Weekly structural research · NYSE · Market

NRK Stage Analysis

Nuveen New York AMT-Free Quality Municipal Income Fund

Week ending 9 Oct 2026Close USD 9.31Tenure NewBenchmark SPY

Screen this regime Supporting research Report data ↗

Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction

Downward Expansion · Early contraction

The weekly architecture is expanding downward.

Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation.

The Trend gate is down within the current regime.
Fast Activity versus Slow Activity: weakening.
Activity structure: wide and expanding.

Direction -75−100 bearish to +100 bullish

Energy 84/100directional strength

Maturity 13/100lifecycle context

Confidence 82/100evidence agreement

Trend gate Downstructural direction

Activity structure Wideexpanding separation

Price acceptance -100.0%position within the Activity structure

Fair Value context -1.4%USD 9.44 · weakening

Trend Architecture map · Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value

Background stage key

BalanceDirection is contained.
Rotation UpStructure is turning higher.
Upward ExpansionUptrend is established.
DecelerationUptrend is losing energy.
Rotation DownStructure is turning lower.
Downward ExpansionDowntrend is established.

View chart values · 156 observations

Week	Close	Trend	Relative Strength	Volume	Regime	Direction	Energy
2026-10-09	9.31	10.21	-15.52	2802461	Downward Expansion	-75	84
2026-10-02	9.36	10.23	-14.41	3994938	Downward Expansion	-79	85
2026-09-25	9.35	10.26	-14.95	2941368	Downward Expansion	-87	86
2026-09-18	9.71	10.29	-10.85	2157365	Rotation Down	-76	77
2026-09-11	9.87	10.31	-9.63	1437681	Rotation Down	-44	63
2026-09-04	9.93	10.31	-9.95	1731697	Rotation Down	-36	48
2026-08-28	10.15	10.31	-8.01	908594	Balance	-23	29
2026-08-21	10.05	10.30	-8.57	1825327	Balance	-33	26
2026-08-14	10.54	10.29	-5.54	1185719	Balance	22	18
2026-08-07	10.40	10.27	-6.72	1398645	Balance	11	17
2026-07-31	10.27	10.25	-4.71	1339683	Upward Expansion	13	15
2026-07-24	10.26	10.23	-3.82	1123542	Upward Expansion	24	17
2026-07-17	10.53	10.21	-1.79	1053792	Upward Expansion	57	41
2026-07-10	10.54	10.18	-3.25	958459	Upward Expansion	60	59
2026-07-03	10.65	10.15	-0.94	1244236	Upward Expansion	71	65
2026-06-26	10.56	10.11	0.21	1289284	Upward Expansion	61	45
2026-06-19	10.61	10.08	-1.75	939918	Upward Expansion	68	48
2026-06-12	10.49	10.05	-2.06	1230479	Upward Expansion	50	34
2026-06-05	10.41	10.03	-2.44	1600815	Upward Expansion	45	32
2026-05-29	10.55	10.01	-3.64	873839	Upward Expansion	71	48
2026-05-22	10.24	9.98	-5.37	1543089	Upward Expansion	61	49
