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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
        "close": 261.320007,
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        "typical_volume": 2728360.85,
        "trend": 284.873333,
        "fair_value": 319.988165,
        "relative_strength": -13.315438,
        "stage": 4,
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        "modifier": "Established contraction",
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        "energy": 17.648743,
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      },
      {
        "date": "2026-08-07",
        "close": 258.75,
        "volume": 906401,
        "typical_volume": 2715453.8,
        "trend": 281.593333,
        "fair_value": 319.38779,
        "relative_strength": -14.701433,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
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      }
    ],
    "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."
    }
  }
}