{ "ticker": { "uuid": "daa0b518-1d7d-42a5-8524-f27eaad4658d", "symbol": "XMBR", "name": "Xtrackers MSCI Brazil UCITS ETF 1C", "exchange": "LSE", "country": "GB", "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": "^FTSE", "stage": 3, "stage_name": "Distribution", "phase": "3b", "phase_label": "Stage 3B \u00b7 Distribution", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 83.464, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Upper balance after advance", "architecture_gate": "down", "architecture_direction": -33.53, "architecture_energy": 22.233, "architecture_maturity": 20.778, "architecture_confidence": 61.986, "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": 49.51, "rotation_up": 36.22, "upward_expansion": 22.85, "deceleration": 39.24, "rotation_down": 23.99, "downward_expansion": 54.51 }, "activity_lines": [ 4948.033333, 4907.545455, 4950.907143, 5000.868817 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": 0.166667 }, "latest_close": 4875.0, "trend_reference": 5025.5, "distance_from_trend": -0.029947, "trend_direction": "Improving", "fair_value": 4044.556348, "distance_from_fair_value": 0.205324, "fair_value_direction": "Weakening", "relative_strength": -3.400878, "relative_strength_direction": "Weakening", "price_momentum": -0.028594, "excess_performance": -0.07983, "evidence": [ { "label": "Price vs Trend", "positive": false, "value": -0.029947, "read": "Below" }, { "label": "Trend direction", "positive": true, "value": 0.03377, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.205324, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.12726, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.034009, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.183611, "read": "Weakening" }, { "label": "Price momentum", "positive": false, "value": -0.028594, "read": "Negative" }, { "label": "Volume balance", "positive": false, "value": 0.650626, "read": "Supply-led" } ], "volume": { "latest": 11862, "relative_activity": 0.762136, "balance": 0.650626, "dry_up": 0.966885, "accumulation_observations": 1, "distribution_observations": 2 }, "risk": { "range_context": 0.032844, "annualized_volatility": 0.209936, "from_high_reference": -0.141423, "from_low_reference": 0.362832 }, "levels": { "trend_reference": 5025.5, "fair_value_reference": 4044.556348, "structural_low": 4698.0, "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": 12, "median_return": 0.002961, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": 0.004668, "regime_survival": 0.416667, "best_return": 0.078203, "worst_return": -0.047788, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 7, "median_return": 0.066152, "positive_rate": 0.857143, "directional_follow_through": 0.857143, "median_excess_return": 0.05585, "regime_survival": 0.285714, "best_return": 0.155925, "worst_return": -0.107336, "sufficient": true }, { "horizon": "Extended", "sample_count": 5, "median_return": 0.067328, "positive_rate": 0.8, "directional_follow_through": 0.8, "median_excess_return": 0.073047, "regime_survival": 0.4, "best_return": 0.165304, "worst_return": -0.105847, "sufficient": true }, { "horizon": "Full cycle", "sample_count": 3, "median_return": 0.152381, "positive_rate": 1.0, "directional_follow_through": 1.0, "median_excess_return": 0.118583, "regime_survival": 0.333333, "best_return": 0.158644, "worst_return": 0.04196, "sufficient": false } ], "ledger": [ { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2024-02-02", "end": "2024-03-29", "tenure": "Developing", "return": -0.004616, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2024-04-05", "end": "2024-05-17", "tenure": "Developing", "return": -0.007726, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-05-24", "end": "2024-08-30", "tenure": "Established", "return": -0.02981, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2024-09-06", "end": "2024-10-11", "tenure": "Developing", "return": -0.035463, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-10-18", "end": "2025-02-14", "tenure": "Established", "return": 0.002099, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-02-21", "end": "2025-02-28", "tenure": "New", "return": -0.047186, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-03-07", "end": "2025-05-16", "tenure": "Developing", "return": 0.100061, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-05-23", "end": "2025-08-01", "tenure": "Developing", "return": 0.016964, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-08-08", "end": "2025-08-22", "tenure": "New", "return": 0.014186, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-08-29", "end": "2026-05-15", "tenure": "Extended", "return": 0.28781, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-05-22", "end": "2026-06-05", "tenure": "New", "return": -0.05182, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-06-12", "end": "2026-07-10", "tenure": "Developing", "return": 0.026365, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-07-17", "end": "2026-07-24", "tenure": "New", "return": 0.029076, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-07-31", "end": "2026-08-07", "tenure": "New", "return": -0.03293, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 3705.5, "volume": 3030, "typical_volume": 6288.6, "trend": 3610.1, "fair_value": 3342.394231, "relative_strength": 4.741904, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 43.368001, "energy": 32.592492, "activity_lines": [ 3850.433333, 3872.927273, 3804.252381, 3706.38172 ] }, { "date": "2023-08-25", "close": 3834.5, "volume": 2231, "typical_volume": 5868.1, "trend": 3617.166667, "fair_value": 3349.099359, "relative_strength": 7.221902, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.892868, "energy": 21.83929, "activity_lines": [ 3830.666667, 3863.436364, 3817.430952, 3720.85914 ] }, { "date": "2023-09-01", "close": 3837.0, "volume": 2024, "typical_volume": 5803.05, "trend": 3625.116667, "fair_value": 3355.612179, "relative_strength": 5.520045, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 32.9531, "energy": 22.467648, "activity_lines": [ 3820.5, 3855.372727, 3828.080952, 3735.041935 ] }, { "date": "2023-09-08", "close": 3778.5, "volume": 1709, "typical_volume": 5734.6, "trend": 3635.2, "fair_value": 3361.224359, "relative_strength": 3.780087, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.075762, "energy": 21.498962, "activity_lines": [ 3801.033333, 3838.863636, 3831.547619, 3744.937634 ] }, { "date": "2023-09-15", "close": 4027.0, "volume": 1289, "typical_volume": 5735.65, "trend": 3649.8, "fair_value": 3368.541667, "relative_strength": 7.202286, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 65.09783, "energy": 35.254926, "activity_lines": [ 3875.633333, 3869.881818, 3856.580952, 3770.215054 ] }, { "date": "2023-09-22", "close": 3953.5, "volume": 3030, "typical_volume": 5714.55, "trend": 3664.566667, "fair_value": 3376.567308, "relative_strength": 5.817724, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 