 2186.143268, "relative_strength": 2.921812, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 14.773362, "energy": 8.570365, "activity_lines": [ 1697.180013, 1684.258188, 1687.54429, 1684.404305 ] }, { "date": "2023-11-17", "close": 1850.099976, "volume": 172948, "typical_volume": 18296.25, "trend": 1691.740003, "fair_value": 2182.885896, "relative_strength": 6.909004, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 74.662642, "energy": 57.410855, "activity_lines": [ 1756.5, 1713.967274, 1703.232859, 1694.789895 ] }, { "date": "2023-11-24", "close": 1828.900024, "volume": 117268, "typical_volume": 22018.9, "trend": 1692.876668, "fair_value": 2179.422114, "relative_strength": 5.920218, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 70.801415, "energy": 70.33518, "activity_lines": [ 1795.580005, 1737.103642, 1715.728098, 1703.638929 ] }, { "date": "2023-12-01", "close": 1871.900024, "volume": 7102, "typical_volume": 20108.25, "trend": 1696.770003, "fair_value": 2176.067307, "relative_strength": 7.727619, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 76.741231, "energy": 83.772972, "activity_lines": [ 1833.320011, 1766.378191, 1731.25191, 1715.188823 ] }, { "date": "2023-12-08", "close": 1901.400024, "volume": 19917, "typical_volume": 20947.25, "trend": 1703.963338, "fair_value": 2172.807051, "relative_strength": 8.966199, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 79.37841, "energy": 85.653562, "activity_lines": [ 1861.926684, 1798.418195, 1748.68953, 1728.390759 ] }, { "date": "2023-12-15", "close": 2002.75, "volume": 56945, "typical_volume": 23662.85, "trend": 1714.615007, "fair_value": 2170.16923, "relative_strength": 14.209246, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 88.505686, "energy": 90.885213, "activity_lines": [ 1916.196679, 1845.016375, 1775.129054, 1747.667318 ] }, { "date": "2023-12-22", "close": 2035.0, "volume": 56469, "typical_volume": 26354.9, "trend": 1727.54834, "fair_value": 2167.638781, "relative_strength": 13.97634, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 85.991802, "energy": 92.487658, "activity_lines": [ 1964.193343, 1891.093646, 1803.382149, 1768.337318 ] }, { "date": "2023-12-29", "close": 2051.75, "volume": 121401, "typical_volume": 32380.3, "trend": 1739.393339, "fair_value": 2165.125961, "relative_strength": 14.171249, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 81.516783, "energy": 91.380005, "activity_lines": [ 2005.446671, 1933.261825, 1831.76572, 1789.253554 ] }, { "date": "2024-01-05", "close": 1974.599976, "volume": 26579, "typical_volume": 33426.55, "trend": 1748.346672, "fair_value": 2162.282051, "relative_strength": 10.381074, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.492993, "energy": 83.640719, "activity_lines": [ 2006.12666, 1953.076365, 1851.20286, 1804.428176 ] }, { "date": "2024-01-12", "close": 1974.099976, "volume": 4686, "typical_volume": 33281.2, "trend": 1758.616671, "fair_value": 2159.656089, "relative_strength": 11.230609, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 65.272019, "energy": 67.832875, "activity_lines": [ 1999.793319, 1965.759997, 1868.95762, 1818.992905 ] }, { "date": "2024-01-19", "close": 1883.0, "volume": 13501, "typical_volume": 33931.4, "trend": 1769.363338, "fair_value": 2156.648076, "relative_strength": 8.390894, "stage": 1, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 51.095199, "energy": 46.388185, "activity_lines": [ 1958.246655, 1958.343632, 1876.562381, 1827.017636 ] }, { "date": "2024-01-26", "close": 1921.800049, "volume": 10455, "typical_volume": 34256.35, "trend": 1779.97334, "fair_value": 2153.91923, "relative_strength": 8.142868, "stage": 1, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 44.001048, "energy": 32.501191, "activity_lines": [ 1937.616675, 1955.516369, 1887.017148, 1836.852262 ] }, { "date": "2024-02-02", "close": 1902.599976, "volume": 1736, "typical_volume": 34233.8, "trend": 1789.896672, "fair_value": 2151.089743, "relative_strength": 7.440365, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 39.09271, "energy": 26.89217, "activity_lines": [ 1918.133334, 1947.894545, 1894.590003, 1844.763658 ] }, { "date": "2024-02-09", "close": 1844.199951, "volume": 128251, "typical_volume": 40479.5, "trend": 1795.243335, "fair_value": 2148.071794, "relative_strength": 4.800025, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 27.910753, "energy": 27.821957, "activity_lines": [ 1889.126652, 1928.314535, 1895.809998, 1848.267096 ] }, { "date": "2024-02-16", "close": 1862.400024, "volume": 19705, "typical_volume": 41181.85, "trend": 1798.496668, "fair_value": 2145.446153, "relative_strength": 3.965715, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 26.139775, "energy": 25.14465, "activity_lines": [ 1874.879997, 1912.547268, 1898.214762, 1852.599785 ] }, { "date": "2024-02-23", "close": 1845.400024, "volume": 19245, "typical_volume": 42103.9, "trend": 1802.056669, "fair_value": 2142.673076, "relative_strength": 3.101816, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 7.120724, "energy": 18.440545, "activity_lines": [ 1862.413338, 1894.398182, 1898.172859, 1855.625808 ] }, { "date": "2024-03-01", "close": 1839.800049, "volume": 25352, "typical_volume": 42111.65, "trend": 1805.803337, "fair_value": 2139.883333, "relative_strength": 3.098716, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 1.763248, "energy": 17.712548, "activity_lines": [ 1850.586686, 1878.091828, 1896.674768, 1858.060865 ] }, { "date": "2024-03-08", "close": 1880.699951, "volume": 25724, "typical_volume": 43295.35, "trend": 1811.293335, "fair_value": 2137.043268, "relative_strength": 5.560474, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 6.897769, "energy": 14.389587, "activity_lines": [ 1857.860001, 1872.770909, 1898.180001, 1862.892905 ] }, { "date": "2024-03-15", "close": 1838.099976, "volume": 