{ "ticker": { "uuid": "ee67ca23-cc84-4c7d-b304-6cdbca03bdf5", "symbol": "NKX", "name": "Nuveen California AMT-Free Quality Municipal Income Fund", "exchange": "NYSE", "country": "US", "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": "SPY", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 81.387, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Upper balance after advance", "architecture_gate": "mixed", "architecture_direction": -14.674, "architecture_energy": 17.686, "architecture_maturity": 13.048, "architecture_confidence": 63.201, "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": 66.24, "rotation_up": 25.48, "upward_expansion": 14.67, "deceleration": 53.93, "rotation_down": 49.19, "downward_expansion": 42.34 }, "activity_lines": [ 12.260561, 12.327476, 12.334786, 12.314064 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.166667 }, "latest_close": 12.3, "trend_reference": 12.327476, "distance_from_trend": -0.002229, "trend_direction": "Improving", "fair_value": 11.122045, "distance_from_fair_value": 0.105912, "fair_value_direction": "Weakening", "relative_strength": -9.959519, "relative_strength_direction": "Weakening", "price_momentum": -0.018299, "excess_performance": -0.143924, "evidence": [ { "label": "Price vs Trend", "positive": false, "value": -0.002229, "read": "Below" }, { "label": "Trend direction", "positive": true, "value": 0.003827, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.105912, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.027282, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.099595, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.028075, "read": "Weakening" }, { "label": "Price momentum", "positive": false, "value": -0.018299, "read": "Negative" }, { "label": "Volume balance", "positive": false, "value": 0.960834, "read": "Supply-led" } ], "volume": { "latest": 677239, "relative_activity": 0.918093, "balance": 0.960834, "dry_up": 1.005782, "accumulation_observations": 1, "distribution_observations": 2 }, "risk": { "range_context": 0.019722, "annualized_volatility": 0.115286, "from_high_reference": -0.056481, "from_low_reference": 0.119497 }, "levels": { "trend_reference": 12.327476, "fair_value_reference": 11.122045, "structural_low": 11.47031, "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": 0.007905, "positive_rate": 0.583333, "directional_follow_through": 0.583333, "median_excess_return": -0.009818, "regime_survival": 0.25, "best_return": 0.06915, "worst_return": -0.078377, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 7, "median_return": -0.043881, "positive_rate": 0.142857, "directional_follow_through": 0.142857, "median_excess_return": -0.052033, "regime_survival": 0.142857, "best_return": 0.099164, "worst_return": -0.164348, "sufficient": true }, { "horizon": "Extended", "sample_count": 5, "median_return": -0.020022, "positive_rate": 0.4, "directional_follow_through": 0.4, "median_excess_return": -0.074217, "regime_survival": 0.0, "best_return": 0.133764, "worst_return": -0.149932, "sufficient": true }, { "horizon": "Full cycle", "sample_count": 3, "median_return": -0.019267, "positive_rate": 0.333333, "directional_follow_through": 0.333333, "median_excess_return": -0.117965, "regime_survival": 0.0, "best_return": 0.095112, "worst_return": -0.279413, "sufficient": false } ], "ledger": [ { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2024-12-27", "end": "2025-02-07", "tenure": "Developing", "return": 0.028335, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-02-14", "end": "2025-04-04", "tenure": "Developing", "return": 0.001249, "active": false }, { "regime": "downward_expansion", "label": "Downward Expansion", "color": "red", "start": "2025-04-11", "end": "2025-08-15", "tenure": "Established", "return": 0.060737, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2025-08-22", "end": "2025-08-29", "tenure": "New", "return": 0.0, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2025-09-05", "end": "2025-09-26", "tenure": "New", "return": 0.053074, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2025-10-03", "end": "2025-12-19", "tenure": "Developing", "return": 0.002926, "active": false }, { "regime": "deceleration", "label": "Deceleration", "color": "amber", "start": "2025-12-26", "end": "2026-01-16", "tenure": "New", "return": 0.042548, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-01-23", "end": "2026-03-20", "tenure": "Developing", "return": -0.00571, "active": false }, { "regime": "rotation_down", "label": "Rotation Down", "color": "orange", "start": "2026-03-27", "end": "2026-05-01", "tenure": "Developing", "return": 0.067059, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-05-08", "end": "2026-05-29", "tenure": "New", "return": 0.023874, "active": false }, { "regime": "rotation_up", "label": "Rotation Up", "color": "teal", "start": "2026-06-05", "end": "2026-06-12", "tenure": "New", "return": -0.009643, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-06-19", "end": "2026-07-10", "tenure": "New", "return": 0.018593, "active": false }, { "regime": "upward_expansion", "label": "Upward Expansion", "color": "green", "start": "2026-07-17", "end": "2026-07-24", "tenure": "New", "return": -0.02482, "active": false }, { "regime": "balance", "label": "Balance", "color": "blue", "start": "2026-07-31", "end": "2026-08-07", "tenure": "New", "return": 0.01737, "active": true } ], "chart_path": [ { "date": "2023-08-18", "close": 9.156912, "volume": 541702, "typical_volume": 485877.4, "trend": 9.439991, "fair_value": 10.821271, "relative_strength": -11.588543, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -45.001407, "energy": 22.379164, "activity_lines": [ 9.332848, 9.376941, 9.336085, 9.35797 ] }, { "date": "2023-08-25", "close": 9.073968, "volume": 616894, "typical_volume": 483854.5, "trend": 9.406756, "fair_value": 10.808292, "relative_strength": -12.616061, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -54.844224, "energy": 37.682826, "activity_lines": [ 9.224909, 9.323365, 9.31125, 9.334356 ] }, { "date": "2023-09-01", "close": 9.23156, "volume": 423762, "typical_volume": 485539.85, "trend": 9.379853, "fair_value": 10.796137, "relative_strength": -12.828937, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -51.009286, "energy": 38.895292, "activity_lines": [ 9.201439, 9.299642, 9.30321, 9.323053 ] }, { "date": "2023-09-08", "close": 9.007614, "volume": 470249, "typical_volume": 473522.15, "trend": 9.347911, "fair_value": 10.781988, "relative_strength": -13.462226, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -69.890516, "energy": 64.402722, "activity_lines": [ 9.121997, 9.236083, 9.275113, 9.299037 ] }, { "date": "2023-09-15", "close": 8.942472, "volume": 452900, "typical_volume": 470102.45, "trend": 9.32079, "fair_value": 10.767727, "relative_strength": -13.518504, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -71.995206, "energy": 70.61955, "activity_lines": [ 9.04949, 