{ "ticker": { "uuid": "e45492b4-4a53-4238-973a-6a7bc237e009", "symbol": "MRL", "name": "MERLIN Properties SOCIMI, S.A.", "exchange": "MCE", "country": "ES", "assetType": "equity" }, "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": "^IBEX", "stage": 2, "stage_name": "Advancing", "phase": "2b", "phase_label": "Stage 2B \u00b7 Advancing", "transition": "stage_2_healthy", "transition_label": "Stage 2 trend intact", "confidence": 50.526, "architecture_regime": "deceleration", "architecture_regime_label": "Deceleration", "architecture_modifier": "Recompressing", "architecture_gate": "up", "architecture_direction": 28.64, "architecture_energy": 15.609, "architecture_maturity": 52.07, "architecture_confidence": 75.715, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The upward structure remains, but its energy is decelerating.", "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down." }, "scores": { "balance": 45.64, "rotation_up": 25.3, "upward_expansion": 56.68, "deceleration": 88.08, "rotation_down": 30.03, "downward_expansion": 20.34 }, "activity_lines": [ 15.012, 15.132182, 15.078807, 14.839997 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.166667 }, "latest_close": 14.77, "trend_reference": 14.372576, "distance_from_trend": 0.027652, "trend_direction": "Improving", "fair_value": 10.792845, "distance_from_fair_value": 0.368499, "fair_value_direction": "Weakening", "relative_strength": -6.727879, "relative_strength_direction": "Weakening", "price_momentum": 0.153497, "excess_performance": 0.029066, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.027652, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.072063, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.368499, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.086098, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.067279, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.123133, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.153497, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.892075, "read": "Supply-led" } ], "volume": { "latest": 4167951, "relative_activity": 0.875472, "balance": 0.892075, "dry_up": 0.831593, "accumulation_observations": 3, "distribution_observations": 2 }, "risk": { "range_context": 0.035831, "annualized_volatility": 0.220919, "from_high_reference": -0.053812, "from_low_reference": 0.267772 }, "levels": { "trend_reference": 14.372576, "fair_value_reference": 10.792845, "structural_low": 12.705891, "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis." }, "outcomes": [ { "horizon": "Near term", "sample_count": 12, "median_return": -0.004872, "positive_rate": 0.5, "directional_follow_through": 0.5, "median_excess_return": -0.003943, "regime_survival": 0.5, "best_return": 0.120157, "worst_return": -0.045084, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 6, "median_return": 0.094888, "positive_rate": 0.833333, "directional_follow_through": 0.833333, "median_excess_return": 0.040167, "regime_survival": 0.0, "best_return": 0.180031, "worst_return": -0.011231, "sufficient": true }, { "horizon": "Extended", "sample_count": 5, "median_return": 0.118676, "positive_rate": 0.8, "directional_follow_through": 0.8, "median_excess_return": 0.060098, "regime_survival": 0.4, "best_return": 0.272542, "worst_return": -0.040629, "sufficient": true }, { "horizon": "Full cycle", "sample_count": 3, "median_return": 0.194272, "positive_rate": 1.0, "directional_follow_through": 1.0, "median_excess_return": 0.155725, "regime_survival": 0.333333, "best_return": 0.423562, "worst_return": 0.078668, "sufficient": false } ], "ledger": [ { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2024-10-25", "end": "2024-11-08", "tenure": "New", "return": -0.049533, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2024-11-15", "end": "2024-12-06", "tenure": "New", "return": 0.080314, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2024-12-13", "end": "2024-12-20", "tenure": "New", "return": -0.02832, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2024-12-27", "end": "2025-01-17", "tenure": "New", "return": 0.067327, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-01-24", "end": "2025-01-31", "tenure": "New", "return": 0.02663, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-02-07", "end": "2025-02-28", "tenure": "New", "return": -0.04304, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-03-07", "end": "2025-03-14", "tenure": "New", "return": -0.001024, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2025-03-21", "end": "2025-05-16", "tenure": "Developing", "return": 0.098829, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-05-23", "end": "2025-06-13", "tenure": "New", "return": 0.01327, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-06-20", "end": "2025-11-21", "tenure": "Established", "return": 0.151084, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-11-28", "end": "2026-01-16", "tenure": "Developing", "return": -0.018082, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-01-23", "end": "2026-02-20", "tenure": "Developing", "return": 0.118932, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-02-27", "end": "2026-07-31", "tenure": "Established", "return": 0.016404, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2026-08-07", "end": "2026-08-07", "tenure": "New", "return": 0.0, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 7.068256, "volume": 2062915, "typical_volume": 3528468.05, "trend": 7.218977, "fair_value": 7.010114, "relative_strength": -9.121512, "stage": 4, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 19.240725, "energy": 21.296261, "activity_lines": [ 7.354437, 7.316278, 7.185223, 7.152872 ] }, { "date": "2023-08-25", "close": 7.15304, "volume": 1926906, "typical_volume": 3439160.65, "trend": 7.199824, "fair_value": 7.020054, "relative_strength": -8.281653, "stage": 4, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 8.835813, "energy": 8.014551, "activity_lines": [ 7.262217, 7.300701, 7.191818, 7.148618 ] }, { "date": "2023-09-01", "close": 7.26906, "volume": 1812182, "typical_volume": 3348166.65, "trend": 7.175457, "fair_value": 7.033404, "relative_strength": -7.446386, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": 4.058062, "energy": 10.409483, "activity_lines": [ 7.237823, 7.306056, 7.208348, 7.153085 ] }, { "date": "2023-09-08", "close": 7.242285, "volume": 2153007, "typical_volume": 3125255.1, "trend": 7.15164, "fair_value": 7.047096, "relative_strength": -6.527215, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 27.554573, "energy": 20.511623, "activity_lines": [ 7.220272, 7.297212, 7.221238, 7.157397 ] }, { "date": "2023-09-15", "close": 7.224436, "volume": 3960415, "typical_volume": 3003796.05, "trend": 7.129678, "fair_value": 7.060299, "relative_strength": -8.140503, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 27.291906, "energy": 