8316, "typical_volume": 43456.85, "trend": 1818.186666, "fair_value": 2133.838781, "relative_strength": 2.241625, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -1.50416, "energy": 13.173872, "activity_lines": [ 1852.393327, 1862.814542, 1894.261903, 1864.622365 ] }, { "date": "2024-03-22", "close": 1932.900024, "volume": 9128, "typical_volume": 42392.9, "trend": 1827.130001, "fair_value": 2131.320512, "relative_strength": 4.552072, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 34.307551, "energy": 16.699576, "activity_lines": [ 1878.933333, 1872.576365, 1898.178572, 1872.023227 ] }, { "date": "2024-03-29", "close": 1957.400024, "volume": 4935, "typical_volume": 42483.15, "trend": 1835.526668, "fair_value": 2128.821474, "relative_strength": 5.381386, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 48.370586, "energy": 31.224618, "activity_lines": [ 1908.940006, 1887.541823, 1903.698574, 1880.427745 ] }, { "date": "2024-04-05", "close": 1899.400024, "volume": 14822, "typical_volume": 34576.85, "trend": 1842.153337, "fair_value": 2125.442628, "relative_strength": 2.63939, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 34.500056, "energy": 26.957526, "activity_lines": [ 1912.146679, 1890.6091, 1902.694767, 1884.548606 ] }, { "date": "2024-04-12", "close": 1874.5, "volume": 34841, "typical_volume": 30455.5, "trend": 1846.753337, "fair_value": 2121.517948, "relative_strength": 0.165192, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.905369, "energy": 23.856609, "activity_lines": [ 1903.080013, 1889.556372, 1899.084766, 1886.635488 ] }, { "date": "2024-04-19", "close": 1878.800049, "volume": 138912, "typical_volume": 37046.0, "trend": 1851.746672, "fair_value": 2117.633654, "relative_strength": 1.545059, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 24.753995, "energy": 15.700728, "activity_lines": [ 1895.860026, 1889.79638, 1895.667151, 1888.703018 ] }, { "date": "2024-04-26", "close": 1898.599976, "volume": 20000, "typical_volume": 37050.15, "trend": 1858.746672, "fair_value": 2113.889102, "relative_strength": -0.502093, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 20.531176, "energy": 8.685599, "activity_lines": [ 1892.526677, 1893.007282, 1894.102387, 1891.725812 ] }, { "date": "2024-05-03", "close": 1975.400024, "volume": 53768, "typical_volume": 36891.3, "trend": 1869.540006, "fair_value": 2110.551923, "relative_strength": 2.468785, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 62.086191, "energy": 28.424295, "activity_lines": [ 1917.080013, 1909.523648, 1899.865246, 1899.251834 ] }, { "date": "2024-05-10", "close": 1998.25, "volume": 9762, "typical_volume": 34555.95, "trend": 1881.065006, "fair_value": 2107.526282, "relative_strength": 0.784947, "stage": 2, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 68.784885, "energy": 56.706979, "activity_lines": [ 1948.050008, 1927.830919, 1907.934531, 1907.555705 ] }, { "date": "2024-05-17", "close": 2044.5, "volume": 10204, "typical_volume": 28996.1, "trend": 1896.088338, "fair_value": 2104.712179, "relative_strength": 3.065343, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 77.443266, "energy": 75.491245, "activity_lines": [ 1987.846672, 1951.666373, 1920.583579, 1918.099898 ] }, { "date": "2024-05-24", "close": 1989.800049, "volume": 14732, "typical_volume": 28403.75, "trend": 1909.501672, "fair_value": 2101.028205, "relative_strength": 1.353707, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.590775, "energy": 70.663957, "activity_lines": [ 1998.076685, 1962.578198, 1928.057631, 1924.145815 ] }, { "date": "2024-05-31", "close": 2019.25, "volume": 12699, "typical_volume": 28804.4, "trend": 1917.490006, "fair_value": 2097.334295, "relative_strength": 3.201617, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 66.998046, "energy": 73.597297, "activity_lines": [ 2010.723348, 1976.086377, 1938.264058, 1931.226352 ] }, { "date": "2024-06-07", "close": 1987.0, "volume": 18011, "typical_volume": 29029.9, "trend": 1925.476672, "fair_value": 2093.133975, "relative_strength": 1.795398, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.368007, "energy": 61.077472, "activity_lines": [ 2004.576676, 1982.16092, 1945.184058, 1935.710868 ] }, { "date": "2024-06-14", "close": 1940.599976, "volume": 4691, "typical_volume": 28741.7, "trend": 1928.493339, "fair_value": 2088.913462, "relative_strength": 0.455349, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 52.6176, "energy": 32.043417, "activity_lines": [ 1982.189999, 1979.260913, 1947.189769, 1936.686565 ] }, { "date": "2024-06-21", "close": 1938.0, "volume": 9836, "typical_volume": 29146.7, "trend": 1932.130005, "fair_value": 2084.551282, "relative_strength": -0.994735, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 37.195808, "energy": 19.73973, "activity_lines": [ 1962.779997, 1975.139094, 1948.85834, 1937.299898 ] }, { "date": "2024-06-28", "close": 1941.400024, "volume": 3181, "typical_volume": 22893.2, "trend": 1934.446672, "fair_value": 2080.210898, "relative_strength": -0.12812, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 30.413682, "energy": 20.83156, "activity_lines": [ 1951.603337, 1970.480915, 1950.682151, 1937.897964 ] }, { "date": "2024-07-05", "close": 1997.900024, "volume": 35181, "typical_volume": 23667.0, "trend": 1937.663338, "fair_value": 2075.710257, "relative_strength": 2.095298, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 41.719829, "energy": 22.912717, "activity_lines": [ 1962.486678, 1974.957282, 1957.424057, 1941.991728 ] }, { "date": "2024-07-12", "close": 2043.0, "volume": 14746, "typical_volume": 23442.05, "trend": 1939.005005, "fair_value": 2071.559616, "relative_strength": 3.604139, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 66.143524, "energy": 34.164805, "activity_lines": [ 1989.826676, 1985.828189, 1967.815961, 1948.787642 ] }, { "date": "2024-07-19", "close": 