55.370183, "energy": 36.692744, "activity_lines": [ 3914.633333, 3884.154545, 3871.390476, 3789.808602 ] }, { "date": "2023-09-29", "close": 3903.5, "volume": 1042, "typical_volume": 5722.95, "trend": 3680.316667, "fair_value": 3384.958333, "relative_strength": 5.622174, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 50.375208, "energy": 34.965841, "activity_lines": [ 3920.433333, 3886.618182, 3878.492857, 3805.223656 ] }, { "date": "2023-10-06", "close": 3661.0, "volume": 5588, "typical_volume": 5811.9, "trend": 3688.083333, "fair_value": 3390.958333, "relative_strength": 0.983291, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 5.197228, "energy": 11.079276, "activity_lines": [ 3840.8, 3846.127273, 3860.897619, 3803.977419 ] }, { "date": "2023-10-13", "close": 3864.5, "volume": 20378, "typical_volume": 6361.9, "trend": 3708.533333, "fair_value": 3398.477564, "relative_strength": 5.387761, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 21.464801, "energy": 10.17354, "activity_lines": [ 3840.733333, 3848.618182, 3862.421429, 3815.35914 ] }, { "date": "2023-10-20", "close": 3785.5, "volume": 5068, "typical_volume": 6569.9, "trend": 3730.166667, "fair_value": 3405.099359, "relative_strength": 6.362549, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 11.328868, "energy": 12.739933, "activity_lines": [ 3808.6, 3838.245455, 3855.135714, 3820.324731 ] }, { "date": "2023-10-27", "close": 3903.5, "volume": 3056, "typical_volume": 5201.4, "trend": 3749.033333, "fair_value": 3413.814103, "relative_strength": 11.3491, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 22.811192, "energy": 14.654088, "activity_lines": [ 3831.9, 3850.690909, 3858.495238, 3831.507527 ] }, { "date": "2023-11-03", "close": 3982.5, "volume": 786, "typical_volume": 5213.65, "trend": 3773.333333, "fair_value": 3421.538462, "relative_strength": 11.861373, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 54.849028, "energy": 26.411112, "activity_lines": [ 3884.866667, 3873.9, 3869.135714, 3846.569892 ] }, { "date": "2023-11-10", "close": 4087.5, "volume": 10390, "typical_volume": 4777.9, "trend": 3792.966667, "fair_value": 3429.416667, "relative_strength": 15.432462, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 65.770098, "energy": 51.403965, "activity_lines": [ 3967.566667, 3913.509091, 3889.32619, 3866.83871 ] }, { "date": "2023-11-17", "close": 4160.0, "volume": 16675, "typical_volume": 5139.65, "trend": 3820.383333, "fair_value": 3437.115385, "relative_strength": 14.867403, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 74.24732, "energy": 69.882083, "activity_lines": [ 4046.0, 3961.745455, 3915.802381, 3890.51828 ] }, { "date": "2023-11-24", "close": 4130.0, "volume": 1375, "typical_volume": 5096.55, "trend": 3846.383333, "fair_value": 3443.628205, "relative_strength": 13.894924, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.365161, "energy": 73.937524, "activity_lines": [ 4094.733333, 3997.590909, 3938.219048, 3910.493548 ] }, { "date": "2023-12-01", "close": 4172.5, "volume": 2656, "typical_volume": 5168.75, "trend": 3874.3, "fair_value": 3449.583333, "relative_strength": 14.089053, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 71.550304, "energy": 77.273708, "activity_lines": [ 4134.666667, 4039.290909, 3963.307143, 3931.533333 ] }, { "date": "2023-12-08", "close": 4135.5, "volume": 4370, "typical_volume": 5258.7, "trend": 3893.25, "fair_value": 3454.227564, "relative_strength": 12.313964, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.503449, "energy": 70.671771, "activity_lines": [ 4144.333333, 4070.281818, 3983.116667, 3948.384946 ] }, { "date": "2023-12-15", "close": 4211.0, "volume": 1194, "typical_volume": 4536.0, "trend": 3913.416667, "fair_value": 3459.096154, "relative_strength": 13.546132, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 70.399995, "energy": 69.427594, "activity_lines": [ 4168.966667, 4110.781818, 4009.309524, 3968.884946 ] }, { "date": "2023-12-22", "close": 4314.0, "volume": 4247, "typical_volume": 4645.0, "trend": 3937.4, "fair_value": 3465.291667, "relative_strength": 14.114439, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 78.937954, "energy": 72.972675, "activity_lines": [ 4219.7, 4160.009091, 4044.259524, 3994.729032 ] }, { "date": "2023-12-29", "close": 4393.5, "volume": 1126, "typical_volume": 4563.2, "trend": 3961.816667, "fair_value": 3471.926282, "relative_strength": 15.238471, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 81.658098, "energy": 80.344017, "activity_lines": [ 4286.666667, 4215.518182, 4085.033333, 4024.154839 ] }, { "date": "2024-01-05", "close": 4324.5, "volume": 1797, "typical_volume": 4501.55, "trend": 3977.55, "fair_value": 3477.778846, "relative_strength": 13.593523, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 68.408176, "energy": 80.68743, "activity_lines": [ 4313.066667, 4247.427273, 4116.697619, 4047.553763 ] }, { "date": "2024-01-12", "close": 4300.5, "volume": 4542, "typical_volume": 4617.1, "trend": 3991.3, "fair_value": 3483.525641, "relative_strength": 13.477919, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.208356, "energy": 80.386957, "activity_lines": [ 4321.333333, 4267.318182, 4143.128571, 4068.389247 ] }, { "date": "2024-01-19", "close": 4124.0, "volume": 3202, "typical_volume": 4676.0, "trend": 3996.85, "fair_value": 3489.858974, "relative_strength": 10.785565, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 61.308732, "energy": 49.653153, "activity_lines": [ 4259.766667, 4249.336364, 4150.530952, 4076.950538 ] }, { "date": "2024-01-26", "close": 4174.5, "volume": 5236, "typical_volume": 4852.35, "trend": 4005.75, "fair_value": 3496.775641, "relative_strength": 9.260275, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 45.00336, "energy": 32.354019, "activity_lines": [ 4220.833333, 4239.872727, 4161.37619, 4088.411828 ] }, { "date": "2024-02-02", "close": 4116.0, "volume": 5151, "typical_volume": 5045.45, "trend": 4014.916667, "fair_value": 3502.147436, "relative_strength": 7.654439, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 36.182703, "energy": 27.040529, "activity_lines": [ 4171.7, 4219.509091, 4164.764286, 4095.524731 ] }, { "date": "2024-02-09", "close": 4144.0, "volume": 5281, "typical_volume": 5158.0, "trend": 4026.25, "fair_value": 3508.115385, "relative_strength": 8.55895, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 29.183388, "energy": 27.925068, "activity_lines": [ 4150.4, 4204.490909, 4170.395238, 4103.852688 ] }, { "date": "2024-02-16", "close": 4187.0, "volume": 3995, "typical_volume": 5305.65, "trend": 4033.616667, "fair_value": 3514.692308, "relative_strength": 7.319794, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.731948, "energy": 22.137724, "activity_lines": [ 4155.466667, 4197.809091, 4179.214286, 4114.223656 ] }, { "date": "2024-02-23", "close": 4169.0, "volume": 3816, "typical_volume": 5217.05, "trend": 