9.169674, 9.241983, 9.27288 ] }, { "date": "2023-09-22", "close": 8.884187, "volume": 458776, "typical_volume": 468965.4, "trend": 9.300113, "fair_value": 10.75328, "relative_strength": -11.051131, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -72.828617, "energy": 71.716661, "activity_lines": [ 8.983384, 9.098954, 9.205484, 9.244712 ] }, { "date": "2023-09-29", "close": 8.542808, "volume": 509521, "typical_volume": 474446.3, "trend": 9.270491, "fair_value": 10.736293, "relative_strength": -13.394645, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -88.500967, "energy": 86.755047, "activity_lines": [ 8.821666, 8.977124, 9.139088, 9.195854 ] }, { "date": "2023-10-06", "close": 8.309671, "volume": 796067, "typical_volume": 481436.25, "trend": 9.232286, "fair_value": 10.718023, "relative_strength": -15.708136, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -91.895616, "energy": 95.700725, "activity_lines": [ 8.617647, 8.831274, 9.055201, 9.133865 ] }, { "date": "2023-10-13", "close": 8.552725, "volume": 738664, "typical_volume": 495231.7, "trend": 9.202141, "fair_value": 10.70157, "relative_strength": -13.177912, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -69.538975, "energy": 88.08097, "activity_lines": [ 8.556105, 8.75147, 8.99849, 9.090023 ] }, { "date": "2023-10-20", "close": 8.301912, "volume": 518632, "typical_volume": 478970.65, "trend": 9.167437, "fair_value": 10.68379, "relative_strength": -13.363201, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -83.071063, "energy": 93.062121, "activity_lines": [ 8.441285, 8.642148, 8.920096, 9.031943 ] }, { "date": "2023-10-27", "close": 8.293551, "volume": 714463, "typical_volume": 488205.8, "trend": 9.127838, "fair_value": 10.666051, "relative_strength": -11.016959, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -76.690322, "energy": 90.035921, "activity_lines": [ 8.366382, 8.549997, 8.844696, 8.975563 ] }, { "date": "2023-11-03", "close": 9.004188, "volume": 1152032, "typical_volume": 519557.9, "trend": 9.113013, "fair_value": 10.651883, "relative_strength": -8.494897, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -58.057217, "energy": 47.943032, "activity_lines": [ 8.567733, 8.60275, 8.841158, 8.967586 ] }, { "date": "2023-11-10", "close": 9.255001, "volume": 1114725, "typical_volume": 559675.5, "trend": 9.104889, "fair_value": 10.639678, "relative_strength": -7.039377, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -19.262888, "energy": 15.659035, "activity_lines": [ 8.821931, 8.702374, 8.862153, 8.976747 ] }, { "date": "2023-11-17", "close": 9.71246, "volume": 744911, "typical_volume": 573673.45, "trend": 9.120189, "fair_value": 10.629934, "relative_strength": -4.449521, "stage": 1, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 28.943262, "energy": 35.726722, "activity_lines": [ 9.165592, 8.884746, 8.926835, 9.015945 ] }, { "date": "2023-11-24", "close": 9.401024, "volume": 568202, "typical_volume": 583655.1, "trend": 9.120202, "fair_value": 10.617159, "relative_strength": -8.131119, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 26.301312, "energy": 40.958944, "activity_lines": [ 9.328126, 8.997678, 8.960855, 9.034063 ] }, { "date": "2023-12-01", "close": 9.519386, "volume": 704511, "typical_volume": 604197.8, "trend": 9.123071, "fair_value": 10.604861, "relative_strength": -7.469979, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 30.936445, "energy": 44.824736, "activity_lines": [ 9.45684, 9.123793, 9.005611, 9.059817 ] }, { "date": "2023-12-08", "close": 9.552964, "volume": 734520, "typical_volume": 625763.75, "trend": 9.123749, "fair_value": 10.592212, "relative_strength": -7.050463, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 32.805845, "energy": 60.195265, "activity_lines": [ 9.515024, 9.244464, 9.05341, 9.087552 ] }, { "date": "2023-12-15", "close": 9.750888, "volume": 895488, "typical_volume": 654878.55, "trend": 9.143602, "fair_value": 10.581376, "relative_strength": -6.974763, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 39.680749, "energy": 61.836711, "activity_lines": [ 9.602597, 9.382755, 9.12006, 9.128013 ] }, { "date": "2023-12-22", "close": 9.734032, "volume": 949421, "typical_volume": 677061.05, "trend": 9.167543, "fair_value": 10.569393, "relative_strength": -7.581639, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 44.305974, "energy": 57.841623, "activity_lines": [ 9.651493, 9.491777, 9.183965, 9.166105 ] }, { "date": "2023-12-29", "close": 9.725605, "volume": 749599, "typical_volume": 692751.95, "trend": 9.188469, "fair_value": 10.557309, "relative_strength": -7.514957, "stage": 1, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "up", "direction": 67.767044, "energy": 60.450982, "activity_lines": [ 9.696142, 9.577789, 9.245655, 9.202109 ] }, { "date": "2024-01-05", "close": 9.734032, "volume": 502842, "typical_volume": 690808.95, "trend": 9.207214, "fair_value": 10.54627, "relative_strength": -5.44632, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 66.534646, "energy": 59.258549, "activity_lines": [ 9.721961, 9.639448, 9.306263, 9.237306 ] }, { "date": "2024-01-12", "close": 9.721812, "volume": 407566, "typical_volume": 680342.55, "trend": 9.226607, "fair_value": 10.535604, "relative_strength": -6.888785, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 63.189328, "energy": 53.38384, "activity_lines": [ 9.729397, 9.672694, 9.362959, 9.270506 ] }, { "date": "2024-01-19", "close": 9.561051, "volume": 445617, "typical_volume": 681435.3, "trend": 9.235976, "fair_value": 10.523718, "relative_strength": -9.034912, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 59.18129, "energy": 43.263993, "activity_lines": [ 9.671989, 9.663663, 9.40126, 9.292083 ] }, { "date": "2024-01-26", "close": 9.577973, "volume": 439903, "typical_volume": 679918.0, "trend": 9.238498, "fair_value": 10.511087, "relative_strength": -9.360601, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 45.697114, "energy": 32.829195, "activity_lines": [ 9.632878, 9.652144, 9.439603, 9.314148 ] }, { "date": "2024-02-02", "close": 9.78104, "volume": 605183, "typical_volume": 687532.15, "trend": 9.254926, "fair_value": 10.499758, "relative_strength": -8.337336, "stage": 1, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 55.309424, "energy": 38.016818, "activity_lines": [ 9.67186, 9.679992, 9.49457, 9.34915 ] }, { "date": "2024-02-09", "close": 9.755657, "volume": 387311, "typical_volume": 683958.9, "trend": 9.263884, "fair_value": 10.487345, "relative_strength": -9.394237, "stage": 1, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 60.950787, "energy": 40.497463, "activity_lines": [ 9.698685, 9.696316, 9.543126, 9.381455 ] }, { "date": "2024-02-16", "close": 9.777536, "volume": 542492, "typical_volume": 685607.45, "trend": 9.271367, "fair_value": 10.476452, "relative_strength": -8.494879, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "up", "direction": 63.162442, "energy": 