1999.0, "volume": 31753, "typical_volume": 23762.1, "trend": 1937.805005, "fair_value": 2067.022757, "relative_strength": 2.458744, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 52.271473, "energy": 38.519958, "activity_lines": [ 1998.766675, 1987.470006, 1973.076436, 1952.658287 ] }, { "date": "2024-07-26", "close": 1981.0, "volume": 7153, "typical_volume": 22833.55, "trend": 1935.446672, "fair_value": 2062.327244, "relative_strength": -0.162272, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 51.89094, "energy": 39.478459, "activity_lines": [ 1997.813338, 1985.825459, 1975.864531, 1955.445061 ] }, { "date": "2024-08-02", "close": 2046.5, "volume": 192283, "typical_volume": 32031.9, "trend": 1937.843339, "fair_value": 2057.623718, "relative_strength": 4.354993, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 66.44272, "energy": 54.449852, "activity_lines": [ 2015.826668, 1997.244549, 1984.413102, 1962.609792 ] }, { "date": "2024-08-09", "close": 2038.5, "volume": 16426, "typical_volume": 32396.8, "trend": 1939.990006, "fair_value": 2052.658975, "relative_strength": 3.852027, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.857227, "energy": 46.026553, "activity_lines": [ 2024.166667, 2006.178185, 1991.207386, 1969.10377 ] }, { "date": "2024-08-16", "close": 2041.25, "volume": 4727, "typical_volume": 32386.4, "trend": 1945.265006, "fair_value": 2047.636539, "relative_strength": 2.027911, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.672092, "energy": 45.718169, "activity_lines": [ 2030.716667, 2015.261821, 1997.760719, 1975.636673 ] }, { "date": "2024-08-23", "close": 2093.25, "volume": 28710, "typical_volume": 33080.8, "trend": 1950.980005, "fair_value": 2043.040385, "relative_strength": 4.216769, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 74.400576, "energy": 66.958337, "activity_lines": [ 2054.716667, 2032.813639, 2008.867147, 1985.184091 ] }, { "date": "2024-08-30", "close": 2080.0, "volume": 3642, "typical_volume": 31520.85, "trend": 1956.893339, "fair_value": 2038.604488, "relative_strength": 2.791275, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 65.060684, "energy": 59.487936, "activity_lines": [ 2068.016667, 2045.18091, 2017.788575, 1993.507962 ] }, { "date": "2024-09-06", "close": 2133.0, "volume": 14909, "typical_volume": 25320.7, "trend": 1966.520007, "fair_value": 2035.15577, "relative_strength": 7.638773, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 77.983575, "energy": 72.922327, "activity_lines": [ 2092.383333, 2064.602728, 2030.77905, 2004.869682 ] }, { "date": "2024-09-13", "close": 2194.0, "volume": 1796215, "typical_volume": 114131.45, "trend": 1977.57334, "fair_value": 2032.210257, "relative_strength": 9.144467, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 85.78686, "energy": 84.473922, "activity_lines": [ 2131.316667, 2091.631818, 2048.368574, 2019.545811 ] }, { "date": "2024-09-20", "close": 2139.5, "volume": 22381, "typical_volume": 112562.1, "trend": 1987.376672, "fair_value": 2028.937821, "relative_strength": 6.69553, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 65.072091, "energy": 74.187496, "activity_lines": [ 2141.716667, 2105.186364, 2059.360954, 2029.992692 ] }, { "date": "2024-09-27", "close": 2165.0, "volume": 3058, "typical_volume": 112226.9, "trend": 1998.216671, "fair_value": 2026.22468, "relative_strength": 6.467647, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 69.135984, "energy": 75.599295, "activity_lines": [ 2154.066667, 2121.622727, 2072.000478, 2041.452262 ] }, { "date": "2024-10-04", "close": 2130.5, "volume": 29615, "typical_volume": 113197.45, "trend": 2006.543339, "fair_value": 2023.567629, "relative_strength": 4.974741, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 62.868359, "energy": 61.473416, "activity_lines": [ 2150.133333, 2128.768182, 2080.560239, 2049.98667 ] }, { "date": "2024-10-11", "close": 2117.5, "volume": 16464, "typical_volume": 113284.05, "trend": 2015.856673, "fair_value": 2020.197436, "relative_strength": 4.354038, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 57.913756, "energy": 43.953522, "activity_lines": [ 2138.5, 2130.831818, 2087.472382, 2057.145164 ] }, { "date": "2024-10-18", "close": 2098.0, "volume": 121634, "typical_volume": 118730.8, "trend": 2021.360006, "fair_value": 2016.441026, "relative_strength": 1.814889, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 43.644841, "energy": 31.779073, "activity_lines": [ 2121.4, 2128.059091, 2091.919287, 2062.444734 ] }, { "date": "2024-10-25", "close": 2038.25, "volume": 105604, "typical_volume": 123110.45, "trend": 2024.055005, "fair_value": 2012.457052, "relative_strength": -0.000898, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 22.583996, "energy": 18.319686, "activity_lines": [ 2090.783333, 2113.340909, 2090.300715, 2063.534411 ] }, { "date": "2024-11-01", "close": 1993.800049, "volume": 46381, "typical_volume": 125194.95, "trend": 2027.201672, "fair_value": 2007.521475, "relative_strength": -1.355201, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 0.461423, "energy": 18.1948, "activity_lines": [ 2052.100016, 2090.595463, 2084.204767, 2061.582478 ] }, { "date": "2024-11-08", "close": 1971.099976, "volume": 34300, "typical_volume": 126418.15, "trend": 2030.421672, "fair_value": 2002.507693, "relative_strength": -1.264297, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -34.782319, "energy": 38.243776, "activity_lines": [ 2017.263338, 2065.530913, 2075.693574, 2057.963014 ] }, { "date": "2024-11-15", "close": 1948.199951, "volume": 17892, "typical_volume": 127153.7, "trend": 2032.735002, "fair_value": 1997.246154, "relative_strength": -2.267398, "stage": 2, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -38.14214, "energy": 52.29921, "activity_lines": [ 1985.419987, 2038.282722, 2064.843807, 2052.658387 ] }, { "date": "2024-11-22", "close": 