{ "ticker": { "uuid": "ae46ec7f-2011-4bd8-870f-0d21b34f48f4", "symbol": "BILL", "name": "Billerud AB (publ)", "exchange": "STO", "country": "SE", "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": "2026-08-07", "benchmark": "^OMX", "stage": 1, "stage_name": "Basing", "phase": "1b", "phase_label": "Stage 1B \u00b7 Basing", "transition": "stage_1_building", "transition_label": "Base still building", "confidence": 96.0, "architecture_regime": "rotation_up", "architecture_regime_label": "Rotation Up", "architecture_modifier": "Structural repair", "architecture_gate": "mixed", "architecture_direction": 47.46, "architecture_energy": 72.01, "architecture_maturity": 9.156, "architecture_confidence": 69.722, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The Activity Line structure is rotating upward.", "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair." }, "scores": { "balance": 15.55, "rotation_up": 76.89, "upward_expansion": 56.9, "deceleration": 19.24, "rotation_down": 16.67, "downward_expansion": 31.9 }, "activity_lines": [ 73.629998, 69.757272, 67.194635, 68.079201 ], "activity_state": "Wide", "activity_direction": "Expanding", "rotation_direction": "Improving", "price_acceptance": 0.5 }, "latest_close": 76.949997, "trend_reference": 70.632069, "distance_from_trend": 0.089448, "trend_direction": "Weakening", "fair_value": 88.513396, "distance_from_fair_value": -0.13064, "fair_value_direction": "Improving", "relative_strength": -12.059825, "relative_strength_direction": "Improving", "price_momentum": 0.059591, "excess_performance": -0.001903, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.089448, "read": "Above" }, { "label": "Trend direction", "positive": false, "value": -0.092418, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": false, "value": -0.13064, "read": "Below anchor" }, { "label": "Fair Value direction", "positive": true, "value": 0.150114, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.120598, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.191302, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.059591, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.241092, "read": "Demand-led" } ], "volume": { "latest": 1973146, "relative_activity": 0.839247, "balance": 1.241092, "dry_up": 1.016896, "accumulation_observations": 4, "distribution_observations": 1 }, "risk": { "range_context": 0.046515, "annualized_volatility": 0.353121, "from_high_reference": -0.19128, "from_low_reference": 0.322504 }, "levels": { "trend_reference": 70.632069, "fair_value_reference": 88.513396, "structural_low": 58.185089, "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 7, "median_return": 0.004557, "positive_rate": 0.571429, "directional_follow_through": 0.571429, "median_excess_return": -0.016066, "regime_survival": 0.142857, "best_return": 0.049123, "worst_return": -0.132447, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 5, "median_return": 0.04995, "positive_rate": 0.6, "directional_follow_through": 0.6, "median_excess_return": -0.030008, "regime_survival": 0.0, "best_return": 0.106143, "worst_return": -0.239566, "sufficient": true }, { "horizon": "Extended", "sample_count": 5, "median_return": -0.103977, "positive_rate": 0.4, "directional_follow_through": 0.4, "median_excess_return": -0.199252, "regime_survival": 0.0, "best_return": 0.120575, "worst_return": -0.306931, "sufficient": true }, { "horizon": "Full cycle", "sample_count": 3, "median_return": -0.346991, "positive_rate": 0.333333, "directional_follow_through": 0.333333, "median_excess_return": -0.401153, "regime_survival": 0.0, "best_return": 0.204961, "worst_return": -0.348311, "sufficient": false } ], "ledger": [ { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-01-10", "end": "2025-01-24", "tenure": "New", "return": 0.074427, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-01-31", "end": "2025-02-14", "tenure": "New", "return": 0.024561, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-02-21", "end": "2025-03-21", "tenure": "Developing", "return": -0.082021, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-03-28", "end": "2025-04-11", "tenure": "New", "return": -0.092823, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2025-04-18", "end": "2025-05-09", "tenure": "New", "return": 0.098019, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-05-16", "end": "2025-05-23", "tenure": "New", "return": 0.004236, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-05-30", "end": "2025-07-04", "tenure": "Developing", "return": -0.074713, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2025-07-11", "end": "2025-11-14", "tenure": "Established", "return": -0.081389, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-11-21", "end": "2025-12-12", "tenure": "New", "return": -0.002241, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-12-19", "end": "2026-01-16", "tenure": "Developing", "return": 0.01897, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-01-23", "end": "2026-01-23", "tenure": "New", "return": 0.0, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-01-30", "end": "2026-02-13", "tenure": "New", "return": 0.131068, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2026-02-20", "end": "2026-07-31", "tenure": "Established", "return": -0.057315, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2026-08-07", "end": "2026-08-07", "tenure": "New", "return": 0.0, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 76.108078, "volume": 1771103, "typical_volume": 3200567.05, "trend": 87.357474, "fair_value": 113.373495, "relative_strength": -25.193229, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -49.794035, "energy": 27.368292, "activity_lines": [ 78.393042, 78.255826, 79.55018, 82.303125 ] }, { "date": "2023-08-25", "close": 79.002693, "volume": 1813609, "typical_volume": 3213100.25, "trend": 86.495697, "fair_value": 113.181079, "relative_strength": -21.748921, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -40.925271, "energy": 26.890306, "activity_lines": [ 78.482769, 78.428129, 79.318513, 81.764107 ] }, { "date": "2023-09-01", "close": 83.501335, "volume": 2412739, "typical_volume": 3172267.7, "trend": 85.643272, "fair_value": 113.009083, "relative_strength": -17.933399, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -25.012882, "energy": 16.453957, "activity_lines": [ 79.864319, 79.437138, 79.570837, 81.570923 ] }, { "date": "2023-09-08", "close": 76.698067, "volume": 2416518, "typical_volume": 3105814.4, "trend": 84.771426, "fair_value": 112.794438, "relative_strength": -23.441454, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -53.185708, "energy": 25.870732, "activity_lines": [ 78.951072, 79.057, 79.203472, 80.993813 ] }, { "date": "2023-09-15", "close": 80.809525, "volume": 3138220, "typical_volume": 3054130.95, "trend": 83.976979, "fair_value": 112.604466, "relative_strength": -19.205444, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -20.116599, "energy": 10.287173, "activity_lines": [ 79.697157, 79.403617, 79.267416, 