4039.583333, "fair_value": 3523.080128, "relative_strength": 6.546858, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.436326, "energy": 18.009855, "activity_lines": [ 4162.1, 4186.918182, 4184.969048, 4122.958065 ] }, { "date": "2024-03-01", "close": 4210.0, "volume": 1758, "typical_volume": 4286.05, "trend": 4048.35, "fair_value": 3531.608974, "relative_strength": 7.454817, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 26.604962, "energy": 15.775638, "activity_lines": [ 4179.4, 4184.245455, 4192.209524, 4133.952688 ] }, { "date": "2024-03-08", "close": 4003.5, "volume": 4802, "typical_volume": 4272.75, "trend": 4053.116667, "fair_value": 3538.467949, "relative_strength": 2.179098, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -4.937538, "energy": 8.033977, "activity_lines": [ 4125.5, 4145.918182, 4178.138095, 4131.05914 ] }, { "date": "2024-03-15", "close": 4021.5, "volume": 3216, "typical_volume": 4280.75, "trend": 4063.65, "fair_value": 3544.839744, "relative_strength": 1.444755, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -5.665593, "energy": 16.544645, "activity_lines": [ 4085.1, 4117.954545, 4164.742857, 4129.019355 ] }, { "date": "2024-03-22", "close": 4082.5, "volume": 1607, "typical_volume": 4321.8, "trend": 4071.916667, "fair_value": 3552.423077, "relative_strength": -0.000905, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 4.240758, "energy": 24.612864, "activity_lines": [ 4073.2, 4106.590909, 4156.595238, 4130.235484 ] }, { "date": "2024-03-29", "close": 4097.0, "volume": 1962, "typical_volume": 3900.4, "trend": 4080.583333, "fair_value": 3559.935897, "relative_strength": -0.20982, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -15.205536, "energy": 32.051454, "activity_lines": [ 4073.1, 4101.827273, 4149.352381, 4131.853763 ] }, { "date": "2024-04-05", "close": 4012.5, "volume": 1034, "typical_volume": 3118.35, "trend": 4088.383333, "fair_value": 3566.282051, "relative_strength": -2.07364, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -24.398994, "energy": 38.530404, "activity_lines": [ 4049.633333, 4082.190909, 4134.016667, 4127.46129 ] }, { "date": "2024-04-12", "close": 4026.5, "volume": 8453, "typical_volume": 3472.25, "trend": 4088.366667, "fair_value": 3572.233974, "relative_strength": -2.982374, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -30.278654, "energy": 24.83646, "activity_lines": [ 4044.0, 4068.045455, 4120.716667, 4123.468817 ] }, { "date": "2024-04-19", "close": 3946.5, "volume": 5026, "typical_volume": 3590.75, "trend": 4088.133333, "fair_value": 3577.483974, "relative_strength": -3.987085, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -41.799146, "energy": 41.24897, "activity_lines": [ 4010.166667, 4040.981818, 4100.290476, 4114.316129 ] }, { "date": "2024-04-26", "close": 4039.5, "volume": 1159, "typical_volume": 3430.2, "trend": 4092.666667, "fair_value": 3583.041667, "relative_strength": -4.917328, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -28.257154, "energy": 36.03238, "activity_lines": [ 4012.333333, 4034.418182, 4089.797619, 4111.178495 ] }, { "date": "2024-05-03", "close": 4114.0, "volume": 1136, "typical_volume": 3427.3, "trend": 4107.766667, "fair_value": 3588.217949, "relative_strength": -4.287024, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -21.890613, "energy": 19.09685, "activity_lines": [ 4042.2, 4044.081818, 4086.857143, 4112.554839 ] }, { "date": "2024-05-10", "close": 4043.0, "volume": 6241, "typical_volume": 3527.0, "trend": 4113.716667, "fair_value": 3593.185897, "relative_strength": -8.461073, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -38.602255, "energy": 23.208362, "activity_lines": [ 4047.266667, 4041.836364, 4077.616667, 4108.376344 ] }, { "date": "2024-05-17", "close": 3981.5, "volume": 3826, "typical_volume": 3662.0, "trend": 4120.25, "fair_value": 3598.083333, "relative_strength": -9.735401, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -56.277656, "energy": 27.376317, "activity_lines": [ 4029.8, 4031.445455, 4063.809524, 4099.846237 ] }, { "date": "2024-05-24", "close": 3841.0, "volume": 2369, "typical_volume": 3690.6, "trend": 4118.166667, "fair_value": 3601.221154, "relative_strength": -11.814783, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -72.616105, "energy": 46.017973, "activity_lines": [ 3968.5, 3995.909091, 4038.583333, 4081.830108 ] }, { "date": "2024-05-31", "close": 3726.0, "volume": 1719, "typical_volume": 3549.45, "trend": 4109.616667, "fair_value": 3602.192308, "relative_strength": -13.920845, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -81.995051, "energy": 79.323495, "activity_lines": [ 3875.9, 3942.745455, 4004.707143, 4056.529032 ] }, { "date": "2024-06-07", "close": 3690.5, "volume": 12223, "typical_volume": 4000.5, "trend": 4096.383333, "fair_value": 3603.176282, "relative_strength": -14.235762, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -82.383036, "energy": 89.49872, "activity_lines": [ 3792.366667, 3889.609091, 3970.185714, 4029.489247 ] }, { "date": "2024-06-14", "close": 3572.0, "volume": 2839, "typical_volume": 3880.65, "trend": 4076.783333, "fair_value": 3602.817308, "relative_strength": -15.767849, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -87.590375, "energy": 94.482074, "activity_lines": [ 3697.566667, 3822.318182, 3926.442857, 3995.658065 ] }, { "date": "2024-06-21", "close": 3566.0, "volume": 5149, "typical_volume": 3880.55, "trend": 4057.983333, "fair_value": 3601.804487, "relative_strength": -16.535661, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -81.386758, "energy": 92.621031, "activity_lines": [ 3632.166667, 3761.945455, 3884.997619, 3962.704301 ] }, { "date": "2024-06-28", "close": 3591.0, "volume": 7122, "typical_volume": 3972.6, "trend": 4038.6, "fair_value": 3601.455128, "relative_strength": -14.94376, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -71.424522, "energy": 88.534849, "activity_lines": [ 3602.8, 3714.490909, 3848.552381, 3932.576344 ] }, { "date": "2024-07-05", "close": 3642.5, "volume": 1471, "typical_volume": 3846.4, "trend": 4022.166667, "fair_value": 3602.365385, "relative_strength": -13.8693, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -67.272029, "energy": 76.966871, "activity_lines": [ 3607.266667, 3682.863636, 3819.645238, 3907.021505 ] }, { "date": "2024-07-12", "close": 3677.0, "volume": 3760, "typical_volume": 3843.6, "trend": 4004.366667, "fair_value": 3602.721154, "relative_strength": -13.356015, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -64.557266, "energy": 60.857441, "activity_lines": [ 3628.8, 3664.727273, 3796.616667, 3884.752688 ] }, { "date": "2024-07-19", "close": 3617.0, "volume": 19509, "typical_volume": 4731.15, "trend": 3981.133333, "fair_value": 3603.38141, "relative_strength": -13.514682, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -66.022358, "energy": 57.510252, "activity_lines": [ 3631.233333, 3643.627273, 