1957.400024, "volume": 28957, "typical_volume": 126842.5, "trend": 2034.695003, "fair_value": 1992.442629, "relative_strength": -4.11038, "stage": 2, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -31.763432, "energy": 59.209116, "activity_lines": [ 1967.929997, 2016.067272, 2054.837857, 2047.798066 ] }, { "date": "2024-11-29", "close": 1983.599976, "volume": 19695, "typical_volume": 127089.95, "trend": 2034.968335, "fair_value": 1987.972116, "relative_strength": -3.052515, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -27.881611, "energy": 58.001498, "activity_lines": [ 1968.546655, 2002.917267, 2047.519997, 2044.501612 ] }, { "date": "2024-12-06", "close": 1966.0, "volume": 17106, "typical_volume": 126357.6, "trend": 2033.893335, "fair_value": 1983.230128, "relative_strength": -4.04641, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -36.810493, "energy": 53.372906, "activity_lines": [ 1966.93999, 1989.401813, 2038.808807, 2040.052042 ] }, { "date": "2024-12-13", "close": 1915.400024, "volume": 30307, "typical_volume": 127515.3, "trend": 2029.590002, "fair_value": 1978.399359, "relative_strength": -6.176862, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -49.875703, "energy": 54.759062, "activity_lines": [ 1950.320003, 1970.304545, 2025.435714, 2032.407312 ] }, { "date": "2024-12-20", "close": 1870.400024, "volume": 51788, "typical_volume": 120490.55, "trend": 2025.610002, "fair_value": 1973.405129, "relative_strength": -5.693238, "stage": 4, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -82.183407, "energy": 73.555936, "activity_lines": [ 1922.413346, 1946.936368, 2008.089288, 2022.136991 ] }, { "date": "2024-12-27", "close": 1878.300049, "volume": 44014, "typical_volume": 121869.95, "trend": 2020.91167, "fair_value": 1968.152244, "relative_strength": -5.795246, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -74.716976, "energy": 78.557249, "activity_lines": [ 1902.326693, 1929.497286, 1992.333816, 2012.633123 ] }, { "date": "2025-01-03", "close": 1884.800049, "volume": 25338, "typical_volume": 122900.5, "trend": 2017.505005, "fair_value": 1963.328847, "relative_strength": -6.11842, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -67.594069, "energy": 76.813446, "activity_lines": [ 1889.680037, 1917.234566, 1977.960249, 2003.851728 ] }, { "date": "2025-01-10", "close": 1830.599976, "volume": 6145, "typical_volume": 121772.25, "trend": 2013.838338, "fair_value": 1958.32468, "relative_strength": -8.823407, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -80.011881, "energy": 83.623654, "activity_lines": [ 1865.553353, 1897.907287, 1959.16977, 1991.793339 ] }, { "date": "2025-01-17", "close": 1918.400024, "volume": 14327, "typical_volume": 122306.5, "trend": 2013.185006, "fair_value": 1954.064424, "relative_strength": -7.137623, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.409827, "energy": 52.632059, "activity_lines": [ 1879.72002, 1897.510926, 1949.991915, 1985.636029 ] }, { "date": "2025-01-24", "close": 1888.400024, "volume": 13211, "typical_volume": 122221.6, "trend": 2011.418339, "fair_value": 1949.631091, "relative_strength": -8.34488, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -60.575713, "energy": 48.187081, "activity_lines": [ 1883.686686, 1892.618202, 1938.72644, 1977.585385 ] }, { "date": "2025-01-31", "close": 1954.099976, "volume": 13557, "typical_volume": 33088.7, "trend": 2009.958337, "fair_value": 1945.793591, "relative_strength": -6.850912, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -45.145698, "energy": 33.16527, "activity_lines": [ 1908.353337, 1900.758194, 1934.882866, 1973.887426 ] }, { "date": "2025-02-07", "close": 1950.199951, "volume": 3439, "typical_volume": 32141.6, "trend": 2006.865002, "fair_value": 1942.048078, "relative_strength": -7.17687, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -36.501436, "energy": 23.594596, "activity_lines": [ 1926.66665, 1908.249092, 1931.810242, 1970.032046 ] }, { "date": "2025-02-14", "close": 1962.400024, "volume": 14438, "typical_volume": 32710.6, "trend": 2005.645003, "fair_value": 1938.592309, "relative_strength": -6.81394, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -30.363711, "energy": 23.044125, "activity_lines": [ 1944.686662, 1918.565458, 1930.800958, 1967.163338 ] }, { "date": "2025-02-21", "close": 1922.599976, "volume": 6145, "typical_volume": 31537.1, "trend": 2003.698336, "fair_value": 1934.770834, "relative_strength": -7.804954, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -27.422986, "energy": 22.388674, "activity_lines": [ 1940.65332, 1921.710906, 1926.965955, 1961.805594 ] }, { "date": "2025-02-28", "close": 1932.300049, "volume": 3994, "typical_volume": 30913.6, "trend": 1999.891671, "fair_value": 1932.025963, "relative_strength": -8.773924, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -18.577595, "energy": 14.899203, "activity_lines": [ 1939.57334, 1926.489096, 1925.044769, 1957.199253 ] }, { "date": "2025-03-07", "close": 1852.300049, "volume": 5412, "typical_volume": 25102.5, "trend": 1993.685006, "fair_value": 1927.939745, "relative_strength": -11.014406, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -62.637116, "energy": 32.305478, "activity_lines": [ 1908.900025, 1915.596376, 1916.38644, 1947.677213 ] }, { "date": "2025-03-14", "close": 1872.0, "volume": 3889, "typical_volume": 20016.75, "trend": 1988.043339, "fair_value": 1923.438142, "relative_strength": -9.419508, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -57.814856, "energy": 38.453579, "activity_lines": [ 1891.580021, 1908.758192, 1910.774296, 1939.826567 ] }, { "date": "2025-03-21", "close": 1878.5, "volume": 923, "typical_volume": 17743.85, "trend": 1980.885006, "fair_value": 1919.377245, "relative_strength": -9.06407, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -55.101775, "energy": 47.707875, "activity_lines": [ 