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evidence"}],"path":[{"week":0,"sample":0},{"week":1,"averageReturn":0.4,"sample":4},{"week":2,"averageReturn":3.2,"sample":4},{"week":3,"averageReturn":4.7,"sample":4},{"week":4,"averageReturn":2.3,"sample":4},{"week":5,"averageReturn":2.1,"sample":4},{"week":6,"averageReturn":4.0,"sample":3},{"week":7,"averageReturn":3.3,"sample":3},{"week":8,"averageReturn":3.7,"sample":3},{"week":9,"averageReturn":4.1,"sample":3},{"week":10,"averageReturn":2.3,"sample":3},{"week":11,"averageReturn":2.4,"sample":3},{"week":12,"averageReturn":5.4,"sample":2},{"week":13,"averageReturn":6.0,"sample":2},{"week":14,"averageReturn":4.4,"sample":2},{"week":15,"averageReturn":3.7,"sample":2},{"week":16,"averageReturn":6.2,"sample":1},{"week":17,"averageReturn":5.9,"sample":1},{"week":18,"averageReturn":8.1,"sample":1},{"week":19,"averageReturn":9.3,"sample":1},{"week":20,"averageReturn":7.4,"sample":1},{"week":21,"averageReturn":6.4,"sample":1},{"week":22,"sample":0},{"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":12.3,"averageExpectedMove":12.3,"averageWeeksToLargestMove":4.0,"horizons":[{"weeks":4,"sample":2,"expectedCount":2,"expectedPercent":100.0,"averageReturn":-7.7,"medianReturn":-7.7,"confidenceLow":34.2,"confidenceHigh":100.0,"confidence":"Mixed historical record"},{"weeks":12,"sample":1,"expectedCount":1,"expectedPercent":100.0,"averageReturn":-7.8,"medianReturn":-7.8,"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":-2.0,"sample":2},{"week":2,"averageReturn":-4.3,"sample":2},{"week":3,"averageReturn":-6.1,"sample":2},{"week":4,"averageReturn":-7.7,"sample":2},{"week":5,"averageReturn":-7.0,"sample":2},{"week":6,"averageReturn":-3.9,"sample":2},{"week":7,"averageReturn":-1.5,"sample":2},{"week":8,"averageReturn":-4.2,"sample":2},{"week":9,"averageReturn":-5.2,"sample":2},{"week":10,"averageReturn":-6.5,"sample":1},{"week":11,"averageReturn":-8.0,"sample":1},{"week":12,"averageReturn":-7.8,"sample":1},{"week":13,"averageReturn":-7.3,"sample":1},{"week":14,"averageReturn":-9.3,"sample":1},{"week":15,"averageReturn":-7.8,"sample":1},{"week":16,"averageReturn":-4.0,"sample":1},{"week":17,"averageReturn":-4.0,"sample":1},{"week":18,"averageReturn":-5.3,"sample":1},{"week":19,"averageReturn":-5.6,"sample":1},{"week":20,"averageReturn":-6.9,"sample":1},{"week":21,"averageReturn":-7.2,"sample":1},{"week":22,"averageReturn":-5.3,"sample":1},{"week":23,"averageReturn":-4.2,"sample":1},{"week":24,"averageReturn":-5.9,"sample":1},{"week":25,"averageReturn":-6.7,"sample":1},{"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 structure is downward","detail":"Price is responding in the same broad direction as Market Dynamics."}},"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 accumulation to prepare the long case, then wait for confirmation","tone":"positive","finding":"After accumulation, 100.0% of completed 12-week outcomes were higher across 1 cases. Distinct visits lasted 1.0 weeks on average before leaving the zone.","approach":"Build the thesis and entry conditions while price is in accumulation. Increase exposure only when price responds; location alone is not the entry.","watch":"A failed price response or renewed weakness removes the reason to increase long exposure."}]},"summary":"This record compares the ticker's completed price path with its published Market Dynamics history."