15.566123, "activity_lines": [ 7.218189, 7.280661, 7.230641, 7.162093 ] }, { "date": "2023-09-22", "close": 7.121804, "volume": 2631376, "typical_volume": 3005793.6, "trend": 7.108186, "fair_value": 7.073827, "relative_strength": -8.703599, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 21.744654, "energy": 11.658685, "activity_lines": [ 7.194985, 7.241717, 7.228856, 7.161585 ] }, { "date": "2023-09-29", "close": 7.126266, "volume": 3321609, "typical_volume": 2997603.25, "trend": 7.090015, "fair_value": 7.085887, "relative_strength": -7.601355, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 10.653383, "energy": 8.770024, "activity_lines": [ 7.169699, 7.207236, 7.22603, 7.162752 ] }, { "date": "2023-10-06", "close": 7.041482, "volume": 3430466, "typical_volume": 3001613.4, "trend": 7.083, "fair_value": 7.098923, "relative_strength": -6.515823, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 3.184167, "energy": 9.259805, "activity_lines": [ 7.117936, 7.165777, 7.213025, 7.159621 ] }, { "date": "2023-10-13", "close": 7.099492, "volume": 2057910, "typical_volume": 2970421.4, "trend": 7.085702, "fair_value": 7.114411, "relative_strength": -5.444827, "stage": 4, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 5.978758, "energy": 11.631078, "activity_lines": [ 7.100682, 7.143304, 7.204462, 7.160685 ] }, { "date": "2023-10-20", "close": 6.88084, "volume": 3254139, "typical_volume": 2954786.9, "trend": 7.093512, "fair_value": 7.1292, "relative_strength": -6.01695, "stage": 4, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -26.946915, "energy": 32.013496, "activity_lines": [ 7.020063, 7.089513, 7.173609, 7.147468 ] }, { "date": "2023-10-27", "close": 6.804982, "volume": 3373909, "typical_volume": 2970946.0, "trend": 7.087983, "fair_value": 7.145817, "relative_strength": -5.556953, "stage": 4, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -31.168231, "energy": 43.141959, "activity_lines": [ 6.937065, 7.031747, 7.137039, 7.128853 ] }, { "date": "2023-11-03", "close": 7.576955, "volume": 4635750, "typical_volume": 2960522.1, "trend": 7.109916, "fair_value": 7.166073, "relative_strength": 1.144857, "stage": 2, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "up", "direction": 40.240856, "energy": 16.883696, "activity_lines": [ 7.132513, 7.119126, 7.176031, 7.160399 ] }, { "date": "2023-11-10", "close": 7.474324, "volume": 5401681, "typical_volume": 3085237.9, "trend": 7.124391, "fair_value": 7.178728, "relative_strength": -0.686546, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 40.823415, "energy": 20.792168, "activity_lines": [ 7.263704, 7.180138, 7.203187, 7.18391 ] }, { "date": "2023-11-17", "close": 7.996411, "volume": 5611689, "typical_volume": 3133787.9, "trend": 7.162036, "fair_value": 7.193653, "relative_strength": 2.329902, "stage": 2, "regime": "balance", "modifier": "Balance after decline", "gate": "up", "direction": 73.814776, "energy": 60.484751, "activity_lines": [ 7.540068, 7.332342, 7.276645, 7.240169 ] }, { "date": "2023-11-24", "close": 7.862335, "volume": 3351516, "typical_volume": 3146397.8, "trend": 7.193193, "fair_value": 7.206948, "relative_strength": -0.835721, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 68.409971, "energy": 70.868877, "activity_lines": [ 7.711946, 7.446458, 7.332573, 7.28535 ] }, { "date": "2023-12-01", "close": 8.556339, "volume": 6494188, "typical_volume": 3333241.3, "trend": 7.251274, "fair_value": 7.224691, "relative_strength": 5.964182, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 87.383505, "energy": 87.472796, "activity_lines": [ 8.049725, 7.675158, 7.450583, 7.373294 ] }, { "date": "2023-12-08", "close": 8.78463, "volume": 4116124, "typical_volume": 3355505.2, "trend": 7.321279, "fair_value": 7.244599, "relative_strength": 8.13436, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 89.169968, "energy": 93.039544, "activity_lines": [ 8.346844, 7.919283, 7.584459, 7.472221 ] }, { "date": "2023-12-15", "close": 9.031185, "volume": 6989818, "typical_volume": 3578876.35, "trend": 7.395188, "fair_value": 7.266766, "relative_strength": 12.701357, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 86.977366, "energy": 94.180345, "activity_lines": [ 8.645636, 8.178084, 7.73613, 7.582537 ] }, { "date": "2023-12-22", "close": 9.186422, "volume": 2915677, "typical_volume": 3557144.0, "trend": 7.475015, "fair_value": 7.288945, "relative_strength": 14.497004, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 84.041834, "energy": 93.654348, "activity_lines": [ 8.892384, 8.428933, 7.89532, 7.698101 ] }, { "date": "2023-12-29", "close": 9.186422, "volume": 1113062, "typical_volume": 3530716.95, "trend": 7.541307, "fair_value": 7.311452, "relative_strength": 14.643894, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 76.5806, "energy": 90.93064, "activity_lines": [ 9.059797, 8.641839, 8.046783, 7.808514 ] }, { "date": "2024-01-05", "close": 8.875946, "volume": 2490936, "typical_volume": 3552118.0, "trend": 7.59606, "fair_value": 7.33232, "relative_strength": 10.11571, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.834384, "energy": 84.202232, "activity_lines": [ 9.035446, 8.756374, 8.160268, 7.89462 ] }, { "date": "2024-01-12", "close": 8.688748, "volume": 3169586, "typical_volume": 3614252.0, "trend": 7.647548, "fair_value": 7.351193, "relative_strength": 8.648155, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 65.258992, "energy": 63.807369, "activity_lines": [ 8.927388, 8.79922, 8.247317, 7.965116 ] }, { "date": "2024-01-19", "close": 8.519814, "volume": 4614312, "typical_volume": 3754358.5, "trend": 7.706345, "fair_value": 7.369894, "relative_strength": 9.102668, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 51.793019, "energy": 49.921053, "activity_lines": [ 8.769411, 8.791136, 8.310965, 8.021391 ] }, { "date": "2024-01-26", "close": 8.665918, "volume": 2958527, "typical_volume": 3794634.5, "trend": 7.761981, "fair_value": 7.388457, "relative_strength": 10.047875, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 45.937048, "energy": 38.216987, "activity_lines": [ 8.694227, 8.790607, 8.38257, 8.083299 ] }, { "date": "2024-02-02", "close": 8.515246, "volume": 2700119, "typical_volume": 3731619.7, "trend": 7.81185, "fair_value": 7.405142, "relative_strength": 6.835783, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 41.280598, "energy": 30.376455, "activity_lines": [ 8.603519, 8.750511, 8.433047, 8.131897 ] }, { "date": "2024-02-09", "close": 8.350879, "volume": 3012452, "typical_volume": 3750673.5, "trend": 7.846126, "fair_value": 7.422152, "relative_strength": 6.604707, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 35.862346, "energy": 26.965448, "activity_lines": [ 8.502767, 8.668659, 8.461724, 8.166673 ] }, { "date": "2024-02-16", "close": 8.369142, "volume": 2355589, "typical_volume": 3702372.5, "trend": 7.872085, "fair_value": 7.438392, "relative_strength": 