{
  "ticker": {
    "uuid": "5d382fa9-63ea-4a46-b6f5-e21ccdeaf8c4",
    "symbol": "7761",
    "name": "Power Win",
    "exchange": "TWO",
    "country": "TW",
    "assetType": "equity"
  },
  "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": "2026-08-14",
    "benchmark": "^TWII",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4c",
    "phase_label": "Stage 4C \u00b7 Repair watch",
    "transition": "stage_4_to_1_watch",
    "transition_label": "Stage 4 \u2192 1 repair watch",
    "confidence": 71.642,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "up",
    "architecture_direction": 42.566,
    "architecture_energy": 20.931,
    "architecture_maturity": 28.57,
    "architecture_confidence": 61.433,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 49.67,
        "rotation_up": 39.95,
        "upward_expansion": 73.2,
        "deceleration": 57.49,
        "rotation_down": 19.82,
        "downward_expansion": 2.2
      },
      "activity_lines": [
        39.46,
        39.404927,
        39.372912,
        39.050045
      ],
      "activity_state": "Compressed",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 39.150002,
    "trend_reference": 38.872792,
    "distance_from_trend": 0.007131,
    "trend_direction": "Weakening",
    "fair_value": 41.650924,
    "distance_from_fair_value": -0.060045,
    "fair_value_direction": "Improving",
    "relative_strength": -35.806893,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.014913,
    "excess_performance": -0.456285,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.007131,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.044657,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.060045,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.039499,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.358069,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.067565,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.014913,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.009122,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 615630,
      "relative_activity": 0.502697,
      "balance": 1.009122,
      "dry_up": 0.315781,
      "accumulation_observations": 0,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.06408,
      "annualized_volatility": 0.259962,
      "from_high_reference": -0.445802,
      "from_low_reference": 0.194045
    },
    "levels": {
      "trend_reference": 38.872792,
      "fair_value_reference": 41.650924,
      "structural_low": 32.787719,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 3,
        "median_return": 0.021821,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.005021,
        "regime_survival": 1.0,
        "best_return": 0.034166,
        "worst_return": 0.003755,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 1,
        "median_return": 0.035571,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.077093,
        "regime_survival": 1.0,
        "best_return": 0.035571,
        "worst_return": 0.035571,
        "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": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-03-13",
        "end": "2026-05-08",
        "tenure": "Developing",
        "return": 0.120499,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-05-15",
        "end": "2026-08-14",
        "tenure": "Established",
        "return": 0.035571,
        "active": true
      }
    ],
    "chart_path": [
      {
        "date": "2024-08-23",
        "close": 39.891727,
        "volume": 581815,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-08-30",
        "close": 40.934971,
        "volume": 249878,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-09-06",
        "close": 40.53754,
        "volume": 65148,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-09-13",
        "close": 40.239471,
        "volume": 48815,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-09-20",
        "close": 40.934971,
        "volume": 42417,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-09-27",
        "close": 41.729824,
        "volume": 106050,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-10-04",
        "close": 40.736256,
        "volume": 47500,
        "typical_volume": null,
        "trend": null,
        "fair_value": null,
        "relative_strength": null,
        "stage": null,
        "regime": null,
        "modifier": null,
        "gate": null,
        "direction": null,
        "energy": null,
        "activity_lines": [
          null,
          null,
          null,
          null
        ]
      },
      {
        "date": "2024-10-11",
        "close": 41.183361,
        "volume": 60444,
        "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": 40.28915,
        "volume": 44951,
        "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": 40.686581,
        "volume": 34079,
        "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": 39.742691,
        "volume": 23911,
        "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": 40.239471,
        "volume": 97110,
        "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": 37.805233,
        "volume": 26920,
        "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": 38.550407,
        "volume": 45460,
        "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": 38.649765,
        "volume": 34301,
        "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": 38.649765,
        "volume": 9000,
        "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": 39.196228,
        "volume": 5400,
