{ "ticker": { "uuid": "6943817c-876f-4d3c-8c13-6429ed110b69", "symbol": "TAXE", "name": "T. ROWE PRICE INTERMEDIATE MUNICIPAL INCOME ETF", "exchange": "NASDAQ", "country": "US", "assetType": "etf" }, "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.", "analysis": { "eligible": true, "as_of": "2026-08-07", "benchmark": "QQQ", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 72.768, "architecture_regime": "downward_expansion", "architecture_regime_label": "Downward Expansion", "architecture_modifier": "Early contraction", "architecture_gate": "down", "architecture_direction": -57.676, "architecture_energy": 58.157, "architecture_maturity": 2.38, "architecture_confidence": 72.655, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The weekly architecture is expanding downward.", "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation." }, "scores": { "balance": 33.47, "rotation_up": 10.81, "upward_expansion": 12.02, "deceleration": 39.65, "rotation_down": 69.98, "downward_expansion": 80.69 }, "activity_lines": [ 50.526922, 50.7358, 50.803076, 50.821287 ], "activity_state": "Moderate", "activity_direction": "Expanding", "rotation_direction": "Weakening", "price_acceptance": -0.333333 }, "latest_close": 50.615, "trend_reference": 50.856649, "distance_from_trend": -0.004752, "trend_direction": "Improving", "fair_value": 49.013667, "distance_from_fair_value": 0.032671, "fair_value_direction": "Weakening", "relative_strength": -12.317234, "relative_strength_direction": "Improving", "price_momentum": -0.007662, "excess_performance": -0.195115, "evidence": [ { "label": "Price vs Trend", "positive": false, "value": -0.004752, "read": "Below" }, { "label": "Trend direction", "positive": true, "value": 0.004054, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.032671, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.010444, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.123172, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.026805, "read": "Improving" }, { "label": "Price momentum", "positive": false, "value": -0.007662, "read": "Negative" }, { "label": "Volume balance", "positive": true, "value": 1.046462, "read": "Demand-led" } ], "volume": { "latest": 74628, "relative_activity": 0.734781, "balance": 1.046462, "dry_up": 1.631417, "accumulation_observations": 3, "distribution_observations": 2 }, "risk": { "range_context": 0.006007, "annualized_volatility": 0.035527, "from_high_reference": -0.018283, "from_low_reference": 0.045428 }, "levels": { "trend_reference": 50.856649, "fair_value_reference": 49.013667, "structural_low": 50.119084, "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": 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": "Intermediate", "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": "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": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-01-16", "end": "2026-03-20", "tenure": "Developing", "return": -0.005747, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-03-27", "end": "2026-06-19", "tenure": "Established", "return": 0.019569, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-06-26", "end": "2026-07-17", "tenure": "New", "return": -0.005657, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-07-24", "end": "2026-07-31", "tenure": "New", "return": 0.001661, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2026-08-07", "end": "2026-08-07", "tenure": "New", "return": 0.0, "active": true } ], "chart_path": [ { "date": "2024-07-12", "close": 47.014587, "volume": 4401, "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": "2024-07-19", "close": 47.037952, "volume": 6721, "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": "2024-07-26", "close": 47.114869, "volume": 402, "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": "2024-08-02", "close": 47.634569, "volume": 15222, "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": "2024-08-09", "close": 47.40047, "volume": 1623, "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": "2024-08-16", "close": 47.451972, "volume": 4423, "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": "2024-08-23", "close": 47.676707, "volume": 3059, "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": 47.522699, "volume": 1492, "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": 47.823267, "volume": 1144, "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": 47.903106, "volume": 4955, "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": 47.921891, "volume": 1448, "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": 48.013771, "volume": 8069, "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": 47.853615, "volume": 319, "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": 47.782958, "volume": 3408, "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": 47.844194, "volume": 871, "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": 47.443805, "volume": 4073, "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": 