3770.216667, 3859.76129 ] }, { "date": "2024-07-26", "close": 3543.5, "volume": 4823, "typical_volume": 4732.2, "trend": 3952.8, "fair_value": 3603.951923, "relative_strength": -16.316204, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -74.772718, "energy": 59.439662, "activity_lines": [ 3606.166667, 3616.909091, 3739.640476, 3831.526882 ] }, { "date": "2024-08-02", "close": 3492.0, "volume": 2689, "typical_volume": 4705.85, "trend": 3925.05, "fair_value": 3604.653846, "relative_strength": -16.113988, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -78.278848, "energy": 64.482785, "activity_lines": [ 3565.433333, 3588.790909, 3706.35, 3801.797849 ] }, { "date": "2024-08-09", "close": 3755.5, "volume": 5748, "typical_volume": 4912.9, "trend": 3906.883333, "fair_value": 3607.291667, "relative_strength": -9.529095, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -49.764096, "energy": 43.586476, "activity_lines": [ 3619.133333, 3614.927273, 3700.67619, 3790.85914 ] }, { "date": "2024-08-16", "close": 3868.0, "volume": 3725, "typical_volume": 5001.05, "trend": 3898.35, "fair_value": 3611.746795, "relative_strength": -8.269849, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -25.158015, "energy": 20.296519, "activity_lines": [ 3702.8, 3660.981818, 3707.27381, 3788.350538 ] }, { "date": "2024-08-23", "close": 3807.0, "volume": 2827, "typical_volume": 5090.7, "trend": 3886.1, "fair_value": 3614.766026, "relative_strength": -9.670448, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -22.869637, "energy": 22.598279, "activity_lines": [ 3753.4, 3692.718182, 3709.152381, 3782.456989 ] }, { "date": "2024-08-30", "close": 3726.5, "volume": 7046, "typical_volume": 5020.35, "trend": 3873.116667, "fair_value": 3617.977564, "relative_strength": -11.863965, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -11.325059, "energy": 23.596648, "activity_lines": [ 3764.5, 3705.545455, 3704.342857, 3772.160215 ] }, { "date": "2024-09-06", "close": 3694.0, "volume": 10026, "typical_volume": 5270.35, "trend": 3858.116667, "fair_value": 3621.278846, "relative_strength": -10.365629, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -13.119422, "energy": 20.306833, "activity_lines": [ 3752.566667, 3709.545455, 3697.866667, 3760.604301 ] }, { "date": "2024-09-13", "close": 3758.5, "volume": 1801, "typical_volume": 5302.45, "trend": 3843.833333, "fair_value": 3626.057692, "relative_strength": -9.575867, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -10.875896, "energy": 12.318127, "activity_lines": [ 3748.666667, 3723.4, 3698.735714, 3754.177419 ] }, { "date": "2024-09-20", "close": 3659.5, "volume": 6875, "typical_volume": 5589.4, "trend": 3826.85, "fair_value": 3630.016026, "relative_strength": -11.259292, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -34.870437, "energy": 20.815275, "activity_lines": [ 3711.566667, 3717.145455, 3691.514286, 3742.284946 ] }, { "date": "2024-09-27", "close": 3671.5, "volume": 13727, "typical_volume": 5963.7, "trend": 3808.9, "fair_value": 3634.150641, "relative_strength": -11.69642, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -36.174557, "energy": 23.327416, "activity_lines": [ 3692.366667, 3713.390909, 3687.6, 3732.262366 ] }, { "date": "2024-10-04", "close": 3672.5, "volume": 5427, "typical_volume": 6043.75, "trend": 3797.866667, "fair_value": 3638.525641, "relative_strength": -11.089655, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -38.114975, "energy": 24.052472, "activity_lines": [ 3682.533333, 3708.827273, 3685.55, 3723.462366 ] }, { "date": "2024-10-11", "close": 3563.0, "volume": 6896, "typical_volume": 6270.1, "trend": 3782.583333, "fair_value": 3642.070513, "relative_strength": -13.202412, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -56.599497, "energy": 40.354046, "activity_lines": [ 3639.8, 3682.009091, 3674.542857, 3708.309677 ] }, { "date": "2024-10-18", "close": 3573.0, "volume": 2361, "typical_volume": 6302.2, "trend": 3765.6, "fair_value": 3648.346154, "relative_strength": -13.768231, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.413, "energy": 51.669553, "activity_lines": [ 3609.133333, 3655.718182, 3665.811905, 3694.788172 ] }, { "date": "2024-10-25", "close": 3592.0, "volume": 27757, "typical_volume": 7078.9, "trend": 3748.766667, "fair_value": 3654.038462, "relative_strength": -11.81713, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -59.478675, "energy": 54.723883, "activity_lines": [ 3597.166667, 3636.2, 3659.619048, 3683.588172 ] }, { "date": "2024-11-01", "close": 3497.0, "volume": 43434, "typical_volume": 9108.65, "trend": 3731.583333, "fair_value": 3658.708333, "relative_strength": -13.027659, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -73.222431, "energy": 67.367243, "activity_lines": [ 3558.033333, 3604.427273, 3644.847619, 3667.345161 ] }, { "date": "2024-11-08", "close": 3510.0, "volume": 26156, "typical_volume": 10159.0, "trend": 3714.366667, "fair_value": 3662.865385, "relative_strength": -11.152282, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -68.651119, "energy": 67.576328, "activity_lines": [ 3534.866667, 3580.654545, 3631.671429, 3653.049462 ] }, { "date": "2024-11-15", "close": 3588.0, "volume": 21930, "typical_volume": 10899.4, "trend": 3702.416667, "fair_value": 3668.342949, "relative_strength": -8.686276, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -59.905946, "energy": 52.847631, "activity_lines": [ 3548.533333, 3575.0, 3626.190476, 3644.896774 ] }, { "date": "2024-11-22", "close": 3609.0, "volume": 2191, "typical_volume": 10935.4, "trend": 3688.066667, "fair_value": 3674.112179, "relative_strength": -9.950822, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -56.444741, "energy": 38.487929, "activity_lines": [ 3567.533333, 3575.090909, 3622.72381, 3638.869892 ] }, { "date": "2024-11-29", "close": 3336.0, "volume": 20543, "typical_volume": 11774.55, "trend": 3662.133333, "fair_value": 3677.423077, "relative_strength": -16.513818, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -83.188916, "energy": 59.205693, "activity_lines": [ 3493.133333, 3528.263636, 3593.416667, 3616.155914 ] }, { "date": "2024-12-06", "close": 3297.5, "volume": 29576, "typical_volume": 12277.9, "trend": 3637.283333, "fair_value": 3680.025641, "relative_strength": -17.19166, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -83.020026, "energy": 71.87318, "activity_lines": [ 3422.966667, 3480.318182, 3562.066667, 3592.631183 ] }, { "date": "2024-12-13", "close": 3324.0, "volume": 21044, "typical_volume": 13088.95, "trend": 3615.366667, "fair_value": 3683.028846, "relative_strength": -15.918641, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -72.70613, "energy": 76.110024, "activity_lines": [ 3374.933333, 3443.990909, 3534.761905, 3572.419355 ] }, { "date": "2024-12-20", "close": 3170.0, "volume": 10606, "typical_volume": 13484.8, "trend": 3593.0, "fair_value": 