        "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": 38.947838,
        "volume": 1560,
        "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": 36.811665,
        "volume": 34454,
        "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": 37.755554,
        "volume": 34115,
        "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": 35.818096,
        "volume": 20600,
        "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": 37.407806,
        "volume": 148680,
        "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": 35.768421,
        "volume": 67036,
        "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": 38.152985,
        "volume": 161277,
        "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": 42.226608,
        "volume": 162819,
        "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": 43.667282,
        "volume": 96181,
        "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": 40.98465,
        "volume": 99168,
        "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": 39.196228,
        "volume": 19061,
        "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": 39.444618,
        "volume": 23317,
        "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": 40.736256,
        "volume": 32476,
        "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": 39.245907,
        "volume": 22100,
        "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": 41.978214,
        "volume": 20310,
        "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": 37.755554,
        "volume": 30804,
        "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": 40.04076,
        "volume": 28128,
        "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": 40.090435,
        "volume": 7274,
        "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": 42.027893,
        "volume": 6045,
        "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": 39.742691,
        "volume": 8000,
        "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": 39.543976,
        "volume": 52107,
        "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": 38.848476,
        "volume": 67259,
        "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": 39.245907,
        "volume": 49081,
        "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": 38.550407,
        "volume": 27010,
        "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": 41.332394,
        "volume": 115004,
        "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": 41.729824,
        "volume": 58416,
        "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": 52.46035,
        "volume": 233106,
        "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": 50.572575,
        "volume": 40774,
        "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": 49.67836,
        "volume": 29196,
        "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": 46.697659,
        "volume": 64255,
        "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": 45.20731,
        "volume": 28073,
        "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": 44.710526,
        "volume": 35648,
        "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": 43.915672,
        "volume": 45542,
        "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": 44.710526,
        "volume": 50533,
        "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": 44.51181,
        "volume": 6066,
        "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": 47.2938,
        "volume": 141293,
        "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": 49.628685,
        "volume": 220442,
        "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": 47.558067,
        "volume": 99036,
        "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": 47.591873,
        "volume": 47608,
        "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": 45.654415,
        "volume": 80185,
        "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": 45.555058,
        "volume": 174528,
        "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": 45.704094,
        "volume": 29331,
        "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": 49.479649,
        "volume": 298030,
        "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": 69.549706,
        "volume": 548999,
        "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": 57.130116,
        "volume": 552656,
        "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": 49.18158,
        "volume": 256350,
        "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": 48.585438,
        "volume": 136578,
        "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": 47.691227,
        "volume": 171591,
        "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": 47.591873,
        "volume": 102032,
        "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": 46.39959,
        "volume": 153091,
        "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": 44.809879,
        "volume": 152015,
        "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": 41.829178,
        "volume": 148671,
        "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": 40.239471,
        "volume": 169091,
        "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": 39.742691,
        "volume": 81742,
        "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": 41.48143,
        "volume": 210145,
        "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": 40.189796,