47.469183, "volume": 6712, "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": 47.677091, "volume": 2953, "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": 47.695991, "volume": 10724, "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": 47.771594, "volume": 5562, "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": 48.065063, "volume": 1888, "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": 48.24991, "volume": 1616, "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": 47.875191, "volume": 220, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-12-20", "close": 47.529479, "volume": 2621, "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": 47.487151, "volume": 6737, "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": 47.7011, "volume": 6654, "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": 47.420589, "volume": 2008, "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": 47.625029, "volume": 2569, "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": 47.720118, "volume": 585, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-01-31", "close": 47.878922, "volume": 764, "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": 48.057953, "volume": 1558, "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": 48.024569, "volume": 493, "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": 48.17718, "volume": 42524, "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": 48.472452, "volume": 13384, "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": 48.178208, "volume": 8497, "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": 47.939063, "volume": 1708, "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": 47.93428, "volume": 816, "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": 47.663029, "volume": 2301, "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": 48.138268, "volume": 144, "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": 46.669949, "volume": 727, "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": 47.05039, "volume": 6793, "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": 47.349657, "volume": 31726, "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": 47.508339, "volume": 3069, "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": 47.580467, "volume": 26893, "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": 47.691063, "volume": 2133, "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": 47.590276, "volume": 12312, "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": 47.69121, "volume": 13601, "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": 47.657445, "volume": 38473, "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": 47.840743, "volume": 624, "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": 47.95651, "volume": 1169, "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": 48.042409, "volume": 13236, "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": 48.158535, "volume": 45336, "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": 48.143245, "volume": 11944, "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": 47.998861, "volume": 9414, "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": 48.076279, "volume": 24579, "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": 48.450129, "volume": 16827, "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": 48.391884, "volume": 7471, "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": 48.464691, "volume": 39854, "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": 48.513228, "volume": 56256, "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": 48.552816, "volume": 14287, "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": 48.912827, "volume": 3933, "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": 49.462574, "volume": 14941, "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": 49.613389, "volume": 31847, "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": 49.408228, "volume": 7328, "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": 49.520464, "volume": 11766, "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": 49.681889, "volume": 8390, "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": 49.998687, "volume": 37380, "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": 50.057245, "volume": 29853, "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": 50.030954, "volume": 18388, "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": 50.070992, "volume": 90954, "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": 50.09057, "volume": 45035, "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": 50.13462, "volume": 24028, "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": 50.244332, "volume": 56536, "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": 50.162839, "volume": 16023, "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": 50.191705, "volume": 