3685.660256, "relative_strength": -17.111335, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -83.244814, "energy": 87.808579, "activity_lines": [ 3287.966667, 3386.0, 3493.835714, 3543.686022 ] }, { "date": "2024-12-27", "close": 3100.0, "volume": 12441, "typical_volume": 13819.45, "trend": 3572.133333, "fair_value": 3687.689103, "relative_strength": -18.971685, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -84.038694, "energy": 92.253281, "activity_lines": [ 3205.533333, 3322.427273, 3447.77619, 3511.87957 ] }, { "date": "2025-01-03", "close": 3146.0, "volume": 8769, "typical_volume": 14071.65, "trend": 3553.983333, "fair_value": 3690.717949, "relative_strength": -17.90643, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -73.194994, "energy": 87.421903, "activity_lines": [ 3172.366667, 3275.818182, 3409.219048, 3484.387097 ] }, { "date": "2025-01-10", "close": 3220.0, "volume": 19345, "typical_volume": 14897.55, "trend": 3542.25, "fair_value": 3693.227564, "relative_strength": -15.620357, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -67.018628, "energy": 82.355321, "activity_lines": [ 3176.533333, 3250.772727, 3381.147619, 3462.839785 ] }, { "date": "2025-01-17", "close": 3368.5, "volume": 20349, "typical_volume": 15562.7, "trend": 3535.666667, "fair_value": 3695.557692, "relative_strength": -13.832107, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -62.338982, "energy": 52.67434, "activity_lines": [ 3235.366667, 3257.763636, 3370.014286, 3451.630108 ] }, { "date": "2025-01-24", "close": 3390.5, "volume": 9669, "typical_volume": 15544.85, "trend": 3528.983333, "fair_value": 3697.25, "relative_strength": -12.700258, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -44.743911, "energy": 31.900611, "activity_lines": [ 3298.566667, 3271.327273, 3362.680952, 3442.264516 ] }, { "date": "2025-01-31", "close": 3581.0, "volume": 6719, "typical_volume": 15790.75, "trend": 3526.933333, "fair_value": 3700.150641, "relative_strength": -9.131028, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -9.89625, "energy": 20.670556, "activity_lines": [ 3410.566667, 3323.118182, 3374.935714, 3445.62043 ] }, { "date": "2025-02-07", "close": 3556.0, "volume": 18071, "typical_volume": 16350.55, "trend": 3522.9, "fair_value": 3701.910256, "relative_strength": -9.509663, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -4.857926, "energy": 25.417577, "activity_lines": [ 3482.166667, 3370.872727, 3385.654762, 3447.495699 ] }, { "date": "2025-02-14", "close": 3580.5, "volume": 14387, "typical_volume": 16383.55, "trend": 3521.683333, "fair_value": 3703.958333, "relative_strength": -8.703399, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "mixed", "direction": 25.916409, "energy": 35.639178, "activity_lines": [ 3534.6, 3419.081818, 3399.2, 3451.211828 ] }, { "date": "2025-02-21", "close": 3518.0, "volume": 9189, "typical_volume": 16571.65, "trend": 3520.833333, "fair_value": 3705.599359, "relative_strength": -9.014927, "stage": 4, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 19.849888, "energy": 32.806254, "activity_lines": [ 3542.166667, 3450.781818, 3407.22619, 3450.974194 ] }, { "date": "2025-02-28", "close": 3352.0, "volume": 23715, "typical_volume": 17412.6, "trend": 3516.166667, "fair_value": 3705.137821, "relative_strength": -14.167942, "stage": 4, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "down", "direction": -12.521968, "energy": 20.563575, "activity_lines": [ 3484.433333, 3448.772727, 3400.178571, 3440.08172 ] }, { "date": "2025-03-07", "close": 3303.0, "volume": 10339, "typical_volume": 17811.5, "trend": 3501.083333, "fair_value": 3703.88141, "relative_strength": -13.62528, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -37.750602, "energy": 17.165412, "activity_lines": [ 3412.933333, 3434.545455, 3389.469048, 3426.329032 ] }, { "date": "2025-03-14", "close": 3458.5, "volume": 53191, "typical_volume": 19083.2, "trend": 3487.433333, "fair_value": 3703.698718, "relative_strength": -8.582229, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -24.145749, "energy": 18.332728, "activity_lines": [ 3411.8, 3444.9, 3394.854762, 3423.58172 ] }, { "date": "2025-03-21", "close": 3537.0, "volume": 9774, "typical_volume": 17400.2, "trend": 3478.433333, "fair_value": 3701.814103, "relative_strength": -6.229092, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -11.471816, "energy": 13.677305, "activity_lines": [ 3443.333333, 3463.845455, 3408.352381, 3426.77957 ] }, { "date": "2025-03-28", "close": 3455.0, "volume": 28630, "typical_volume": 17523.9, "trend": 3469.383333, "fair_value": 3698.516026, "relative_strength": -8.0602, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -22.819163, "energy": 12.404636, "activity_lines": [ 3450.433333, 3462.118182, 3413.85, 3425.267742 ] }, { "date": "2025-04-04", "close": 3279.0, "volume": 12379, "typical_volume": 17046.35, "trend": 3455.55, "fair_value": 3694.689103, "relative_strength": -5.783915, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -45.913547, "energy": 18.457514, "activity_lines": [ 3403.066667, 3426.818182, 3402.847619, 3412.984946 ] }, { "date": "2025-04-11", "close": 3211.5, "volume": 16744, "typical_volume": 17774.0, "trend": 3437.316667, "fair_value": 3690.75, "relative_strength": -6.252651, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -62.795197, "energy": 35.320475, "activity_lines": [ 3338.066667, 3381.272727, 3386.888095, 3397.239785 ] }, { "date": "2025-04-18", "close": 3267.0, "volume": 7686, "typical_volume": 17131.15, "trend": 3424.233333, "fair_value": 3688.054487, "relative_strength": -7.78914, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -56.005753, "energy": 47.628176, "activity_lines": [ 3297.666667, 3352.536364, 3378.107143, 3386.251613 ] }, { "date": "2025-04-25", "close": 3478.0, "volume": 2934, "typical_volume": 15799.05, "trend": 3417.783333, "fair_value": 3687.182692, "relative_strength": -3.100998, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -25.204405, "energy": 23.482442, "activity_lines": [ 3340.366667, 3367.418182, 3389.75, 3389.72043 ] }, { "date": "2025-05-02", "close": 3519.5, "volume": 16835, "typical_volume": 15588.6, "trend": 3412.683333, "fair_value": 3687.669872, "relative_strength": -3.613015, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -4.200992, "energy": 4.970507, "activity_lines": [ 3400.833333, 3391.709091, 3404.485714, 3396.282796 ] }, { "date": "2025-05-09", "close": 3590.0, "volume": 4142, "typical_volume": 15265.4, "trend": 3413.583333, "fair_value": 3688.291667, "relative_strength": -0.936255, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 34.793032, "energy": 31.718524, "activity_lines": [ 3480.5, 3428.790909, 3425.004762, 3407.722581 ] }, { "date": "2025-05-16", "close": 3633.5, "volume": 7511, "typical_volume": 15018.9, "trend": 3415.6, "fair_value": 3688.583333, "relative_strength": -0.989655, "stage": 1, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 68.271662, "energy": 