80.738206 ] }, { "date": "2023-09-22", "close": 85.529404, "volume": 3229455, "typical_volume": 3117579.9, "trend": 83.45774, "fair_value": 112.452204, "relative_strength": -12.61888, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 3.984042, "energy": 11.139283, "activity_lines": [ 81.798979, 80.556099, 79.795192, 80.838363 ] }, { "date": "2023-09-29", "close": 93.429672, "volume": 3659861, "typical_volume": 3176732.05, "trend": 83.130832, "fair_value": 112.334954, "relative_strength": -3.349601, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 41.365074, "energy": 48.385176, "activity_lines": [ 85.906135, 83.012247, 81.074076, 81.481713 ] }, { "date": "2023-10-06", "close": 91.355515, "volume": 3401763, "typical_volume": 3233959.4, "trend": 82.935038, "fair_value": 112.2008, "relative_strength": -4.669809, "stage": 1, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 44.250937, "energy": 60.274141, "activity_lines": [ 88.360106, 84.772314, 82.108589, 82.012338 ] }, { "date": "2023-10-13", "close": 90.747086, "volume": 2811668, "typical_volume": 3153521.2, "trend": 82.983127, "fair_value": 112.05938, "relative_strength": -5.953666, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 37.203221, "energy": 61.937925, "activity_lines": [ 90.087656, 86.27158, 83.045849, 82.516341 ] }, { "date": "2023-10-20", "close": 82.100113, "volume": 2847910, "typical_volume": 3108405.6, "trend": 82.755767, "fair_value": 111.8974, "relative_strength": -9.408081, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 30.171074, "energy": 49.374294, "activity_lines": [ 87.99628, 86.022009, 83.117797, 82.459372 ] }, { "date": "2023-10-27", "close": 91.834869, "volume": 4296616, "typical_volume": 3196160.45, "trend": 82.790407, "fair_value": 111.815138, "relative_strength": 3.498147, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "up", "direction": 66.059438, "energy": 44.808616, "activity_lines": [ 89.063784, 87.459595, 84.116338, 83.045121 ] }, { "date": "2023-11-03", "close": 94.581993, "volume": 2513330, "typical_volume": 2964158.9, "trend": 82.920879, "fair_value": 111.732208, "relative_strength": 3.57221, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 70.034548, "energy": 44.52666, "activity_lines": [ 90.626631, 89.110716, 85.335773, 83.805868 ] }, { "date": "2023-11-10", "close": 90.747086, "volume": 2539891, "typical_volume": 2851801.25, "trend": 82.964708, "fair_value": 111.628543, "relative_strength": 0.753406, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 54.465289, "energy": 36.117579, "activity_lines": [ 90.834355, 89.781321, 86.120707, 84.310785 ] }, { "date": "2023-11-17", "close": 93.475769, "volume": 2251271, "typical_volume": 2819669.1, "trend": 83.245777, "fair_value": 111.534915, "relative_strength": 0.648969, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 61.600512, "energy": 47.955386, "activity_lines": [ 91.992201, 90.816309, 87.091154, 84.988918 ] }, { "date": "2023-11-24", "close": 90.802399, "volume": 1334682, "typical_volume": 2768254.8, "trend": 83.478636, "fair_value": 111.442908, "relative_strength": -2.820337, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 53.974164, "energy": 39.236666, "activity_lines": [ 92.077012, 91.060181, 87.721657, 85.476442 ] }, { "date": "2023-12-01", "close": 96.10305, "volume": 2251823, "typical_volume": 2746464.8, "trend": 83.840179, "fair_value": 111.391613, "relative_strength": 2.642073, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 64.955731, "energy": 41.744934, "activity_lines": [ 93.348555, 92.086119, 88.795702, 86.29092 ] }, { "date": "2023-12-08", "close": 97.854568, "volume": 1973203, "typical_volume": 2636554.65, "trend": 84.315497, "fair_value": 111.327016, "relative_strength": 2.487123, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.199494, "energy": 51.295996, "activity_lines": [ 94.919391, 93.238267, 89.951442, 87.195074 ] }, { "date": "2023-12-15", "close": 96.42569, "volume": 4822379, "typical_volume": 2723929.9, "trend": 84.759659, "fair_value": 111.224401, "relative_strength": -1.302955, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.540524, "energy": 45.978222, "activity_lines": [ 95.795763, 94.050166, 90.866489, 87.976377 ] }, { "date": "2023-12-22", "close": 94.812454, "volume": 2801289, "typical_volume": 2722225.05, "trend": 85.187706, "fair_value": 111.139101, "relative_strength": -1.938956, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 57.482067, "energy": 45.579446, "activity_lines": [ 95.755816, 94.476565, 91.564419, 88.624944 ] }, { "date": "2023-12-29", "close": 94.397621, "volume": 696940, "typical_volume": 2649213.5, "trend": 85.60131, "fair_value": 111.044168, "relative_strength": -2.599649, "stage": 1, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 54.955222, "energy": 38.544302, "activity_lines": [ 95.488478, 94.753623, 92.157213, 89.219133 ] }, { "date": "2024-01-05", "close": 95.918678, "volume": 1383987, "typical_volume": 2629857.7, "trend": 86.022596, "fair_value": 110.963314, "relative_strength": 2.088206, "stage": 1, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 56.302592, "energy": 36.108858, "activity_lines": [ 95.488479, 95.083646, 92.814625, 89.884769 ] }, { "date": "2024-01-12", "close": 89.401184, "volume": 2278431, "typical_volume": 2653098.8, "trend": 86.334797, "fair_value": 110.822645, "relative_strength": -5.039584, "stage": 1, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 33.900156, "energy": 19.08051, "activity_lines": [ 93.328273, 94.15442, 92.756988, 90.102743 ] }, { "date": "2024-01-19", "close": 84.331001, "volume": 2108122, "typical_volume": 2637867.95, "trend": 86.641466, "fair_value": 110.597771, "relative_strength": -7.544488, "stage": 1, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 5.58915, "energy": 12.180059, "activity_lines": [ 90.041565, 92.397538, 92.166959, 89.973465 ] }, { "date": "2024-01-26", "close": 90.341469, "volume": 3857872, "typical_volume": 2709935.65, "trend": 87.13435, "fair_value": 110.458079, "relative_strength": -3.522331, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 10.690029, "energy": 17.03796, "activity_lines": [ 89.564659, 91.850125, 92.145405, 90.212175 ] }, { "date": "2024-02-02", "close": 83.132591, "volume": 4578836, "typical_volume": 2781966.45, "trend": 87.307658, "fair_value": 110.264481, "relative_strength": -10.596382, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -30.364005, "energy": 32.771862, "activity_lines": [ 86.982859, 90.048994, 91.372322, 89.953997 ] }, { "date": "2024-02-09", "close": 81.288887, "volume": 2445328, "typical_volume": 2742760.1, "trend": 87.409676, "fair_value": 110.043432, "relative_strength": -11.475882, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -34.832742, "energy": 53.228358, "activity_lines": [ 84.537493, 88.052095, 90.412587, 89.565689 ] }, { "date": "2024-02-16", "close": 82.54261, "volume": 2169892, "typical_volume": 2668261.65, "trend": 87.631535, "fair_value": 