6.943229, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 33.149469, "energy": 24.907403, "activity_lines": [ 8.443108, 8.593862, 8.486287, 8.200416 ] }, { "date": "2024-02-23", "close": 8.405668, "volume": 2028320, "typical_volume": 3632265.2, "trend": 7.902089, "fair_value": 7.452129, "relative_strength": 4.857322, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 29.480966, "energy": 23.346292, "activity_lines": [ 8.41693, 8.533262, 8.50841, 8.23484 ] }, { "date": "2024-03-01", "close": 8.13172, "volume": 3821020, "typical_volume": 3720420.7, "trend": 7.921027, "fair_value": 7.46327, "relative_strength": 2.110635, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 3.568149, "energy": 17.255759, "activity_lines": [ 8.307047, 8.434225, 8.497946, 8.249655 ] }, { "date": "2024-03-08", "close": 8.478721, "volume": 3763368, "typical_volume": 3745882.15, "trend": 7.956292, "fair_value": 7.474974, "relative_strength": 3.872956, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 13.272606, "energy": 15.722988, "activity_lines": [ 8.348443, 8.417456, 8.515615, 8.285636 ] }, { "date": "2024-03-15", "close": 8.328049, "volume": 4342360, "typical_volume": 3794304.7, "trend": 7.998285, "fair_value": 7.486952, "relative_strength": -0.739916, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 11.855333, "energy": 14.345011, "activity_lines": [ 8.342051, 8.38616, 8.511326, 8.30962 ] }, { "date": "2024-03-22", "close": 8.670485, "volume": 3097594, "typical_volume": 3717396.9, "trend": 8.048867, "fair_value": 7.501896, "relative_strength": -0.007696, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.8899, "energy": 20.022216, "activity_lines": [ 8.451326, 8.427086, 8.532396, 8.352988 ] }, { "date": "2024-03-29", "close": 9.108805, "volume": 3265657, "typical_volume": 3610595.7, "trend": 8.110192, "fair_value": 7.518669, "relative_strength": 3.631178, "stage": 2, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 63.513109, "energy": 44.192594, "activity_lines": [ 8.686618, 8.548039, 8.590004, 8.421371 ] }, { "date": "2024-04-05", "close": 8.761803, "volume": 3619910, "typical_volume": 3511006.75, "trend": 8.160842, "fair_value": 7.53331, "relative_strength": 0.985642, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 44.353182, "energy": 46.649333, "activity_lines": [ 8.759367, 8.595191, 8.606781, 8.46341 ] }, { "date": "2024-04-12", "close": 9.149896, "volume": 3942966, "typical_volume": 3540579.25, "trend": 8.225024, "fair_value": 7.549298, "relative_strength": 7.457231, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 74.539795, "energy": 70.152118, "activity_lines": [ 8.919475, 8.711163, 8.656875, 8.52722 ] }, { "date": "2024-04-19", "close": 9.323397, "volume": 3613686, "typical_volume": 3396554.15, "trend": 8.298411, "fair_value": 7.56695, "relative_strength": 8.684699, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 77.812299, "energy": 78.512171, "activity_lines": [ 9.092672, 8.847141, 8.717361, 8.598083 ] }, { "date": "2024-04-26", "close": 9.643003, "volume": 3157971, "typical_volume": 3348646.5, "trend": 8.382302, "fair_value": 7.585772, "relative_strength": 7.828658, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 84.920062, "energy": 84.170666, "activity_lines": [ 9.306047, 9.023548, 8.804633, 8.684831 ] }, { "date": "2024-05-03", "close": 9.798242, "volume": 3511244, "typical_volume": 3174717.8, "trend": 8.474194, "fair_value": 7.604974, "relative_strength": 12.167189, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 84.152392, "energy": 88.06044, "activity_lines": [ 9.506334, 9.205018, 8.902603, 8.776182 ] }, { "date": "2024-05-10", "close": 9.761714, "volume": 3000986, "typical_volume": 3178983.25, "trend": 8.562935, "fair_value": 7.624038, "relative_strength": 8.822013, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 75.301508, "energy": 86.353853, "activity_lines": [ 9.648482, 9.354527, 8.993441, 8.859247 ] }, { "date": "2024-05-17", "close": 10.096021, "volume": 4595029, "typical_volume": 3353081.6, "trend": 8.670107, "fair_value": 7.645729, "relative_strength": 9.936059, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 82.478252, "energy": 88.897318, "activity_lines": [ 9.835406, 9.535184, 9.113378, 8.958156 ] }, { "date": "2024-05-24", "close": 9.946726, "volume": 4334456, "typical_volume": 3445257.6, "trend": 8.774832, "fair_value": 7.663735, "relative_strength": 8.721901, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 70.158374, "energy": 77.939208, "activity_lines": [ 9.90949, 9.65929, 9.214765, 9.040519 ] }, { "date": "2024-05-31", "close": 10.28264, "volume": 3630648, "typical_volume": 3468310.7, "trend": 8.865022, "fair_value": 7.684108, "relative_strength": 11.282169, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 80.031896, "energy": 77.658353, "activity_lines": [ 10.053989, 9.815041, 9.343045, 9.137797 ] }, { "date": "2024-06-07", "close": 10.198661, "volume": 4438568, "typical_volume": 3459523.5, "trend": 8.955833, "fair_value": 7.703536, "relative_strength": 9.269105, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 71.953016, "energy": 69.226862, "activity_lines": [ 10.127853, 9.926211, 9.455737, 9.223838 ] }, { "date": "2024-06-14", "close": 9.890742, "volume": 4363043, "typical_volume": 3529749.3, "trend": 9.018977, "fair_value": 7.722895, "relative_strength": 9.568211, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 64.743886, "energy": 56.676463, "activity_lines": [ 10.072383, 9.961581, 9.531109, 9.284155 ] }, { "date": "2024-06-21", "close": 9.834757, "volume": 4204098, "typical_volume": 3604948.25, "trend": 9.084725, "fair_value": 7.742341, "relative_strength": 8.141917, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 61.516367, "energy": 50.238732, "activity_lines": [ 9.989649, 9.966245, 9.595316, 9.336786 ] }, { "date": "2024-06-28", "close": 9.704123, "volume": 3218946, "typical_volume": 3615272.95, "trend": 9.122984, "fair_value": 7.760775, "relative_strength": 7.175916, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 46.450142, "energy": 35.562361, "activity_lines": [ 9.880789, 9.934705, 9.640799, 9.376747 ] }, { "date": "2024-07-05", "close": 10.021374, "volume": 3021640, "typical_volume": 3648575.5, "trend": 9.164209, "fair_value": 7.780236, "relative_strength": 9.496356, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 47.773822, "energy": 31.673473, "activity_lines": [ 9.893852, 9.953925, 9.710052, 9.434707 ] }, { "date": "2024-07-12", "close": 10.030704, "volume": 2543967, "typical_volume": 3674357.85, "trend": 9.197526, "fair_value": 7.800396, "relative_strength": 7.098902, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 47.483173, "energy": 31.799696, "activity_lines": [ 9.927443, 9.967963, 9.772326, 9.49061 ] }, { "date": "2024-07-19", "close": 9.620146, "volume": 4089857, "typical_volume": 3687799.7, "trend": 9.211984, "fair_value": 