2026-05-15	10.36	9.96	-3.66	1280762	Upward Expansion	65	69
2026-05-08	10.60	9.93	-1.37	1591455	Upward Expansion	81	88
2026-05-01	10.52	9.89	-0.06	1510898	Upward Expansion	79	87
2026-04-24	10.43	9.86	-0.31	1026162	Upward Expansion	79	81
2026-04-17	10.35	9.83	-0.79	1228557	Deceleration	75	52
2026-04-10	10.27	9.80	2.53	1251811	Deceleration	72	40
2026-04-03	10.17	9.77	4.96	1296866	Deceleration	56	31
2026-03-27	9.78	9.73	3.97	1798864	Upward Expansion	31	26
2026-03-20	9.98	9.70	3.61	1189108	Upward Expansion	64	59
2026-03-13	10.11	9.67	2.85	1924900	Upward Expansion	68	83
2026-03-06	10.19	9.62	1.88	2503344	Upward Expansion	77	90
2026-02-27	10.23	9.58	0.05	1436813	Upward Expansion	90	94
2026-02-20	10.17	9.53	-1.21	2484309	Upward Expansion	92	89
2026-02-13	9.95	9.48	-2.46	3257948	Upward Expansion	77	77
2026-02-06	9.89	9.44	-4.42	2737198	Upward Expansion	72	76
2026-01-30	9.84	9.41	-5.29	1830150	Upward Expansion	66	73
2026-01-23	9.84	9.39	-5.10	1549046	Upward Expansion	68	67
2026-01-16	9.87	9.36	-5.31	1391239	Upward Expansion	75	57
2026-01-09	9.80	9.33	-6.46	1185260	Deceleration	70	47
2026-01-02	9.70	9.30	-6.22	2337901	Deceleration	48	34
2025-12-26	9.63	9.28	-8.04	1633333	Deceleration	40	31
2025-12-19	9.58	9.25	-7.39	3976735	Deceleration	44	36
2025-12-12	9.62	9.23	-7.08	2112944	Upward Expansion	48	44
2025-12-05	9.64	9.22	-7.65	2986844	Upward Expansion	61	53
2025-11-28	9.70	9.20	-7.03	1302281	Upward Expansion	64	59
2025-11-21	9.68	9.18	-4.05	1379523	Upward Expansion	65	62
2025-11-14	9.76	9.16	-5.34	1940370	Upward Expansion	75	67
2025-11-07	9.72	9.14	-5.80	1714190	Upward Expansion	76	68
2025-10-31	9.63	9.11	-8.35	2033056	Upward Expansion	71	72
2025-10-24	9.63	9.10	-8.00	1400990	Upward Expansion	75	88
2025-10-17	9.55	9.09	-7.32	1511043	Upward Expansion	68	88
2025-10-10	9.58	9.08	-5.70	1488131	Rotation Up	76	91
2025-10-03	9.56	9.08	-8.41	1534937	Rotation Up	53	83
2025-09-26	9.53	9.07	-7.98	1156618	Rotation Up	59	81
2025-09-19	9.47	9.07	-9.19	1434019	Rotation Up	51	57
2025-09-12	9.33	9.08	-9.77	2183343	Rotation Up	24	31
2025-09-05	9.03	9.08	-11.66	1453096	Downward Expansion	-21	17
2025-08-29	8.90	9.10	-13.07	1186121	Downward Expansion	-43	32
2025-08-22	8.84	9.12	-14.01	1569217	Downward Expansion	-59	47
2025-08-15	8.84	9.14	-14.14	2168188	Downward Expansion	-63	67
2025-08-08	8.81	9.15	-13.95	2637764	Downward Expansion	-64	78
2025-08-01	8.77	9.17	-12.67	2774417	Downward Expansion	-69	81
2025-07-25	8.71	9.19	-15.77	2411762	Downward Expansion	-80	77
2025-07-18	8.77	9.20	-14.33	2277696	Downward Expansion	-76	54
