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          10.88,
          10.832505,
          10.783931
        ]
      },
      {
        "date": "2026-07-03",
        "close": 10.97,
        "volume": 67672,
        "typical_volume": 182914.95,
        "trend": 10.731607,
        "fair_value": 10.434403,
        "relative_strength": -10.443475,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 62.903118,
        "energy": 40.742417,
        "activity_lines": [
          10.936,
          10.900182,
          10.850037,
          10.800215
        ]
      },
      {
        "date": "2026-07-10",
        "close": 11.0,
        "volume": 25190,
        "typical_volume": 174153.05,
        "trend": 10.745607,
        "fair_value": 10.440831,
        "relative_strength": -11.432564,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 59.217099,
        "energy": 35.799881,
        "activity_lines": [
          10.964,
          10.923091,
          10.868855,
          10.81753
        ]
      },
      {
        "date": "2026-07-17",
        "close": 10.93,
        "volume": 495347,
        "typical_volume": 197953.25,
        "trend": 10.758607,
        "fair_value": 10.446327,
        "relative_strength": -7.878547,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 51.940541,
        "energy": 29.75556,
        "activity_lines": [
          10.958667,
          10.93,
          10.879316,
          10.829427
        ]
      },
      {
        "date": "2026-07-24",
        "close": 11.0,
        "volume": 66817,
        "typical_volume": 201252.7,
        "trend": 10.772607,
        "fair_value": 10.452479,
        "relative_strength": -5.533951,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 52.254146,
        "energy": 27.58039,
        "activity_lines": [
          10.973333,
          10.947455,
          10.895301,
          10.845
        ]
      },
      {
        "date": "2026-07-31",
        "close": 11.0,
        "volume": 299731,
        "typical_volume": 216223.35,
        "trend": 10.786607,
        "fair_value": 10.458496,
        "relative_strength": -5.745909,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 46.774404,
        "energy": 20.516565,
        "activity_lines": [
          10.984,
          10.962,
          10.909905,
          10.859671
        ]
      },
      {
        "date": "2026-08-07",
        "close": 11.8,
        "volume": 771719,
        "typical_volume": 253699.2,
        "trend": 10.828273,
        "fair_value": 10.473077,
        "relative_strength": -3.591051,
        "stage": 1,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 57.425229,
        "energy": 26.502718,
        "activity_lines": [
          11.257333,
          11.119091,
          10.999286,
          10.925051
        ]
      }
    ],
    "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."
    }
  }
}