109.812144, "relative_strength": -11.685668, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -29.687102, "energy": 55.294953, "activity_lines": [ 83.485354, 86.552494, 89.592446, 89.251685 ] }, { "date": "2024-02-23", "close": 81.639191, "volume": 1804955, "typical_volume": 2588421.25, "trend": 87.582984, "fair_value": 109.591658, "relative_strength": -13.073716, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -40.657989, "energy": 61.945849, "activity_lines": [ 82.589314, 85.167035, 88.738109, 88.865082 ] }, { "date": "2024-03-01", "close": 83.667267, "volume": 4418031, "typical_volume": 2668739.4, "trend": 87.670868, "fair_value": 109.366618, "relative_strength": -11.333366, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -34.378964, "energy": 54.48287, "activity_lines": [ 82.548753, 84.419162, 88.12319, 88.612455 ] }, { "date": "2024-03-08", "close": 86.856873, "volume": 2651101, "typical_volume": 2658898.95, "trend": 87.981225, "fair_value": 109.137013, "relative_strength": -8.489575, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -29.829626, "energy": 28.440333, "activity_lines": [ 84.016341, 84.453857, 87.845757, 88.55994 ] }, { "date": "2024-03-15", "close": 88.129028, "volume": 5325007, "typical_volume": 2710318.5, "trend": 88.381923, "fair_value": 108.932156, "relative_strength": -8.463661, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -14.294029, "energy": 14.694477, "activity_lines": [ 85.659695, 84.856957, 87.66683, 88.569475 ] }, { "date": "2024-03-22", "close": 88.940262, "volume": 2843007, "typical_volume": 2726802.35, "trend": 88.713175, "fair_value": 108.72264, "relative_strength": -7.295608, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -30.12583, "energy": 20.724804, "activity_lines": [ 87.117451, 85.549185, 87.58281, 88.605497 ] }, { "date": "2024-03-29", "close": 88.516197, "volume": 2774366, "typical_volume": 2738526.1, "trend": 88.880337, "fair_value": 108.4979, "relative_strength": -6.880149, "stage": 1, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -25.90774, "energy": 21.746168, "activity_lines": [ 88.007342, 86.17269, 87.485268, 88.592789 ] }, { "date": "2024-04-05", "close": 92.092995, "volume": 1855944, "typical_volume": 2718759.75, "trend": 89.393502, "fair_value": 108.2819, "relative_strength": -2.360828, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 9.940461, "energy": 18.013045, "activity_lines": [ 89.631032, 87.370428, 87.738997, 88.800057 ] }, { "date": "2024-04-12", "close": 93.752319, "volume": 2248857, "typical_volume": 2764468.5, "trend": 89.824928, "fair_value": 108.058261, "relative_strength": -0.568528, "stage": 1, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 26.452636, "energy": 28.194377, "activity_lines": [ 91.246115, 88.838015, 88.157342, 89.081271 ] }, { "date": "2024-04-19", "close": 91.03286, "volume": 2139835, "typical_volume": 2758869.1, "trend": 90.008377, "fair_value": 107.808531, "relative_strength": -3.189883, "stage": 1, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 16.164476, "energy": 25.32169, "activity_lines": [ 91.495014, 89.618069, 88.302643, 89.159202 ] }, { "date": "2024-04-26", "close": 83.888512, "volume": 4304484, "typical_volume": 2875433.15, "trend": 89.690338, "fair_value": 107.514687, "relative_strength": -12.543814, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "down", "direction": -25.581609, "energy": 17.151315, "activity_lines": [ 89.168876, 88.921988, 87.791674, 88.764372 ] }, { "date": "2024-05-03", "close": 83.934601, "volume": 2578533, "typical_volume": 2763240.85, "trend": 89.442974, "fair_value": 107.206079, "relative_strength": -11.66188, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -43.194994, "energy": 20.580787, "activity_lines": [ 87.194884, 88.209815, 87.351599, 88.393034 ] }, { "date": "2024-05-10", "close": 86.37751, "volume": 1937356, "typical_volume": 2720044.2, "trend": 89.297322, "fair_value": 106.909925, "relative_strength": -11.923364, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -34.03841, "energy": 25.550594, "activity_lines": [ 86.340635, 87.900073, 87.203664, 88.195263 ] }, { "date": "2024-05-17", "close": 91.447693, "volume": 2853198, "typical_volume": 2827857.1, "trend": 89.608908, "fair_value": 106.667471, "relative_strength": -5.776685, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -18.51218, "energy": 16.878809, "activity_lines": [ 87.557479, 88.462905, 87.57877, 88.333996 ] }, { "date": "2024-05-24", "close": 102.196854, "volume": 6307106, "typical_volume": 3074013.05, "trend": 89.954307, "fair_value": 106.511667, "relative_strength": 4.250081, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 35.136247, "energy": 35.384596, "activity_lines": [ 92.511019, 90.896661, 88.991653, 89.146122 ] }, { "date": "2024-05-31", "close": 98.630753, "volume": 4225012, "typical_volume": 3171342.1, "trend": 90.089266, "fair_value": 106.322898, "relative_strength": 1.290422, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 37.994931, "energy": 54.554368, "activity_lines": [ 95.531592, 92.426256, 90.03501, 89.705893 ] }, { "date": "2024-06-07", "close": 95.815414, "volume": 1921005, "typical_volume": 3161986.25, "trend": 90.25821, "fair_value": 106.098336, "relative_strength": -2.34905, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 30.701902, "energy": 56.09329, "activity_lines": [ 96.630903, 93.26778, 90.766291, 90.075321 ] }, { "date": "2024-06-14", "close": 95.721565, "volume": 2520388, "typical_volume": 3095112.05, "trend": 90.33307, "fair_value": 105.87194, "relative_strength": -0.233128, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "up", "direction": 58.906547, "energy": 66.867573, "activity_lines": [ 96.906876, 93.959528, 91.433945, 90.427796 ] }, { "date": "2024-06-21", "close": 95.346184, "volume": 2015204, "typical_volume": 2966930.45, "trend": 90.484529, "fair_value": 105.645848, "relative_strength": -1.268437, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 55.753121, "energy": 53.353376, "activity_lines": [ 96.434785, 94.517051, 92.040229, 90.751223 ] }, { "date": "2024-06-28", "close": 92.061623, "volume": 1748297, "typical_volume": 2932078.9, "trend": 90.349815, "fair_value": 105.392787, "relative_strength": -4.6618, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 48.859533, "energy": 27.719231, "activity_lines": [ 94.607942, 94.448402, 92.275538, 90.852971 ] }, { "date": "2024-07-05", "close": 91.827003, "volume": 1554374, "typical_volume": 2901303.0, "trend": 90.148896, "fair_value": 105.126144, "relative_strength": -4.483955, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 34.563182, "energy": 17.431273, "activity_lines": [ 93.378574, 94.31839, 92.437204, 90.948273 ] }, { "date": "2024-07-12", "close": 92.437004, "volume": 1286954, "typical_volume": 2875402.95, "trend": 90.01594, "fair_value": 104.863658, "relative_strength": -6.573424, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 30.477961, "energy": 17.766043, "activity_lines": [ 92.806122, 94.15495, 92.612753, 91.095893 ] }, { "date": "2024-07-19", "close": 