2025-07-11	8.96	9.21	-12.19	1589024	Downward Expansion	-49	31
2025-07-04	9.10	9.23	-11.37	882943	Downward Expansion	-40	25
2025-06-27	9.01	9.25	-11.07	1330499	Downward Expansion	-55	40
2025-06-20	9.00	9.28	-8.39	672887	Downward Expansion	-57	50
2025-06-13	9.00	9.30	-8.78	1370210	Downward Expansion	-58	57
2025-06-06	8.93	9.32	-10.09	924516	Downward Expansion	-65	49
2025-05-30	8.99	9.34	-8.22	986469	Downward Expansion	-61	39
2025-05-23	8.92	9.35	-7.59	1684663	Downward Expansion	-69	38
2025-05-16	9.21	9.37	-7.22	1708441	Downward Expansion	-43	28
2025-05-09	9.15	9.39	-3.21	1423408	Downward Expansion	-58	42
2025-05-02	9.18	9.41	-3.42	1704108	Downward Expansion	-62	63
2025-04-25	9.03	9.42	-2.49	1400700	Downward Expansion	-68	74
2025-04-18	9.04	9.45	1.93	1030524	Downward Expansion	-72	76
2025-04-11	8.94	9.47	-0.73	2463338	Downward Expansion	-83	76
2025-04-04	9.25	9.50	8.38	1444787	Downward Expansion	-62	55
2025-03-28	9.21	9.51	-1.76	1128383	Balance	-57	37
2025-03-21	9.38	9.52	-1.53	1497596	Balance	-35	16
2025-03-14	9.43	9.53	-0.71	896106	Balance	-14	11
2025-03-07	9.43	9.53	-3.14	964623	Balance	-10	15
2025-02-28	9.64	9.54	-4.17	847753	Balance	25	27
2025-02-21	9.54	9.53	-6.33	747174	Balance	-15	19
2025-02-14	9.54	9.53	-7.97	782806	Balance	-18	17
2025-02-07	9.56	9.52	-6.68	1222565	Downward Expansion	-22	16
2025-01-31	9.39	9.52	-8.82	1206977	Downward Expansion	-41	27
2025-01-24	9.36	9.52	-10.28	738674	Downward Expansion	-54	36
2025-01-17	9.37	9.52	-8.92	865418	Downward Expansion	-59	60
2025-01-10	9.20	9.52	-8.17	926234	Rotation Down	-67	75
2025-01-03	9.35	9.53	-8.76	1309972	Rotation Down	-31	58
2024-12-27	9.18	9.53	-11.18	1336240	Rotation Down	-47	61
2024-12-20	9.14	9.52	-11.34	2315367	Rotation Down	-37	36
2024-12-13	9.52	9.53	-9.68	1349504	Deceleration	22	17
2024-12-06	9.71	9.52	-8.67	1245775	Deceleration	44	32
2024-11-29	9.75	9.50	-7.81	708124	Deceleration	47	26
2024-11-22	9.58	9.48	-8.56	622082	Deceleration	13	12
2024-11-15	9.58	9.46	-7.25	773474	Deceleration	11	18
2024-11-08	9.58	9.44	-9.34	697631	Deceleration	22	20
2024-11-01	9.47	9.42	-6.32	1012910	Deceleration	15	18
2024-10-25	9.46	9.40	-7.90	790088	Upward Expansion	26	17
2024-10-18	9.70	9.39	-6.58	500220	Upward Expansion	60	43
2024-10-11	9.65	9.38	-6.43	718535	Upward Expansion	60	47
2024-10-04	9.71	9.36	-5.03	1080107	Upward Expansion	64	62
2024-09-27	9.71	9.35	-4.81	1006886	Upward Expansion	66	68
2024-09-20	9.73	9.33	-4.24	1088136	Upward Expansion	71	66
2024-09-13	9.80	9.30	-2.35	1022618	Upward Expansion	84	76
2024-09-06	9.59	9.28	-0.75	877050	Upward Expansion	64	59
2024-08-30	9.58	9.26	-4.99	667846	Upward Expansion	62	56
