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evidence"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"sample":0},{"week":2,"sample":0},{"week":3,"sample":0},{"week":4,"sample":0},{"week":5,"sample":0},{"week":6,"sample":0},{"week":7,"sample":0},{"week":8,"sample":0},{"week":9,"sample":0},{"week":10,"sample":0},{"week":11,"sample":0},{"week":12,"sample":0},{"week":13,"sample":0},{"week":14,"sample":0},{"week":15,"sample":0},{"week":16,"sample":0},{"week":17,"sample":0},{"week":18,"sample":0},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"dynamicsAhead":{"label":"Price cautious, Market Dynamics positive","kind":"disagreement","expectedDirection":"higher","episodes":4,"completedEpisodes":2,"activeEpisodes":2,"medianExpectedMove":14.3,"averageExpectedMove":14.3,"averageWeeksToLargestMove":6.0,"horizons":[{"weeks":4,"sample":4,"expectedCount":1,"expectedPercent":25.0,"averageReturn":0.8,"medianReturn":-3.0,"confidenceLow":4.6,"confidenceHigh":69.9,"confidence":"Mixed historical record"},{"weeks":12,"sample":2,"expectedCount":1,"expectedPercent":50.0,"averageReturn":3.9,"medianReturn":3.9,"confidenceLow":9.5,"confidenceHigh":90.5,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-0.6,"sample":4},{"week":2,"averageReturn":4.0,"sample":4},{"week":3,"averageReturn":-1.4,"sample":4},{"week":4,"averageReturn":0.8,"sample":4},{"week":5,"averageReturn":2.9,"sample":4},{"week":6,"averageReturn":0.6,"sample":4},{"week":7,"averageReturn":1.6,"sample":4},{"week":8,"averageReturn":-0.4,"sample":4},{"week":9,"averageReturn":0.0,"sample":3},{"week":10,"averageReturn":3.3,"sample":3},{"week":11,"averageReturn":-0.8,"sample":3},{"week":12,"averageReturn":3.9,"sample":2},{"week":13,"averageReturn":10.2,"sample":2},{"week":14,"averageReturn":4.4,"sample":2},{"week":15,"averageReturn":9.4,"sample":1},{"week":16,"averageReturn":10.6,"sample":1},{"week":17,"averageReturn":-1.1,"sample":1},{"week":18,"averageReturn":1.3,"sample":1},{"week":19,"averageReturn":0.2,"sample":1},{"week":20,"averageReturn":10.4,"sample":1},{"week":21,"averageReturn":13.2,"sample":1},{"week":22,"averageReturn":11.1,"sample":1},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]}},"pricePressureGap":{"label":"Price elevated relative to Market Dynamics","kind":"structuralDivergence","expectedDirection":"lower","episodes":2,"completedEpisodes":1,"activeEpisodes":1,"medianExpectedMove":8.6,"averageExpectedMove":8.6,"averageWeeksToLargestMove":11.0,"horizons":[{"weeks":4,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-11.3,"medianReturn":-11.3,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-7.7,"medianReturn":-7.7,"confidenceLow":20.7,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":26,"sample":0,"expectedCount":0,"confidence":"Not enough evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":-4.2,"sample":2},{"week":2,"averageReturn":-5.5,"sample":2},{"week":3,"averageReturn":-3.8,"sample":2},{"week":4,"averageReturn":-11.3,"sample":2},{"week":5,"averageReturn":-9.9,"sample":2},{"week":6,"averageReturn":-8.1,"sample":2},{"week":7,"averageReturn":-8.0,"sample":2},{"week":8,"averageReturn":-6.9,"sample":2},{"week":9,"averageReturn":-3.5,"sample":2},{"week":10,"averageReturn":-5.5,"sample":1},{"week":11,"averageReturn":-8.6,"sample":1},{"week":12,"averageReturn":-7.7,"sample":1},{"week":13,"averageReturn":-17.4,"sample":1},{"week":14,"averageReturn":-15.4,"sample":1},{"week":15,"averageReturn":-16.3,"sample":1},{"week":16,"averageReturn":-7.8,"sample":1},{"week":17,"averageReturn":-5.5,"sample":1},{"week":18,"averageReturn":-7.3,"sample":1},{"week":19,"sample":0},{"week":20,"sample":0},{"week":21,"sample":0},{"week":22,"sample":0},{"week":23,"sample":0},{"week":24,"sample":0},{"week":25,"sample":0},{"week":26,"sample":0}]},"currentApplication":{"status":"Evidence