61.722651, "activity_lines": [ 3553.933333, 3469.454545, 3447.666667, 3421.910753 ] }, { "date": "2025-05-23", "close": 3507.5, "volume": 25660, "typical_volume": 15863.45, "trend": 3412.783333, "fair_value": 3686.708333, "relative_strength": -4.530888, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 56.175939, "energy": 60.190903, "activity_lines": [ 3557.233333, 3481.2, 3455.788095, 3427.839785 ] }, { "date": "2025-05-30", "close": 3488.5, "volume": 3761, "typical_volume": 15084.25, "trend": 3412.5, "fair_value": 3684.935897, "relative_strength": -5.409899, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 55.413241, "energy": 57.106948, "activity_lines": [ 3538.166667, 3488.6, 3460.378571, 3432.724731 ] }, { "date": "2025-06-06", "close": 3521.5, "volume": 6499, "typical_volume": 14391.75, "trend": 3412.883333, "fair_value": 3685.307692, "relative_strength": -5.009303, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 51.582786, "energy": 37.958176, "activity_lines": [ 3529.4, 3502.881818, 3466.833333, 3439.756989 ] }, { "date": "2025-06-13", "close": 3571.0, "volume": 7782, "typical_volume": 14297.4, "trend": 3412.316667, "fair_value": 3687.724359, "relative_strength": -3.657804, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 56.236119, "energy": 30.462176, "activity_lines": [ 3537.0, 3524.954545, 3477.27381, 3449.958065 ] }, { "date": "2025-06-20", "close": 3628.0, "volume": 13926, "typical_volume": 14657.75, "trend": 3412.95, "fair_value": 3691.016026, "relative_strength": -1.185208, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 63.897069, "energy": 37.192002, "activity_lines": [ 3564.866667, 3552.081818, 3492.283333, 3463.873118 ] }, { "date": "2025-06-27", "close": 3611.0, "volume": 23726, "typical_volume": 14940.5, "trend": 3422.116667, "fair_value": 3694.211538, "relative_strength": -1.785752, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.440234, "energy": 45.493626, "activity_lines": [ 3587.433333, 3568.545455, 3505.45, 3476.650538 ] }, { "date": "2025-07-04", "close": 3784.0, "volume": 30078, "typical_volume": 15725.05, "trend": 3438.333333, "fair_value": 3697.88141, "relative_strength": 2.711085, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 80.767687, "energy": 74.347001, "activity_lines": [ 3660.766667, 3610.209091, 3534.830952, 3499.997849 ] }, { "date": "2025-07-11", "close": 3574.0, "volume": 18732, "typical_volume": 16202.2, "trend": 3446.666667, "fair_value": 3701.128205, "relative_strength": -4.06911, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.528522, "energy": 60.025209, "activity_lines": [ 3644.4, 3608.127273, 3543.242857, 3508.750538 ] }, { "date": "2025-07-18", "close": 3585.0, "volume": 63951, "typical_volume": 18214.0, "trend": 3460.5, "fair_value": 3704.416667, "relative_strength": -4.121331, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 56.881035, "energy": 44.689764, "activity_lines": [ 3628.2, 3607.054545, 3552.435714, 3517.675269 ] }, { "date": "2025-07-25", "close": 3538.0, "volume": 15989, "typical_volume": 18496.5, "trend": 3475.1, "fair_value": 3705.705128, "relative_strength": -6.536605, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 42.744058, "energy": 28.821324, "activity_lines": [ 3595.4, 3597.527273, 3556.042857, 3522.675269 ] }, { "date": "2025-08-01", "close": 3567.0, "volume": 7926, "typical_volume": 16233.25, "trend": 3489.133333, "fair_value": 3706.535256, "relative_strength": -5.084506, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 34.338722, "energy": 19.697944, "activity_lines": [ 3578.266667, 3595.009091, 3561.292857, 3528.604301 ] }, { "date": "2025-08-08", "close": 3665.5, "volume": 2500, "typical_volume": 15869.55, "trend": 3503.983333, "fair_value": 3706.560897, "relative_strength": -2.497167, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 48.249369, "energy": 23.403624, "activity_lines": [ 3596.9, 3609.318182, 3575.407143, 3539.982796 ] }, { "date": "2025-08-15", "close": 3675.0, "volume": 1332, "typical_volume": 14504.65, "trend": 3514.2, "fair_value": 3706.423077, "relative_strength": -2.419357, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 59.160108, "energy": 32.249306, "activity_lines": [ 3626.6, 3622.136364, 3589.814286, 3551.016129 ] }, { "date": "2025-08-22", "close": 3717.5, "volume": 1554, "typical_volume": 13963.4, "trend": 3525.1, "fair_value": 3705.836538, "relative_strength": -2.959314, "stage": 2, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 67.558903, "energy": 57.115509, "activity_lines": [ 3663.733333, 3639.890909, 3607.221429, 3564.132258 ] }, { "date": "2025-08-29", "close": 3851.5, "volume": 4773, "typical_volume": 13364.85, "trend": 3534.116667, "fair_value": 3706.108974, "relative_strength": 2.12866, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 82.960545, "energy": 79.692062, "activity_lines": [ 3736.7, 3679.345455, 3635.302381, 3585.190323 ] }, { "date": "2025-09-05", "close": 3849.0, "volume": 15818, "typical_volume": 13771.45, "trend": 3543.883333, "fair_value": 3706.291667, "relative_strength": 1.990826, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 77.657925, "energy": 82.284031, "activity_lines": [ 3787.933333, 3714.281818, 3660.097619, 3605.505376 ] }, { "date": "2025-09-12", "close": 3920.0, "volume": 13684, "typical_volume": 14308.95, "trend": 3555.2, "fair_value": 3707.833333, "relative_strength": 3.187017, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 82.413447, "energy": 87.506849, "activity_lines": [ 3844.033333, 3757.8, 3688.883333, 3629.770968 ] }, { "date": "2025-09-19", "close": 4034.0, "volume": 8764, "typical_volume": 13905.4, "trend": 3572.4, "fair_value": 3708.439103, "relative_strength": 6.990218, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 88.546012, "energy": 94.278209, "activity_lines": [ 3921.166667, 3819.572727, 3726.421429, 3660.66129 ] }, { "date": "2025-09-26", "close": 4038.0, "volume": 8768, "typical_volume": 14136.7, "trend": 3595.266667, "fair_value": 3710.573718, "relative_strength": 6.342496, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 80.906452, "energy": 91.212153, "activity_lines": [ 3975.7, 3873.709091, 3761.890476, 3690.7 ] }, { "date": "2025-10-03", "close": 3940.050049, "volume": 11415, "typical_volume": 14331.9, "trend": 3616.501668, "fair_value": 3709.202244, "relative_strength": 1.641056, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.333657, "energy": 84.158177, "activity_lines": [ 3976.216683, 3901.800009, 3785.897624, 3712.944089 ] }, { "date": "2025-10-10", "close": 3827.5, "volume": 10060, "typical_volume": 13551.9, "trend": 3628.801668, "fair_value": 3708.609295, "relative_strength": -0.473787, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 64.896412, "energy": 63.492271, "activity_lines": [ 3933.313346, 3902.117281, 3797.725957, 3726.556885 ] }, { "date": "2025-10-17", "close": 3882.0, "volume": 10925, "typical_volume": 13910.1, "trend": 