{ "ticker": { "uuid": "c23ef88f-e1ed-4ed9-9098-7e18d434f151", "symbol": "DFND", "name": "iShares Global Aerospace & Defe", "exchange": "PAR", "country": "FR", "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": "^FCHI", "stage": 2, "stage_name": "Advancing", "phase": "2a", "phase_label": "Stage 2A \u00b7 Early advance", "transition": "stage_2_healthy", "transition_label": "Stage 2 trend intact", "confidence": 96.0, "architecture_regime": "upward_expansion", "architecture_regime_label": "Upward Expansion", "architecture_modifier": "Early expansion", "architecture_gate": "mixed", "architecture_direction": 46.278, "architecture_energy": 36.72, "architecture_maturity": 15.673, "architecture_confidence": 64.037, "architecture_tenure": "Developing", "architecture": { "interpretation": { "headline": "The weekly architecture is expanding upward.", "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing." }, "scores": { "balance": 35.48, "rotation_up": 56.53, "upward_expansion": 50.98, "deceleration": 33.73, "rotation_down": 23.8, "downward_expansion": 11.64 }, "activity_lines": [ 8.754067, 8.674345, 8.492514, 8.448966 ], "activity_state": "Moderate", "activity_direction": "Expanding", "rotation_direction": "Improving", "price_acceptance": 0.666667 }, "latest_close": 9.049, "trend_reference": 8.449833, "distance_from_trend": 0.070909, "trend_direction": "Improving", "fair_value": 7.013019, "distance_from_fair_value": 0.290314, "fair_value_direction": "Improving", "relative_strength": 4.218111, "relative_strength_direction": "Improving", "price_momentum": 0.078289, "excess_performance": 0.005884, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.070909, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.039195, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.290314, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.111744, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": true, "value": 0.042181, "read": "Leading" }, { "label": "Relative strength direction", "positive": true, "value": 0.018687, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.078289, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.725116, "read": "Demand-led" } ], "volume": { "latest": 308947, "relative_activity": 1.169527, "balance": 1.725116, "dry_up": 0.862125, "accumulation_observations": 3, "distribution_observations": 1 }, "risk": { "range_context": 0.041951, "annualized_volatility": 0.251414, "from_high_reference": -0.019939, "from_low_reference": 0.2679 }, "levels": { "trend_reference": 8.449833, "fair_value_reference": 7.013019, "structural_low": 7.72, "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 5, "median_return": -0.009807, "positive_rate": 0.4, "directional_follow_through": 0.4, "median_excess_return": -0.025445, "regime_survival": 0.8, "best_return": 0.056756, "worst_return": -0.081537, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 1, "median_return": -0.12259, "positive_rate": 0.0, "directional_follow_through": 0.0, "median_excess_return": -0.110346, "regime_survival": 0.0, "best_return": -0.12259, "worst_return": -0.12259, "sufficient": false }, { "horizon": "Extended", "sample_count": 1, "median_return": -0.027416, "positive_rate": 0.0, "directional_follow_through": 0.0, "median_excess_return": -0.041139, "regime_survival": 1.0, "best_return": -0.027416, "worst_return": -0.027416, "sufficient": false }, { "horizon": "Full cycle", "sample_count": 0, "median_return": null, "positive_rate": null, "directional_follow_through": null, "median_excess_return": null, "regime_survival": null, "best_return": null, "worst_return": null, "sufficient": false } ], "ledger": [ { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-01-16", "end": "2026-04-17", "tenure": "Established", "return": -0.048702, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-04-24", "end": "2026-05-08", "tenure": "New", "return": 0.019688, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-05-15", "end": "2026-05-29", "tenure": "New", "return": 0.076913, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-06-05", "end": "2026-07-03", "tenure": "Developing", "return": 0.079985, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-07-10", "end": "2026-08-07", "tenure": "Developing", "return": 0.056756, "active": true } ], "chart_path": [ { "date": "2024-07-12", "close": 5.082, "volume": 825, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-07-19", "close": 5.068, "volume": 20399, "typical_volume": null, "trend": null, "fair_value": null, "relative_strength": null, "stage": null, "regime": null, "modifier": null, "gate": null, "direction": null, "energy": null, "activity_lines": [ null, null, null, null ] }, { "date": "2024-07-26", "close": 5.28, "volume": 17471, "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": 5.169, "volume": 7767, "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": 5.262, "volume": 12606, "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": 5.392, "volume": 