100.695335, "volume": 3067644, "typical_volume": 2807883.6, "trend": 90.212036, "fair_value": 104.60087, "relative_strength": 3.876973, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 53.1092, "energy": 25.657824, "activity_lines": [ 95.211675, 95.338437, 93.523392, 91.784886 ] }, { "date": "2024-07-26", "close": 100.601486, "volume": 2441543, "typical_volume": 2797405.7, "trend": 90.418832, "fair_value": 104.327869, "relative_strength": 3.340412, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 64.063567, "energy": 46.104354, "activity_lines": [ 97.254361, 96.244535, 94.344007, 92.455173 ] }, { "date": "2024-08-02", "close": 100.413803, "volume": 1638490, "typical_volume": 2613079.85, "trend": 90.568669, "fair_value": 104.051199, "relative_strength": 7.599026, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 61.889754, "energy": 57.257636, "activity_lines": [ 98.884132, 96.950077, 95.081297, 93.10001 ] }, { "date": "2024-08-09", "close": 98.443062, "volume": 1439462, "typical_volume": 2542902.6, "trend": 90.870065, "fair_value": 103.7407, "relative_strength": 5.587945, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 56.293075, "energy": 56.373364, "activity_lines": [ 99.300177, 97.329722, 95.572398, 93.608035 ] }, { "date": "2024-08-16", "close": 100.695335, "volume": 2071409, "typical_volume": 2507754.75, "trend": 91.415543, "fair_value": 103.455976, "relative_strength": 4.600119, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.76532, "energy": 56.626607, "activity_lines": [ 100.025909, 98.122283, 96.23275, 94.241924 ] }, { "date": "2024-08-23", "close": 99.006134, "volume": 1791793, "typical_volume": 2504547.2, "trend": 91.704365, "fair_value": 103.160177, "relative_strength": 1.694883, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 56.940135, "energy": 47.88159, "activity_lines": [ 99.638019, 98.518991, 96.67423, 94.731639 ] }, { "date": "2024-08-30", "close": 101.2584, "volume": 1310578, "typical_volume": 2457633.25, "trend": 92.308559, "fair_value": 102.871175, "relative_strength": 2.496263, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 61.800324, "energy": 41.268103, "activity_lines": [ 100.113498, 99.265483, 97.297292, 95.348029 ] }, { "date": "2024-09-06", "close": 97.692299, "volume": 1732865, "typical_volume": 2437284.75, "trend": 92.855339, "fair_value": 102.603433, "relative_strength": 3.253279, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 52.341592, "energy": 33.141854, "activity_lines": [ 99.356482, 99.256097, 97.544981, 95.695367 ] }, { "date": "2024-09-13", "close": 99.006134, "volume": 1276142, "typical_volume": 2285867.65, "trend": 93.404123, "fair_value": 102.400803, "relative_strength": 2.686647, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 39.960898, "energy": 25.636895, "activity_lines": [ 99.218845, 99.383215, 97.886087, 96.092192 ] }, { "date": "2024-09-20", "close": 99.287666, "volume": 1993252, "typical_volume": 2256603.6, "trend": 93.992406, "fair_value": 102.205154, "relative_strength": 0.874171, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 38.934188, "energy": 24.445398, "activity_lines": [ 99.137513, 99.430991, 98.182016, 96.471776 ] }, { "date": "2024-09-27", "close": 109.141357, "volume": 3327413, "typical_volume": 2326106.45, "trend": 94.841542, "fair_value": 102.084747, "relative_strength": 8.461095, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 75.009293, "energy": 44.441758, "activity_lines": [ 102.43459, 101.145789, 99.343282, 97.449127 ] }, { "date": "2024-10-04", "close": 110.079803, "volume": 3123431, "typical_volume": 2339618.1, "trend": 95.61564, "fair_value": 101.958031, "relative_strength": 10.899009, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 75.976584, "energy": 69.038676, "activity_lines": [ 105.368801, 102.87765, 100.485525, 98.432241 ] }, { "date": "2024-10-11", "close": 109.61058, "volume": 1266893, "typical_volume": 2087607.45, "trend": 96.331691, "fair_value": 101.79528, "relative_strength": 11.019069, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 69.437331, "energy": 74.707981, "activity_lines": [ 107.55851, 104.351865, 101.494355, 99.33514 ] }, { "date": "2024-10-18", "close": 102.009155, "volume": 1965196, "typical_volume": 1974616.65, "trend": 96.767321, "fair_value": 101.561865, "relative_strength": 3.107882, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.753326, "energy": 69.77505, "activity_lines": [ 106.419859, 104.276788, 101.743937, 99.701428 ] }, { "date": "2024-10-25", "close": 93.703903, "volume": 5350429, "typical_volume": 2146087.85, "trend": 96.940245, "fair_value": 101.277676, "relative_strength": -4.797369, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 19.09253, "energy": 17.930781, "activity_lines": [ 102.312589, 102.626828, 101.186454, 99.503788 ] }, { "date": "2024-11-01", "close": 88.448601, "volume": 3987666, "typical_volume": 2219451.75, "trend": 96.818765, "fair_value": 100.940082, "relative_strength": -8.446325, "stage": 4, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": -5.224977, "energy": 19.419371, "activity_lines": [ 96.825803, 100.148475, 100.138522, 98.955941 ] }, { "date": "2024-11-08", "close": 92.671616, "volume": 3972677, "typical_volume": 2317325.4, "trend": 96.782742, "fair_value": 100.571635, "relative_strength": -3.804891, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "mixed", "direction": -24.114683, "energy": 36.354453, "activity_lines": [ 94.126206, 98.629898, 99.527415, 98.688383 ] }, { "date": "2024-11-15", "close": 95.158501, "volume": 3529677, "typical_volume": 2406394.4, "trend": 96.920263, "fair_value": 100.237369, "relative_strength": 0.932156, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -21.031019, "energy": 36.258712, "activity_lines": [ 93.416116, 97.719605, 99.165889, 98.583593 ] }, { "date": "2024-11-22", "close": 93.750832, "volume": 1995011, "typical_volume": 2428426.25, "trend": 97.249007, "fair_value": 99.916017, "relative_strength": -0.548331, "stage": 2, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -21.883072, "energy": 47.218382, "activity_lines": [ 93.200274, 96.599441, 98.655554, 98.379113 ] }, { "date": "2024-11-29", "close": 89.7155, "volume": 2991393, "typical_volume": 2513648.2, "trend": 97.441703, "fair_value": 99.567317, "relative_strength": -4.475652, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -40.377818, "energy": 49.304893, "activity_lines": [ 92.189878, 94.841132, 97.751739, 97.893081 ] }, { "date": "2024-12-06", "close": 92.671616, "volume": 2960798, "typical_volume": 2508305.9, "trend": 97.651507, "fair_value": 99.243483, "relative_strength": -4.782229, "stage": 1, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -55.428708, "energy": 38.149906, "activity_lines": [ 92.430746, 93.794338, 97.142419, 97.585333 ] }, { "date": "2024-12-13", "close": 91.545486, "volume": 1658943, "typical_volume": 2469175.9, "trend": 97.654767, "fair_value": 98.934613, "relative_strength": -3.578916, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -57.634797, "energy": 