1881.640015, 1903.334555, 1906.572867, 1932.759255 ] }, { "date": "2025-03-28", "close": 1893.599976, "volume": 2238, "typical_volume": 16140.75, "trend": 1974.671672, "fair_value": 1914.945194, "relative_strength": -8.258523, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -53.509979, "energy": 47.292096, "activity_lines": [ 1882.326668, 1899.785458, 1904.358578, 1927.127963 ] }, { "date": "2025-04-04", "close": 1871.599976, "volume": 6469, "typical_volume": 15569.6, "trend": 1965.958337, "fair_value": 1910.654168, "relative_strength": -2.465357, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -55.888943, "energy": 42.11428, "activity_lines": [ 1877.613322, 1892.687272, 1900.418099, 1920.478176 ] }, { "date": "2025-04-11", "close": 1883.400024, "volume": 18224, "typical_volume": 15032.95, "trend": 1955.605005, "fair_value": 1906.696796, "relative_strength": -0.747778, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -50.731086, "energy": 30.00893, "activity_lines": [ 1880.879997, 1888.040004, 1897.966196, 1915.151833 ] }, { "date": "2025-04-18", "close": 1984.0, "volume": 8938, "typical_volume": 14495.1, "trend": 1950.421672, "fair_value": 1903.618271, "relative_strength": 0.6037, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -8.981505, "energy": 6.938144, "activity_lines": [ 1915.606665, 1902.969094, 1905.447624, 1916.983769 ] }, { "date": "2025-04-25", "close": 1989.099976, "volume": 1541, "typical_volume": 13716.85, "trend": 1944.558337, "fair_value": 1900.848078, "relative_strength": -0.835829, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 23.109716, "energy": 21.184405, "activity_lines": [ 1944.566659, 1918.210907, 1913.412859, 1919.479143 ] }, { "date": "2025-05-02", "close": 2049.0, "volume": 33215, "typical_volume": 13862.25, "trend": 1941.841671, "fair_value": 1899.340065, "relative_strength": 0.015765, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 47.983431, "energy": 49.936876, "activity_lines": [ 1986.119995, 1943.858179, 1926.972858, 1926.217315 ] }, { "date": "2025-05-09", "close": 2034.75, "volume": 20926, "typical_volume": 12319.15, "trend": 1939.083337, "fair_value": 1897.766347, "relative_strength": -0.2042, "stage": 3, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 42.232965, "energy": 65.107875, "activity_lines": [ 2012.56333, 1964.61636, 1938.539524, 1932.211401 ] }, { "date": "2025-05-16", "close": 2033.0, "volume": 1183, "typical_volume": 10177.6, "trend": 1936.916671, "fair_value": 1895.94904, "relative_strength": -1.711188, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "up", "direction": 66.292484, "energy": 75.505087, "activity_lines": [ 2027.546663, 1983.193632, 1949.156905, 1938.27054 ] }, { "date": "2025-05-23", "close": 2016.25, "volume": 874, "typical_volume": 8954.4, "trend": 1936.183337, "fair_value": 1893.782373, "relative_strength": -2.832057, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 63.710664, "energy": 71.859356, "activity_lines": [ 2026.973332, 1995.439997, 1957.442381, 1943.388819 ] }, { "date": "2025-05-30", "close": 2083.75, "volume": 1204, "typical_volume": 8707.35, "trend": 1939.181669, "fair_value": 1892.33686, "relative_strength": -0.149601, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 75.299265, "energy": 70.89523, "activity_lines": [ 2046.75, 2017.336361, 1971.530476, 1952.909249 ] }, { "date": "2025-06-06", "close": 2063.5, "volume": 1089, "typical_volume": 8045.45, "trend": 1942.26167, "fair_value": 1891.501924, "relative_strength": -1.793239, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 66.901682, "energy": 59.803796, "activity_lines": [ 2053.466667, 2031.81909, 1982.484523, 1960.929787 ] }, { "date": "2025-06-13", "close": 2065.25, "volume": 7422, "typical_volume": 7756.0, "trend": 1946.163338, "fair_value": 1891.360899, "relative_strength": -1.812422, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 64.43803, "energy": 50.18931, "activity_lines": [ 2059.8, 2043.530908, 1992.914285, 1968.864518 ] }, { "date": "2025-06-20", "close": 2124.5, "volume": 2685, "typical_volume": 7212.4, "trend": 1951.733337, "fair_value": 1891.509937, "relative_strength": 1.821658, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 76.885417, "energy": 65.752229, "activity_lines": [ 2083.85, 2062.494545, 2008.144761, 1980.370109 ] }, { "date": "2025-06-27", "close": 2125.0, "volume": 6529, "typical_volume": 7366.9, "trend": 1956.446672, "fair_value": 1892.279168, "relative_strength": 1.535041, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 71.740908, "energy": 66.347834, "activity_lines": [ 2101.966667, 2077.165454, 2022.611428, 1991.548603 ] }, { "date": "2025-07-04", "close": 2107.5, "volume": 4028, "typical_volume": 6846.4, "trend": 1961.163338, "fair_value": 1892.860899, "relative_strength": 0.462829, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 65.17868, "energy": 58.593366, "activity_lines": [ 2107.0, 2086.090909, 2034.579047, 2001.293979 ] }, { "date": "2025-07-11", "close": 2075.25, "volume": 2096, "typical_volume": 6643.95, "trend": 1966.491671, "fair_value": 1893.126924, "relative_strength": -2.260161, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 62.930073, "energy": 53.885612, "activity_lines": [ 2099.7, 2087.0, 2042.784285, 2008.654409 ] }, { "date": "2025-07-18", "close": 2078.5, "volume": 28703, "typical_volume": 7879.4, "trend": 1973.428337, "fair_value": 1892.463463, "relative_strength": -2.552163, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 58.982763, "energy": 44.097909, "activity_lines": [ 2092.7, 2088.022727, 2050.572142, 2015.880753 ] }, { "date": "2025-07-25", "close": 2097.5, "volume": 4916, "typical_volume": 7854.6, "trend": 1980.735002, "fair_value": 1891.88654, "relative_strength": -2.972051, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 49.309654, "energy": 35.060303, "activity_lines": [ 2091.15, 