3640.301668, "fair_value": 3706.695834, "relative_strength": 1.78999, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 59.890126, "energy": 49.236977, "activity_lines": [ 3910.01001, 3907.60728, 3813.220957, 3742.892261 ] }, { "date": "2025-10-24", "close": 5377.740234, "volume": 15053, "typical_volume": 14337.8, "trend": 3704.393009, "fair_value": 3716.937758, "relative_strength": 35.972684, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 94.577023, "energy": 78.593982, "activity_lines": [ 4387.820085, 4181.113685, 3969.293598, 3854.985072 ] }, { "date": "2025-10-31", "close": 4178.5, "volume": 14153, "typical_volume": 14656.35, "trend": 3734.376343, "fair_value": 3716.434553, "relative_strength": 4.859539, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.706195, "energy": 55.034948, "activity_lines": [ 4376.300732, 4205.617498, 4002.313644, 3885.572619 ] }, { "date": "2025-11-07", "close": 4275.0, "volume": 24403, "typical_volume": 15180.2, "trend": 3769.826343, "fair_value": 3720.514681, "relative_strength": 7.631868, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 59.618086, "energy": 54.803529, "activity_lines": [ 4387.58138, 4239.284948, 4041.631309, 3920.451565 ] }, { "date": "2025-11-14", "close": 4467.0, "volume": 15216, "typical_volume": 14754.7, "trend": 3809.826343, "fair_value": 3726.646092, "relative_strength": 12.200421, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.306469, "energy": 56.771273, "activity_lines": [ 4440.532031, 4300.161488, 4096.153736, 3965.430511 ] }, { "date": "2025-11-21", "close": 4284.0, "volume": 11232, "typical_volume": 13812.4, "trend": 3836.693009, "fair_value": 3731.755066, "relative_strength": 9.331193, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 54.63517, "energy": 39.172054, "activity_lines": [ 4389.849349, 4316.528937, 4129.171402, 3996.02236 ] }, { "date": "2025-11-28", "close": 4470.5, "volume": 70483, "typical_volume": 16399.95, "trend": 3868.393009, "fair_value": 3737.293527, "relative_strength": 11.668857, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 62.503223, "energy": 41.070414, "activity_lines": [ 4374.533333, 4360.187296, 4177.57002, 4036.913133 ] }, { "date": "2025-12-05", "close": 4440.0, "volume": 16773, "typical_volume": 14041.05, "trend": 3896.726343, "fair_value": 3743.697374, "relative_strength": 11.196707, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 57.718521, "energy": 39.501536, "activity_lines": [ 4409.533333, 4390.363836, 4218.794828, 4073.791004 ] }, { "date": "2025-12-12", "close": 4361.0, "volume": 25711, "typical_volume": 14527.15, "trend": 3920.976343, "fair_value": 3750.646092, "relative_strength": 9.16023, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 53.130201, "energy": 33.578817, "activity_lines": [ 4400.766667, 4398.867649, 4248.424398, 4103.744143 ] }, { "date": "2025-12-19", "close": 4284.5, "volume": 19198, "typical_volume": 15090.75, "trend": 3946.876343, "fair_value": 3755.312758, "relative_strength": 4.356063, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 42.011017, "energy": 27.557466, "activity_lines": [ 4360.766667, 4385.808736, 4266.849206, 4127.197282 ] }, { "date": "2025-12-26", "close": 4267.0, "volume": 15880, "typical_volume": 15759.75, "trend": 3972.826343, "fair_value": 3760.210194, "relative_strength": 3.960759, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 37.530093, "energy": 21.956169, "activity_lines": [ 4327.1, 4361.258913, 4280.190681, 4147.850421 ] }, { "date": "2026-01-02", "close": 4350.0, "volume": 7213, "typical_volume": 16053.8, "trend": 4000.443009, "fair_value": 3765.665322, "relative_strength": 4.861895, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 36.576087, "energy": 18.010255, "activity_lines": [ 4322.233333, 4344.8, 4298.572632, 4172.184205 ] }, { "date": "2026-01-09", "close": 4521.5, "volume": 48555, "typical_volume": 18403.85, "trend": 4032.126343, "fair_value": 3771.35122, "relative_strength": 6.851218, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 55.734588, "energy": 26.79403, "activity_lines": [ 4382.566667, 4378.209091, 4330.07363, 4205.800785 ] }, { "date": "2026-01-16", "close": 4517.0, "volume": 35822, "typical_volume": 19956.3, "trend": 4061.759676, "fair_value": 3777.565963, "relative_strength": 5.370918, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 53.858613, "energy": 29.574785, "activity_lines": [ 4435.966667, 4404.563636, 4357.317486, 4237.082957 ] }, { "date": "2026-01-23", "close": 4880.0, "volume": 92006, "typical_volume": 23765.7, "trend": 4104.059676, "fair_value": 3785.626861, "relative_strength": 14.437616, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 78.143517, "energy": 67.597971, "activity_lines": [ 4599.966667, 4492.518182, 4415.963723, 4289.872655 ] }, { "date": "2026-01-30", "close": 5007.0, "volume": 22059, "typical_volume": 24184.45, "trend": 4144.826343, "fair_value": 3794.655707, "relative_strength": 16.087456, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 88.39383, "energy": 91.153098, "activity_lines": [ 4766.6, 4596.054545, 4481.795674, 4348.12687 ] }, { "date": "2026-02-06", "close": 5018.5, "volume": 24103, "typical_volume": 24951.4, "trend": 4192.976343, "fair_value": 3804.543527, "relative_strength": 14.320442, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 82.073941, "energy": 91.645486, "activity_lines": [ 4887.733333, 4688.536364, 4543.546673, 4404.492912 ] }, { "date": "2026-02-13", "close": 5056.0, "volume": 25593, "typical_volume": 25792.65, "trend": 4242.009676, "fair_value": 3813.947374, "relative_strength": 13.947226, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 77.552942, "energy": 91.067224, "activity_lines": [ 4976.8, 4777.872727, 4604.181005, 4460.171858 ] }, { "date": "2026-02-20", "close": 5255.5, "volume": 25006, "typical_volume": 26472.2, "trend": 4299.259676, "fair_value": 3825.133271, "relative_strength": 15.331406, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 84.855481, "energy": 93.560967, "activity_lines": [ 5096.733333, 4892.281818, 4678.967718, 4525.55833 ] }, { "date": "2026-02-27", "close": 5284.0, "volume": 861198, "typical_volume": 69029.1, "trend": 4356.493009, "fair_value": 3837.011476, "relative_strength": 13.050093, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 80.352514, "energy": 89.720611, "activity_lines": [ 5176.933333, 4995.609091, 4750.204669, 4589.089964 ] }, { "date": "2026-03-06", "close": 4994.5, "volume": 446230, "typical_volume": 90794.35, "trend": 4400.793009, "fair_value": 3847.053143, "relative_strength": 12.825956, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.795919, "energy": 64.513221, "activity_lines": [ 5133.7, 5028.127273, 4786.934477, 4630.251705 ] }, { "date": "2026-03-13", "close": 4940.5, "volume": 69780, "typical_volume": 93530.7, "trend": 4442.976343, "fair_value": 3857.883271, "relative_strength": 11.460254, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.419004, "energy": 