56.211227, "activity_lines": [ 9.731362, 9.712321, 9.589616, 9.414594 ] }, { "date": "2024-02-23", "close": 9.80302, "volume": 304816, "typical_volume": 661044.9, "trend": 9.281077, "fair_value": 10.467338, "relative_strength": -9.352098, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 65.862355, "energy": 70.619245, "activity_lines": [ 9.768818, 9.728877, 9.632654, 9.448895 ] }, { "date": "2024-03-01", "close": 9.786031, "volume": 517928, "typical_volume": 650008.1, "trend": 9.2927, "fair_value": 10.458402, "relative_strength": -10.016825, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.019924, "energy": 68.043418, "activity_lines": [ 9.78448, 9.741396, 9.666962, 9.481472 ] }, { "date": "2024-03-08", "close": 9.866731, "volume": 514666, "typical_volume": 649809.8, "trend": 9.310594, "fair_value": 10.449152, "relative_strength": -8.610638, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 71.06213, "energy": 69.402139, "activity_lines": [ 9.813171, 9.767643, 9.703084, 9.518507 ] }, { "date": "2024-03-15", "close": 9.973766, "volume": 779321, "typical_volume": 653052.7, "trend": 9.337822, "fair_value": 10.440337, "relative_strength": -7.140696, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 79.376956, "energy": 77.838864, "activity_lines": [ 9.871828, 9.810784, 9.741947, 9.561292 ] }, { "date": "2024-03-22", "close": 10.144404, "volume": 569720, "typical_volume": 623937.1, "trend": 9.373503, "fair_value": 10.432343, "relative_strength": -7.234015, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 87.196235, "energy": 85.565211, "activity_lines": [ 9.972824, 9.880592, 9.789061, 9.613329 ] }, { "date": "2024-03-29", "close": 10.366233, "volume": 301624, "typical_volume": 583282.05, "trend": 9.411326, "fair_value": 10.424816, "relative_strength": -5.222936, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 93.365135, "energy": 95.380849, "activity_lines": [ 10.123305, 9.983048, 9.851872, 9.677376 ] }, { "date": "2024-04-05", "close": 10.315041, "volume": 510640, "typical_volume": 571568.5, "trend": 9.454907, "fair_value": 10.416197, "relative_strength": -4.536851, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 81.700716, "energy": 92.257019, "activity_lines": [ 10.219174, 10.061558, 9.904515, 9.735681 ] }, { "date": "2024-04-12", "close": 10.153789, "volume": 430762, "typical_volume": 564696.5, "trend": 9.495284, "fair_value": 10.406092, "relative_strength": -4.326897, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 67.511995, "energy": 83.387959, "activity_lines": [ 10.226025, 10.097348, 9.938932, 9.78077 ] }, { "date": "2024-04-19", "close": 10.256612, "volume": 696734, "typical_volume": 564307.65, "trend": 9.541031, "fair_value": 10.397221, "relative_strength": -0.105092, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 68.001566, "energy": 67.777718, "activity_lines": [ 10.248014, 10.145055, 9.979557, 9.829888 ] }, { "date": "2024-04-26", "close": 9.96528, "volume": 750434, "typical_volume": 565103.35, "trend": 9.588447, "fair_value": 10.385955, "relative_strength": -5.151718, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 60.756974, "energy": 48.643162, "activity_lines": [ 10.154035, 10.130685, 9.988926, 9.857259 ] }, { "date": "2024-05-03", "close": 10.162357, "volume": 443360, "typical_volume": 542496.95, "trend": 9.650203, "fair_value": 10.375283, "relative_strength": -3.551408, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 49.853969, "energy": 37.429083, "activity_lines": [ 10.137691, 10.148733, 10.0151, 9.894285 ] }, { "date": "2024-05-10", "close": 10.222338, "volume": 333048, "typical_volume": 511678.3, "trend": 9.705857, "fair_value": 10.365404, "relative_strength": -4.415732, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 53.25233, "energy": 37.299569, "activity_lines": [ 10.154931, 10.171154, 10.045027, 9.931197 ] }, { "date": "2024-05-17", "close": 10.128792, "volume": 685451, "typical_volume": 508470.9, "trend": 9.766753, "fair_value": 10.354396, "relative_strength": -6.563021, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 43.193982, "energy": 28.483632, "activity_lines": [ 10.14717, 10.168633, 10.06372, 9.958483 ] }, { "date": "2024-05-24", "close": 10.111581, "volume": 476761, "typical_volume": 507166.85, "trend": 9.827354, "fair_value": 10.341789, "relative_strength": -6.484698, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 42.897148, "energy": 29.526201, "activity_lines": [ 10.135339, 10.158219, 10.078854, 9.98073 ] }, { "date": "2024-05-31", "close": 9.879229, "volume": 484966, "typical_volume": 511036.85, "trend": 9.856522, "fair_value": 10.328125, "relative_strength": -8.029225, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 22.214971, "energy": 12.730797, "activity_lines": [ 10.055725, 10.103053, 10.070062, 9.984077 ] }, { "date": "2024-06-07", "close": 10.223453, "volume": 868443, "typical_volume": 532178.15, "trend": 9.888804, "fair_value": 10.315706, "relative_strength": -5.785672, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 43.373737, "energy": 19.159707, "activity_lines": [ 10.09659, 10.115294, 10.093303, 10.00775 ] }, { "date": "2024-06-14", "close": 10.521207, "volume": 397445, "typical_volume": 530055.25, "trend": 9.915762, "fair_value": 10.305316, "relative_strength": -4.460139, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 69.964385, "energy": 37.77449, "activity_lines": [ 10.232633, 10.184269, 10.141747, 10.04855 ] }, { "date": "2024-06-21", "close": 10.495229, "volume": 302850, "typical_volume": 514938.6, "trend": 9.952236, "fair_value": 10.294134, "relative_strength": -5.085211, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 67.103291, "energy": 51.1384, "activity_lines": [ 10.340091, 10.244771, 10.183225, 10.085935 ] }, { "date": "2024-06-28", "close": 10.832947, "volume": 425565, "typical_volume": 516851.3, "trend": 9.996021, "fair_value": 10.284489, "relative_strength": -1.808429, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 82.632316, "energy": 81.57114, "activity_lines": [ 10.535694, 10.360469, 10.253467, 10.142755 ] }, { "date": "2024-07-05", "close": 10.971498, "volume": 399688, "typical_volume": 509711.1, "trend": 10.043305, "fair_value": 10.275298, "relative_strength": -2.263653, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 83.153625, "energy": 88.26156, "activity_lines": [ 10.729389, 10.49088, 10.331773, 10.205689 ] }, { "date": "2024-07-12", "close": 11.413129, "volume": 362991, "typical_volume": 512619.85, "trend": 10.098714, "fair_value": 10.268812, "relative_strength": 0.79798, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 93.133237, "energy": 96.314061, "activity_lines": [ 10.997476, 10.683292, 10.446454, 10.294065 ] }, { "date": "2024-07-19", "close": 11.035295, "volume": 401504, "typical_volume": 506798.65, "trend": 10.142089, "fair_value": 10.26184, "relative_strength": -0.460933, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 67.614142, "energy": 87.305535, "activity_lines": [ 