39.285006, "activity_lines": [ 92.014704, 92.842242, 96.464057, 97.191396 ] }, { "date": "2024-12-20", "close": 92.812378, "volume": 3922077, "typical_volume": 2583355.25, "trend": 97.341951, "fair_value": 98.723582, "relative_strength": 1.107103, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -53.174704, "energy": 35.546928, "activity_lines": [ 92.096034, 92.457478, 95.949475, 96.878984 ] }, { "date": "2024-12-27", "close": 94.501579, "volume": 422754, "typical_volume": 2532519.85, "trend": 97.204312, "fair_value": 98.487887, "relative_strength": 2.379813, "stage": 1, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -41.691525, "energy": 27.038323, "activity_lines": [ 92.89684, 92.685264, 95.631967, 96.695734 ] }, { "date": "2025-01-03", "close": 97.504616, "volume": 1292390, "typical_volume": 2493568.9, "trend": 97.260619, "fair_value": 98.263554, "relative_strength": 4.860142, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -31.282327, "energy": 16.243401, "activity_lines": [ 94.648608, 93.595557, 95.619231, 96.715109 ] }, { "date": "2025-01-10", "close": 98.34922, "volume": 2031942, "typical_volume": 2505576.35, "trend": 97.348207, "fair_value": 98.100833, "relative_strength": 5.196657, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -18.936515, "energy": 16.106837, "activity_lines": [ 96.162636, 94.590311, 95.702127, 96.785341 ] }, { "date": "2025-01-17", "close": 102.009155, "volume": 2007331, "typical_volume": 2540414.0, "trend": 97.570306, "fair_value": 98.01703, "relative_strength": 5.082086, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 16.145798, "energy": 22.437047, "activity_lines": [ 98.518136, 96.070497, 96.136717, 97.086047 ] }, { "date": "2025-01-24", "close": 105.669106, "volume": 2190770, "typical_volume": 2563309.25, "trend": 98.023889, "fair_value": 97.952744, "relative_strength": 6.638119, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 40.439626, "energy": 49.159889, "activity_lines": [ 101.396041, 98.046355, 96.916298, 97.608551 ] }, { "date": "2025-01-31", "close": 106.982925, "volume": 1625588, "typical_volume": 2580781.55, "trend": 98.529086, "fair_value": 97.927198, "relative_strength": 7.655011, "stage": 2, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 42.713117, "energy": 65.931665, "activity_lines": [ 103.854771, 100.069987, 97.783021, 98.186553 ] }, { "date": "2025-02-07", "close": 109.141357, "volume": 4253564, "typical_volume": 2693797.15, "trend": 99.085898, "fair_value": 97.901685, "relative_strength": 10.719102, "stage": 2, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 44.265926, "energy": 70.263272, "activity_lines": [ 106.200889, 102.245478, 98.817323, 98.871216 ] }, { "date": "2025-02-14", "close": 109.61058, "volume": 2684459, "typical_volume": 2661649.45, "trend": 99.383073, "fair_value": 97.916397, "relative_strength": 7.697347, "stage": 2, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "up", "direction": 75.604667, "energy": 83.261628, "activity_lines": [ 107.927631, 104.153084, 99.849391, 99.550227 ] }, { "date": "2025-02-21", "close": 113.270515, "volume": 2369546, "typical_volume": 2623955.2, "trend": 99.805374, "fair_value": 97.97355, "relative_strength": 10.539162, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 81.963598, "energy": 87.271355, "activity_lines": [ 110.123595, 106.418152, 101.22779, 100.446191 ] }, { "date": "2025-02-28", "close": 112.238228, "volume": 2564490, "typical_volume": 2688835.05, "trend": 100.199521, "fair_value": 98.075106, "relative_strength": 9.112296, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 73.312024, "energy": 84.697653, "activity_lines": [ 111.224705, 108.100531, 102.492683, 101.248311 ] }, { "date": "2025-03-07", "close": 109.892113, "volume": 2281650, "typical_volume": 2704657.75, "trend": 100.581156, "fair_value": 98.147574, "relative_strength": 6.365081, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 66.09273, "energy": 74.568241, "activity_lines": [ 111.105836, 109.003147, 103.521623, 101.873639 ] }, { "date": "2025-03-14", "close": 106.701385, "volume": 1655159, "typical_volume": 2519894.25, "trend": 100.781358, "fair_value": 98.185785, "relative_strength": 4.813857, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 62.24337, "energy": 51.554234, "activity_lines": [ 109.729445, 109.045802, 104.209146, 102.268493 ] }, { "date": "2025-03-21", "close": 103.979904, "volume": 1758557, "typical_volume": 2408438.8, "trend": 100.94715, "fair_value": 98.156024, "relative_strength": 3.965614, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 46.146546, "energy": 34.230714, "activity_lines": [ 107.608558, 108.426428, 104.575588, 102.474851 ] }, { "date": "2025-03-28", "close": 98.06768, "volume": 1937509, "typical_volume": 2306680.4, "trend": 100.840793, "fair_value": 98.0928, "relative_strength": 1.222299, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 13.403244, "energy": 20.383793, "activity_lines": [ 103.892308, 106.629729, 104.305002, 102.289078 ] }, { "date": "2025-04-04", "close": 93.000069, "volume": 2473970, "typical_volume": 2253895.05, "trend": 100.684385, "fair_value": 97.984274, "relative_strength": 6.502346, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -26.408245, "energy": 34.704388, "activity_lines": [ 99.500377, 103.983309, 103.526091, 101.783225 ] }, { "date": "2025-04-11", "close": 88.964752, "volume": 2968872, "typical_volume": 2302588.1, "trend": 100.349673, "fair_value": 97.826219, "relative_strength": 2.226665, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -43.979295, "energy": 47.76824, "activity_lines": [ 95.045885, 100.833541, 102.373142, 101.02712 ] }, { "date": "2025-04-18", "close": 89.99704, "volume": 2107928, "typical_volume": 2258414.85, "trend": 100.039985, "fair_value": 97.661719, "relative_strength": -0.102231, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -37.67692, "energy": 62.251018, "activity_lines": [ 92.330645, 98.199065, 101.341298, 100.359208 ] }, { "date": "2025-04-25", "close": 95.158501, "volume": 1378331, "typical_volume": 2179291.5, "trend": 99.57389, "fair_value": 97.517734, "relative_strength": 2.190614, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -27.744287, "energy": 60.740368, "activity_lines": [ 92.449516, 96.851115, 100.79968, 100.044274 ] }, { "date": "2025-05-02", "close": 95.440033, "volume": 2111666, "typical_volume": 2201927.65, "trend": 99.085898, "fair_value": 97.44087, "relative_strength": 0.724094, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -25.613322, "energy": 48.876141, "activity_lines": [ 93.250324, 95.817117, 100.273033, 99.777573 ] }, { "date": "2025-05-09", "close": 98.818443, "volume": 1969376, "typical_volume": 2104292.6, "trend": 98.72616, "fair_value": 97.388112, "relative_strength": 4.476793, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -19.191161, "energy": 23.758643, "activity_lines": [ 95.352445, 95.721567, 100.049593, 99.760318 ] }, { "date": "2025-05-16", "close": 102.85376, "volume": 2467809, "typical_volume": 