        "volume": 268625,
        "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": 40.239471,
        "volume": 47768,
        "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": 39.842045,
        "volume": 80710,
        "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": 39.742691,
        "volume": 35550,
        "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": 39.693012,
        "volume": 139472,
        "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": 37.904591,
        "volume": 226683,
        "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": 37.755554,
        "volume": 63177,
        "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": 35.867775,
        "volume": 83079,
        "typical_volume": 181401.25,
        "trend": 45.10517,
        "fair_value": 42.418067,
        "relative_strength": -38.735968,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -78.194202,
        "energy": 71.447659,
        "activity_lines": [
          37.546905,
          38.572086,
          40.751869,
          43.011162
        ]
      },
      {
        "date": "2026-03-20",
        "close": 35.818096,
        "volume": 315517,
        "typical_volume": 169727.15,
        "trend": 44.808755,
        "fair_value": 42.336586,
        "relative_strength": -38.592365,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -72.998557,
        "energy": 71.769509,
        "activity_lines": [
          36.755362,
          37.948848,
          39.946607,
          42.411996
        ]
      },
      {
        "date": "2026-03-27",
        "close": 36.364559,
        "volume": 73907,
        "typical_volume": 145789.7,
        "trend": 44.53718,
        "fair_value": 42.263757,
        "relative_strength": -36.325162,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -66.181506,
        "energy": 65.685617,
        "activity_lines": [
          36.407614,
          37.496323,
          39.354015,
          41.867209
        ]
      },
      {
        "date": "2026-04-03",
        "close": 36.364559,
        "volume": 780577,
        "typical_volume": 172001.05,
        "trend": 44.172872,
        "fair_value": 42.192682,
        "relative_strength": -34.759815,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -62.705196,
        "energy": 51.683386,
        "activity_lines": [
          36.281762,
          37.136832,
          38.860306,
          41.339943
        ]
      },
      {
        "date": "2026-04-10",
        "close": 35.221958,
        "volume": 371277,
        "typical_volume": 183736.0,
        "trend": 43.692648,
        "fair_value": 42.109697,
        "relative_strength": -41.241488,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -66.288472,
        "energy": 50.89652,
        "activity_lines": [
          35.877711,
          36.639145,
          38.318812,
          40.762465
        ]
      },
      {
        "date": "2026-04-17",
        "close": 37.904591,
        "volume": 7058733,
        "typical_volume": 528093.1,
        "trend": 43.370866,
        "fair_value": 42.060225,
        "relative_strength": -38.517259,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -55.604681,
        "energy": 37.585758,
        "activity_lines": [
          36.536779,
          36.720438,
          38.096442,
          40.389042
        ]
      },
      {
        "date": "2026-04-24",
        "close": 41.779503,
        "volume": 6511289,
        "typical_volume": 848555.95,
        "trend": 43.17712,
        "fair_value": 42.056961,
        "relative_strength": -35.198707,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -27.696107,
        "energy": 15.57124,
        "activity_lines": [
          38.351695,
          37.541486,
          38.289715,
          40.286373
        ]
      },
      {
        "date": "2026-05-01",
        "close": 41.729824,
        "volume": 979179,
        "typical_volume": 889860.35,
        "trend": 43.0463,
        "fair_value": 42.053201,
        "relative_strength": -34.547638,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "down",
        "direction": -18.612856,
        "energy": 14.498309,
        "activity_lines": [
          39.752625,
          38.316468,
          38.505934,
          40.192999
        ]
      },
      {
        "date": "2026-05-08",
        "close": 40.189796,
        "volume": 1597072,
        "typical_volume": 962113.2,
        "trend": 42.867458,
        "fair_value": 42.032026,
        "relative_strength": -40.279403,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -11.919931,
        "energy": 15.255726,
        "activity_lines": [
          40.282528,
          38.774413,
          38.597721,
          40.008709
        ]
      },
      {
        "date": "2026-05-15",
        "close": 37.805233,
        "volume": 650761,
        "typical_volume": 987217.7,
        "trend": 42.604163,
        "fair_value": 41.984534,
        "relative_strength": -42.563361,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -17.198699,
        "energy": 14.89391,
        "activity_lines": [
          39.762561,
          38.757251,
          38.484407,
          39.682113
        ]
      },
      {
        "date": "2026-05-22",
        "close": 39.742691,
        "volume": 618546,
        "typical_volume": 1009690.45,
        "trend": 42.279597,
        "fair_value": 41.959625,
        "relative_strength": -40.562832,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -12.315628,
        "energy": 9.634058,
        "activity_lines": [
          39.716195,
          39.091452,
          38.574775,