11.060307, 10.784265, 10.517484, 10.354489 ] }, { "date": "2024-07-26", "close": 11.009166, "volume": 353569, "typical_volume": 498743.8, "trend": 10.184874, "fair_value": 10.2532, "relative_strength": 0.218098, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.237383, "energy": 85.881921, "activity_lines": [ 11.080156, 10.865707, 10.580076, 10.41043 ] }, { "date": "2024-08-02", "close": 11.401106, "volume": 465971, "typical_volume": 483076.3, "trend": 10.240443, "fair_value": 10.246976, "relative_strength": 6.035929, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 80.891572, "energy": 86.543436, "activity_lines": [ 11.196389, 11.002404, 10.674556, 10.488896 ] }, { "date": "2024-08-09", "close": 11.348847, "volume": 585789, "typical_volume": 483879.75, "trend": 10.294678, "fair_value": 10.240192, "relative_strength": 5.525751, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.162641, "energy": 63.660672, "activity_lines": [ 11.257325, 11.106153, 10.757262, 10.560406 ] }, { "date": "2024-08-16", "close": 11.580179, "volume": 343323, "typical_volume": 485964.7, "trend": 10.361982, "fair_value": 10.234114, "relative_strength": 3.572972, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 78.305257, "energy": 66.461305, "activity_lines": [ 11.370215, 11.225242, 10.856264, 10.643342 ] }, { "date": "2024-08-23", "close": 11.729092, "volume": 432998, "typical_volume": 482082.6, "trend": 10.433686, "fair_value": 10.229185, "relative_strength": 3.450279, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 78.48284, "energy": 68.735586, "activity_lines": [ 11.521606, 11.346739, 10.963668, 10.731542 ] }, { "date": "2024-08-30", "close": 11.685294, "volume": 332059, "typical_volume": 477147.45, "trend": 10.497161, "fair_value": 10.224217, "relative_strength": 2.782328, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 71.880137, "energy": 67.061893, "activity_lines": [ 11.612145, 11.438311, 11.060167, 10.812291 ] }, { "date": "2024-09-06", "close": 11.807928, "volume": 414936, "typical_volume": 463057.55, "trend": 10.56557, "fair_value": 10.220667, "relative_strength": 8.204051, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 76.3888, "energy": 81.932974, "activity_lines": [ 11.698486, 11.530542, 11.161052, 10.896857 ] }, { "date": "2024-09-13", "close": 12.11977, "volume": 644112, "typical_volume": 457741.45, "trend": 10.643645, "fair_value": 10.217921, "relative_strength": 6.662961, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 83.797563, "energy": 82.682197, "activity_lines": [ 11.861654, 11.661745, 11.28425, 10.997128 ] }, { "date": "2024-09-20", "close": 12.199041, "volume": 506306, "typical_volume": 460888.75, "trend": 10.723512, "fair_value": 10.21544, "relative_strength": 5.801612, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 79.735017, "energy": 74.504052, "activity_lines": [ 11.99985, 11.786484, 11.404737, 11.097476 ] }, { "date": "2024-09-27", "close": 11.952418, "volume": 398806, "typical_volume": 464176.65, "trend": 10.795725, "fair_value": 10.212206, "relative_strength": 3.014118, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 66.318586, "energy": 63.291153, "activity_lines": [ 12.014581, 11.852092, 11.492038, 11.17676 ] }, { "date": "2024-10-04", "close": 11.978842, "volume": 424288, "typical_volume": 451118.5, "trend": 10.866129, "fair_value": 10.210067, "relative_strength": 2.843304, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.448757, "energy": 60.50198, "activity_lines": [ 12.023232, 11.90583, 11.573618, 11.25309 ] }, { "date": "2024-10-11", "close": 11.925994, "volume": 463808, "typical_volume": 450470.85, "trend": 10.931203, "fair_value": 10.207998, "relative_strength": 1.176976, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 61.748086, "energy": 55.9171, "activity_lines": [ 11.994696, 11.932328, 11.641354, 11.321469 ] }, { "date": "2024-10-18", "close": 12.284677, "volume": 462852, "typical_volume": 449365.15, "trend": 11.002545, "fair_value": 10.208767, "relative_strength": 3.225621, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 73.70858, "energy": 58.25455, "activity_lines": [ 12.077851, 12.014499, 11.73461, 11.40879 ] }, { "date": "2024-10-25", "close": 11.965824, "volume": 429759, "typical_volume": 427430.95, "trend": 11.055865, "fair_value": 10.205437, "relative_strength": 1.491253, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 57.513387, "energy": 46.955648, "activity_lines": [ 12.043727, 12.021681, 11.786046, 11.470937 ] }, { "date": "2024-11-01", "close": 11.620401, "volume": 467660, "typical_volume": 430941.7, "trend": 11.099377, "fair_value": 10.199503, "relative_strength": 0.003215, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 42.648164, "energy": 33.488199, "activity_lines": [ 11.910011, 11.959047, 11.796286, 11.507358 ] }, { "date": "2024-11-08", "close": 11.620401, "volume": 374147, "typical_volume": 434506.55, "trend": 11.148264, "fair_value": 10.192412, "relative_strength": -4.367171, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.803226, "energy": 25.253947, "activity_lines": [ 11.798429, 11.898389, 11.801293, 11.540973 ] }, { "date": "2024-11-15", "close": 11.563716, "volume": 366741, "typical_volume": 431565.35, "trend": 11.191834, "fair_value": 10.186847, "relative_strength": -2.619335, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 27.127261, "energy": 23.832897, "activity_lines": [ 11.691847, 11.828605, 11.795542, 11.567776 ] }, { "date": "2024-11-22", "close": 11.492445, "volume": 430084, "typical_volume": 433085.15, "trend": 11.24274, "fair_value": 10.181585, "relative_strength": -4.658319, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 2.825916, "energy": 19.150486, "activity_lines": [ 11.585661, 11.750302, 11.779525, 11.58717 ] }, { "date": "2024-11-29", "close": 11.474627, "volume": 684178, "typical_volume": 449144.5, "trend": 11.286482, "fair_value": 10.176307, "relative_strength": -5.741701, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 0.060915, "energy": 18.83356, "activity_lines": [ 11.526351, 11.680166, 11.759329, 11.602131 ] }, { "date": "2024-12-06", "close": 11.465718, "volume": 789613, "typical_volume": 468549.95, "trend": 11.327928, "fair_value": 10.170138, "relative_strength": -6.43619, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": -1.554975, "energy": 19.243829, "activity_lines": [ 11.496818, 11.621581, 11.737993, 11.613694 ] }, { "date": "2024-12-13", "close": 11.560152, "volume": 676523, "typical_volume": 484697.65, "trend": 11.37564, "fair_value": 10.16587, "relative_strength": -4.93667, "stage": 3, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 0.247045, "energy": 17.441892, "activity_lines": [ 11.509075, 11.589015, 11.7236, 11.628677 ] }, { "date": "2024-12-20", "close": 11.031432, "volume": 740611, "typical_volume": 498429.65, "trend": 11.406302, "fair_value": 10.159099, "relative_strength": -7.397741, "stage": 3, "regime": "deceleration", "modifier": "Momentum