2024-08-23	9.62	9.24	-4.44	475754	Upward Expansion	70	66
2024-08-16	9.56	9.21	-3.85	582511	Upward Expansion	67	49
2024-08-09	9.52	9.18	-0.62	838114	Upward Expansion	64	43
2024-08-02	9.56	9.15	-0.25	1118331	Upward Expansion	74	49
2024-07-26	9.38	9.13	-4.25	821150	Upward Expansion	58	43
2024-07-19	9.30	9.11	-6.03	1374080	Upward Expansion	62	54
2024-07-12	9.52	9.09	-5.95	844282	Upward Expansion	75	78
2024-07-05	9.46	9.06	-5.84	467932	Upward Expansion	71	77
2024-06-28	9.46	9.03	-4.26	691914	Upward Expansion	76	72
2024-06-21	9.36	8.99	-5.49	510555	Upward Expansion	69	50
2024-06-14	9.38	8.95	-4.92	587685	Upward Expansion	76	50
2024-06-07	9.25	8.91	-4.95	653450	Upward Expansion	66	45
2024-05-31	9.09	8.86	-5.60	397522	Upward Expansion	56	43
2024-05-24	9.20	8.81	-5.15	517147	Upward Expansion	62	51
2024-05-17	9.24	8.75	-4.97	571707	Deceleration	70	50
2024-05-10	9.17	8.70	-4.34	710705	Deceleration	64	38
2024-05-03	9.17	8.65	-2.85	465659	Deceleration	51	28
2024-04-26	8.95	8.60	-4.99	481157	Deceleration	32	28
2024-04-19	8.96	8.56	-2.57	827382	Deceleration	40	27
2024-04-12	8.97	8.53	-5.70	580368	Upward Expansion	49	44
2024-04-05	9.03	8.50	-6.77	596929	Upward Expansion	64	63
2024-03-29	9.13	8.46	-6.91	568537	Upward Expansion	68	67
2024-03-22	9.26	8.43	-5.64	712222	Upward Expansion	77	86
2024-03-15	9.27	8.39	-3.79	647708	Upward Expansion	85	89
2024-03-08	9.20	8.35	-4.93	1036827	Upward Expansion	83	87
2024-03-01	9.06	8.32	-6.88	537226	Upward Expansion	73	87
2024-02-23	9.07	8.29	-6.15	830715	Upward Expansion	77	89
2024-02-16	8.97	8.27	-5.93	736898	Upward Expansion	72	84
2024-02-09	9.02	8.26	-6.01	893753	Upward Expansion	81	74
2024-02-02	8.97	8.24	-5.57	761728	Upward Expansion	83	69
2024-01-26	8.76	8.22	-6.79	1014946	Upward Expansion	68	62
2024-01-19	8.67	8.21	-7.14	1246590	Upward Expansion	67	72
2024-01-12	8.78	8.20	-5.25	822824	Upward Expansion	71	86
2024-01-05	8.76	8.18	-3.97	713752	Rotation Up	72	88
2023-12-29	8.74	8.17	-5.92	1763188	Rotation Up	48	81
2023-12-22	8.79	8.16	-5.36	1588197	Rotation Up	50	80
2023-12-15	8.68	8.14	-6.03	1502895	Rotation Up	50	75
2023-12-08	8.49	8.13	-6.20	1216587	Rotation Up	46	51
2023-12-01	8.41	8.12	-7.06	1382847	Downward Expansion	39	40
2023-11-24	8.17	8.12	-9.19	890798	Downward Expansion	-10	20
2023-11-17	8.01	8.13	-10.42	1275094	Downward Expansion	-42	35
2023-11-10	7.68	8.14	-12.39	2994722	Downward Expansion	-63	58
2023-11-03	7.78	8.17	-10.19	1269610	Downward Expansion	-64	61
2023-10-27	7.48	8.19	-8.88	1099931	Downward Expansion	-85	88
2023-10-20	7.55	8.23	-10.40	892112	Downward Expansion	-87	90