2091.704545, 2059.473332, 2023.885376 ] }, { "date": "2025-08-01", "close": 2058.0, "volume": 1031, "typical_volume": 7711.7, "trend": 1986.508333, "fair_value": 1891.474681, "relative_strength": -4.074351, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 41.616068, "energy": 26.262371, "activity_lines": [ 2078.233333, 2087.031818, 2063.444999, 2028.870215 ] }, { "date": "2025-08-08", "close": 2115.75, "volume": 18730, "typical_volume": 8602.05, "trend": 1996.013334, "fair_value": 1890.763142, "relative_strength": -1.540661, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 50.665256, "energy": 30.864303, "activity_lines": [ 2089.033333, 2092.1, 2072.030952, 2037.208387 ] }, { "date": "2025-08-15", "close": 2082.5, "volume": 457, "typical_volume": 8513.0, "trend": 2001.483333, "fair_value": 1890.553206, "relative_strength": -3.406744, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 39.677252, "energy": 25.853084, "activity_lines": [ 2088.2, 2090.540909, 2076.320476, 2042.788172 ] }, { "date": "2025-08-22", "close": 2113.0, "volume": 1643, "typical_volume": 8271.7, "trend": 2008.969999, "fair_value": 1891.252565, "relative_strength": -3.71725, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 55.993304, "energy": 32.215681, "activity_lines": [ 2097.05, 2094.181818, 2082.615238, 2049.982795 ] }, { "date": "2025-08-29", "close": 2052.25, "volume": 3721, "typical_volume": 7546.55, "trend": 2012.241667, "fair_value": 1891.652885, "relative_strength": -4.926855, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 36.778727, "energy": 22.879411, "activity_lines": [ 2083.35, 2085.909091, 2081.974762, 2052.775054 ] }, { "date": "2025-09-05", "close": 2040.25, "volume": 7555, "typical_volume": 7477.4, "trend": 2015.243335, "fair_value": 1892.004488, "relative_strength": -5.394216, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 13.665298, "energy": 9.448184, "activity_lines": [ 2068.666667, 2076.768182, 2079.387381, 2054.582043 ] }, { "date": "2025-09-12", "close": 2032.75, "volume": 1788, "typical_volume": 7489.75, "trend": 2017.588334, "fair_value": 1892.64968, "relative_strength": -6.148261, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 4.94347, "energy": 10.422188, "activity_lines": [ 2052.666667, 2067.804545, 2075.817857, 2055.711505 ] }, { "date": "2025-09-19", "close": 2038.0, "volume": 7719, "typical_volume": 6214.95, "trend": 2021.435002, "fair_value": 1894.590706, "relative_strength": -4.921541, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 3.011594, "energy": 15.699078, "activity_lines": [ 2043.95, 2061.154545, 2072.540476, 2057.028387 ] }, { "date": "2025-09-26", "close": 2031.0, "volume": 493, "typical_volume": 5193.3, "trend": 2024.725, "fair_value": 1896.673399, "relative_strength": -5.61961, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 0.479017, "energy": 16.494352, "activity_lines": [ 2035.866667, 2053.909091, 2068.64881, 2057.645483 ] }, { "date": "2025-10-03", "close": 2068.0, "volume": 5919, "typical_volume": 5430.1, "trend": 2031.914998, "fair_value": 1899.479167, "relative_strength": -5.68267, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 4.125375, "energy": 11.020697, "activity_lines": [ 2045.583333, 2054.254545, 2068.29881, 2060.437419 ] }, { "date": "2025-10-10", "close": 2045.25, "volume": 4415, "typical_volume": 5607.15, "trend": 2037.689998, "fair_value": 1902.277565, "relative_strength": -5.778333, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 4.831282, "energy": 7.922453, "activity_lines": [ 2046.666667, 2051.0, 2065.615476, 2061.297742 ] }, { "date": "2025-10-17", "close": 2105.0, "volume": 6069, "typical_volume": 5850.4, "trend": 2045.239998, "fair_value": 1905.305771, "relative_strength": -2.057453, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 36.665671, "energy": 17.333874, "activity_lines": [ 2067.333333, 2058.840909, 2068.484524, 2065.640322 ] }, { "date": "2025-10-24", "close": 2474.51001, "volume": 15852, "typical_volume": 6588.55, "trend": 2064.603666, "fair_value": 1910.19045, "relative_strength": 11.573544, "stage": 2, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 84.955629, "energy": 80.08008, "activity_lines": [ 2206.353337, 2134.060911, 2106.44381, 2093.335162 ] }, { "date": "2025-10-31", "close": 2108.5, "volume": 2074, "typical_volume": 6321.15, "trend": 2072.500334, "fair_value": 1912.384039, "relative_strength": -5.418705, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 53.246687, "energy": 60.275364, "activity_lines": [ 2194.269336, 2135.606183, 2107.58781, 2096.167183 ] }, { "date": "2025-11-07", "close": 2112.25, "volume": 477, "typical_volume": 6210.75, "trend": 2080.128666, "fair_value": 1913.640129, "relative_strength": -4.703006, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 53.777972, "energy": 57.450864, "activity_lines": [ 2178.268669, 2137.915092, 2108.883001, 2098.731678 ] }, { "date": "2025-11-14", "close": 2107.75, "volume": 8258, "typical_volume": 6297.2, "trend": 2084.253666, "fair_value": 1915.347501, "relative_strength": -4.866956, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 51.31183, "energy": 51.420651, "activity_lines": [ 2157.818001, 2138.31491, 2109.807953, 2100.513699 ] }, { "date": "2025-11-21", "close": 2072.75, "volume": 1329, "typical_volume": 6162.25, "trend": 2087.042, "fair_value": 1916.863847, "relative_strength": -4.732866, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 23.381427, "energy": 16.318912, "activity_lines": [ 2121.534001, 2131.123819, 2107.481715, 2099.771527 ] }, { "date": "2025-11-28", "close": 2114.75, "volume": 187, "typical_volume": 6066.8, "trend": 2089.233667, "fair_value": 1918.861604, "relative_strength": -4.434681, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 25.792728, "energy": 17.677989, "activity_lines": [ 2101.4, 2130.841819, 2109.320953, 2101.55914 ] }, { "date": "2025-12-05", "close": 2072.25, "volume": 1439, "typical_volume": 4703.6, "trend": 2090.483667, "fair_value": 1920.586924, "relative_strength": -5.659603, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 17.109106, "energy": 15.622939, "activity_lines": [ 2091.083333, 2121.437092, 2106.924477, 2100.46342 ] }, { "date": "2025-12-12", "close": 2040.0, "volume": 4696, "typical_volume": 4692.6, "trend": 2090.717, "fair_value": 1922.393335, "relative_strength": -6.801989, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -7.839145, "energy": 13.968375, "activity_lines": [ 2072.433333, 2105.418728, 2101.486334, 2097.206409 ] }, { "date": "2025-12-19", "close": 2065.5, "volume": 768, "typical_volume": 4679.45, "trend": 2092.358667, "fair_value": 1924.215129, "relative_strength": -7.828218, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -11.669564, "energy": 13.562728, "activity_lines": [ 2067.1, 2094.545819, 2098.750572, 2095.579506 ] }, { "date": "2025-12-26", "close": 2069.75, "volume": 44, "typical_volume": 3745.15, "trend": 2091.892, "fair_value": 1925.882758, "relative_strength": -7.224937, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -11.780195, "energy": 13.265926, "activity_lines": [ 2066.0, 2084.077455, 2096.383858, 2094.120882 ] }, { "date": "2026-01-02", "close": 2077.25, "volume": 1635, "typical_volume": 3804.05, "trend": 2092.350334, "fair_value": 1927.173463, "relative_strength": -7.480159, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -10.357643, "energy": 11.638337, "activity_lines": [ 2067.6, 2075.613636, 2094.950477, 2093.176237 ] }, { "date": "2026-01-09", "close": 2148.5, "volume": 7326, "typical_volume": 4088.2, "trend": 2095.125334, "fair_value": 1928.249745, "relative_strength": -5.868532, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 14.963794, "energy": 6.435127, "activity_lines": [ 2095.45, 2087.327273, 2100.32781, 2096.798796 ] }, { "date": "2026-01-16", "close": 2159.0, "volume": 30744, "typical_volume": 5439.35, "trend": 2096.275334, "fair_value": 1929.654873, "relative_strength": -6.31472, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 38.115775, "energy": 19.765849, "activity_lines": [ 2121.716667, 2100.222727, 2106.536096, 2100.919742 ] }, { "date": "2026-01-23", "close": 2120.0, "volume": 8857, "typical_volume": 5504.45, "trend": 2096.108667, "fair_value": 1930.55936, "relative_strength": -7.069614, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 34.374293, "energy": 22.630206, "activity_lines": [ 2127.05, 2105.177273, 2108.521762, 2102.450366 ] }, { "date": "2026-01-30", "close": 2160.0, "volume": 14791, "typical_volume": 6154.6, "trend": 2097.858667, "fair_value": 1931.166732, "relative_strength": -5.945415, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 57.839984, "energy": 49.394185, "activity_lines": [ 2142.083333, 2117.181818, 2113.937191, 2106.572387 ] }, { "date": "2026-02-06", "close": 2187.5, "volume": 5844, "typical_volume": 6060.85, "trend": 2101.600334, "fair_value": 1932.489809, "relative_strength": -5.985569, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 64.775955, "energy": 60.402132, "activity_lines": [ 2160.266667, 2132.6, 2121.365715, 2112.355699 ] }, { "date": "2026-02-13", "close": 2223.75, "volume": 8371, "typical_volume": 6454.75, "trend": 2106.442, "fair_value": 1934.111924, "relative_strength": -5.031959, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 72.167425, "energy": 66.414991, "activity_lines": [ 2183.183333, 2153.286364, 2131.534714, 2120.236323 ] }, { "date": "2026-02-20", "close": 2290.5, "volume": 2463, "typical_volume": 6281.95, "trend": 2112.875334, "fair_value": 1936.624104, "relative_strength": -4.319465, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 82.72165, "energy": 79.119191, "activity_lines": [ 2223.333333, 2183.354545, 2147.143, 2132.111033 ] }, { "date": "2026-02-27", "close": 2349.25, "volume": 2807, "typical_volume": 6201.55, "trend": 2122.583667, "fair_value": 1939.535322, "relative_strength": -3.84418, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 86.042841, "energy": 86.657188, "activity_lines": [ 2274.3, 2219.55, 2167.287, 2147.361011 ] }, { "date": "2026-03-06", "close": 2206.75, "volume": 8521, "typical_volume": 6324.15, "trend": 2125.617, "fair_value": 1942.303591, "relative_strength": -4.190435, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 64.257933, "energy": 72.158034, "activity_lines": [ 2262.483333, 2224.677273, 2172.411952, 2152.791097 ] }, { "date": "2026-03-13", "close": 2087.75, "volume": 15354, "typical_volume": 6299.25, "trend": 2125.792, "fair_value": 1944.634681, "relative_strength": -9.043885, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 38.395838, "energy": 31.051535, "activity_lines": [ 2207.883333, 2205.677273, 2165.719048, 2150.348065 ] }, { "date": "2026-03-20", "close": 2010.0, "volume": 2282, "typical_volume": 6309.65, "trend": 2122.358667, "fair_value": 1947.069938, "relative_strength": -9.289917, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 1.809534, "energy": 11.28609, "activity_lines": [ 2134.016667, 2172.35, 2153.463095, 2142.877613 ] }, { "date": "2026-03-27", "close": 1959.699951, "volume": 9126, "typical_volume": 6742.1, "trend": 2119.273665, "fair_value": 1948.755835, "relative_strength": -11.828034, "stage": 4, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "mixed", "direction": -39.395223, "energy": 42.029602, "activity_lines": [ 2057.633317, 2132.395446, 2136.88571, 2132.383502 ] }, { "date": "2026-04-03", "close": 2073.0, "volume": 2357, "typical_volume": 6447.05, "trend": 2120.365332, "fair_value": 1951.037246, "relative_strength": -10.661148, "stage": 4, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "mixed", "direction": -21.292379, "energy": 37.002049, "activity_lines": [ 2041.069987, 2116.664537, 2131.825234, 2129.398105 ] }, { "date": "2026-04-10", "close": 