{ "ticker": { "uuid": "b007100d-42e1-4298-97b6-6bd57c88d351", "symbol": "GCAL", "name": "GOLDMAN SACHS DYNAMIC CALIFORNIA MUNICIPAL INCOME ETF", "exchange": "NYSEARCA", "country": "US", "assetType": "etf" }, "methodBoundary": "Trend Architecture is a weekly structural classification, not a forecast, probability of return, recommendation or execution signal. Confidence measures geometric agreement and external confirmation only.", "analysis": { "eligible": true, "as_of": "2026-08-07", "benchmark": "SPY", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 82.636, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Upper balance after advance", "architecture_gate": "mixed", "architecture_direction": -0.083, "architecture_energy": 14.502, "architecture_maturity": 19.057, "architecture_confidence": 62.419, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "Directional pressure has compressed into balance.", "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base." }, "scores": { "balance": 59.68, "rotation_up": 15.87, "upward_expansion": 22.23, "deceleration": 74.26, "rotation_down": 51.2, "downward_expansion": 30.56 }, "activity_lines": [ 50.530283, 50.659309, 50.652462, 50.63024 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": -0.166667 }, "latest_close": 50.65, "trend_reference": 50.617619, "distance_from_trend": 0.00064, "trend_direction": "Improving", "fair_value": 49.036408, "distance_from_fair_value": 0.032906, "fair_value_direction": "Weakening", "relative_strength": -10.115044, "relative_strength_direction": "Weakening", "price_momentum": -0.001168, "excess_performance": -0.126793, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.00064, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.004809, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.032906, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.003319, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.10115, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.008775, "read": "Weakening" }, { "label": "Price momentum", "positive": false, "value": -0.001168, "read": "Negative" }, { "label": "Volume balance", "positive": true, "value": 1.507322, "read": "Demand-led" } ], "volume": { "latest": 94002, "relative_activity": 1.121395, "balance": 1.507322, "dry_up": 1.063477, "accumulation_observations": 2, "distribution_observations": 2 }, "risk": { "range_context": 0.007328, "annualized_volatility": 0.030565, "from_high_reference": -0.024535, "from_low_reference": 0.050303 }, "levels": { "trend_reference": 50.617619, "fair_value_reference": 49.036408, "structural_low": 49.889754, "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": "2026-01-30", "end": "2026-03-20", "tenure": "Developing", "return": -0.007903, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-03-27", "end": "2026-06-19", "tenure": "Established", "return": 0.018841, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-06-26", "end": "2026-07-24", "tenure": "Developing", "return": -0.011123, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-07-31", "end": "2026-08-07", "tenure": "New", "return": 0.006372, "active": true } ], "chart_path": [ { "date": "2024-07-26", "close": 47.2351, "volume": 5025, "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": 47.720263, "volume": 5880, "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": 47.602505, "volume": 2806, "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": 47.696711, "volume": 7605, "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": 47.781497, "volume": 2896, "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": 47.776787, "volume": 9333, "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": 48.014011, "volume": 4343, "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": 48.212455, "volume": 2799, "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": 48.221904, "volume": 1528, "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": 48.297502, "volume": 2177, "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": 48.227784, "volume": 11744, "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": 48.071415, "volume": 4808, "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": 48.161446, "volume": 841, "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": 47.763417, "volume": 24143, "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": 47.731499, "volume": 2245, "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": 47.849319, "volume": 1719, "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": 47.974266, "volume": 8596, "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": 48.068712, "volume": 3844, "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": 48.381411, "volume": 421, "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": 48.555176, "volume": 3569, "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": 48.136022, "volume": 4470, "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": 47.812035, "volume": 11423, "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": 47.850235, "volume": 17281, "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": 48.041986, "volume": 1180, "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": 47.73629, "volume": 2141, "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": 48.003774, "volume": 2089, "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": 48.054978, "volume": 6052, "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": 48.156622, "volume": 4919, "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": 48.402077, "volume": 8034, "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": 48.33982, "volume": 28153, "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": 48.540957, "volume": 2540, "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": 48.792282, "volume": 7185, "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": 48.520725, "volume": 4420, "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": 48.257772, "volume": 8644, "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": 48.310554, "volume": 3735, "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": 48.051439, "volume": 10585, "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": 48.350032, "volume": 19313, "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": 