          39.497502
        ]
      },
      {
        "date": "2026-05-29",
        "close": 39.245907,
        "volume": 993655,
        "typical_volume": 1055286.1,
        "trend": 41.269471,
        "fair_value": 41.929803,
        "relative_strength": -43.914978,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -14.248679,
        "energy": 6.520808,
        "activity_lines": [
          39.381694,
          39.264875,
          38.620195,
          39.30178
        ]
      },
      {
        "date": "2026-06-05",
        "close": 39.742691,
        "volume": 873421,
        "typical_volume": 1088449.9,
        "trend": 40.68989,
        "fair_value": 41.906031,
        "relative_strength": -42.960127,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -22.141928,
        "energy": 10.236598,
        "activity_lines": [
          39.381695,
          39.466298,
          38.715294,
          39.203279
        ]
      },
      {
        "date": "2026-06-12",
        "close": 39.09687,
        "volume": 581695,
        "typical_volume": 1104103.4,
        "trend": 40.353733,
        "fair_value": 41.875824,
        "relative_strength": -42.096869,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -24.116152,
        "energy": 9.713713,
        "activity_lines": [
          39.298897,
          39.488879,
          38.757165,
          39.100503
        ]
      },
      {
        "date": "2026-06-19",
        "close": 39.245907,
        "volume": 403862,
        "typical_volume": 1121908.1,
        "trend": 40.042415,
        "fair_value": 41.847847,
        "relative_strength": -44.024625,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -24.090066,
        "energy": 9.887707,
        "activity_lines": [
          39.33864,
          39.488879,
          38.818436,
          39.02903
        ]
      },
      {
        "date": "2026-06-26",
        "close": 37.954269,
        "volume": 534454,
        "typical_volume": 1144595.3,
        "trend": 39.71785,
        "fair_value": 41.806862,
        "relative_strength": -42.80822,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -29.396428,
        "energy": 12.295651,
        "activity_lines": [
          38.851791,
          39.180873,
          38.761424,
          38.894311
        ]
      },
      {
        "date": "2026-07-03",
        "close": 39.792366,
        "volume": 406392,
        "typical_volume": 1163137.4,
        "trend": 39.457866,
        "fair_value": 41.785877,
        "relative_strength": -41.76193,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -22.1286,
        "energy": 9.457204,
        "activity_lines": [
          39.096871,
          39.206163,
          38.888458,
          38.899119
        ]
      },
      {
        "date": "2026-07-10",
        "close": 39.950001,
        "volume": 214364,
        "typical_volume": 1166882.0,
        "trend": 39.24288,
        "fair_value": 41.766951,
        "relative_strength": -38.591583,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 16.122814,
        "energy": 6.513418,
        "activity_lines": [
          39.358064,
          39.296244,
          39.030269,
          38.930869
        ]
      },
      {
        "date": "2026-07-17",
        "close": 39.200001,
        "volume": 370922,
        "typical_volume": 1174093.95,
        "trend": 39.055884,
        "fair_value": 41.740757,
        "relative_strength": -34.850476,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 11.70989,
        "energy": 5.065045,
        "activity_lines": [
          39.355437,
          39.282322,
          39.099428,
          38.928103
        ]
      },
      {
        "date": "2026-07-24",
        "close": 39.099998,
        "volume": 160889,
        "typical_volume": 1178979.55,
        "trend": 38.964912,
        "fair_value": 41.714083,
        "relative_strength": -35.512108,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 13.166548,
        "energy": 10.703545,
        "activity_lines": [
          39.3126,
          39.268214,
          39.152893,
          38.930949
        ]
      },
      {
        "date": "2026-07-31",
        "close": 39.450001,
        "volume": 346586,
        "typical_volume": 1192154.9,
        "trend": 38.938596,
        "fair_value": 41.691442,
        "relative_strength": -33.183785,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "up",
        "direction": 41.894891,
        "energy": 22.302547,
        "activity_lines": [
          39.396158,
          39.294201,
          39.233291,
          38.962245
        ]
      },
      {
        "date": "2026-08-07",
        "close": 40.099998,
        "volume": 423786,
        "typical_volume": 1197568.35,
        "trend": 38.950506,
        "fair_value": 41.675685,
        "relative_strength": -32.837206,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "up",
        "direction": 50.102841,
        "energy": 28.17103,
        "activity_lines": [
          39.596666,
          39.443692,
          39.358534,
          39.037174
        ]
      },
      {
        "date": "2026-08-14",
        "close": 39.150002,
        "volume": 615630,
        "typical_volume": 1224654.5,
        "trend": 38.872792,
        "fair_value": 41.650924,
        "relative_strength": -35.806893,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "up",
        "direction": 42.565553,
        "energy": 20.93108,
        "activity_lines": [
          39.46,
          39.404927,
          39.372912,
          39.050045
        ]
      }
    ],
    "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."
    }
  }
}