11549, "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": 5.359, "volume": 22328, "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": 5.462, "volume": 9121, "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": 5.225, "volume": 8881, "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": 5.374, "volume": 2995, "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": 5.368, "volume": 29038, "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": 5.392, "volume": 12263, "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": 5.51, "volume": 23319, "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": 5.553, "volume": 22098, "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": 5.72, "volume": 26839, "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": 5.599, "volume": 18699, "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": 5.455, "volume": 24782, "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": 5.762, "volume": 107583, "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": 5.645, "volume": 63652, "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": 5.825, "volume": 115517, "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": 5.794, "volume": 72126, "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": 5.74, "volume": 53084, "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": 5.677, "volume": 66039, "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": 5.677, "volume": 167102, "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": 5.711, "volume": 78131, "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": 5.742, "volume": 86697, "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": 5.742, "volume": 200452, "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": 5.956, "volume": 1397472, "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": 6.06, "volume": 1182919, "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": 6.138, "volume": 1082330, "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": 6.123, "volume": 775526, "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": 6.011, "volume": 685013, "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": 6.036, "volume": 1935078, "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": 6.237, "volume": 1282054, "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": 6.065, "volume": 2498512, "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": 6.22, "volume": 1028894, "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": 6.273, "volume": 1480120, "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": 6.236, "volume": 967820, "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": 5.619, "volume": 875473, "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": 5.683, "volume": 1120034, "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": 5.853, "volume": 659467, "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": 5.975, "volume": 444644, "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": 6.306, "volume": 293296, "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": 6.417, "volume": 405903, "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": 6.697, "volume": 530959, "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": 6.673, "volume": 330786, "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": 6.872, "volume": 381791, "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": 7.003, "volume": 444342, "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": 6.858, "volume": 891769, "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": 6.9, "volume": 495170, "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": 7.029, "volume": 527331, "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": 6.96, "volume": 589363, "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": 7.153, "volume": 988238, "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": 7.374, "volume": 1142916, "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": 7.267, "volume": 695579, "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": 7.276, "volume": 1249115, "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": 7.305, "volume": 1084201, "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": 7.273, "volume": 465051, "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": 7.275, "volume": 645292, "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": 7.336, "volume": 1114063, "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": 7.257, "volume": 1136082, "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": 7.505, "volume": 520414, "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": 7.563, "volume": 588822, "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": 7.742, "volume": 566617, "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": 7.895, "volume": 839947, "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": 7.796, "volume": 672538, "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": 7.551, "volume": 825357, "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": 