46.679022, "volume": 12876, "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": 47.193838, "volume": 2868, "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": 47.4537, "volume": 114354, "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": 47.578588, "volume": 25204, "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": 47.621126, "volume": 10065, "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": 47.688646, "volume": 15376, "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": 47.679, "volume": 11544, "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": 47.734174, "volume": 5950, "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": 47.614675, "volume": 14738, "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": 47.822621, "volume": 18694, "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": 47.929108, "volume": 52824, "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": 48.019056, "volume": 8429, "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": 48.100471, "volume": 8236, "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": 48.013289, "volume": 916, "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": 47.79994, "volume": 1401881, "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": 47.922712, "volume": 312036, "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": 48.301863, "volume": 312612, "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": 48.235843, "volume": 30881, "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": 48.301863, "volume": 48734, "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": 48.41837, "volume": 79664, "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": 48.398952, "volume": 54329, "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": 48.778199, "volume": 61492, "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": 49.257219, "volume": 146366, "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": 49.396446, "volume": 21342, "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": 49.226063, "volume": 169304, "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": 49.364866, "volume": 20331, "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": 49.582757, "volume": 30409, "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": 49.779943, "volume": 23419, "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": 49.877608, "volume": 70725, "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": 49.843425, "volume": 78380, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2025-11-07", "close": 49.856532, "volume": 32385, "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": 49.84321, "volume": 27935, "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": 49.900614, "volume": 53839, "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": 50.03286, "volume": 25267, "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": 49.910721, "volume": 140479, "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": 49.891075, "volume": 99301, "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": 50.053154, "volume": 79575, "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": 50.048243, "volume": 65081, "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": 50.172058, "volume": 74192, "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": 50.344487, "volume": 105528, "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": 50.476125, "volume": 117374, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-23", "close": 50.418386, "volume": 177536, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2026-01-30", "close": 50.516917, "volume": 69371, "typical_volume": 74088.65, "trend": 49.398791, "fair_value": 48.497232, "relative_strength": -7.109727, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 80.546614, "energy": 90.985559, "activity_lines": [ 50.436502, 50.293977, 50.107618, 49.843506 ] }, { "date": "2026-02-06", "close": 50.709209, "volume": 55763, "typical_volume": 75809.7, "trend": 49.488655, "fair_value": 48.52454, "relative_strength": -6.388691, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 88.634635, "energy": 91.126008, "activity_lines": [ 50.544374, 50.389033, 50.182136, 49.928049 ] }, { "date": "2026-02-13", "close": 50.896984, "volume": 36873, "typical_volume": 69188.15, "trend": 49.59189, "fair_value": 48.553472, "relative_strength": -4.689754, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 91.988103, "energy": 88.349594, "activity_lines": [ 50.679027, 50.505933, 50.268286, 50.018909 ] }, { "date": "2026-02-20", "close": 50.956281, "volume": 56777, "typical_volume": 71010.45, "trend": 49.693009, "fair_value": 48.582422, "relative_strength": -5.45723, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 88.368305, "energy": 93.105135, "activity_lines": [ 50.796613, 50.615681, 50.352126, 50.106934 ] }, { "date": "2026-02-27", "close": 51.114408, "volume": 49173, "typical_volume": 71948.65, "trend": 49.786761, "fair_value": 48.612565, "relative_strength": -4.487001, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 90.001715, "energy": 93.982746, "activity_lines": [ 50.934897, 50.734813, 50.443448, 50.198637 ] }, { "date": "2026-03-06", "close": 50.751972, "volume": 72488, "typical_volume": 74402.1, "trend": 49.870632, "fair_value": 48.637734, "relative_strength": -3.011418, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 68.272775, "energy": 68.210042, "activity_lines": [ 50.905967, 50.768751, 50.492958, 50.260909 ] }, { "date": "2026-03-13", "close": 50.57824, "volume": 86312, "typical_volume": 75181.45, "trend": 49.946511, "fair_value": 48.660298, "relative_strength": -1.618529, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 65.206426, "energy": 64.125372, "activity_lines": [ 50.803457, 50.758307, 50.521294, 50.306561 ] }, { "date": "2026-03-20", "close": 50.117697, "volume": 105125, "typical_volume": 76518.7, "trend": 50.003155, "fair_value": 48.67705, "relative_strength": -0.496866, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 25.619739, "energy": 25.926485, "activity_lines": [ 50.556164, 50.656743, 50.502432, 50.317605 ] }, { "date": "2026-03-27", "close": 49.99877, "volume": 118409, "typical_volume": 80819.9, "trend": 50.056482, "fair_value": 48.692069, "relative_strength": 