Price vs TrendBelow-8.8%

Trend directionFalling-0.4%

Price vs current Fair ValueBelow anchor-1.4%

Fair Value directionMoving away-14.9%

Relative Strength vs benchmarkLagging-15.5%

Relative strength directionWeakening-12.3%

Price momentumNegative-9.3%

Volume balanceSupply-led0.59×

Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

-75 / ±100

-30.9 points since 2026-09-11

Energy

84 /100

+21.3 points since 2026-09-11

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

NRK Directional State ↗ NRK Momentum Intelligence ↗

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated

Balance10

Rotation Up9

Upward Expansion20

Deceleration37

Rotation Down83

Downward Expansion98

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind today’s regime

2023-10-20 to 2026-10-09 · 156 classified observations out of 156 shown.

Balance 7%Rotation Up 6%Upward Expansion 46%Deceleration 12%Rotation Down 5%Downward Expansion 24%

Recent Trend Architecture ledger

Regime	Recognized	Last observation	Tenure	Move inside regime
Downward Expansion	2026-09-25	2026-10-09	New	-0.4%
Rotation Down	2026-09-04	2026-09-18	New	-2.2%
Balance	2026-08-07	2026-08-28	New	-2.4%
Upward Expansion	2026-04-24	2026-07-31	Established	-1.5%
Deceleration	2026-04-03	2026-04-17	New	+1.7%
Upward Expansion	2026-01-16	2026-03-27	Developing	-0.9%
Deceleration	2025-12-19	2026-01-09	New	+2.3%
Upward Expansion	2025-10-17	2025-12-12	Developing	+0.8%
Rotation Up	2025-09-12	2025-10-10	Developing	+2.7%
Downward Expansion	2025-04-04	2025-09-05	Established	-2.4%
Balance	2025-02-14	2025-03-28	Developing	-3.5%
Downward Expansion	2025-01-17	2025-02-07	New	+2.1%
Rotation Down	2024-12-20	2025-01-10	New	+0.7%
Deceleration	2024-11-01	2024-12-13	Developing	+0.5%

Classic Stage Analysis comparison

Stage 1 · Basing54

Stage 2 · Advancing8

Stage 3 · Distribution55

Stage 4 · Declining92

Legacy result: Stage 4 · Stage 4A · Breakdown. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus SPY

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation: 93/100
Current Relative Strength: -15.52
Relative Strength direction: Weakening
Price momentum: -9.3%
Excess performance vs benchmark: -24.2%
Sector regime cohort: 34th percentile623 in cohort

Test NRK trend persistence

Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry

Relative volume1.75×

Latest completed volume relative to typical participation.

Up/down volume0.59×

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 5

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+25.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Explore NRK Volume & Price ↗

Decision architecture

References that would change the structural read

Evidence levels, not orders

Fast Activity USD 9.42falling

Slow Activity USD 10.10falling

Trend Reference USD 10.21-8.8% close margin

Current Fair Value USD 9.44-1.4% close margin

Structural low USD 9.01shock / repair context

What changes the read?

Fan contraction and a persistent upward fast/slow rotation are required before the declining structure is considered repaired.

Range context +3.9%

Annualized volatility +12.5%

From structural high -14.0%

From structural low +3.3%

Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon	Samples	Median move	Positive periods	Directional follow-through	Median excess vs SPY	Regime survived	Read
Near term	23	-0.5%-5.4% to +8.4%	+47.8%	+52.2%	+0.1%	+73.9%	Usable descriptive sample
Intermediate	9	-3.0%-10.0% to +11.0%	+44.4%	+55.6%	+0.5%	+55.6%	Usable descriptive sample
Extended	6	-2.0%-15.5% to +12.6%	+50.0%	+50.0%	-5.8%	+50.0%	Usable descriptive sample
Full cycle	3	+2.8%-20.7% to +5.4%	+66.7%	+33.3%	-11.7%	+33.3%	Too little matched history

Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

NRK Stage Analysis

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Send a message

Evidence context

What the Activity Line geometry says now

The weekly architecture is expanding downward.

Weekly close, Activity, Trend and Fair Value

Is the structure strengthening or losing force?

Direction

Energy

Why this architecture regime won

The context behind today’s regime

Is relative performance confirming the geometry?

Relative Strength ?

Lagging benchmark

Is demand confirming the architecture?

Weekly volume with architecture context

References that would change the structural read

What followed this architecture in this market?

Test the structure from another angle

Trend Persistence ↗

Directional State ↗

Momentum Intelligence ↗

Volume & Price ↗

Similar Charts ↗

RMI Reversal Map ↗

What the analysis measures and where its limits lie

Trend Architecture

Evidence roles

Fair Value and RS

Known limitations

Relative Strength

Trend Persistence

Directional State

Momentum Intelligence

Volume & Price

Similar Charts

RMI Reversal Map