32664, "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": 50.265343, "volume": 96164, "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": 50.301899, "volume": 50700, "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": 50.40532, "volume": 36407, "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": 50.666334, "volume": 170167, "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": 50.740206, "volume": 59587, "typical_volume": 42104.55, "trend": 49.425083, "fair_value": 48.34413, "relative_strength": -8.252622, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 86.262469, "energy": 79.080965, "activity_lines": [ 50.563431, 50.419085, 50.22154, 49.906672 ] }, { "date": "2026-01-23", "close": 50.702975, "volume": 38673, "typical_volume": 43841.55, "trend": 49.513769, "fair_value": 48.373251, "relative_strength": -8.354116, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 75.538673, "energy": 74.296914, "activity_lines": [ 50.639149, 50.488659, 50.288678, 49.989116 ] }, { "date": "2026-01-30", "close": 50.842384, "volume": 55403, "typical_volume": 45864.65, "trend": 49.60323, "fair_value": 48.403363, "relative_strength": -7.769427, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 80.572768, "energy": 84.054578, "activity_lines": [ 50.732162, 50.572446, 50.360569, 50.074833 ] }, { "date": "2026-02-06", "close": 51.005785, "volume": 87412, "typical_volume": 48642.9, "trend": 49.698648, "fair_value": 48.434717, "relative_strength": -5.439901, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 84.374542, "energy": 83.347758, "activity_lines": [ 50.843609, 50.673073, 50.441452, 50.165321 ] }, { "date": "2026-02-13", "close": 51.282399, "volume": 98201, "typical_volume": 53186.55, "trend": 49.8081, "fair_value": 48.468618, "relative_strength": -3.612077, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 90.704042, "energy": 75.542558, "activity_lines": [ 51.00723, 50.81015, 50.542048, 50.267498 ] }, { "date": "2026-02-20", "close": 51.361432, "volume": 29296, "typical_volume": 54063.05, "trend": 49.917605, "fair_value": 48.502651, "relative_strength": -4.396445, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 86.90918, "energy": 87.658874, "activity_lines": [ 51.156124, 50.94124, 50.641246, 50.367713 ] }, { "date": "2026-02-27", "close": 51.5279, "volume": 41515, "typical_volume": 55719.3, "trend": 50.020197, "fair_value": 48.537829, "relative_strength": -3.615134, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 88.484948, "energy": 94.074902, "activity_lines": [ 51.319092, 51.081329, 50.747533, 50.471603 ] }, { "date": "2026-03-06", "close": 51.104875, "volume": 38935, "typical_volume": 55797.05, "trend": 50.11063, "fair_value": 48.567335, "relative_strength": -2.923722, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 68.045453, "energy": 68.903489, "activity_lines": [ 51.286057, 51.12155, 50.80474, 50.541582 ] }, { "date": "2026-03-13", "close": 50.873892, "volume": 58326, "typical_volume": 57220.7, "trend": 50.190937, "fair_value": 48.593546, "relative_strength": -2.064344, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.7152, "energy": 61.553426, "activity_lines": [ 51.158528, 51.105174, 50.834682, 50.590825 ] }, { "date": "2026-03-20", "close": 50.448588, "volume": 248495, "typical_volume": 68726.05, "trend": 50.255449, "fair_value": 48.614389, "relative_strength": -0.642436, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 30.99402, "energy": 27.945539, "activity_lines": [ 50.898024, 51.00295, 50.820229, 50.607448 ] }, { "date": "2026-03-27", "close": 50.224828, "volume": 54176, "typical_volume": 66887.15, "trend": 50.311183, "fair_value": 48.632283, "relative_strength": 2.504661, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 0.071501, "energy": 22.291079, "activity_lines": [ 50.618521, 50.864002, 50.782478, 50.605472 ] }, { "date": "2026-04-03", "close": 50.596124, "volume": 36755, "typical_volume": 66473.15, "trend": 50.367292, "fair_value": 48.653863, "relative_strength": -0.075084, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 15.45535, "energy": 30.02609, "activity_lines": [ 50.538557, 50.801932, 50.779355, 50.623856 ] }, { "date": "2026-04-10", "close": 50.819737, "volume": 121702, "typical_volume": 71356.85, "trend": 50.412531, "fair_value": 48.677406, "relative_strength": -3.489078, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 8.838264, "energy": 24.314735, "activity_lines": [ 50.595249, 50.782462, 50.795122, 50.653045 ] }, { "date": "2026-04-17", "close": 50.988888, "volume": 59985, "typical_volume": 71529.3, "trend": 50.458381, "fair_value": 48.70226, "relative_strength": -8.235242, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 26.032772, "energy": 18.56605, "activity_lines": [ 50.727334, 50.794159, 50.823735, 50.69023 ] }, { "date": "2026-04-24", "close": 50.854494, "volume": 52779, "typical_volume": 73367.1, "trend": 50.50659, "fair_value": 48.725156, "relative_strength": -9.965445, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 