7.816599, "relative_strength": 4.046889, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 38.743372, "energy": 23.845848, "activity_lines": [ 9.835378, 9.903126, 9.787761, 9.517876 ] }, { "date": "2024-07-26", "close": 9.797433, "volume": 9884939, "typical_volume": 3993878.25, "trend": 9.232351, "fair_value": 7.833659, "relative_strength": 4.972235, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.489052, "energy": 23.009124, "activity_lines": [ 9.820449, 9.873098, 9.812993, 9.555647 ] }, { "date": "2024-08-02", "close": 9.722786, "volume": 10965882, "typical_volume": 4325054.35, "trend": 9.260579, "fair_value": 7.848402, "relative_strength": 8.725137, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 33.863566, "energy": 17.160806, "activity_lines": [ 9.783125, 9.834926, 9.824836, 9.587288 ] }, { "date": "2024-08-09", "close": 9.648139, "volume": 5827477, "typical_volume": 4461548.5, "trend": 9.292558, "fair_value": 7.862531, "relative_strength": 7.941147, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 20.386089, "energy": 14.415083, "activity_lines": [ 9.719676, 9.787254, 9.822928, 9.612292 ] }, { "date": "2024-08-16", "close": 9.909403, "volume": 4504900, "typical_volume": 4523510.65, "trend": 9.338878, "fair_value": 7.87908, "relative_strength": 7.363521, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 25.86254, "energy": 12.981656, "activity_lines": [ 9.768196, 9.79862, 9.841247, 9.652088 ] }, { "date": "2024-08-23", "close": 10.319963, "volume": 2394032, "typical_volume": 4462216.75, "trend": 9.394013, "fair_value": 7.897825, "relative_strength": 8.187942, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 54.240127, "energy": 30.234738, "activity_lines": [ 9.961657, 9.889893, 9.894854, 9.715384 ] }, { "date": "2024-08-30", "close": 10.347956, "volume": 4512243, "typical_volume": 4490680.6, "trend": 9.455103, "fair_value": 7.916624, "relative_strength": 6.967115, "stage": 2, "regime": "deceleration", "modifier": "Re-acceleration watch", "gate": "up", "direction": 64.476099, "energy": 50.407185, "activity_lines": [ 10.117794, 9.978452, 9.943708, 9.776929 ] }, { "date": "2024-09-06", "close": 10.72119, "volume": 3423184, "typical_volume": 4481155.5, "trend": 9.534114, "fair_value": 7.941045, "relative_strength": 12.62043, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 76.724307, "energy": 72.743773, "activity_lines": [ 10.361641, 10.125541, 10.022402, 9.858612 ] }, { "date": "2024-09-13", "close": 10.907807, "volume": 8950265, "typical_volume": 4770770.2, "trend": 9.618736, "fair_value": 7.966741, "relative_strength": 10.464421, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 79.172025, "energy": 80.960435, "activity_lines": [ 10.601133, 10.288068, 10.112214, 9.947237 ] }, { "date": "2024-09-20", "close": 10.683867, "volume": 8474842, "typical_volume": 5018950.1, "trend": 9.694676, "fair_value": 7.990227, "relative_strength": 5.85537, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 65.711053, "energy": 75.163899, "activity_lines": [ 10.682001, 10.393761, 10.174675, 10.015955 ] }, { "date": "2024-09-27", "close": 10.805168, "volume": 3632740, "typical_volume": 5050537.8, "trend": 9.783791, "fair_value": 8.015448, "relative_strength": 4.792597, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 68.986674, "energy": 76.055602, "activity_lines": [ 10.751671, 10.509634, 10.244471, 10.0876 ] }, { "date": "2024-10-04", "close": 10.413271, "volume": 3643765, "typical_volume": 5002974.6, "trend": 9.848276, "fair_value": 8.037925, "relative_strength": 3.364179, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 61.952325, "energy": 50.942466, "activity_lines": [ 10.658362, 10.532706, 10.271975, 10.128212 ] }, { "date": "2024-10-11", "close": 10.329293, "volume": 3347344, "typical_volume": 4953619.0, "trend": 9.914984, "fair_value": 8.058161, "relative_strength": 1.744167, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 55.590253, "energy": 35.852375, "activity_lines": [ 10.532706, 10.529313, 10.28997, 10.159245 ] }, { "date": "2024-10-18", "close": 10.217322, "volume": 4935763, "typical_volume": 5018874.75, "trend": 9.966545, "fair_value": 8.078444, "relative_strength": -1.298048, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 39.710611, "energy": 22.23259, "activity_lines": [ 10.395853, 10.494534, 10.29548, 10.178751 ] }, { "date": "2024-10-25", "close": 9.98405, "volume": 3863064, "typical_volume": 4990099.55, "trend": 9.99572, "fair_value": 8.097144, "relative_strength": -2.808261, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 17.065728, "energy": 19.398314, "activity_lines": [ 10.227275, 10.406994, 10.279084, 10.17988 ] }, { "date": "2024-11-01", "close": 9.573492, "volume": 3611215, "typical_volume": 4952508.15, "trend": 10.022776, "fair_value": 8.111075, "relative_strength": -7.030758, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -22.347615, "energy": 28.962043, "activity_lines": [ 9.968499, 10.243449, 10.224609, 10.152639 ] }, { "date": "2024-11-08", "close": 9.489513, "volume": 3929864, "typical_volume": 4938796.45, "trend": 10.034097, "fair_value": 8.124942, "relative_strength": -5.571633, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -36.042375, "energy": 45.443878, "activity_lines": [ 9.763841, 10.078207, 10.163648, 10.118235 ] }, { "date": "2024-11-15", "close": 9.242245, "volume": 7470613, "typical_volume": 5151379.8, "trend": 10.031392, "fair_value": 8.135804, "relative_strength": -8.648166, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -40.43325, "energy": 59.983468, "activity_lines": [ 9.538345, 9.883616, 10.08078, 10.067148 ] }, { "date": "2024-11-22", "close": 9.81353, "volume": 6889379, "typical_volume": 5344766.75, "trend": 10.037076, "fair_value": 8.150476, "relative_strength": -3.282465, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -24.896038, "energy": 51.643481, "activity_lines": [ 9.575747, 9.819785, 10.054521, 10.053093 ] }, { "date": "2024-11-29", "close": 9.880029, "volume": 3828116, "typical_volume": 5408974.2, "trend": 10.039802, "fair_value": 8.166879, "relative_strength": -2.509772, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -31.143804, "energy": 39.087626, "activity_lines": [ 9.662235, 9.78794, 10.035584, 10.042961 ] }, { "date": "2024-12-06", "close": 9.984529, "volume": 5925338, "typical_volume": 5500748.25, "trend": 10.047229, "fair_value": 8.182657, "relative_strength": -4.92604, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -42.8545, "energy": 27.252846, "activity_lines": [ 9.79049, 9.78971, 10.027317, 10.039395 ] }, { "date": "2024-12-13", "close": 9.728028, "volume": 3258433, "typical_volume": 5169422.95, "trend": 10.034963, "fair_value": 8.198076, "relative_strength": -4.706268, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -40.424102, "energy": 19.25381, "activity_lines": [ 9.805843, 9.759765, 9.992887, 10.018801 ] }, { "date": "2024-12-20", "close": 9.452528, "volume": 4529179, "typical_volume": 4847587.8, "trend": 10.01849, "fair_value": 8.21277, "relative_strength": -4.928171, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -52.782771, "energy": 26.939899, "activity_lines": [ 9.713462, 9.692188, 9.932549, 9.981224 ] }, { "date": "2024-12-27", "close": 9.595029, "volume": 967548, "typical_volume": 4604591.35, "trend": 9.995569, "fair_value": 8.227297, "relative_strength": -3.868224, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -54.642067, "energy": 30.732302, "activity_lines": [ 9.654562, 9.666461, 9.887069, 9.953904 ] }, { "date": "2025-01-03", "close": 9.699529, "volume": 1890646, "typical_volume": 4473878.65, "trend": 9.978932, "fair_value": 8.242132, "relative_strength": -3.7349, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -52.564178, "energy": 37.830216, "activity_lines": [ 9.645062, 9.671048, 9.851794, 9.934805 ] }, { "date": "2025-01-10", "close": 9.652028, "volume": 3818620, "typical_volume": 4545108.05, "trend": 9.970974, "fair_value": 8.254865, "relative_strength": -4.693823, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -51.536031, "energy": 33.847231, "activity_lines": [ 9.631762, 9.672173, 9.812996, 9.913714 ] }, { "date": "2025-01-17", "close": 10.241031, "volume": 5815511, "typical_volume": 4610271.45, "trend": 9.984517, "fair_value": 8.271658, "relative_strength": -0.52539, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -18.379358, "energy": 9.900265, "activity_lines": [ 9.836963, 9.77896, 9.833473, 9.931137 ] }, { "date": "2025-01-24", "close": 10.345531, "volume": 4533174, "typical_volume": 4665770.95, "trend": 10.005897, "fair_value": 8.289475, "relative_strength": -0.046907, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 19.584353, "energy": 18.451622, "activity_lines": [ 10.042797, 9.891084, 9.864412, 9.954429 ] }, { "date": "2025-01-31", "close": 10.621032, "volume": 6807756, "typical_volume": 4558645.5, "trend": 10.025886, "fair_value": 8.310363, "relative_strength": -0.617542, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 30.093489, "energy": 31.747742, "activity_lines": [ 10.280931, 10.033239, 9.923377, 9.994115 ] }, { "date": "2025-02-07", "close": 10.374031, "volume": 3666167, "typical_volume": 4318211.75, "trend": 10.03733, "fair_value": 8.326497, "relative_strength": -5.321486, "stage": 3, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 21.458644, "energy": 38.133858, "activity_lines": [ 10.368331, 10.115803, 9.960185, 10.016576 ] }, { "date": "2025-02-14", "close": 10.26953, "volume": 3311112, "typical_volume": 4302130.35, "trend": 10.058976, "fair_value": 8.342256, "relative_strength": -8.09715, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 21.296983, "energy": 46.006388, "activity_lines": [ 10.375931, 10.170385, 9.988515, 10.031556 ] }, { "date": "2025-02-21", "close": 10.32653, "volume": 2669383, "typical_volume": 4253411.25, "trend": 10.076613, "fair_value": 8.358429, "relative_strength": -7.491603, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 20.617123, "energy": 40.960059, "activity_lines": [ 10.361364, 10.230149, 10.024825, 10.048818 ] }, { "date": "2025-02-28", "close": 9.927529, "volume": 6011924, "typical_volume": 4386640.25, "trend": 10.083437, "fair_value": 8.37819, "relative_strength": -13.576171, "stage": 3, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 5.75605, "energy": 8.882112, "activity_lines": [ 10.208097, 10.206485, 10.023548, 10.0392 ] }, { "date": "2025-03-07", "close": 9.276778, "volume": 7580272, "typical_volume": 4518865.7, "trend": 10.071059, "fair_value": 8.390334, "relative_strength": -18.467772, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -52.467039, "energy": 29.425559, "activity_lines": [ 9.865779, 10.055866, 9.962207, 9.987157 ] }, { "date": "2025-03-14", "close": 9.267278, "volume": 4239899, "typical_volume": 4537707.45, "trend": 10.049655, "fair_value": 8.399373, "relative_strength": -16.837203, "stage": 4, "regime": "balance", "modifier": "Upper balance after advance", "gate": "down", "direction": -56.191132, "energy": 39.846714, "activity_lines": [ 9.609912, 9.909307, 9.904441, 9.9353 ] }, { "date": "2025-03-21", "close": 9.400278, "volume": 8170987, "typical_volume": 4765696.05, "trend": 10.018998, "fair_value": 8.407351, "relative_strength": -17.66068, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.511134, "energy": 51.423833, "activity_lines": [ 9.472162, 9.794788, 9.862754, 9.893405 ] }, { "date": "2025-03-28", "close": 9.490528, "volume": 3679029, "typical_volume": 4753154.3, "trend": 9.990417, "fair_value": 8.416054, "relative_strength": -16.409007, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -59.041233, "energy": 62.878705, "activity_lines": [ 9.422445, 9.701256, 9.830487, 9.85931 ] }, { "date": "2025-04-04", "close": 8.635526, "volume": 6521019, "typical_volume": 4705674.6, "trend": 9.920895, "fair_value": 8.419424, "relative_strength": -18.308829, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -80.730801, "energy": 74.955909, "activity_lines": [ 9.143461, 9.465915, 9.716787, 9.771898 ] }, { "date": "2025-04-11", "close": 8.630775, "volume": 8550770, "typical_volume": 4788744.15, "trend": 9.844994, "fair_value": 8.421585, "relative_strength": -17.162148, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -75.147001, "energy": 73.014876, "activity_lines": [ 8.949026, 9.2608, 9.605524, 9.688664 ] }, { "date": "2025-04-18", "close": 9.158028, "volume": 2355838, "typical_volume": 4715130.25, "trend": 9.794133, "fair_value": 8.427175, "relative_strength": -16.097481, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -61.586391, "energy": 63.310165, "activity_lines": [ 8.97341, 9.187736, 9.550107, 9.644344 ] }, { "date": "2025-04-25", "close": 9.291027, "volume": 2785145, "typical_volume": 4558120.6, "trend": 9.743662, "fair_value": 8.43563, "relative_strength": -17.348613, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -59.075612, "energy": 53.01422, "activity_lines": [ 9.04941, 9.160964, 9.510795, 9.611885 ] }, { "date": "2025-05-02", "close": 9.547528, "volume": 2819863, "typical_volume": 4536192.1, "trend": 9.714803, "fair_value": 8.448429, "relative_strength": -15.271206, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -43.401796, "energy": 30.38564, "activity_lines": [ 9.218194, 9.198618, 9.499214, 9.599232 ] }, { "date": "2025-05-09", "close": 9.785652, "volume": 3967767, "typical_volume": 4508121.5, "trend": 9.696682, "fair_value": 8.460644, "relative_strength": -13.534526, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -23.274217, "energy": 18.934268, "activity_lines": [ 9.462552, 9.293732, 9.511171, 9.603803 ] }, { "date": "2025-05-16", "close": 10.329301, "volume": 4848883, "typical_volume": 4702188.25, "trend": 9.700415, "fair_value": 8.474834, "relative_strength": -11.724144, "stage": 3, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "mixed", "direction": 20.180478, "energy": 26.707154, "activity_lines": [ 9.811452, 9.49027, 9.573318, 9.644617 ] }, { "date": "2025-05-23", "close": 10.241928, "volume": 3439511, "typical_volume": 4779631.5, "trend": 9.709011, "fair_value": 8.486955, "relative_strength": -12.396048, "stage": 3, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 27.898282, "energy": 34.096915, "activity_lines": [ 10.017992, 9.651786, 9.623647, 9.679553 ] }, { "date": "2025-05-30", "close": 10.581708, "volume": 3664510, "typical_volume": 4771926.0, "trend": 9.742618, "fair_value": 8.501756, "relative_strength": -9.460264, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 39.560163, "energy": 57.508168, "activity_lines": [ 10.265532, 9.857359, 9.703753, 9.735856 ] }, { "date": "2025-06-06", "close": 10.445796, "volume": 3593019, "typical_volume": 4660801.4, "trend": 9.774494, "fair_value": 8.518404, "relative_strength": -10.887367, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 41.257916, "energy": 66.599495, "activity_lines": [ 10.381723, 10.01674, 9.766488, 9.781222 ] }, { "date": "2025-06-13", "close": 10.377839, "volume": 2573786, "typical_volume": 4562832.0, "trend": 9.812347, "fair_value": 8.535647, "relative_strength": -8.995245, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "up", "direction": 64.348892, "energy": 72.131261, "activity_lines": [ 10.415377, 10.146396, 9.821776, 9.820148 ] }, { "date": "2025-06-20", "close": 10.601124, "volume": 5890911, "typical_volume": 4516989.75, "trend": 9.8386, "fair_value": 8.554497, "relative_strength": -6.355609, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 69.927881, "energy": 71.620003, "activity_lines": [ 10.483981, 10.284972, 9.898175, 9.871037 ] }, { "date": "2025-06-27", "close": 10.756452, "volume": 3700908, "typical_volume": 4518726.8, "trend": 9.867814, "fair_value": 8.576884, "relative_strength": -5.531519, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 72.121359, "energy": 64.928213, "activity_lines": [ 10.586238, 10.415965, 9.989462, 9.930253 ] }, { "date": "2025-07-04", "close": 10.834115, "volume": 4548253, "typical_volume": 4580583.85, "trend": 9.896134, "fair_value": 8.598034, "relative_strength": -4.575609, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 73.647903, "energy": 71.004846, "activity_lines": [ 10.680082, 10.532015, 10.086325, 9.992595 ] }, { "date": "2025-07-11", "close": 10.843824, "volume": 3536551, "typical_volume": 4623942.25, "trend": 9.933327, "fair_value": 8.619245, "relative_strength": -4.47119, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 71.478793, "energy": 79.959053, "activity_lines": [ 10.760335, 10.621775, 10.181424, 10.053736 ] }, { "date": "2025-07-18", "close": 11.144771, "volume": 4322795, "typical_volume": 4539485.8, "trend": 9.989735, "fair_value": 8.640524, "relative_strength": -1.512318, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 80.62035, "energy": 87.430834, "activity_lines": [ 10.914368, 10.742684, 10.302721, 10.131894 ] }, { "date": "2025-07-25", "close": 11.377764, "volume": 3211695, "typical_volume": 4321056.95, "trend": 10.04916, "fair_value": 8.660781, "relative_strength": -1.022653, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 84.504318, "energy": 90.897593, "activity_lines": [ 11.094937, 10.881244, 10.440412, 10.221444 ] }, { "date": "2025-08-01", "close": 11.785499, "volume": 4116758, "typical_volume": 4314899.9, "trend": 10.118692, "fair_value": 8.684859, "relative_strength": 3.516112, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 89.249509, "energy": 93.017727, "activity_lines": [ 11.359642, 11.074874, 10.60693, 10.333466 ] }, { "date": "2025-08-08", "close": 12.872793, "volume": 4347651, "typical_volume": 4123733.1, "trend": 10.226051, "fair_value": 8.713387, "relative_strength": 7.840464, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 97.313891, "energy": 97.815678, "activity_lines": [ 11.918175, 11.438129, 10.865008, 10.51115 ] }, { "date": "2025-08-15", "close": 12.523306, "volume": 4185861, "typical_volume": 4149074.7, "trend": 10.302127, "fair_value": 8.741138, "relative_strength": 2.014328, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 84.545966, "energy": 94.080751, "activity_lines": [ 12.2243, 11.696185, 11.073265, 10.65936 ] }, { "date": "2025-08-22", "close": 12.649508, "volume": 4026525, "typical_volume": 4024350.0, "trend": 10.378926, "fair_value": 8.771541, "relative_strength": 2.471189, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 79.856887, "energy": 92.618259, "activity_lines": [ 12.460527, 11.939414, 11.279101, 10.810804 ] }, { "date": "2025-08-29", "close": 12.35827, "volume": 2622836, "typical_volume": 3727953.3, "trend": 10.436834, "fair_value": 8.801161, "relative_strength": 3.40068, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 68.450363, "energy": 88.134585, "activity_lines": [ 12.499359, 12.088388, 11.438085, 10.938504 ] }, { "date": "2025-09-05", "close": 12.144694, "volume": 3016738, "typical_volume": 3760998.3, "trend": 10.495856, "fair_value": 8.829114, "relative_strength": 2.544023, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.347834, "energy": 66.385284, "activity_lines": [ 12.401632, 12.166581, 11.558978, 11.048688 ] }, { "date": "2025-09-12", "close": 12.600969, "volume": 4282327, "typical_volume": 3835857.4, "trend": 10.573571, "fair_value": 8.860994, "relative_strength": 3.522902, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 73.910922, "energy": 67.25055, "activity_lines": [ 12.43205, 12.302493, 11.709104, 11.184502 ] }, { "date": "2025-09-19", "close": 12.494182, "volume": 5759712, "typical_volume": 3982849.85, "trend": 10.645826, "fair_value": 8.898099, "relative_strength": 3.190435, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.390121, "energy": 61.658428, "activity_lines": [ 12.444994, 12.386864, 11.833299, 11.308412 ] }, { "date": "2025-09-26", "close": 12.377686, "volume": 2210414, "typical_volume": 3894982.2, "trend": 10.727498, "fair_value": 8.934593, "relative_strength": 1.869192, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 61.304796, "energy": 56.093263, "activity_lines": [ 12.421048, 12.420048, 11.932366, 11.420145 ] }, { "date": "2025-10-03", "close": 12.746589, "volume": 3229366, "typical_volume": 3814006.35, "trend": 10.843158, "fair_value": 8.973776, "relative_strength": 3.514789, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.310233, "energy": 59.663081, "activity_lines": [ 12.538191, 12.497888, 12.054225, 11.550409 ] }, { "date": "2025-10-10", "close": 12.872793, "volume": 4539333, "typical_volume": 3868997.45, "trend": 10.963342, "fair_value": 9.014148, "relative_strength": 5.400432, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.776275, "energy": 59.081388, "activity_lines": [ 12.671514, 12.573787, 12.176592, 11.681353 ] }, { "date": "2025-10-17", "close": 13.037829, "volume": 3819690, "typical_volume": 3876756.45, "trend": 11.084593, "fair_value": 9.054954, "relative_strength": 5.953579, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 74.732993, "energy": 61.479404, "activity_lines": [ 12.811309, 12.659923, 12.302148, 11.815191 ] }, { "date": "2025-10-24", "close": 13.338777, "volume": 3769981, "typical_volume": 3885604.55, "trend": 11.212868, "fair_value": 9.094004, "relative_strength": 6.630735, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 79.240815, "energy": 66.114938, "activity_lines": [ 13.022296, 12.797777, 12.444671, 11.960622 ] }, { "date": "2025-10-31", "close": 13.115494, "volume": 3087677, "typical_volume": 3911299.1, "trend": 11.362201, "fair_value": 9.131541, "relative_strength": 3.7024, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.361859, "energy": 64.702971, "activity_lines": [ 13.102549, 12.880207, 12.552152, 12.083372 ] }, { "date": "2025-11-07", "close": 12.882502, "volume": 3413116, "typical_volume": 3787409.35, "trend": 11.503925, "fair_value": 9.164467, "relative_strength": 2.728992, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.373126, "energy": 61.962363, "activity_lines": [ 13.055951, 12.911802, 12.624408, 12.181456 ] }, { "date": "2025-11-14", "close": 12.280605, "volume": 5557364, "typical_volume": 3880232.15, "trend": 11.608011, "fair_value": 9.193681, "relative_strength": -4.633768, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 48.747083, "energy": 39.667674, "activity_lines": [ 12.79966, 12.82443, 12.628476, 12.231565 ] }, { "date": "2025-11-21", "close": 12.202785, "volume": 5242928, "typical_volume": 3914965.9, "trend": 11.705069, "fair_value": 9.221342, "relative_strength": -1.930623, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 32.455653, "energy": 20.028257, "activity_lines": [ 12.556908, 12.720438, 12.617874, 12.269937 ] }, { "date": "2025-11-28", "close": 12.548054, "volume": 3692396, "typical_volume": 3922758.15, "trend": 11.805087, "fair_value": 9.252353, "relative_strength": -2.34539, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.636968, "energy": 23.243894, "activity_lines": [ 12.484915, 12.686461, 12.633638, 12.324323 ] }, { "date": "2025-12-05", "close": 12.212649, "volume": 3680742, "typical_volume": 3890655.5, "trend": 11.885987, "fair_value": 9.280466, "relative_strength": -6.542288, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 4.158706, "energy": 17.89898, "activity_lines": [ 12.353835, 12.590523, 12.609344, 12.350618 ] }, { "date": "2025-12-12", "close": 11.936435, "volume": 7005337, "typical_volume": 4080337.6, "trend": 11.939558, "fair_value": 9.308083, "relative_strength": -9.288778, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -8.576192, "energy": 22.284922, "activity_lines": [ 12.190874, 12.447364, 12.553658, 12.353872 ] }, { "date": "2025-12-19", "close": 12.114001, "volume": 5660394, "typical_volume": 4157519.4, "trend": 12.00196, "fair_value": 9.336755, "relative_strength": -9.365332, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -0.831742, "energy": 17.910291, "activity_lines": [ 12.150172, 12.35122, 12.512222, 12.365127 ] }, { "date": "2025-12-26", "close": 12.104137, "volume": 1111396, "typical_volume": 3995706.65, "trend": 12.052708, "fair_value": 9.365697, "relative_strength": -9.170003, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": -2.924625, "energy": 20.483487, "activity_lines": [ 12.11729, 12.267079, 12.468283, 12.371719 ] }, { "date": "2026-01-02", "close": 12.163325, "volume": 1641554, "typical_volume": 3868491.3, "trend": 12.109959, "fair_value": 9.394408, "relative_strength": -10.087464, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": -1.346193, "energy": 26.257388, "activity_lines": [ 12.110713, 12.210676, 12.433642, 12.378855 ] }, { "date": "2026-01-09", "close": 12.242244, "volume": 4110583, "typical_volume": 3872694.2, "trend": 12.172106, "fair_value": 9.42149, "relative_strength": -10.016536, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -16.021075, "energy": 16.622892, "activity_lines": [ 12.156091, 12.189993, 12.40823, 12.38739 ] }, { "date": "2026-01-16", "close": 12.321162, "volume": 5610004, "typical_volume": 4022052.6, "trend": 12.22944, "fair_value": 9.450825, "relative_strength": -9.382858, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "mixed", "direction": -11.712591, "energy": 10.412111, "activity_lines": [ 12.225802, 12.199536, 12.392274, 12.397006 ] }, { "date": "2026-01-23", "close": 12.19292, "volume": 5186793, "typical_volume": 4130555.35, "trend": 12.277323, "fair_value": 9.479449, "relative_strength": -9.091511, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -10.633279, "energy": 8.211574, "activity_lines": [ 12.227118, 12.195969, 12.364281, 12.39465 ] }, { "date": "2026-01-30", "close": 12.340893, "volume": 4738905, "typical_volume": 4153384.25, "trend": 12.327549, "fair_value": 9.507275, "relative_strength": -9.335476, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -6.708838, "energy": 7.649526, "activity_lines": [ 12.272496, 12.2209, 12.350151, 12.398752 ] }, { "date": "2026-02-06", "close": 12.804539, "volume": 4835701, "typical_volume": 4107183.7, "trend": 12.392906, "fair_value": 9.53835, "relative_strength": -6.009527, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 18.995501, "energy": 16.191489, "activity_lines": [ 12.45664, 12.32762, 12.381417, 12.429525 ] }, { "date": "2026-02-13", "close": 13.159673, "volume": 4461668, "typical_volume": 4219746.4, "trend": 12.460069, "fair_value": 9.572173, "relative_strength": -1.802569, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 44.141446, "energy": 45.184752, "activity_lines": [ 12.716413, 12.494246, 12.445026, 12.478994 ] }, { "date": "2026-02-20", "close": 13.643049, "volume": 4218199, "typical_volume": 4269188.05, "trend": 12.535579, "fair_value": 9.609843, "relative_strength": -0.952425, "stage": 2, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 73.905708, "energy": 75.825531, "activity_lines": [ 13.076151, 12.731539, 12.550948, 12.555315 ] }, { "date": "2026-02-27", "close": 14.807098, "volume": 8768064, "typical_volume": 4480624.6, "trend": 12.636299, "fair_value": 9.655585, "relative_strength": 6.305924, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 92.283526, "energy": 93.065353, "activity_lines": [ 13.735778, 13.149449, 12.763463, 12.701865 ] }, { "date": "2026-03-06", "close": 14.027777, "volume": 11477302, "typical_volume": 4863505.2, "trend": 12.674798, "fair_value": 9.699019, "relative_strength": 7.965143, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 70.045615, "energy": 85.752184, "activity_lines": [ 13.961354, 13.376699, 12.892546, 12.791638 ] }, { "date": "2026-03-13", "close": 13.228726, "volume": 7737506, "typical_volume": 5061881.45, "trend": 12.698312, "fair_value": 