developing","tone":"neutral","headline":"Market Dynamics is negative while price remains rotational","use":"Treat the pressure as context until price establishes a clear response.","confirm":"Treat movement through the zones as price-location context only. Reaching the upper zone shows extension, but without an established Market Dynamics read it does not by itself establish active distribution, divergence or reversal risk.","invalidate":"Reassess the reading when either price structure or the Market Dynamics state changes materially.","level":"positive","direction":"steady","zone":"middle","zoneContext":"Price is travelling between the lower accumulation area and the upper positioning zone. Market Dynamics history is not yet sufficient to confirm or challenge that progression.","historical":{"label":"Broad directional cases","weeks":12,"direction":"lower","sample":0},"nowContext":{"label":"Little changed this week","detail":"Market Dynamics remains positive and was little changed this week."},"fourWeekContext":{"label":"Broadly steady over four weeks","detail":"The broader path has not changed enough to establish a new direction."},"priceContext":{"label":"Price has no clear direction","detail":"Price remains rotational while the Market Dynamics condition develops."}},"strategyApproach":{"headline":"Strategy observations from this ticker's own record","summary":"The current reading identifies the setup. The observations below show how this ticker's completed history can guide positioning, confirmation and risk control without treating any one reading as a forecast.","observations":[{"eyebrow":"Divergence control","title":"Do not chase price while the underlying evidence lags","tone":"caution","approach":"Use the gap to review position size, protect gains and wait for either Market Dynamics to catch up or price to correct. The disagreement is a warning condition, not an automatic exit.","finding":"The current relationship is visible, but this ticker does not yet have a completed comparable outcome.","watch":"Reassess the reading when either price structure or the Market Dynamics state changes materially."},{"eyebrow":"Zone positioning","title":"Use distribution to protect capital before considering the short case","tone":"negative","finding":"After distribution, 100.0% of completed 12-week outcomes were lower across 2 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Review long exposure and define the evidence that would confirm a rollover. Short exposure should begin only after price weakens and the loss limit is known.","watch":"A sustained repair in price and Market Dynamics invalidates the downside setup."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-04-17","price":27.472204},{"date":"2026-06-19","price":28.224793}],"reversal_dangers":[{"date":"2026-04-24","price":27.384544},{"date":"2026-06-26","price":25.965844}]}},"smTape":{"available":true,"dates":["2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"close":[25.9238,25.6693,23.7659,24.1747,22.9376,22.9879,23.7823,25.1215,27.4722,27.3845,27.4863,28.149,26.67,26.9025,28.1445,25.9142,25.8858,28.2248,25.9658,25.0969,25.3676,22.6856,23.234,22.9848,25.3281,25.9563,25.48],"consensus":[-72.4058,-80.954,-100.0,-17.0043,-38.8943,-24.5462,0.0,20.0424,46.5275,18.065,22.1478,23.5458,-20.9455,0.0,28.6827,-38.6187,0.0,37.9946,-39.6808,-26.9354,0.0,-52.