9.2331, "volume": 713835, "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": 7.934, "volume": 689696, "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": 7.624, "volume": 398502, "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": 7.637, "volume": 474586, "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": 7.329, "volume": 540193, "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": 7.457, "volume": 844115, "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": 7.388, "volume": 282385, "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": 7.536, "volume": 288400, "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": 7.7, "volume": 429107, "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": 7.813, "volume": 387216, "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": 7.907, "volume": 354757, "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": 8.627, "volume": 855376, "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": 8.973, "volume": 943757, "typical_volume": 617585.1, "trend": 7.623837, "fair_value": 6.518889, "relative_strength": 21.657728, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 84.325257, "energy": 80.170153, "activity_lines": [ 8.428, 8.062145, 7.922051, 7.802905 ] }, { "date": "2026-01-23", "close": 8.675, "volume": 720993, "typical_volume": 596830.65, "trend": 7.678703, "fair_value": 6.545507, "relative_strength": 18.523294, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 73.182355, "energy": 84.476412, "activity_lines": [ 8.585, 8.214564, 8.00316, 7.870722 ] }, { "date": "2026-01-30", "close": 8.392, "volume": 1030792, "typical_volume": 622349.55, "trend": 7.726437, "fair_value": 6.568026, "relative_strength": 14.252801, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.514556, "energy": 85.941418, "activity_lines": [ 8.582667, 8.296655, 8.050565, 7.916741 ] }, { "date": "2026-02-06", "close": 8.265, "volume": 428919, "typical_volume": 614354.4, "trend": 7.763503, "fair_value": 6.588471, "relative_strength": 9.979888, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 64.979012, "energy": 79.826182, "activity_lines": [ 8.4994, 8.336327, 8.08165, 7.951487 ] }, { "date": "2026-02-20", "close": 8.885, "volume": 272542, "typical_volume": 599650.65, "trend": 7.81387, "fair_value": 6.615811, "relative_strength": 14.129667, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 81.164951, "energy": 76.842509, "activity_lines": [ 8.598933, 8.474036, 8.16844, 8.023842 ] }, { "date": "2026-02-27", "close": 8.729, "volume": 366990, "typical_volume": 576002.8, "trend": 7.862603, "fair_value": 6.640672, "relative_strength": 10.628282, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 69.591216, "energy": 55.470201, "activity_lines": [ 8.629267, 8.556164, 8.23493, 8.082882 ] }, { "date": "2026-03-06", "close": 8.723, "volume": 774143, "typical_volume": 581083.05, "trend": 7.910837, "fair_value": 6.664885, "relative_strength": 17.879493, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 65.554972, "energy": 53.040315, "activity_lines": [ 8.673867, 8.615509, 8.296877, 8.138392 ] }, { "date": "2026-03-13", "close": 8.607, "volume": 468722, "typical_volume": 563251.3, "trend": 7.954237, "fair_value": 6.687208, "relative_strength": 16.690119, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 60.814457, "energy": 50.96945, "activity_lines": [ 8.6766, 8.635164, 8.343362, 8.183306 ] }, { "date": "2026-03-20", "close": 8.231, "volume": 402056, "typical_volume": 547662.35, "trend": 7.98617, "fair_value": 6.704751, "relative_strength": 14.466345, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 45.29731, "energy": 32.504855, "activity_lines": [ 8.539667, 8.572018, 8.34901, 8.201161 ] }, { "date": "2026-03-27", "close": 7.974, "volume": 355924, "typical_volume": 530973.75, "trend": 8.00947, "fair_value": 6.719012, "relative_strength": 9.794399, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 19.933502, "energy": 16.614473, "activity_lines": [ 8.319333, 8.456255, 8.334952, 8.200376 ] }, { "date": "2026-04-03", "close": 8.335, "volume": 305520, "typical_volume": 526324.65, "trend": 8.04277, "fair_value": 6.736968, "relative_strength": 10.427847, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 27.136362, "energy": 21.722053, "activity_lines": [ 8.280067, 8.418, 8.355086, 8.221378 ] }, { "date": "2026-04-10", "close": 8.417, "volume": 271244, "typical_volume": 516157.55, "trend": 8.081437, "fair_value": 6.75543, "relative_strength": 6.966268, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 26.341025, "energy": 21.339791, "activity_lines": [ 8.2944, 8.406255, 8.379643, 8.245522 ] }, { "date": "2026-04-17", "close": 8.536, "volume": 382937, "typical_volume": 508294.75, "trend": 8.115803, "fair_value": 6.774784, "relative_strength": 5.891382, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 36.043604, "energy": 19.528087, "activity_lines": [ 8.3688, 8.420836, 8.411819, 8.274849 ] }, { "date": "2026-04-24", "close": 