2206545.35, "trend": 98.754313, "fair_value": 97.363511, "relative_strength": 4.404631, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": 12.772151, "energy": 13.575298, "activity_lines": [ 98.411781, 96.603707, 100.18187, 100.026615 ] }, { "date": "2025-05-23", "close": 103.289436, "volume": 1979377, "typical_volume": 2240894.7, "trend": 99.073831, "fair_value": 97.318294, "relative_strength": 7.428435, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": 13.243357, "energy": 19.683945, "activity_lines": [ 100.690408, 97.69303, 100.315866, 100.319203 ] }, { "date": "2025-05-30", "close": 101.157761, "volume": 1160693, "typical_volume": 2197332.25, "trend": 99.49747, "fair_value": 97.277927, "relative_strength": 4.379396, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 7.575271, "energy": 19.714823, "activity_lines": [ 101.372317, 98.456812, 100.2193, 100.453651 ] }, { "date": "2025-06-06", "close": 100.091927, "volume": 1488151, "typical_volume": 2171373.25, "trend": 99.744813, "fair_value": 97.273881, "relative_strength": 2.075887, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 8.172001, "energy": 18.059494, "activity_lines": [ 101.298997, 99.078117, 100.007851, 100.492003 ] }, { "date": "2025-06-13", "close": 94.811172, "volume": 3868678, "typical_volume": 2255268.65, "trend": 99.733236, "fair_value": 97.247182, "relative_strength": -0.933951, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -13.749747, "energy": 9.453298, "activity_lines": [ 99.155299, 98.702481, 99.302603, 100.173703 ] }, { "date": "2025-06-20", "close": 96.894409, "volume": 4293370, "typical_volume": 2388657.75, "trend": 99.838022, "fair_value": 97.218543, "relative_strength": 1.630628, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -18.289477, "energy": 13.470057, "activity_lines": [ 97.973165, 98.672686, 98.847463, 99.990553 ] }, { "date": "2025-06-27", "close": 96.700623, "volume": 1690388, "typical_volume": 2260498.95, "trend": 100.070859, "fair_value": 97.197674, "relative_strength": -1.096172, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -38.988941, "energy": 25.51961, "activity_lines": [ 97.123725, 98.463481, 98.421908, 99.78814 ] }, { "date": "2025-07-04", "close": 93.599998, "volume": 2167073, "typical_volume": 2234629.65, "trend": 100.101805, "fair_value": 97.148189, "relative_strength": -4.572556, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -61.679731, "energy": 50.160184, "activity_lines": [ 95.679999, 97.568643, 97.760297, 99.370665 ] }, { "date": "2025-07-11", "close": 93.454651, "volume": 1231744, "typical_volume": 2177739.55, "trend": 100.165444, "fair_value": 97.122081, "relative_strength": -6.011404, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -62.059049, "energy": 58.980626, "activity_lines": [ 94.691674, 96.675715, 97.161084, 98.941817 ] }, { "date": "2025-07-18", "close": 80.713043, "volume": 4510956, "typical_volume": 2275062.85, "trend": 99.762133, "fair_value": 96.963495, "relative_strength": -18.578686, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -88.354762, "energy": 79.37732, "activity_lines": [ 89.898631, 93.502229, 95.442746, 97.686823 ] }, { "date": "2025-07-25", "close": 84.927948, "volume": 3493043, "typical_volume": 2335632.5, "trend": 99.443012, "fair_value": 96.794782, "relative_strength": -16.019957, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -75.695516, "energy": 80.361481, "activity_lines": [ 87.450432, 91.424278, 94.275947, 96.729779 ] }, { "date": "2025-08-01", "close": 80.180122, "volume": 1864499, "typical_volume": 2346099.5, "trend": 98.865529, "fair_value": 96.597821, "relative_strength": -18.071083, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -82.606968, "energy": 87.697373, "activity_lines": [ 84.217389, 88.80901, 92.775851, 95.487012 ] }, { "date": "2025-08-08", "close": 85.460861, "volume": 1972962, "typical_volume": 2356819.75, "trend": 98.435917, "fair_value": 96.408217, "relative_strength": -14.696924, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -66.385583, "energy": 80.722408, "activity_lines": [ 83.845958, 87.574045, 91.904975, 94.622195 ] }, { "date": "2025-08-15", "close": 84.49192, "volume": 1748837, "typical_volume": 2347386.15, "trend": 97.852009, "fair_value": 96.201204, "relative_strength": -16.54533, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.91035, "energy": 72.572335, "activity_lines": [ 83.694157, 86.448308, 91.030004, 93.722582 ] }, { "date": "2025-08-22", "close": 88.997513, "volume": 2367860, "typical_volume": 2342080.65, "trend": 97.296289, "fair_value": 96.033724, "relative_strength": -13.442426, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -59.329954, "energy": 47.222566, "activity_lines": [ 85.641735, 86.425406, 90.648784, 93.151324 ] }, { "date": "2025-08-29", "close": 87.592545, "volume": 2452211, "typical_volume": 2316247.6, "trend": 96.649943, "fair_value": 95.83457, "relative_strength": -12.495209, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -44.329115, "energy": 32.276333, "activity_lines": [ 86.568692, 86.252758, 90.152817, 92.525276 ] }, { "date": "2025-09-05", "close": 87.011177, "volume": 1089720, "typical_volume": 2265337.2, "trend": 95.91227, "fair_value": 95.627591, "relative_strength": -12.832615, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -40.302671, "energy": 26.718464, "activity_lines": [ 87.12422, 86.143531, 89.608016, 91.90342 ] }, { "date": "2025-09-12", "close": 84.055901, "volume": 2776760, "typical_volume": 2335258.65, "trend": 95.060448, "fair_value": 95.427616, "relative_strength": -15.758863, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -47.657805, "energy": 29.616157, "activity_lines": [ 86.239253, 85.673154, 88.795979, 91.138493 ] }, { "date": "2025-09-19", "close": 82.408699, "volume": 4767575, "typical_volume": 2468054.1, "trend": 94.03172, "fair_value": 95.270613, "relative_strength": -17.446718, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -64.624206, "energy": 41.473858, "activity_lines": [ 84.898882, 85.076814, 87.879935, 90.322251 ] }, { "date": "2025-09-26", "close": 81.05217, "volume": 1907956, "typical_volume": 2464983.1, "trend": 92.992185, "fair_value": 95.072413, "relative_strength": -18.30525, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -67.230804, "energy": 51.449912, "activity_lines": [ 83.245217, 84.434668, 86.896752, 89.484861 ] }, { "date": "2025-10-03", "close": 81.972664, "volume": 1716397, "typical_volume": 2427412.5, "trend": 92.061537, "fair_value": 94.877383, "relative_strength": -19.425745, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -61.914871, "energy": 56.689817, "activity_lines": [ 82.428072, 83.953718, 86.085836, 88.773924 ] }, { "date": "2025-10-10", "close": 78.0, "volume": 3124071, "typical_volume": 2484647.2, "trend": 91.104824, "fair_value": 94.615645, "relative_strength": -22.179409, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -73.483592, "energy": 66.698414, "activity_lines": [ 80.661364, 82.804199, 84.996005, 87.866728 ] }, { "date": "2025-10-17", "close": 80.325462, "volume": 1691992, "typical_volume": 2511212.15, "trend": 90.316343, "fair_value": 94.367448, "relative_strength": -19.27636, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -63.853899, "energy": 71.718236, "activity_lines": [ 80.270556, 82.117129, 84.248072, 87.171286 ] }, { "date": "2025-10-24", "close": 87.592545, "volume": 2569679, "typical_volume": 2565288.55, "trend": 89.967171, "fair_value": 94.145624, "relative_strength": -14.462892, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -51.530551, "energy": 37.233308, "activity_lines": [ 82.550805, 82.844718, 84.291444, 86.995557 ] }, { "date": "2025-10-31", "close": 85.218628, "volume": 1130486, "typical_volume": 2428378.95, "trend": 89.70779, "fair_value": 93.88728, "relative_strength": -16.018429, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -39.814139, "energy": 26.82062, "activity_lines": [ 83.694158, 83.084311, 84.168249, 86.689199 ] }, { "date": "2025-11-07", "close": 84.540367, "volume": 2318188, "typical_volume": 2329619.85, "trend": 89.560311, "fair_value": 93.595909, "relative_strength": -15.417194, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -32.466435, "energy": 20.587794, "activity_lines": [ 84.33366, 83.269291, 84.026137, 86.355817 ] }, { "date": "2025-11-14", "close": 85.848442, "volume": 1759784, "typical_volume": 2333089.65, "trend": 89.422024, "fair_value": 93.340509, "relative_strength": -14.552014, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -25.190731, "energy": 22.466656, "activity_lines": [ 85.238008, 83.747596, 84.067432, 86.116342 ] }, { "date": "2025-11-21", "close": 86.478256, "volume": 1575296, "typical_volume": 2303500.8, "trend": 89.132683, "fair_value": 93.112635, "relative_strength": -11.838592, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -8.960742, "energy": 13.179555, "activity_lines": [ 85.829063, 84.361554, 84.220387, 85.926421 ] }, { "date": "2025-11-28", "close": 90.450928, "volume": 1862395, "typical_volume": 2335033.35, "trend": 88.966379, "fair_value": 92.894386, "relative_strength": -10.559782, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 11.45691, "energy": 19.642333, "activity_lines": [ 87.334157, 85.653773, 84.785604, 86.011469 ] }, { "date": "2025-12-05", "close": 90.208694, "volume": 1835416, "typical_volume": 2201256.35, "trend": 88.679387, "fair_value": 92.666117, "relative_strength": -11.860173, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": 9.518314, "energy": 26.604881, "activity_lines": [ 88.567947, 86.755727, 85.342055, 86.091618 ] }, { "date": "2025-12-12", "close": 86.28447, "volume": 3072180, "typical_volume": 2180213.2, "trend": 88.127078, "fair_value": 92.457211, "relative_strength": -15.291679, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 17.237958, "energy": 28.535982, "activity_lines": [ 88.160991, 86.977704, 85.479553, 85.937108 ] }, { "date": "2025-12-19", "close": 89.385094, "volume": 3369981, "typical_volume": 2255487.3, "trend": 87.6636, "fair_value": 92.324172, "relative_strength": -12.591977, "stage": 4, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 24.413667, "energy": 38.339037, "activity_lines": [ 88.671303, 87.685034, 85.905889, 86.01827 ] }, { "date": "2025-12-26", "close": 88.90062, "volume": 380314, "typical_volume": 2175854.9, "trend": 87.255028, "fair_value": 92.199771, "relative_strength": -12.990709, "stage": 4, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 30.094466, "energy": 30.317777, "activity_lines": [ 88.784347, 88.097276, 86.242251, 86.098078 ] }, { "date": "2026-01-02", "close": 92.001236, "volume": 837337, "typical_volume": 2130279.9, "trend": 86.985339, "fair_value": 92.067934, "relative_strength": -10.628916, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 43.149896, "energy": 35.879382, "activity_lines": [ 89.769438, 88.917355, 86.85753, 86.404285 ] }, { "date": "2026-01-09", "close": 92.873291, "volume": 1285008, "typical_volume": 2076137.3, "trend": 86.920743, "fair_value": 91.955069, "relative_strength": -12.248949, "stage": 1, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 44.512766, "energy": 52.673688, "activity_lines": [ 90.941861, 89.81583, 87.520104, 86.784153 ] }, { "date": "2026-01-16", "close": 91.080742, "volume": 1391824, "typical_volume": 2023117.95, "trend": 86.726954, "fair_value": 91.825798, "relative_strength": -15.356883, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "up", "direction": 58.968657, "energy": 57.580336, "activity_lines": [ 91.339128, 90.249213, 87.993502, 87.05254 ] }, { "date": "2026-01-23", "close": 89.772667, "volume": 1824691, "typical_volume": 2059866.5, "trend": 86.496022, "fair_value": 91.72911, "relative_strength": -15.417861, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 58.644453, "energy": 55.118108, "activity_lines": [ 90.980618, 90.325847, 88.325711, 87.249037 ] }, { "date": "2026-01-30", "close": 69.860863, "volume": 5935819, "typical_volume": 2217819.45, "trend": 85.704717, "fair_value": 91.477743, "relative_strength": -33.846537, "stage": 4, "regime": "rotation_down", "modifier": "Structural failure", "gate": "mixed", "direction": -36.069594, "energy": 28.941242, "activity_lines": [ 83.959002, 86.710804, 86.748408, 86.175801 ] }, { "date": "2026-02-06", "close": 72.622353, "volume": 5224559, "typical_volume": 2240668.65, "trend": 85.010307, "fair_value": 91.283954, "relative_strength": -32.629482, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -43.407847, "energy": 54.229236, "activity_lines": [ 79.1272, 83.899985, 85.5017, 85.331778 ] }, { "date": "2026-02-13", "close": 79.017395, "volume": 3132625, "typical_volume": 2301902.1, "trend": 84.953786, "fair_value": 91.119688, "relative_strength": -26.062695, "stage": 4, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -59.461974, "energy": 64.88139, "activity_lines": [ 77.719003, 82.576056, 84.910645, 84.945138 ] }, { "date": "2026-02-20", "close": 80.567703, "volume": 2564309, "typical_volume": 2344297.7, "trend": 84.808444, "fair_value": 90.988029, "relative_strength": -25.370202, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -60.836263, "energy": 63.847562, "activity_lines": [ 77.751303, 81.737479, 84.476927, 84.662165 ] }, { "date": "2026-02-27", "close": 79.986336, "volume": 2011797, "typical_volume": 2288684.0, "trend": 84.801985, "fair_value": 90.838986, "relative_strength": -26.196337, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -58.323194, "energy": 64.697066, "activity_lines": [ 78.290683, 80.897141, 83.994532, 84.351061 ] }, { "date": "2026-03-06", "close": 75.38385, "volume": 2905534, "typical_volume": 2349361.1, "trend": 84.466084, "fair_value": 90.698951, "relative_strength": -25.568586, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -67.289711, "energy": 44.450901, "activity_lines": [ 77.948323, 79.390874, 83.064346, 83.74344 ] }, { "date": "2026-03-13", "close": 72.91304, "volume": 1927759, "typical_volume": 2317265.1, "trend": 84.080122, "fair_value": 