5564,-20.9005,-22.6899,27.568,16.894,0.0],"supportDates":["2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"],"control":[null,null,null,null,null,-23.4568,0.0,23.378,42.9943,7.4623,15.6379,13.794,-20.5492,0.0,31.1356,-31.6057,0.0,42.9701,-34.8816,-32.3678,0.0,-48.7286,-18.9887,-18.6126,35.4137,10.9936,0.0],"force":[-72.4058,-80.954,-100.0,-17.0043,-27.9386,-18.8534,0.0,28.6603,55.8677,2.6961,9.6987,15.772,-51.9574,0.0,30.6375,-74.0995,0.0,51.5427,-79.0515,-30.7834,0.0,-66.5564,-1.0179,-11.7736,53.3309,17.9555,0.0],"direction":[null,null,null,null,-46.7197,-29.8574,0.0,10.0746,43.8939,41.1602,38.48,40.2433,-0.753,0.0,24.4832,-21.2901,0.0,22.631,-17.0438,-17.9784,0.0,-46.9312,-37.2872,-35.1471,0.1993,22.8792,0.0],"intensity":[null,null,null,null,25.0,60.0,33.3333,28.5714,87.5,44.4444,10.0,36.3636,50.0,61.5385,85.7143,80.0,93.75,88.2353,72.2222,21.0526,10.0,95.2381,9.0909,17.3913,75.0,60.0,15.3846],"confirmation":[45.8365,48.5719,54.6667,28.1081,57.2787,75.6979,1.3954,74.6254,83.2273,28.1407,74.8071,75.4463,53.1477,24.9376,77.2007,81.5462,24.6313,80.4953,81.9709,76.6538,24.9543,85.3031,51.4447,74.9902,54.8207,73.5284,24.8725],"persistence":[null,null,100.0,100.0,100.0,100.0,85.7143,62.5,37.5,12.5,12.5,37.5,37.5,50.0,62.5,37.5,25.0,25.0,0.0,25.0,12.5,25.0,50.0,50.0,37.5,37.5,25.0],"assessmentRisk":[null,null,null,null,30.4328,37.5371,1.76,25.8314,26.6541,40.899,38.7713,37.8189,19.6222,24.1599,11.6048,28.3829,25.7064,20.1566,25.5076,11.9159,14.6253,23.6819,37.376,33.6972,15.0294,40.091,43.011],"volumeParticipation":true,"latest":{"consensus":0.0,"control":0.0,"force":0.0,"direction":0.0,"confirmation":24.9,"persistence":25.0,"assessmentRisk":43.0,"intensity":15.4,"evidenceDepth":100},"analysis":{"status":"No directional advantage","headline":"The gauges do not support either side","summary":"Control, force and direction are too balanced to support an upward or downward assessment.","take":"Current assessment: wait for a clearer directional advantage.","tone":"neutral","supportedView":"Neither side","direction":"balanced","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Control support is limited","controlPath":"Control support is easing","forceState":"Commitment is limited","forcePath":"Broadly stable","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Limited support","riskState":"Present","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"+0.0","detail":"No directional advantage","tone":"neutral"},{"label":"SM Control Gauge","value":"+0.0","detail":"Control support is limited","tone":"neutral"},{"label":"SM Force Gauge","value":"+0.0","detail":"Commitment is limited","tone":"neutral"},{"label":"SM Direction Gauge","value":"+0.0","detail":"Follow-through is limited","tone":"neutral"},{"label":"SM Confirmation Gauge","value":"25/100","detail":"Limited support","tone":"caution"}]},"kpis":[{"label":"Price structure","value":"Rotational","detail":"completed-week alignment","tone":"caution"},{"label":"Momentum","value":"48.1","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"11.7%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"16.4","detail":"Range-led","tone":"neutral"},{"label":"Range position","value":"48%","detail":"location inside observed range","tone":"neutral"},{"label":"Adaptive set","value":"6 views","detail":"selected for the current tape","tone":"neutral"}],"charts":[{"key":"price","eyebrow":"Price architecture","title":"Trend, acceptance and volatility envelope","description":"Price is shown against fast and slow trend references with its current volatility envelope.","reason":"Selected as the anchor