55.890276, "activity_lines": [ 5073.3, 5037.6, 4813.22381, 4665.071511 ] }, { "date": "2026-03-20", "close": 4861.0, "volume": 40250, "typical_volume": 94835.55, "trend": 4481.093009, "fair_value": 3868.937758, "relative_strength": 13.050225, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 48.113227, "energy": 39.398313, "activity_lines": [ 4991.6, 5021.881818, 4834.02381, 4692.040779 ] }, { "date": "2026-03-27", "close": 5069.0, "volume": 19017, "typical_volume": 94566.25, "trend": 4521.676343, "fair_value": 3880.037117, "relative_strength": 16.739587, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 46.697365, "energy": 30.387833, "activity_lines": [ 4992.233333, 5037.809091, 4871.383333, 4729.970263 ] }, { "date": "2026-04-03", "close": 5335.0, "volume": 25383, "typical_volume": 95074.6, "trend": 4571.209676, "fair_value": 3893.380066, "relative_strength": 16.808397, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 74.526525, "energy": 45.259854, "activity_lines": [ 5093.966667, 5092.063636, 4930.295238, 4782.442757 ] }, { "date": "2026-04-10", "close": 5604.0, "volume": 12579, "typical_volume": 95141.95, "trend": 4627.343009, "fair_value": 3906.876861, "relative_strength": 20.135449, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 82.501557, "energy": 59.338936, "activity_lines": [ 5281.966667, 5186.954545, 5010.692857, 4849.07439 ] }, { "date": "2026-04-17", "close": 5564.0, "volume": 20549, "typical_volume": 92645.25, "trend": 4678.343009, "fair_value": 3921.149297, "relative_strength": 17.874458, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 76.832963, "energy": 79.74326, "activity_lines": [ 5416.0, 5263.718182, 5080.995238, 4909.503874 ] }, { "date": "2026-04-24", "close": 5384.0, "volume": 16647, "typical_volume": 92638.95, "trend": 4723.209676, "fair_value": 3934.187758, "relative_strength": 16.696831, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.942969, "energy": 79.692763, "activity_lines": [ 5448.466667, 5297.836364, 5128.947619, 4955.030131 ] }, { "date": "2026-05-01", "close": 5300.0, "volume": 24356, "typical_volume": 92571.2, "trend": 4768.541341, "fair_value": 3946.783912, "relative_strength": 14.539314, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.808281, "energy": 73.573562, "activity_lines": [ 5418.066667, 5310.718182, 5164.404762, 4992.24241 ] }, { "date": "2026-05-08", "close": 5274.0, "volume": 14633, "typical_volume": 92342.95, "trend": 4816.758008, "fair_value": 3957.72622, "relative_strength": 14.960236, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 58.950243, "energy": 47.75789, "activity_lines": [ 5363.6, 5318.063636, 5192.914286, 5024.852646 ] }, { "date": "2026-05-15", "close": 4960.0, "volume": 25265, "typical_volume": 92812.2, "trend": 4852.691341, "fair_value": 3966.405707, "relative_strength": 8.199469, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 29.807088, "energy": 19.420362, "activity_lines": [ 5208.533333, 5268.5, 5186.807143, 5034.094065 ] }, { "date": "2026-05-22", "close": 4959.5, "volume": 10988, "typical_volume": 93000.95, "trend": 4838.75, "fair_value": 3975.155707, "relative_strength": 5.066896, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 17.199287, "energy": 21.037518, "activity_lines": [ 5096.233333, 5219.472727, 5177.352381, 5040.984946 ] }, { "date": "2026-05-29", "close": 4856.0, "volume": 13232, "typical_volume": 91234.8, "trend": 4861.333333, "fair_value": 3982.815963, "relative_strength": 3.134849, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -7.565423, "energy": 23.329558, "activity_lines": [ 4989.733333, 5151.281818, 5155.138095, 5042.097849 ] }, { "date": "2026-06-05", "close": 4702.5, "volume": 3200, "typical_volume": 89603.7, "trend": 4875.583333, "fair_value": 3988.264681, "relative_strength": 0.037246, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -38.239955, "energy": 42.728604, "activity_lines": [ 4867.266667, 5055.272727, 5116.711905, 5031.850538 ] }, { "date": "2026-06-12", "close": 4798.0, "volume": 6215, "typical_volume": 85314.15, "trend": 4886.616667, "fair_value": 3994.098015, "relative_strength": 0.825051, "stage": 2, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -28.66674, "energy": 53.313281, "activity_lines": [ 4816.466667, 4983.290909, 5086.497619, 5026.845161 ] }, { "date": "2026-06-19", "close": 4740.0, "volume": 8725, "typical_volume": 84647.45, "trend": 4901.816667, "fair_value": 3999.11404, "relative_strength": 0.4614, "stage": 2, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -33.901728, "energy": 61.281962, "activity_lines": [ 4778.066667, 4910.527273, 5051.15, 5017.386022 ] }, { "date": "2026-06-26", "close": 4849.0, "volume": 12121, "typical_volume": 84048.35, "trend": 4914.433333, "fair_value": 4005.149297, "relative_strength": 1.138221, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -28.100672, "energy": 57.725061, "activity_lines": [ 4790.666667, 4873.290909, 5027.454762, 5013.978495 ] }, { "date": "2026-07-03", "close": 4841.0, "volume": 3016, "typical_volume": 82919.5, "trend": 4927.8, "fair_value": 4011.559553, "relative_strength": -0.747689, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -34.012336, "energy": 42.484173, "activity_lines": [ 4807.966667, 4847.6, 5003.804762, 5009.24086 ] }, { "date": "2026-07-10", "close": 4924.5, "volume": 35162, "typical_volume": 83427.3, "trend": 4946.583333, "fair_value": 4018.742245, "relative_strength": 2.412649, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -20.392425, "energy": 25.880003, "activity_lines": [ 4854.1, 4846.963636, 4989.130952, 5009.027957 ] }, { "date": "2026-07-17", "close": 4866.5, "volume": 31622, "typical_volume": 41948.5, "trend": 4965.983333, "fair_value": 4024.514681, "relative_strength": -0.031402, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -15.312107, "energy": 17.564591, "activity_lines": [ 4866.1, 4842.609091, 4970.509524, 5003.86129 ] }, { "date": "2026-07-24", "close": 5008.0, "volume": 6630, "typical_volume": 19968.5, "trend": 4990.683333, "fair_value": 4031.040322, "relative_strength": 1.241123, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -7.194602, "energy": 12.867808, "activity_lines": [ 4920.7, 4871.390909, 4967.352381, 5006.572043 ] }, { "date": "2026-07-31", "close": 5041.0, "volume": 10081, "typical_volume": 16983.55, "trend": 5013.716667, "fair_value": 4038.053143, "relative_strength": 0.376087, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -21.094854, "energy": 21.829426, "activity_lines": [ 4968.433333, 4905.3, 4967.27381, 5009.81828 ] }, { "date": "2026-08-07", "close": 4875.0, "volume": 11862, "typical_volume": 15564.15, "trend": 5025.5, "fair_value": 4044.556348, "relative_strength": -3.400878, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -33.530266, "energy": 22.233363, "activity_lines": [ 4948.033333, 4907.545455, 4950.907143, 5000.868817 ] } ], "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." } } }