cooling", "gate": "mixed", "direction": -44.772631, "energy": 53.536142, "activity_lines": [ 11.349108, 11.467931, 11.65623, 11.60647 ] }, { "date": "2024-12-27", "close": 11.255466, "volume": 478510, "typical_volume": 493065.7, "trend": 11.452176, "fair_value": 10.153321, "relative_strength": -5.967859, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -27.759984, "energy": 43.972856, "activity_lines": [ 11.299305, 11.403845, 11.611956, 11.596738 ] }, { "date": "2025-01-03", "close": 11.54223, "volume": 668745, "typical_volume": 509336.8, "trend": 11.496136, "fair_value": 10.150169, "relative_strength": -2.927904, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -28.90685, "energy": 27.095268, "activity_lines": [ 11.360889, 11.410611, 11.595438, 11.602548 ] }, { "date": "2025-01-10", "close": 11.309234, "volume": 376587, "typical_volume": 506516.25, "trend": 11.522403, "fair_value": 10.146379, "relative_strength": -2.900595, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -31.483161, "energy": 29.245458, "activity_lines": [ 11.3403, 11.382715, 11.55691, 11.59049 ] }, { "date": "2025-01-17", "close": 11.412127, "volume": 432906, "typical_volume": 511558.6, "trend": 11.552967, "fair_value": 10.146162, "relative_strength": -4.730294, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -23.712684, "energy": 18.71455, "activity_lines": [ 11.364442, 11.379185, 11.530181, 11.583375 ] }, { "date": "2025-01-24", "close": 11.421141, "volume": 368109, "typical_volume": 509217.25, "trend": 11.572573, "fair_value": 10.147289, "relative_strength": -6.183931, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -12.114941, "energy": 10.756535, "activity_lines": [ 11.401456, 11.381081, 11.505612, 11.574871 ] }, { "date": "2025-01-31", "close": 11.466213, "volume": 308970, "typical_volume": 492460.15, "trend": 11.589063, "fair_value": 10.148309, "relative_strength": -4.76096, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -37.335994, "energy": 20.564703, "activity_lines": [ 11.427514, 11.393764, 11.487176, 11.568009 ] }, { "date": "2025-02-07", "close": 11.574385, "volume": 466743, "typical_volume": 490482.0, "trend": 11.594439, "fair_value": 10.152048, "relative_strength": -3.652945, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "down", "direction": -29.725341, "energy": 16.579126, "activity_lines": [ 11.475579, 11.426591, 11.482155, 11.567062 ] }, { "date": "2025-02-14", "close": 11.55275, "volume": 555954, "typical_volume": 498339.4, "trend": 11.611687, "fair_value": 10.156158, "relative_strength": -5.161574, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -27.37367, "energy": 16.46024, "activity_lines": [ 11.514289, 11.453671, 11.478049, 11.564372 ] }, { "date": "2025-02-21", "close": 11.516478, "volume": 358822, "typical_volume": 495066.1, "trend": 11.628598, "fair_value": 10.160285, "relative_strength": -3.888543, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -15.718678, "energy": 11.961406, "activity_lines": [ 11.524674, 11.472574, 11.47239, 11.55823 ] }, { "date": "2025-02-28", "close": 11.679704, "volume": 321194, "typical_volume": 487935.4, "trend": 11.637884, "fair_value": 10.165209, "relative_strength": -1.612738, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -3.019079, "energy": 10.411266, "activity_lines": [ 11.582511, 11.521948, 11.484479, 11.561527 ] }, { "date": "2025-03-07", "close": 11.462069, "volume": 477903, "typical_volume": 488687.95, "trend": 11.641658, "fair_value": 10.16978, "relative_strength": -0.420533, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -14.986832, "energy": 10.513891, "activity_lines": [ 11.550565, 11.519966, 11.477014, 11.550184 ] }, { "date": "2025-03-14", "close": 11.580861, "volume": 637653, "typical_volume": 499082.65, "trend": 11.641681, "fair_value": 10.17657, "relative_strength": 2.873466, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -10.7204, "energy": 8.333636, "activity_lines": [ 11.558493, 11.535825, 11.484779, 11.546261 ] }, { "date": "2025-03-21", "close": 11.658402, "volume": 548216, "typical_volume": 503110.45, "trend": 11.639325, "fair_value": 10.185053, "relative_strength": 2.942785, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -4.59013, "energy": 9.8345, "activity_lines": [ 11.591836, 11.565081, 11.501762, 11.54734 ] }, { "date": "2025-03-28", "close": 11.521566, "volume": 450062, "typical_volume": 506906.2, "trend": 11.633867, "fair_value": 10.191193, "relative_strength": 3.192076, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -11.976994, "energy": 7.199965, "activity_lines": [ 11.572524, 11.563109, 11.505533, 11.539743 ] }, { "date": "2025-04-04", "close": 11.567178, "volume": 653667, "typical_volume": 521252.5, "trend": 11.625842, "fair_value": 10.200088, "relative_strength": 13.631962, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -11.180189, "energy": 8.266337, "activity_lines": [ 11.568077, 11.56744, 11.514118, 11.53544 ] }, { "date": "2025-04-11", "close": 10.673185, "volume": 999157, "typical_volume": 549706.15, "trend": 11.577623, "fair_value": 10.203118, "relative_strength": -0.7651, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -74.778636, "energy": 57.15304, "activity_lines": [ 11.273133, 11.406572, 11.437544, 11.473979 ] }, { "date": "2025-04-18", "close": 10.998999, "volume": 524420, "typical_volume": 541718.25, "trend": 11.537621, "fair_value": 10.207336, "relative_strength": 3.735168, "stage": 3, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -64.28843, "energy": 66.661905, "activity_lines": [ 11.139387, 11.319361, 11.395901, 11.436648 ] }, { "date": "2025-04-25", "close": 10.980637, "volume": 748261, "typical_volume": 539650.65, "trend": 11.505228, "fair_value": 10.209936, "relative_strength": -1.003218, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -63.17224, "energy": 71.393822, "activity_lines": [ 11.038311, 11.239273, 11.354775, 11.400714 ] }, { "date": "2025-05-02", "close": 11.127535, "volume": 526383, "typical_volume": 532143.65, "trend": 11.476852, "fair_value": 10.214828, "relative_strength": -2.486173, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -60.160345, "energy": 69.818509, "activity_lines": [ 11.031385, 11.196296, 11.329949, 11.376346 ] }, { "date": "2025-05-09", "close": 11.219346, "volume": 385842, "typical_volume": 514405.2, "trend": 11.453297, "fair_value": 10.222628, "relative_strength": -1.260442, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -56.432413, "energy": 51.749841, "activity_lines": [ 11.081331, 11.177084, 11.315926, 11.359733 ] }, { "date": "2025-05-16", "close": 11.234093, "volume": 484254, "typical_volume": 514692.4, "trend": 11.418277, "fair_value": 10.232432, "relative_strength": -6.057146, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -51.996211, "energy": 31.288081, "activity_lines": [ 11.159382, 11.168923, 11.302414, 11.345591 ] }, { "date": "2025-05-23", "close": 10.901505, "volume": 495165, "typical_volume": 