because price is rotating through its trend references.","series":[{"label":"Close","values":[25.9238,25.6693,23.7659,24.1747,22.9376,22.9879,23.7823,25.1215,27.4722,27.3845,27.4863,28.149,26.67,26.9025,28.1445,25.9142,25.8858,28.2248,25.9658,25.0969,25.3676,22.6856,23.234,22.9848,25.3281,25.9563,25.48],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,24.8327,24.4973,24.3673,24.5044,25.044,25.4696,25.8362,26.2567,26.3319,26.4356,26.7463,26.595,26.4661,26.7858,26.6368,26.3568,26.1769,25.5421,25.1225,24.7338,24.8419,25.0445,25.1237],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,25.8674,25.9441,26.1071,26.0928,26.0774,26.2365,26.2165,26.1335,26.0768,25.8256,25.6336,25.4374,25.4293,25.4684,25.4692],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,28.0869,28.5137,29.021,29.0413,29.0881,29.3703,29.2657,29.1682,29.393,29.3028,29.1955,29.1752,29.3027,29.3403,29.413,29.3323,29.2517,29.2028],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,21.757,21.7965,21.7881,21.9625,22.1158,22.1726,22.2951,22.405,22.4511,22.5459,22.5704,22.5351,22.1093,22.0184,21.8268,22.1465,22.5239,22.7426],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"volatility","eyebrow":"Risk geometry","title":"Range pressure and compression","description":"Movement pressure and envelope width show whether risk is expanding, settling or compressed.","reason":"Selected because current variability is unusually compressed or expanded versus this ticker's own tape.","series":[{"label":"Range pressure","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,13.8237,12.6473,13.8607,13.6539,12.2715,13.1187,13.2136,12.8698,14.5023,13.7862,13.6747,12.2388,11.803,11.7241],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,25.3988,26.7029,28.4709,27.758,27.2333,27.929,27.0381,26.2273,26.7798,26.0637,25.5965,25.682,27.9832,28.5128,29.6108,27.9174,25.9883,24.8732],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"drawdown","eyebrow":"Path risk","title":"Drawdown and recovery pressure","description":"Capital impairment and recovery are shown together so return is not separated from path difficulty.","reason":"Selected because the current recovery or drawdown path is central to the tape.","series":[{"label":"Drawdown","values":[0.0,-0.9817,-8.324,-6.7471,-11.5193,-11.3254,-8.2609,-3.0949,0.0,-0.3191,0.0,0.0,-5.254,-4.4281,-0.0159,-7.9389,-8.0399,0.0,-8.0034,-11.082,-10.1232,-19.6253,-17.6821,-18.5654,-10.2629,-8.0372,-9.7248],"stroke":"#c13f3f","width":1.9,"fill":"rgba(193,63,63,.10)"},{"label":"Recovery","values":[null,null,null,null,null,null,null,9.5212,19.7693,19.3871,19.8306,22.7197,16.272,17.2855,22.7002,12.9771,12.8532,23.0503,13.2021,9.4139,10.5938,0.0,2.4176,1.3187,11.6484,14.4176,12.3179],"stroke":"#07865c","width":1.7}],"guides":[{"label":"Prior high","values":[0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0,0.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["2026-02-20","2026-02-27","2026-03-06","2026-03-13","2026-03-20","2026-03-27","2026-04-03","2026-04-10","2026-04-17","2026-04-24","2026-05-01","2026-05-08","2026-05-15","2026-05-22","2026-05-29","2026-06-05","2026-06-12","2026-06-19","2026-06-26","2026-07-03","2026-07-10","2026-07-17","2026-07-24","2026-07-31","2026-08-07","2026-08-14","2026-08-21"]},{"key":"impulse","eyebrow":"Price impulse","title":"Acceleration, deceleration and rollover","description":"The impulse path separates directional acceleration from a loss of momentum.","reason":"Selected because the latest impulse is unusually active or is approaching a change of 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