90.593878, "relative_strength": -26.876057, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -72.364275, "energy": 49.199015, "activity_lines": [ 76.414161, 77.681128, 81.922376, 82.998082 ] }, { "date": "2026-03-20", "close": 67.971428, "volume": 2115511, "typical_volume": 2366516.35, "trend": 83.379252, "fair_value": 90.459587, "relative_strength": -27.498973, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -80.539683, "energy": 71.563704, "activity_lines": [ 73.213415, 75.419965, 80.379679, 81.958812 ] }, { "date": "2026-03-27", "close": 70.15155, "volume": 1912234, "typical_volume": 2346218.65, "trend": 82.797886, "fair_value": 90.327253, "relative_strength": -24.529308, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -68.821268, "energy": 72.902364, "activity_lines": [ 71.475775, 74.007949, 79.126742, 81.105411 ] }, { "date": "2026-04-03", "close": 70.587578, "volume": 1958816, "typical_volume": 2356170.25, "trend": 82.250432, "fair_value": 90.198533, "relative_strength": -25.926216, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.742485, "energy": 73.273674, "activity_lines": [ 70.577887, 73.055741, 77.983849, 80.31765 ] }, { "date": "2026-04-10", "close": 73.494408, "volume": 1657531, "typical_volume": 2360282.0, "trend": 81.898383, "fair_value": 90.096368, "relative_strength": -25.766717, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -62.215643, "energy": 61.454757, "activity_lines": [ 71.275527, 72.980868, 77.190469, 79.752745 ] }, { "date": "2026-04-17", "close": 73.591301, "volume": 1423984, "typical_volume": 2338361.45, "trend": 81.604469, "fair_value": 90.022955, "relative_strength": -26.688264, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -57.305424, "energy": 42.639096, "activity_lines": [ 72.131427, 72.857548, 76.468144, 79.216804 ] }, { "date": "2026-04-24", "close": 69.57019, "volume": 2172886, "typical_volume": 2355234.95, "trend": 81.221737, "fair_value": 89.931631, "relative_strength": -28.147949, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -64.342529, "energy": 42.800435, "activity_lines": [ 71.601739, 71.985499, 75.44314, 78.440399 ] }, { "date": "2026-05-01", "close": 61.043476, "volume": 5539462, "typical_volume": 2478599.05, "trend": 80.524097, "fair_value": 89.776418, "relative_strength": -35.369363, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -85.164403, "energy": 69.17633, "activity_lines": [ 68.123229, 69.734906, 73.704346, 77.138576 ] }, { "date": "2026-05-08", "close": 64.483231, "volume": 2219911, "typical_volume": 2421095.55, "trend": 80.073538, "fair_value": 89.653907, "relative_strength": -31.190034, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -71.407952, "energy": 77.102466, "activity_lines": [ 66.398509, 68.464709, 72.413344, 76.103681 ] }, { "date": "2026-05-15", "close": 61.721737, "volume": 1806160, "typical_volume": 2492387.85, "trend": 79.453414, "fair_value": 89.516861, "relative_strength": -32.47261, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -77.063018, "energy": 88.367741, "activity_lines": [ 64.160248, 66.974296, 70.977923, 74.919694 ] }, { "date": "2026-05-22", "close": 62.642235, "volume": 2312314, "typical_volume": 2566136.7, "trend": 78.621737, "fair_value": 89.392958, "relative_strength": -32.923138, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -69.185288, "energy": 87.016643, "activity_lines": [ 63.013664, 65.899649, 69.759591, 73.835102 ] }, { "date": "2026-05-29", "close": 61.299999, "volume": 9124201, "typical_volume": 2958096.35, "trend": 77.824449, "fair_value": 89.260333, "relative_strength": -33.284865, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -72.19687, "energy": 82.010016, "activity_lines": [ 62.149606, 64.767701, 68.553232, 72.71757 ] }, { "date": "2026-06-05", "close": 62.900002, "volume": 574793, "typical_volume": 2917244.8, "trend": 77.103104, "fair_value": 89.129692, "relative_strength": -30.172215, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -66.065536, "energy": 71.455338, "activity_lines": [ 62.370228, 64.047961, 67.649603, 71.754703 ] }, { "date": "2026-06-12", "close": 61.299999, "volume": 448331, "typical_volume": 2848426.8, "trend": 76.284822, "fair_value": 89.009595, "relative_strength": -31.021091, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -68.696174, "energy": 61.07558, "activity_lines": [ 61.933747, 63.169158, 66.727787, 70.735148 ] }, { "date": "2026-06-19", "close": 61.950001, "volume": 3576340, "typical_volume": 2730452.85, "trend": 75.467214, "fair_value": 88.925102, "relative_strength": -30.779003, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -63.02614, "energy": 56.446147, "activity_lines": [ 61.926149, 62.577403, 66.00346, 69.81032 ] }, { "date": "2026-06-26", "close": 64.400002, "volume": 662822, "typical_volume": 2502366.0, "trend": 74.59885, "fair_value": 88.853595, "relative_strength": -26.557808, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -50.774147, "energy": 47.183238, "activity_lines": [ 62.720001, 62.641, 65.550137, 69.096307 ] }, { "date": "2026-07-03", "close": 64.349998, "volume": 332659, "typical_volume": 2362367.7, "trend": 73.736893, "fair_value": 88.766523, "relative_strength": -27.857639, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -47.343391, "energy": 41.777385, "activity_lines": [ 63.38, 62.86262, 65.131206, 68.43509 ] }, { "date": "2026-07-10", "close": 62.799999, "volume": 1736103, "typical_volume": 2320957.4, "trend": 72.954077, "fair_value": 88.667623, "relative_strength": -27.196811, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -45.658038, "energy": 36.356923, "activity_lines": [ 63.32, 62.897335, 64.634501, 67.729484 ] }, { "date": "2026-07-17", "close": 68.699997, "volume": 2748624, "typical_volume": 2357798.75, "trend": 72.264574, "fair_value": 88.621554, "relative_strength": -19.01064, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -26.324151, "energy": 18.861224, "activity_lines": [ 65.233332, 63.972839, 64.784309, 67.455028 ] }, { "date": "2026-07-24", "close": 71.900002, "volume": 2421120, "typical_volume": 2333578.05, "trend": 71.697887, "fair_value": 88.549786, "relative_strength": -16.027848, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": 9.891866, "energy": 19.111689, "activity_lines": [ 67.72, 65.553495, 65.292623, 67.431507 ] }, { "date": "2026-07-31", "close": 75.949997, "volume": 2420366, "typical_volume": 2358208.4, "trend": 71.162846, "fair_value": 88.517217, "relative_strength": -12.068368, "stage": 1, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": 27.427119, "energy": 40.160392, "activity_lines": [ 70.893332, 67.685454, 66.203241, 67.705836 ] }, { "date": "2026-08-07", "close": 76.949997, "volume": 1973146, "typical_volume": 2351090.15, "trend": 70.632069, "fair_value": 88.513396, "relative_strength": -12.059825, "stage": 1, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 47.460227, "energy": 72.010378, "activity_lines": [ 73.629998, 69.757272, 67.194635, 68.079201 ] } ], "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." } } }