1.750986, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -0.629583, "energy": 23.397185, "activity_lines": [ 50.321181, 50.537679, 50.470938, 50.317322 ] }, { "date": "2026-04-03", "close": 50.346046, "volume": 39348, "typical_volume": 81390.55, "trend": 50.108744, "fair_value": 48.710653, "relative_strength": -0.444024, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 15.331251, "energy": 30.445735, "activity_lines": [ 50.26579, 50.490435, 50.47184, 50.336004 ] }, { "date": "2026-04-10", "close": 50.554827, "volume": 119138, "typical_volume": 84655.5, "trend": 50.151997, "fair_value": 48.731144, "relative_strength": -3.169227, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 13.116468, "energy": 24.924796, "activity_lines": [ 50.331218, 50.482467, 50.490232, 50.364783 ] }, { "date": "2026-04-17", "close": 50.711016, "volume": 104269, "typical_volume": 88605.6, "trend": 50.195816, "fair_value": 48.752901, "relative_strength": -6.615965, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 31.725877, "energy": 18.339218, "activity_lines": [ 50.461851, 50.502207, 50.520384, 50.400849 ] }, { "date": "2026-04-24", "close": 50.743725, "volume": 58294, "typical_volume": 84496.35, "trend": 50.246405, "fair_value": 48.77454, "relative_strength": -6.675419, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 49.300223, "energy": 33.030314, "activity_lines": [ 50.594535, 50.527862, 50.550422, 50.436198 ] }, { "date": "2026-05-01", "close": 50.483739, "volume": 88800, "typical_volume": 83971.3, "trend": 50.283701, "fair_value": 48.792919, "relative_strength": -7.671667, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 38.547918, "energy": 29.917953, "activity_lines": [ 50.598823, 50.509033, 50.551732, 50.45151 ] }, { "date": "2026-05-08", "close": 50.580154, "volume": 81546, "typical_volume": 84069.85, "trend": 50.316948, "fair_value": 48.811932, "relative_strength": -9.237533, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 38.834933, "energy": 28.311827, "activity_lines": [ 50.602917, 50.516326, 50.559402, 50.470636 ] }, { "date": "2026-05-15", "close": 50.276794, "volume": 46710, "typical_volume": 83151.3, "trend": 50.333509, "fair_value": 48.827352, "relative_strength": -9.668495, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 16.418821, "energy": 9.587774, "activity_lines": [ 50.490285, 50.478176, 50.535672, 50.468045 ] }, { "date": "2026-05-22", "close": 50.313571, "volume": 81987, "typical_volume": 83541.05, "trend": 50.348041, "fair_value": 48.842833, "relative_strength": -10.023757, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 5.381248, "energy": 10.490893, "activity_lines": [ 50.408446, 50.455352, 50.514356, 50.466759 ] }, { "date": "2026-05-29", "close": 50.662753, "volume": 63380, "typical_volume": 81433.65, "trend": 50.375352, "fair_value": 48.861595, "relative_strength": -10.353989, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 24.746063, "energy": 12.816586, "activity_lines": [ 50.469499, 50.500828, 50.525621, 50.487063 ] }, { "date": "2026-06-05", "close": 50.772615, "volume": 78244, "typical_volume": 79477.15, "trend": 50.405888, "fair_value": 48.881095, "relative_strength": -7.579109, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 51.390978, "energy": 20.362137, "activity_lines": [ 50.572569, 50.556369, 50.545834, 50.512693 ] }, { "date": "2026-06-12", "close": 50.782683, "volume": 161461, "typical_volume": 78673.4, "trend": 50.437204, "fair_value": 48.900303, "relative_strength": -7.785156, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 54.463905, "energy": 37.849599, "activity_lines": [ 50.659738, 50.599671, 50.565593, 50.537002 ] }, { "date": "2026-06-19", "close": 50.940777, "volume": 81736, "typical_volume": 79291.65, "trend": 50.471876, "fair_value": 48.920708, "relative_strength": -8.03323, "stage": 3, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 61.535794, "energy": 51.204812, "activity_lines": [ 50.786103, 50.663778, 50.598675, 50.569491 ] }, { "date": "2026-06-26", "close": 50.976962, "volume": 80465, "typical_volume": 80526.75, "trend": 50.503346, "fair_value": 48.941067, "relative_strength": -5.505911, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.963561, "energy": 62.912609, "activity_lines": [ 50.880263, 50.727447, 50.633184, 50.602077 ] }, { "date": "2026-07-03", "close": 50.968253, "volume": 51548, "typical_volume": 81260.5, "trend": 50.538597, "fair_value": 48.960941, "relative_strength": -7.300193, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.979571, "energy": 64.405661, "activity_lines": [ 50.927295, 50.784697, 50.665589, 50.632071 ] }, { "date": "2026-07-10", "close": 50.823697, "volume": 64596, "typical_volume": 81651.45, "trend": 50.569685, "fair_value": 48.979026, "relative_strength": -8.557702, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 58.679462, "energy": 56.498296, "activity_lines": [ 50.905775, 50.811582, 50.683888, 50.650464 ] }, { "date": "2026-07-17", "close": 50.66668, "volume": 41190, "typical_volume": 81252.3, "trend": 50.590136, "fair_value": 48.995254, "relative_strength": -7.19584, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 52.554928, "energy": 31.263865, "activity_lines": [ 50.82851, 50.803738, 50.687863, 50.656722 ] }, { "date": "2026-07-24", "close": 50.40997, "volume": 85234, "typical_volume": 81889.6, "trend": 50.602193, "fair_value": 49.008727, "relative_strength": -6.930409, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 16.514199, "energy": 10.63488, "activity_lines": [ 50.673409, 50.747645, 50.669523, 50.645098 ] }, { "date": "2026-07-31", "close": 50.329318, "volume": 136162, "typical_volume": 84382.1, "trend": 50.607435, "fair_value": 49.021186, "relative_strength": -7.816535, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -10.758476, "energy": 18.2563, "activity_lines": [ 50.52681, 50.674467, 50.645129, 50.627494 ] }, { "date": "2026-08-07", "close": 50.65, "volume": 94002, "typical_volume": 83825.95, "trend": 50.617619, "fair_value": 49.036408, "relative_strength": -10.115044, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -0.083193, "energy": 14.501992, "activity_lines": [ 50.530283, 50.659309, 50.652462, 50.63024 ] } ], "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." } } }