506013.4, "trend": 11.3828, "fair_value": 10.233471, "relative_strength": -6.416741, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -65.349105, "energy": 35.351081, "activity_lines": [ 11.089176, 11.104437, 11.257328, 11.312251 ] }, { "date": "2025-05-30", "close": 10.938459, "volume": 409964, "typical_volume": 507682.25, "trend": 11.360068, "fair_value": 10.233692, "relative_strength": -7.70096, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -60.887374, "energy": 36.076822, "activity_lines": [ 11.037788, 11.059021, 11.218813, 11.283583 ] }, { "date": "2025-06-06", "close": 10.670541, "volume": 1259825, "typical_volume": 549028.2, "trend": 11.328406, "fair_value": 10.235059, "relative_strength": -11.293012, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -74.644452, "energy": 60.104415, "activity_lines": [ 10.899906, 10.977983, 11.156547, 11.239098 ] }, { "date": "2025-06-13", "close": 10.731516, "volume": 1128490, "typical_volume": 587047.25, "trend": 11.300666, "fair_value": 10.241814, "relative_strength": -10.324224, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -68.809745, "energy": 72.62674, "activity_lines": [ 10.812815, 10.923505, 11.10362, 11.200589 ] }, { "date": "2025-06-20", "close": 10.675719, "volume": 633174, "typical_volume": 603257.45, "trend": 11.273442, "fair_value": 10.247858, "relative_strength": -10.514293, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -69.458633, "energy": 75.06651, "activity_lines": [ 10.739647, 10.874075, 11.048662, 11.16027 ] }, { "date": "2025-06-27", "close": 10.898905, "volume": 857659, "typical_volume": 622803.25, "trend": 11.254252, "fair_value": 10.252505, "relative_strength": -11.502617, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -62.225091, "energy": 64.471587, "activity_lines": [ 10.778099, 10.865179, 11.018725, 11.136106 ] }, { "date": "2025-07-04", "close": 10.954701, "volume": 523731, "typical_volume": 621192.1, "trend": 11.237218, "fair_value": 10.256501, "relative_strength": -12.321929, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -57.404028, "energy": 40.804249, "activity_lines": [ 10.835324, 10.868247, 10.997318, 11.11678 ] }, { "date": "2025-07-11", "close": 10.917504, "volume": 584794, "typical_volume": 632490.7, "trend": 11.215796, "fair_value": 10.257926, "relative_strength": -12.114081, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -46.057354, "energy": 34.764449, "activity_lines": [ 10.879066, 10.865024, 10.975217, 11.096153 ] }, { "date": "2025-07-18", "close": 10.801046, "volume": 688605, "typical_volume": 650861.25, "trend": 11.208116, "fair_value": 10.259921, "relative_strength": -13.337485, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -48.970502, "energy": 31.213767, "activity_lines": [ 10.867525, 10.844445, 10.944876, 11.069395 ] }, { "date": "2025-07-25", "close": 10.801046, "volume": 563674, "typical_volume": 655149.8, "trend": 11.192969, "fair_value": 10.258622, "relative_strength": -14.340575, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -48.572543, "energy": 33.419851, "activity_lines": [ 10.851349, 10.831472, 10.91872, 11.043133 ] }, { "date": "2025-08-01", "close": 10.894643, "volume": 666553, "typical_volume": 656594.8, "trend": 11.171383, "fair_value": 10.257822, "relative_strength": -11.103569, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -43.186199, "energy": 33.171324, "activity_lines": [ 10.858016, 10.84339, 10.904625, 11.023886 ] }, { "date": "2025-08-08", "close": 11.044397, "volume": 623417, "typical_volume": 660354.85, "trend": 11.162555, "fair_value": 10.256452, "relative_strength": -11.704324, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": -32.318127, "energy": 21.752745, "activity_lines": [ 10.914886, 10.88266, 10.90806, 11.015693 ] }, { "date": "2025-08-15", "close": 11.321443, "volume": 691567, "typical_volume": 672430.1, "trend": 11.159532, "fair_value": 10.258892, "relative_strength": -10.056745, "stage": 4, "regime": "downward_expansion", "modifier": "Established contraction", "gate": "down", "direction": 13.551743, "energy": 19.975366, "activity_lines": [ 11.058125, 10.970377, 10.940805, 11.025944 ] }, { "date": "2025-08-22", "close": 11.133067, "volume": 914790, "typical_volume": 685486.25, "trend": 11.14993, "fair_value": 10.260786, "relative_strength": -11.472603, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -0.439056, "energy": 22.547765, "activity_lines": [ 11.111642, 11.012009, 10.956562, 11.024237 ] }, { "date": "2025-08-29", "close": 11.133067, "volume": 475723, "typical_volume": 659314.55, "trend": 11.138825, "fair_value": 10.264815, "relative_strength": -11.109852, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 19.149105, "energy": 32.170278, "activity_lines": [ 11.143025, 11.04634, 10.974386, 11.023149 ] }, { "date": "2025-09-05", "close": 11.312024, "volume": 657942, "typical_volume": 665990.65, "trend": 11.13008, "fair_value": 10.27106, "relative_strength": -9.570472, "stage": 4, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 37.422892, "energy": 55.476988, "activity_lines": [ 11.211925, 11.104893, 11.007063, 11.034323 ] }, { "date": "2025-09-12", "close": 11.764129, "volume": 1254674, "typical_volume": 691311.3, "trend": 11.137125, "fair_value": 10.281621, "relative_strength": -7.046878, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 64.225015, "energy": 75.505108, "activity_lines": [ 11.403701, 11.238136, 11.081308, 11.075229 ] }, { "date": "2025-09-19", "close": 11.90292, "volume": 692463, "typical_volume": 699615.3, "trend": 11.150007, "fair_value": 10.29588, "relative_strength": -6.745462, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "mixed", "direction": 64.326696, "energy": 83.756772, "activity_lines": [ 11.593759, 11.381896, 11.16504, 11.124635 ] }, { "date": "2025-09-26", "close": 11.912397, "volume": 619308, "typical_volume": 711288.6, "trend": 11.157763, "fair_value": 10.311936, "relative_strength": -6.108567, "stage": 3, "regime": "rotation_up", "modifier": "Value reclamation", "gate": "up", "direction": 84.539619, "energy": 93.819469, "activity_lines": [ 11.748211, 11.509463, 11.245982, 11.173822 ] }, { "date": "2025-10-03", "close": 12.045073, "volume": 675180, "typical_volume": 720834.9, "trend": 11.177197, "fair_value": 10.330068, "relative_strength": -5.81261, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 83.03247, "energy": 93.582922, "activity_lines": [ 11.894933, 11.640947, 11.33626, 11.231068 ] }, { "date": "2025-10-10", "close": 11.817628, "volume": 827475, "typical_volume": 737450.4, "trend": 11.185089, "fair_value": 10.346863, "relative_strength": -5.039276, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.879842, "energy": 87.101754, "activity_lines": [ 11.905039, 11.708458, 11.401015, 11.272386 ] }, { "date": "2025-10-17", "close": 11.993783, "volume": 501852, "typical_volume": 742044.8, "trend": 11.196268, "fair_value": 10.367555, "relative_strength": -4.964664, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 