9.738829, "relative_strength": 1.743684, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 65.972746, "energy": 78.253058, "activity_lines": [ 13.80812, 13.423691, 12.940814, 12.827375 ] }, { "date": "2026-03-20", "close": 13.426023, "volume": 10935328, "typical_volume": 5454264.0, "trend": 12.724196, "fair_value": 9.782287, "relative_strength": 5.131419, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 62.048625, "energy": 51.064526, "activity_lines": [ 13.692373, 13.487185, 13.008397, 12.874324 ] }, { "date": "2026-03-27", "close": 13.741697, "volume": 11993003, "typical_volume": 5883258.35, "trend": 12.77031, "fair_value": 9.82569, "relative_strength": 6.755042, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 58.89511, "energy": 37.956636, "activity_lines": [ 13.664094, 13.58655, 13.104565, 12.939969 ] }, { "date": "2026-04-03", "close": 14.323722, "volume": 7608499, "typical_volume": 5985815.1, "trend": 12.842944, "fair_value": 9.873156, "relative_strength": 6.179506, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 69.845211, "energy": 40.792482, "activity_lines": [ 13.823246, 13.765911, 13.252073, 13.040189 ] }, { "date": "2026-04-10", "close": 15.00504, "volume": 4060231, "typical_volume": 5926680.25, "trend": 12.92308, "fair_value": 9.924214, "relative_strength": 6.942316, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 79.940056, "energy": 54.764481, "activity_lines": [ 14.24173, 14.030405, 13.454739, 13.179679 ] }, { "date": "2026-04-17", "close": 15.3447, "volume": 5094113, "typical_volume": 5996766.1, "trend": 13.018097, "fair_value": 9.978558, "relative_strength": 7.380582, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 80.30297, "energy": 77.786394, "activity_lines": [ 14.708283, 14.308217, 13.67641, 13.335913 ] }, { "date": "2026-04-24", "close": 15.00504, "volume": 4946852, "typical_volume": 6060071.6, "trend": 13.105676, "fair_value": 10.030336, "relative_strength": 9.297014, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 68.238192, "energy": 79.295806, "activity_lines": [ 14.920551, 14.478088, 13.852415, 13.464103 ] }, { "date": "2026-05-01", "close": 14.835209, "volume": 4930527, "typical_volume": 5956331.1, "trend": 13.175297, "fair_value": 10.081755, "relative_strength": 7.184665, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.166804, "energy": 75.549096, "activity_lines": [ 14.97094, 14.583529, 13.998948, 13.575686 ] }, { "date": "2026-05-08", "close": 14.74, "volume": 8364626, "typical_volume": 6091542.7, "trend": 13.237537, "fair_value": 10.133393, "relative_strength": 5.585441, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 61.752429, "energy": 56.360908, "activity_lines": [ 14.916693, 14.649982, 14.12261, 13.676634 ] }, { "date": "2026-05-15", "close": 14.58, "volume": 5560175, "typical_volume": 6313981.65, "trend": 13.288943, "fair_value": 10.183175, "relative_strength": 5.7777, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 56.593916, "energy": 41.305021, "activity_lines": [ 14.78136, 14.688566, 14.218529, 13.763245 ] }, { "date": "2026-05-22", "close": 14.86, "volume": 5920460, "typical_volume": 6527926.95, "trend": 13.33965, "fair_value": 10.234896, "relative_strength": 5.376304, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 48.27682, "energy": 34.538703, "activity_lines": [ 14.767697, 14.768017, 14.329325, 13.864603 ] }, { "date": "2026-05-29", "close": 15.12, "volume": 5132349, "typical_volume": 6579015.25, "trend": 13.406467, "fair_value": 10.28568, "relative_strength": 4.820654, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 63.096481, "energy": 41.61809, "activity_lines": [ 14.873014, 14.865082, 14.452042, 13.979465 ] }, { "date": "2026-06-05", "close": 14.78, "volume": 908130, "typical_volume": 6343921.55, "trend": 13.469717, "fair_value": 10.334056, "relative_strength": 2.382366, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 44.89619, "energy": 34.890033, "activity_lines": [ 14.857333, 14.869529, 14.528674, 14.06808 ] }, { "date": "2026-06-12", "close": 15.24, "volume": 1627192, "typical_volume": 6165941.5, "trend": 13.568363, "fair_value": 10.385953, "relative_strength": 3.042169, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 65.379182, "energy": 47.433013, "activity_lines": [ 14.998667, 14.938734, 14.637407, 14.182291 ] }, { "date": "2026-06-19", "close": 15.44, "volume": 6020185, "typical_volume": 6230005.5, "trend": 13.67627, "fair_value": 10.44162, "relative_strength": 1.168137, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 70.586329, "energy": 65.968919, "activity_lines": [ 15.173333, 15.027644, 14.750677, 14.303042 ] }, { "date": "2026-06-26", "close": 15.54, "volume": 508554, "typical_volume": 6013648.15, "trend": 13.776002, "fair_value": 10.496384, "relative_strength": 1.341003, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 73.151493, "energy": 74.955012, "activity_lines": [ 15.324, 15.126827, 14.858714, 14.423283 ] }, { "date": "2026-07-03", "close": 15.43, "volume": 992863, "typical_volume": 5840207.9, "trend": 13.883247, "fair_value": 10.550299, "relative_strength": -1.54563, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.375233, "energy": 75.288404, "activity_lines": [ 15.392667, 15.202458, 14.943248, 14.529992 ] }, { "date": "2026-07-10", "close": 15.05, "volume": 5712168, "typical_volume": 5914906.35, "trend": 13.987032, "fair_value": 10.599834, "relative_strength": -1.658954, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 60.883079, "energy": 58.657178, "activity_lines": [ 15.314, 15.201273, 14.980781, 14.605267 ] }, { "date": "2026-07-17", "close": 15.03, "volume": 3667988, "typical_volume": 5659902.55, "trend": 14.084232, "fair_value": 10.647524, "relative_strength": -0.896942, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 57.210649, "energy": 41.234548, "activity_lines": [ 15.210667, 15.192545, 15.00971, 14.672555 ] }, { "date": "2026-07-24", "close": 15.34, "volume": 3525209, "typical_volume": 5262297.9, "trend": 14.192095, "fair_value": 10.697745, "relative_strength": -0.717483, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 50.467594, "energy": 33.883199, "activity_lines": [ 15.224667, 15.234909, 15.0671, 14.753572 ] }, { "date": "2026-07-31", "close": 15.05, "volume": 4475066, "typical_volume": 5099175.9, "trend": 14.288317, "fair_value": 10.745735, "relative_strength": -3.393718, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 39.223763, "energy": 22.863376, "activity_lines": [ 15.148667, 15.210727, 15.090624, 14.808921 ] }, { "date": "2026-08-07", "close": 14.77, "volume": 4167951, "typical_volume": 4760807.05, "trend": 14.372576, "fair_value": 10.792845, "relative_strength": -6.727879, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 28.639738, "energy": 15.60873, "activity_lines": [ 15.012, 15.132182, 15.078807, 14.839997 ] } ], "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." } } }