},"events":{"positioning_recoveries":[],"reversal_warnings":[{"date":"2026-02-27","price":711.700012},{"date":"2026-06-19","price":683.35}],"reversal_dangers":[{"date":"2026-03-06","price":684.099976},{"date":"2026-06-26","price":683.0}]}},"smTape":{"available":true,"dates":["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":[711.7,684.1,660.05,637.1,623.85,636.0,665.7,692.0,665.15,658.3,665.4,654.95,656.25,659.5,645.4,655.85,683.35,683.0,673.95,671.5,662.7,660.7,674.3,681.8,670.0,663.75],"consensus":[-100.0,-83.6992,-100.0,-100.0,-27.1967,0.0,11.8045,21.9023,-16.5747,-9.3165,0.0,0.0,8.1507,0.0,-21.297,-10.3744,12.6114,10.9499,0.0,0.0,0.0,0.0,14.3006,0.0,-17.7088,-15.5741],"supportDates":["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,0.0,20.8123,27.9404,-27.2749,-17.8977,0.0,0.0,18.2249,0.0,-30.376,-21.5998,12.7019,12.482,0.0,0.0,0.0,0.0,19.9668,0.0,-26.1227,-27.6689],"force":[-100.0,-83.6992,-100.0,-100.0,-17.8516,0.0,15.7956,24.8464,-28.3702,-8.029,0.0,0.0,12.2375,0.0,-18.5076,-3.1001,11.8465,6.3806,0.0,0.0,0.0,0.0,18.8796,0.0,-34.4738,-16.1288],"direction":[null,null,null,null,-33.8717,0.0,1.3409,12.8987,-4.0795,-0.4291,0.0,0.0,6.2818,0.0,-12.9133,-2.7414,13.0544,12.4627,0.0,0.0,0.0,0.0,4.5543,0.0,-3.882,-1.3553],"intensity":[null,null,null,null,25.0,20.0,83.3333,71.4286,75.0,22.2222,10.0,36.3636,8.3333,30.7692,35.7143,20.0,87.5,11.7647,27.7778,5.2632,35.0,42.8571,54.5455,47.8261,29.1667,20.0],"confirmation":[54.6667,49.4504,54.6667,54.6667,53.6091,27.2577,49.3812,75.0064,51.704,48.1446,1.6269,3.0708,49.2527,48.042,74.5917,25.5937,72.011,48.6747,23.8172,49.0318,2.0709,24.365,49.9627,25.1109,52.211,50.1497],"persistence":[null,null,100.0,100.0,100.0,83.3333,57.1429,37.5,37.5,37.5,25.0,12.5,12.5,12.5,12.5,37.5,12.5,12.5,12.5,12.5,0.0,0.0,25.0,37.5,12.5,12.5],"assessmentRisk":[null,null,null,null,36.4017,51.5043,7.0642,38.2083,55.6251,43.3631,2.429,48.5259,25.6959,0.1203,30.0144,7.8629,39.7665,39.2222,45.1874,43.197,43.0669,48.2748,5.5589,32.7127,37.6448,20.966],"volumeParticipation":true,"latest":{"consensus":-15.6,"control":-27.7,"force":-16.1,"direction":-1.4,"confirmation":50.1,"persistence":12.5,"assessmentRisk":21.0,"intensity":20.0,"evidenceDepth":100},"analysis":{"status":"Price structure has the available support","headline":"The gauges support the price-technical view","summary":"Market Dynamics does not provide a directional confirmation. The completed evidence supports the downward price structure.","take":"Current assessment: follow price structure with limited confirmation.","tone":"negative","supportedView":"Price structure","direction":"downward","disagreement":false},"support":{"window":"Latest 12 months","controlState":"Seller control supports the view","controlPath":"Control support is strengthening","forceState":"Downward commitment","forcePath":"Commitment is strengthening","directionState":"Follow-through is limited","persistenceState":"Unsettled","confirmationState":"Qualified support","riskState":"Contained","intensityState":"Quiet"},"cards":[{"label":"SM Consensus Gauge","value":"-15.6","detail":"Price structure has the available support","tone":"negative"},{"label":"SM Control Gauge","value":"-27.7","detail":"Seller control supports the view","tone":"negative"},{"label":"SM Force Gauge","value":"-16.1","detail":"Downward commitment","tone":"negative"},{"label":"SM Direction Gauge","value":"-1.4","detail":"Follow-through is limited","tone":"negative"},{"label":"SM Confirmation Gauge","value":"50/100","detail":"Qualified support","tone":"neutral"}]},"kpis":[{"label":"Price structure","value":"Aligned downward","detail":"completed-week alignment","tone":"negative"},{"label":"Momentum","value":"30.9","detail":"Negative","tone":"negative"},{"label":"Risk pressure","value":"7.8%","detail":"Contained","tone":"neutral"},{"label":"Trend quality","value":"-","detail":"Developing","tone":"neutral"},{"label":"Range position","value":"12%","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 and its trend references are aligned downward.","series":[{"label":"Close","values":[711.7,684.1,660.05,637.1,623.85,636.0,665.7,692.0,665.15,658.3,665.4,654.95,656.25,659.5,645.4,655.85,683.35,683.0,673.95,671.5,662.7,660.7,674.3,681.8,670.0,663.75],"stroke":"#10243b","width":2.1},{"label":"Fast