72.696844, "energy": 82.590925, "activity_lines": [ 11.940157, 11.791216, 11.478183, 11.32456 ] }, { "date": "2025-10-24", "close": 12.136793, "volume": 492547, "typical_volume": 703680.9, "trend": 11.216776, "fair_value": 10.388651, "relative_strength": -5.37072, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 78.780072, "energy": 69.671604, "activity_lines": [ 12.007635, 11.882714, 11.563947, 11.385239 ] }, { "date": "2025-10-31", "close": 12.251202, "volume": 537231, "typical_volume": 674117.95, "trend": 11.239577, "fair_value": 10.410839, "relative_strength": -4.897955, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 80.296772, "energy": 69.538893, "activity_lines": [ 12.097657, 11.980189, 11.653624, 11.451976 ] }, { "date": "2025-11-07", "close": 12.27027, "volume": 708869, "typical_volume": 677902.7, "trend": 11.292813, "fair_value": 10.431253, "relative_strength": -3.039988, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 76.538202, "energy": 70.747043, "activity_lines": [ 12.171449, 12.060802, 11.737881, 11.518472 ] }, { "date": "2025-11-14", "close": 12.37133, "volume": 523557, "typical_volume": 661197.6, "trend": 11.338557, "fair_value": 10.450631, "relative_strength": -2.224646, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 78.234901, "energy": 83.434988, "activity_lines": [ 12.263914, 12.139112, 11.824169, 11.588054 ] }, { "date": "2025-11-21", "close": 12.237068, "volume": 516610, "typical_volume": 660841.55, "trend": 11.380438, "fair_value": 10.466986, "relative_strength": -1.295505, "stage": 2, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 67.485369, "energy": 79.010645, "activity_lines": [ 12.274711, 12.173752, 11.890659, 11.646022 ] }, { "date": "2025-11-28", "close": 12.294609, "volume": 321343, "typical_volume": 647669.0, "trend": 11.419341, "fair_value": 10.483659, "relative_strength": -4.240691, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 67.580544, "energy": 69.821423, "activity_lines": [ 12.28847, 12.210254, 11.956523, 11.705001 ] }, { "date": "2025-12-05", "close": 12.208297, "volume": 692792, "typical_volume": 647878.35, "trend": 11.452306, "fair_value": 10.500602, "relative_strength": -5.106794, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 64.501354, "energy": 62.40149, "activity_lines": [ 12.262937, 12.223942, 12.007609, 11.755901 ] }, { "date": "2025-12-12", "close": 12.203502, "volume": 757674, "typical_volume": 657578.35, "trend": 11.484619, "fair_value": 10.517277, "relative_strength": -4.453865, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 61.982537, "energy": 59.039733, "activity_lines": [ 12.238666, 12.231377, 12.051536, 11.804366 ] }, { "date": "2025-12-19", "close": 12.080316, "volume": 837891, "typical_volume": 666145.25, "trend": 11.523913, "fair_value": 10.532852, "relative_strength": -5.423074, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 48.715845, "energy": 47.58924, "activity_lines": [ 12.177784, 12.213535, 12.077054, 11.842798 ] }, { "date": "2025-12-26", "close": 12.027248, "volume": 413133, "typical_volume": 655631.05, "trend": 11.560206, "fair_value": 10.546381, "relative_strength": -7.000971, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 42.400248, "energy": 35.050345, "activity_lines": [ 12.118614, 12.181268, 12.091871, 11.875271 ] }, { "date": "2026-01-02", "close": 12.032072, "volume": 907935, "typical_volume": 666449.45, "trend": 11.60559, "fair_value": 10.55684, "relative_strength": -5.786798, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 37.805141, "energy": 27.58755, "activity_lines": [ 12.07504, 12.14927, 12.102468, 11.905714 ] }, { "date": "2026-01-09", "close": 12.475918, "volume": 744621, "typical_volume": 657941.0, "trend": 11.663737, "fair_value": 10.572775, "relative_strength": -3.673597, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 68.822568, "energy": 44.014856, "activity_lines": [ 12.196917, 12.199874, 12.151951, 11.961864 ] }, { "date": "2026-01-16", "close": 12.538981, "volume": 842484, "typical_volume": 676279.05, "trend": 11.725846, "fair_value": 10.58844, "relative_strength": -2.729864, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 81.693939, "energy": 60.770363, "activity_lines": [ 12.321974, 12.257859, 12.201047, 12.018331 ] }, { "date": "2026-01-23", "close": 12.276943, "volume": 486719, "typical_volume": 667717.9, "trend": 11.771781, "fair_value": 10.60258, "relative_strength": -4.309024, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 59.064562, "energy": 52.821927, "activity_lines": [ 12.337319, 12.263316, 12.218491, 12.053886 ] }, { "date": "2026-01-30", "close": 12.48075, "volume": 559931, "typical_volume": 632980.75, "trend": 11.822649, "fair_value": 10.618235, "relative_strength": -2.981482, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 71.463645, "energy": 65.523428, "activity_lines": [ 12.407492, 12.307544, 12.250751, 12.099626 ] }, { "date": "2026-02-06", "close": 12.529276, "volume": 495077, "typical_volume": 623111.45, "trend": 11.876375, "fair_value": 10.634667, "relative_strength": -2.277473, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 71.963851, "energy": 73.653954, "activity_lines": [ 12.463606, 12.356164, 12.284219, 12.145215 ] }, { "date": "2026-02-13", "close": 12.65156, "volume": 763382, "typical_volume": 630315.15, "trend": 11.938058, "fair_value": 10.653227, "relative_strength": 0.023602, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 78.781676, "energy": 62.192468, "activity_lines": [ 12.527335, 12.422751, 12.326351, 12.195227 ] }, { "date": "2026-02-20", "close": 12.622274, "volume": 245156, "typical_volume": 608813.95, "trend": 11.998766, "fair_value": 10.673213, "relative_strength": -1.205655, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 72.490871, "energy": 73.041074, "activity_lines": [ 12.569592, 12.475955, 12.362174, 12.23937 ] }, { "date": "2026-02-27", "close": 12.592988, "volume": 601612, "typical_volume": 597520.8, "trend": 12.055377, "fair_value": 10.693479, "relative_strength": -0.783118, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.772523, "energy": 58.979586, "activity_lines": [ 12.596535, 12.516219, 12.39246, 12.277707 ] }, { "date": "2026-03-06", "close": 12.45632, "volume": 727557, "typical_volume": 608806.05, "trend": 12.102442, "fair_value": 10.712713, "relative_strength": 0.294396, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 61.194122, "energy": 49.699443, "activity_lines": [ 12.556851, 12.522313, 12.406037, 12.303574 ] }, { "date": "2026-03-13", "close": 12.462177, "volume": 813335, "typical_volume": 624845.45, "trend": 12.140466, "fair_value": 10.731977, "relative_strength": 2.082925, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 46.509453, "energy": 35.54325, "activity_lines": [ 12.520749, 12.521671, 12.41797, 12.326783 ] }, { "date": "2026-03-20", "close": 12.206845, "volume": 677567, "typical_volume": 631862.25, "trend": 