{
  "label": "RESEARCH SHADOW (no allocation role)",
  "research_shadow": true,
  "allocation_role": "none",
  "phase": "IDLE",
  "phase_entry_date": "2025-06-26",
  "phase_sessions": 349,
  "as_of": "2026-11-13",
  "key_levels": {
    "spx_tr": 754.37,
    "high_252d": 779.09,
    "running_low": null,
    "rebound_high": null,
    "trigger_level": null,
    "anchor": null
  },
  "sessions_left_in_window": 0,
  "latest_gate_readings": {
    "as_of": "2025-04-21",
    "context": "last_trigger",
    "rebound_high_date": "2025-04-09",
    "d10y_bp": 8.0,
    "s20_pct": -11.4,
    "hb_lv_vs_sma50_pct": -11.4,
    "implied_size_pct": 0
  },
  "events": [
    {
      "date": "2022-07-28",
      "event": "WINDOW OPEN",
      "level": 345.2,
      "anchor_date": "2022-06-16",
      "rebound_high": 383.97,
      "trigger_level": 364.77
    },
    {
      "date": "2022-08-26",
      "event": "TRIGGER",
      "level": 383.25,
      "anchor": 345.2,
      "rebound_high": 406.31,
      "trigger_level": 386.0,
      "implied_size_pct": 0
    },
    {
      "date": "2022-09-27",
      "event": "STOPPED",
      "level": 345.01,
      "anchor": 345.2
    },
    {
      "date": "2022-11-10",
      "event": "WINDOW OPEN",
      "level": 338.54,
      "anchor_date": "2022-10-12",
      "rebound_high": 374.74,
      "trigger_level": 356.0
    },
    {
      "date": "2022-12-16",
      "event": "TRIGGER",
      "level": 365.57,
      "anchor": 338.54,
      "rebound_high": 387.07,
      "trigger_level": 367.72,
      "implied_size_pct": 70
    },
    {
      "date": "2023-06-02",
      "event": "DISARM",
      "level": 409.71,
      "high_252d": 409.71
    },
    {
      "date": "2025-03-13",
      "event": "ARMED",
      "level": 540.8,
      "high_252d": 601.12
    },
    {
      "date": "2025-04-09",
      "event": "WINDOW OPEN",
      "level": 488.38,
      "anchor_date": "2025-04-08",
      "rebound_high": 539.67,
      "trigger_level": 512.68
    },
    {
      "date": "2025-04-21",
      "event": "TRIGGER",
      "level": 505.5,
      "anchor": 488.38,
      "rebound_high": 539.67,
      "trigger_level": 512.68,
      "implied_size_pct": 0
    },
    {
      "date": "2025-06-26",
      "event": "DISARM",
      "level": 603.67,
      "high_252d": 603.67
    }
  ],
  "generated_at": "2026-11-14T02:02:19+00:00",
  "data_timestamps": {
    "spx_tr": "2026-11-13",
    "dgs10": "2026-11-13",
    "sphb_splv": "2026-11-13",
    "SPY": "2026-11-13",
    "DGS10": "2026-11-12",
    "SPHB": "2026-11-13",
    "SPLV": "2026-11-13"
  },
  "data_source": {
    "mode": "daily_ci",
    "spx_tr_source": "yfinance SPY adjusted close (dividend-adjusted SPX_TR proxy)",
    "proxy_deviation": "Not Bloomberg SPX_TR. Overlap diagnostics through 2026-10-30: annualized return difference −0.123pp, daily return-difference MAE 10.9bp, correlation 0.9858; threshold dates can differ.",
    "source_last_observations": {
      "SPY": "2026-11-13",
      "DGS10": "2026-11-12",
      "SPHB": "2026-11-13",
      "SPLV": "2026-11-13"
    }
  },
  "data_quality": [],
  "frozen_rule": {
    "name": "L6c",
    "status": "FROZEN PRE-REGISTERED HYPOTHESIS",
    "allocation_role": "none",
    "sizing": "0% if Δ10Y>0; 35% if ≤0; 70% if Δ10Y≤−20bp OR s20>+10pp"
  }
}