33.425966, "energy": 20.65108, "activity_lines": [ 50.806954, 50.781728, 50.836004, 50.715785 ] }, { "date": "2026-05-01", "close": 50.742092, "volume": 87000, "typical_volume": 76083.9, "trend": 50.547311, "fair_value": 48.746387, "relative_strength": -11.085256, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 34.038904, "energy": 22.912432, "activity_lines": [ 50.822047, 50.75664, 50.834274, 50.730979 ] }, { "date": "2026-05-08", "close": 50.871183, "volume": 41940, "typical_volume": 73372.7, "trend": 50.586954, "fair_value": 48.76852, "relative_strength": -14.997754, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 38.661231, "energy": 24.325962, "activity_lines": [ 50.845685, 50.766284, 50.842218, 50.751874 ] }, { "date": "2026-05-15", "close": 50.523462, "volume": 74290, "typical_volume": 74552.2, "trend": 50.604447, "fair_value": 48.786613, "relative_strength": -14.905842, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 14.919932, "energy": 7.832299, "activity_lines": [ 50.73508, 50.724646, 50.81416, 50.747778 ] }, { "date": "2026-05-22", "close": 50.548306, "volume": 222775, "typical_volume": 83870.6, "trend": 50.620815, "fair_value": 48.804589, "relative_strength": -15.432113, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 4.976578, "energy": 12.35551, "activity_lines": [ 50.652507, 50.698096, 50.787414, 50.744156 ] }, { "date": "2026-05-29", "close": 50.945973, "volume": 51105, "typical_volume": 77917.5, "trend": 50.651316, "fair_value": 48.826219, "relative_strength": -16.718395, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 25.786136, "energy": 12.641383, "activity_lines": [ 50.731862, 50.749769, 50.797859, 50.765134 ] }, { "date": "2026-06-05", "close": 51.050346, "volume": 134830, "typical_volume": 81679.65, "trend": 50.683961, "fair_value": 48.848461, "relative_strength": -12.248489, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 43.279966, "energy": 17.48438, "activity_lines": [ 50.83991, 50.811376, 50.816913, 50.790878 ] }, { "date": "2026-06-12", "close": 51.060315, "volume": 71303, "typical_volume": 83311.15, "trend": 50.716286, "fair_value": 48.87036, "relative_strength": -13.803667, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 55.662912, "energy": 34.938967, "activity_lines": [ 50.93073, 50.859786, 50.83544, 50.815159 ] }, { "date": "2026-06-19", "close": 51.207654, "volume": 58997, "typical_volume": 83490.85, "trend": 50.752054, "fair_value": 48.893275, "relative_strength": -15.364846, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 65.008213, "energy": 56.616823, "activity_lines": [ 51.058055, 50.926545, 50.866298, 50.84686 ] }, { "date": "2026-06-26", "close": 51.106978, "volume": 71282, "typical_volume": 82684.35, "trend": 50.780809, "fair_value": 48.914767, "relative_strength": -11.22538, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 58.063981, "energy": 61.997842, "activity_lines": [ 51.106208, 50.967946, 50.885828, 50.869758 ] }, { "date": "2026-07-03", "close": 51.201694, "volume": 49386, "typical_volume": 80243.6, "trend": 50.815437, "fair_value": 48.936757, "relative_strength": -11.505389, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 66.381178, "energy": 66.685255, "activity_lines": [ 51.148688, 51.024422, 50.913896, 50.896912 ] }, { "date": "2026-07-10", "close": 51.027217, "volume": 180214, "typical_volume": 87789.5, "trend": 50.843287, "fair_value": 48.956666, "relative_strength": -13.029047, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 58.638835, "energy": 56.160154, "activity_lines": [ 51.115961, 51.042861, 50.925733, 50.910575 ] }, { "date": "2026-07-17", "close": 50.817844, "volume": 80118, "typical_volume": 89719.65, "trend": 50.861704, "fair_value": 48.974224, "relative_strength": -9.351664, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 31.557249, "energy": 19.518039, "activity_lines": [ 51.014985, 51.018048, 50.91922, 50.908934 ] }, { "date": "2026-07-24", "close": 50.261709, "volume": 364675, "typical_volume": 106006.65, "trend": 50.860364, "fair_value": 48.986257, "relative_strength": -8.633372, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "mixed", "direction": -33.228689, "energy": 27.348011, "activity_lines": [ 50.744796, 50.89309, 50.863123, 50.870224 ] }, { "date": "2026-07-31", "close": 50.3452, "volume": 143358, "typical_volume": 110258.25, "trend": 50.85836, "fair_value": 48.998839, "relative_strength": -8.662375, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -71.316619, "energy": 53.384674, "activity_lines": [ 50.5655, 50.788071, 50.818993, 50.836988 ] }, { "date": "2026-08-07", "close": 50.615, "volume": 74628, "typical_volume": 101564.9, "trend": 50.856649, "fair_value": 49.013667, "relative_strength": -12.317234, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -57.675909, "energy": 58.156779, "activity_lines": [ 50.526922, 50.7358, 50.803076, 50.821287 ] } ], "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." } } }