12.176259, "fair_value": 10.750335, "relative_strength": 2.046149, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 19.955501, "energy": 14.024987, "activity_lines": [ 12.40401, 12.466785, 12.404035, 12.331065 ] }, { "date": "2026-03-27", "close": 11.539053, "volume": 1136187, "typical_volume": 653228.15, "trend": 12.189792, "fair_value": 10.763524, "relative_strength": -1.047288, "stage": 3, "regime": "rotation_down", "modifier": "Structural failure", "gate": "mixed", "direction": -44.997792, "energy": 41.301101, "activity_lines": [ 12.09432, 12.295375, 12.326713, 12.289955 ] }, { "date": "2026-04-03", "close": 11.745283, "volume": 1153540, "typical_volume": 684727.3, "trend": 12.204233, "fair_value": 10.778244, "relative_strength": -2.080384, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -39.187498, "energy": 45.883478, "activity_lines": [ 11.925589, 12.179641, 12.272514, 12.261277 ] }, { "date": "2026-04-10", "close": 11.990794, "volume": 1247900, "typical_volume": 721291.8, "trend": 12.211789, "fair_value": 10.794219, "relative_strength": -3.248596, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -35.148977, "energy": 58.977085, "activity_lines": [ 11.895209, 12.118212, 12.244677, 12.247507 ] }, { "date": "2026-04-17", "close": 12.046035, "volume": 803138, "typical_volume": 745381.55, "trend": 12.216559, "fair_value": 10.81212, "relative_strength": -6.591268, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -35.143173, "energy": 62.802574, "activity_lines": [ 11.914277, 12.075735, 12.223275, 12.236813 ] }, { "date": "2026-04-24", "close": 12.085562, "volume": 625700, "typical_volume": 742026.95, "trend": 12.222332, "fair_value": 10.829331, "relative_strength": -6.462402, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -31.44067, "energy": 42.671122, "activity_lines": [ 11.974263, 12.049231, 12.206821, 12.228362 ] }, { "date": "2026-05-01", "close": 12.312846, "volume": 797647, "typical_volume": 744025.6, "trend": 12.231257, "fair_value": 10.84779, "relative_strength": -5.311604, "stage": 3, "regime": "rotation_down", "modifier": "Supply rotation", "gate": "mixed", "direction": -1.917111, "energy": 6.437546, "activity_lines": [ 12.118097, 12.074343, 12.212597, 12.234201 ] }, { "date": "2026-05-08", "close": 12.312846, "volume": 710298, "typical_volume": 737645.95, "trend": 12.247765, "fair_value": 10.865611, "relative_strength": -7.152034, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -19.809788, "energy": 19.56789, "activity_lines": [ 12.210344, 12.10508, 12.217853, 12.239465 ] }, { "date": "2026-05-15", "close": 12.368185, "volume": 874425, "typical_volume": 760710.55, "trend": 12.260245, "fair_value": 10.886207, "relative_strength": -6.691711, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 7.626914, "energy": 19.931904, "activity_lines": [ 12.2832, 12.150973, 12.227271, 12.247234 ] }, { "date": "2026-05-22", "close": 12.388069, "volume": 497052, "typical_volume": 740166.4, "trend": 12.268621, "fair_value": 10.907824, "relative_strength": -7.110935, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 9.546169, "energy": 22.390969, "activity_lines": [ 12.337525, 12.202083, 12.23696, 12.255481 ] }, { "date": "2026-05-29", "close": 12.606799, "volume": 499029, "typical_volume": 727886.8, "trend": 12.280474, "fair_value": 10.930317, "relative_strength": -6.613861, "stage": 3, "regime": "balance", "modifier": "Balance after decline", "gate": "mixed", "direction": 33.514486, "energy": 32.653426, "activity_lines": [ 12.441958, 12.29431, 12.265785, 12.277299 ] }, { "date": "2026-06-05", "close": 12.47755, "volume": 672857, "typical_volume": 719405.45, "trend": 12.287383, "fair_value": 10.951509, "relative_strength": -5.086854, "stage": 3, "regime": "rotation_up", "modifier": "Structural repair", "gate": "mixed", "direction": 31.280388, "energy": 33.571009, "activity_lines": [ 12.468558, 12.355765, 12.281678, 12.290013 ] }, { "date": "2026-06-12", "close": 12.357226, "volume": 684158, "typical_volume": 729277.4, "trend": 12.286913, "fair_value": 10.972132, "relative_strength": -6.380596, "stage": 3, "regime": "rotation_up", "modifier": "Emerging rotation", "gate": "mixed", "direction": 27.886351, "energy": 25.920864, "activity_lines": [ 12.44407, 12.378279, 12.286403, 12.294519 ] }, { "date": "2026-06-19", "close": 12.299716, "volume": 574592, "typical_volume": 730010.45, "trend": 12.289001, "fair_value": 10.991489, "relative_strength": -7.505688, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": 24.087918, "energy": 20.112649, "activity_lines": [ 12.397453, 12.379211, 12.28527, 12.295345 ] }, { "date": "2026-06-26", "close": 12.369318, "volume": 611931, "typical_volume": 735853.15, "trend": 12.291492, "fair_value": 11.009868, "relative_strength": -4.619298, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 29.172256, "energy": 16.079537, "activity_lines": [ 12.378602, 12.387181, 12.291626, 12.300527 ] }, { "date": "2026-07-03", "close": 12.518466, "volume": 429890, "typical_volume": 719178.55, "trend": 12.301831, "fair_value": 11.030574, "relative_strength": -5.423389, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 39.845291, "energy": 19.671176, "activity_lines": [ 12.410717, 12.416391, 12.31295, 12.31517 ] }, { "date": "2026-07-10", "close": 12.528409, "volume": 467135, "typical_volume": 730277.5, "trend": 12.312661, "fair_value": 11.050071, "relative_strength": -6.511533, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 59.463013, "energy": 33.543453, "activity_lines": [ 12.452035, 12.439538, 12.335854, 12.329788 ] }, { "date": "2026-07-17", "close": 12.49, "volume": 635592, "typical_volume": 731976.5, "trend": 12.326317, "fair_value": 11.068898, "relative_strength": -5.274802, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 54.369787, "energy": 43.650644, "activity_lines": [ 12.477159, 12.451781, 12.355547, 12.34123 ] }, { "date": "2026-07-24", "close": 12.18, "volume": 753283, "typical_volume": 733262.8, "trend": 12.331409, "fair_value": 11.086002, "relative_strength": -7.014538, "stage": 3, "regime": "upward_expansion", "modifier": "Early expansion", "gate": "up", "direction": 21.225589, "energy": 13.99175, "activity_lines": [ 12.390098, 12.404441, 12.346206, 12.33179 ] }, { "date": "2026-07-31", "close": 12.09, "volume": 901580, "typical_volume": 737675.05, "trend": 12.33334, "fair_value": 11.103006, "relative_strength": -8.550323, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -20.026828, "energy": 15.439447, "activity_lines": [ 12.281019, 12.344158, 12.32961, 12.316215 ] }, { "date": "2026-08-07", "close": 12.3, "volume": 677239, "typical_volume": 737658.65, "trend": 12.327476, "fair_value": 11.122045, "relative_strength": -9.959519, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "mixed", "direction": -14.673786, "energy": 17.685901, "activity_lines": [ 12.260561, 12.327476, 12.334786, 12.314064 ] } ], "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." } } }