7.873, "volume": 398336, "typical_volume": 486005.8, "trend": 8.126137, "fair_value": 6.786592, "relative_strength": 0.540106, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": -3.2053, "energy": 6.777561, "activity_lines": [ 8.226933, 8.312255, 8.375105, 8.259184 ] }, { "date": "2026-05-01", "close": 7.925, "volume": 235758, "typical_volume": 483674.45, "trend": 8.132237, "fair_value": 6.798703, "relative_strength": 1.366979, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -21.110992, "energy": 20.955771, "activity_lines": [ 8.126267, 8.220255, 8.341362, 8.246207 ] }, { "date": "2026-05-08", "close": 8.028, "volume": 442282, "typical_volume": 491368.55, "trend": 8.13667, "fair_value": 6.811643, "relative_strength": 2.349429, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -14.88471, "energy": 30.24378, "activity_lines": [ 8.0632, 8.164436, 8.314871, 8.239482 ] }, { "date": "2026-05-15", "close": 7.84, "volume": 260384, "typical_volume": 482932.4, "trend": 8.138137, "fair_value": 6.822355, "relative_strength": 1.646064, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -25.742468, "energy": 45.289821, "activity_lines": [ 7.957933, 8.087182, 8.268133, 8.220342 ] }, { "date": "2026-05-22", "close": 8.131, "volume": 299937, "typical_volume": 478568.45, "trend": 8.15747, "fair_value": 6.835846, "relative_strength": 2.987148, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -17.875426, "energy": 35.994552, "activity_lines": [ 7.988133, 8.078891, 8.248443, 8.219882 ] }, { "date": "2026-05-29", "close": 8.443, "volume": 816722, "typical_volume": 501666.7, "trend": 8.131133, "fair_value": 6.852246, "relative_strength": 5.702629, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "up", "direction": 27.911231, "energy": 15.466419, "activity_lines": [ 8.149333, 8.135982, 8.256952, 8.238303 ] }, { "date": "2026-06-05", "close": 8.264, "volume": 65932, "typical_volume": 462194.5, "trend": 8.142133, "fair_value": 6.866506, "relative_strength": 2.781129, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 15.61307, "energy": 9.236445, "activity_lines": [ 8.212867, 8.156673, 8.245862, 8.246875 ] }, { "date": "2026-06-12", "close": 8.358, "volume": 90780, "typical_volume": 419545.65, "trend": 8.1666, "fair_value": 6.881421, "relative_strength": 2.091389, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 27.643449, "energy": 20.924669, "activity_lines": [ 8.285133, 8.189182, 8.245452, 8.260802 ] }, { "date": "2026-06-19", "close": 8.547, "volume": 79785, "typical_volume": 387485.25, "trend": 8.196933, "fair_value": 6.897912, "relative_strength": 3.280607, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 41.281524, "energy": 31.513343, "activity_lines": [ 8.3984, 8.255636, 8.265971, 8.285344 ] }, { "date": "2026-06-26", "close": 8.428, "volume": 41500, "typical_volume": 338020.65, "trend": 8.233567, "fair_value": 6.912913, "relative_strength": 2.091342, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 43.266875, "energy": 36.615284, "activity_lines": [ 8.424867, 8.298091, 8.275767, 8.300252 ] }, { "date": "2026-07-03", "close": 8.925, "volume": 50484, "typical_volume": 319098.9, "trend": 8.2825, "fair_value": 6.932448, "relative_strength": 6.26567, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 71.462508, "energy": 65.399011, "activity_lines": [ 8.5972, 8.432873, 8.332724, 8.34486 ] }, { "date": "2026-07-10", "close": 8.563, "volume": 274786, "typical_volume": 319211.1, "trend": 8.321667, "fair_value": 6.948126, "relative_strength": 3.775285, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 49.844178, "energy": 55.824037, "activity_lines": [ 8.616733, 8.482709, 8.352062, 8.362957 ] }, { "date": "2026-07-17", "close": 8.389, "volume": 204979, "typical_volume": 311110.55, "trend": 8.3501, "fair_value": 6.961849, "relative_strength": 1.486283, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 45.328088, "energy": 38.990909, "activity_lines": [ 8.558333, 8.489309, 8.356362, 8.367301 ] }, { "date": "2026-07-24", "close": 8.727, "volume": 183650, "typical_volume": 281585.9, "trend": 8.384333, "fair_value": 6.978501, "relative_strength": 4.950145, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 64.561186, "energy": 49.501667, "activity_lines": [ 8.610533, 8.5508, 8.394471, 8.391617 ] }, { "date": "2026-07-31", "close": 8.636, "volume": 213394, "typical_volume": 268819.5, "trend": 8.411767, "fair_value": 6.993992, "relative_strength": 2.006971, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "mixed", "direction": 26.983089, "energy": 21.63985, "activity_lines": [ 8.6204, 8.579618, 8.423895, 8.407854 ] }, { "date": "2026-08-07", "close": 9.049, "volume": 308947, "typical_volume": 264164.05, "trend": 8.449833, "fair_value": 7.013019, "relative_strength": 4.218111, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "mixed", "direction": 46.277914, "energy": 36.720332, "activity_lines": [ 8.754067, 8.674345, 8.492514, 8.448966 ] } ], "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." } } }