2118.0, "volume": 4021, "typical_volume": 6581.65, "trend": 2123.206999, "fair_value": 1953.148143, "relative_strength": -9.849675, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "mixed", "direction": -20.873173, "energy": 37.27328, "activity_lines": [ 2057.923324, 2109.969993, 2131.215948, 2129.245503 ] }, { "date": "2026-04-17", "close": 2205.75, "volume": 11903, "typical_volume": 7167.45, "trend": 2128.798665, "fair_value": 1955.931156, "relative_strength": -6.437599, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "mixed", "direction": 4.888926, "energy": 11.690347, "activity_lines": [ 2109.943327, 2119.99363, 2138.748329, 2134.570857 ] }, { "date": "2026-04-24", "close": 2123.0, "volume": 4394, "typical_volume": 7315.2, "trend": 2131.865332, "fair_value": 1958.035002, "relative_strength": -7.187529, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 6.850644, "energy": 8.459583, "activity_lines": [ 2126.51333, 2114.639995, 2137.966425, 2134.19675 ] }, { "date": "2026-05-01", "close": 2105.75, "volume": 7499, "typical_volume": 7455.35, "trend": 2133.123665, "fair_value": 1960.282759, "relative_strength": -7.522809, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -1.477588, "energy": 9.301834, "activity_lines": [ 2129.8, 2107.981814, 2135.299996, 2132.51189 ] }, { "date": "2026-05-08", "close": 2085.0, "volume": 725, "typical_volume": 7453.2, "trend": 2134.448665, "fair_value": 1962.843015, "relative_strength": -6.986063, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -25.027862, "energy": 14.880745, "activity_lines": [ 2116.433333, 2100.909996, 2130.344282, 2129.407137 ] }, { "date": "2026-05-15", "close": 2036.5, "volume": 7592, "typical_volume": 7830.6, "trend": 2132.165332, "fair_value": 1965.107759, "relative_strength": -8.537985, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -58.723045, "energy": 33.189541, "activity_lines": [ 2086.1, 2089.824543, 2120.676664, 2123.087869 ] }, { "date": "2026-05-22", "close": 2083.0, "volume": 4848, "typical_volume": 7991.25, "trend": 2119.114998, "fair_value": 1967.902631, "relative_strength": -8.611411, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -21.277996, "energy": 27.199023, "activity_lines": [ 2076.7, 2090.289089, 2115.59595, 2119.915912 ] }, { "date": "2026-05-29", "close": 2128.75, "volume": 6435, "typical_volume": 7946.7, "trend": 2119.789998, "fair_value": 1970.674105, "relative_strength": -5.818065, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -16.651849, "energy": 16.043731, "activity_lines": [ 2090.733333, 2099.158181, 2114.844997, 2120.537525 ] }, { "date": "2026-06-05", "close": 2030.5, "volume": 923, "typical_volume": 6455.65, "trend": 2117.064998, "fair_value": 1972.754233, "relative_strength": -9.506258, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -59.287355, "energy": 39.442535, "activity_lines": [ 2071.633333, 2088.004545, 2104.83095, 2114.77688 ] }, { "date": "2026-06-12", "close": 2095.0, "volume": 1097, "typical_volume": 6067.65, "trend": 2116.639998, "fair_value": 1975.504233, "relative_strength": -7.281182, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -44.98009, "energy": 23.189446, "activity_lines": [ 2079.05, 2087.290909, 2101.571665, 2113.353331 ] }, { "date": "2026-06-19", "close": 2062.5, "volume": 54, "typical_volume": 5330.8, "trend": 2116.298332, "fair_value": 1978.721541, "relative_strength": -7.409103, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -49.301821, "energy": 24.76742, "activity_lines": [ 2074.966667, 2080.268182, 2095.336189, 2109.860428 ] }, { "date": "2026-06-26", "close": 2153.0, "volume": 683, "typical_volume": 5072.75, "trend": 2117.573332, "fair_value": 1982.243977, "relative_strength": -4.363994, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -18.951549, "energy": 11.191003, "activity_lines": [ 2099.316667, 2090.709091, 2098.184046, 2112.228278 ] }, { "date": "2026-07-03", "close": 2156.5, "volume": 18, "typical_volume": 4655.1, "trend": 2120.381665, "fair_value": 1985.779874, "relative_strength": -5.428924, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -1.668915, "energy": 8.810354, "activity_lines": [ 2120.166667, 2102.745455, 2101.529522, 2114.739676 ] }, { "date": "2026-07-10", "close": 2115.5, "volume": 4748, "typical_volume": 4769.35, "trend": 2122.898332, "fair_value": 1988.547182, "relative_strength": -5.360511, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 5.017431, "energy": 10.962333, "activity_lines": [ 2125.5, 2106.718182, 2101.290475, 2114.42473 ] }, { "date": "2026-07-17", "close": 2130.0, "volume": 1113, "typical_volume": 4684.65, "trend": 2125.048332, "fair_value": 1990.888207, "relative_strength": -5.38046, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 9.293787, "energy": 16.646172, "activity_lines": [ 2130.0, 2113.15, 2103.265713, 2114.882902 ] }, { "date": "2026-07-24", "close": 2155.25, "volume": 3124, "typical_volume": 4414.8, "trend": 2127.898332, "fair_value": 1993.559041, "relative_strength": -5.218876, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 17.407537, "energy": 28.405583, "activity_lines": [ 2140.583333, 2123.354545, 2108.689761, 2116.831396 ] }, { "date": "2026-07-31", "close": 2178.0, "volume": 5160, "typical_volume": 3905.1, "trend": 2131.256665, "fair_value": 1996.447502, "relative_strength": -5.152338, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 25.610972, "energy": 34.70473, "activity_lines": [ 2152.566667, 2135.536364, 2116.525714, 2120.063762 ] }, { "date": "2026-08-07", "close": 2177.25, "volume": 10016, "typical_volume": 4291.8, "trend": 2132.214998, "fair_value": 1999.404233, "relative_strength": -5.188269, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 33.28623, "energy": 40.552625, "activity_lines": [ 2162.633333, 2145.854545, 2123.860476, 2123.031074 ] } ], "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." } } }