trend","values":[null,null,null,null,675.5948,668.3957,667.9056,672.2864,670.9889,668.6818,668.0851,665.6969,663.9793,663.1649,659.9349,659.1922,663.5845,667.1146,668.3574,668.9288,667.7963,666.506,667.9231,670.4462,670.3651,669.1623],"stroke":"#176fa3","width":1.7},{"label":"Slow trend","values":[null,null,null,null,null,null,null,null,null,null,null,null,679.7441,678.2445,675.8116,674.3329,675.0009,675.5934,675.4717,675.1775,674.2532,673.2493,673.3271,673.9547,673.6618,672.9276],"stroke":"#07865c","width":1.8},{"label":"Upper envelope","values":[null,null,null,null,null,null,null,null,null,714.8987,712.6977,710.1287,707.9022,706.0662,704.2752,702.6533,704.1048,705.1969,704.9233,704.4092,695.5385,692.7705,694.0338,695.4641,692.1694,689.7942],"stroke":"#98a9b8","width":1.0,"dash":[6,5]},{"label":"Lower envelope","values":[null,null,null,null,null,null,null,null,null,611.8913,614.4569,615.588,616.7978,618.2266,617.7848,618.7592,619.9716,621.2086,622.6135,623.9008,627.8715,628.2995,628.4612,631.5009,639.4106,644.5608],"stroke":"#98a9b8","width":1.0,"dash":[6,5]}],"guides":[],"dates":["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,16.7011,16.003,14.7571,13.439,12.5336,11.8905,11.1187,10.5565,9.9883,9.26,8.6244,8.2752,7.8238],"stroke":"#c13f3f","width":1.9},{"label":"Envelope width","values":[null,null,null,null,null,null,null,null,null,15.5273,14.8047,14.2626,13.7547,13.2659,13.0842,12.6976,12.7082,12.664,12.4004,12.1219,10.2262,9.7604,9.9165,9.6405,7.9242,6.7798],"stroke":"#b87806","width":1.7}],"guides":[],"dates":["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":"range","eyebrow":"Acceptance map","title":"Range position and boundary pressure","description":"Price location inside its observed range shows whether the tape is pressing an outer boundary or rotating through value.","reason":"Selected because price is testing an observed boundary or moving rapidly through its recent range.","series":[{"label":"Range position","values":[null,null,null,null,null,null,null,20.0064,12.2438,10.2634,12.3161,9.2949,9.6707,10.6103,6.5339,9.5551,17.5056,17.4044,14.7879,14.0796,11.5355,10.9572,14.8891,17.0574,13.646,11.839],"stroke":"#10243b","width":2.0},{"label":"From high","values":[null,null,null,null,null,null,null,-28.5633,-31.3351,-32.0422,-31.3093,-32.3881,-32.2539,-31.9184,-33.3739,-32.2952,-29.4563,-29.4924,-30.4267,-30.6796,-31.588,-31.7945,-30.3905,-29.6163,-30.8344,-31.4796],"stroke":"#c13f3f","width":1.5},{"label":"From low","values":[null,null,null,null,null,null,null,11.1111,6.7999,5.7001,6.8401,5.1622,5.3709,5.8927,3.6288,5.3067,9.7222,9.666,8.2129,7.8195,6.4066,6.0854,8.2691,9.4733,7.5787,6.5751],"stroke":"#07865c","width":1.5}],"guides":[{"label":"Range centre","values":[50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0,50.0],"stroke":"#8fa0af","width":1.0,"dash":[6,5]}],"dates":["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":"momentum","eyebrow":"Momentum pressure","title":"Directional pressure and rotation","description":"Two independent momentum views show whether pressure is broadening, fading or stretched.","reason":"Selected because momentum has changed character across the latest observations.","series":[{"label":"Momentum","values":[null,null,null,null,null,null,null,null,null,null,null,null,null,null,17.9462,21.2776,29.4007,29.3592,28.2483,27.9401,26.8085,26.5454,31.4709,34.0954,32.0178,30.9423],"stroke":"#063b66","width":2.0},{"label":"Rotation","values":[null,null,null,null,null,null,12.4028,20.0064,12.2438,10.2634,12.3161,9.2949,9.6707,10.6103,29.7564,47.7601,87.5,86.9942,73.2791,61.7537,45.3358,48.2684,77.7056,91.5612,66.6667,50.2257],"stroke":"#1678a7","width":1.5},{"label":"Rotation signal","values":[null,null,null,null,null,null,null,16.2046,14.8843,14.1712,11.6077,10.6248,10.4272,9.8586,16.6792,29.3756,55.0055,74.0848,82.5911,74.009,60.1228,51.786,57.1033,72.5117,78.6445,69.4845],"stroke":"#b87806","width":1.4}],"guides":[{"label":"Upper 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