{
  "ticker": {
    "uuid": "0453afb0-4627-47f9-8229-cd03af4d8ca9",
    "symbol": "INAA",
    "name": "iShares MSCI North America UCITS ETF USD (Dist)",
    "exchange": "AMS",
    "country": "NL",
    "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": "^AEX",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 85.194,
    "architecture_energy": 68.743,
    "architecture_maturity": 85.074,
    "architecture_confidence": 68.271,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding upward.",
        "body": "Trend and Activity show sustained positive alignment with constructive price acceptance. Directional energy remains positive; cooling within this regime can indicate that it is maturing."
      },
      "scores": {
        "balance": 15.02,
        "rotation_up": 54.73,
        "upward_expansion": 83.0,
        "deceleration": 71.26,
        "rotation_down": 28.86,
        "downward_expansion": 12.0
      },
      "activity_lines": [
        122.110001,
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        119.830739,
        117.199928
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 124.620003,
    "trend_reference": 114.105219,
    "distance_from_trend": 0.09215,
    "trend_direction": "Improving",
    "fair_value": 97.192668,
    "distance_from_fair_value": 0.282196,
    "fair_value_direction": "Improving",
    "relative_strength": 0.463033,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.153922,
    "excess_performance": 0.03726,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.09215,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.039473,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.282196,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.037387,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.00463,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.030216,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.153922,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.514575,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 3101,
      "relative_activity": 0.348605,
      "balance": 1.514575,
      "dry_up": 0.831296,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.017187,
      "annualized_volatility": 0.11632,
      "from_high_reference": -0.00304,
      "from_low_reference": 0.238801
    },
    "levels": {
      "trend_reference": 114.105219,
      "fair_value_reference": 97.192668,
      "structural_low": 103.139999,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 38,
        "median_return": 0.0101,
        "positive_rate": 0.605263,
        "directional_follow_through": 0.605263,
        "median_excess_return": -0.00218,
        "regime_survival": 0.842105,
        "best_return": 0.08225,
        "worst_return": -0.103269,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 14,
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        "directional_follow_through": 0.785714,
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        "regime_survival": 0.571429,
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        "worst_return": -0.179543,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
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        "directional_follow_through": 0.714286,
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        "worst_return": -0.082356,
        "sufficient": true
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        "horizon": "Full cycle",
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        "worst_return": 0.036301,
        "sufficient": false
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        "color": "amber",
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      },
      {
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        "regime": "downward_expansion",
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        "regime": "balance",
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        "date": "2026-04-24",
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        "typical_volume": 11098.0,
        "trend": 107.98304,
        "fair_value": 92.606158,
        "relative_strength": 0.894736,
        "stage": 2,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
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        "energy": 49.821995,
        "activity_lines": [
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      },
      {
        "date": "2026-05-01",
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        "trend": 108.218237,
        "fair_value": 92.899342,
        "relative_strength": 1.602772,
        "stage": 2,
        "regime": "upward_expansion",
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        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
        "close": 116.021484,
        "volume": 6985,
        "typical_volume": 11020.6,
        "trend": 108.567715,
        "fair_value": 93.204248,
        "relative_strength": 3.484601,
        "stage": 2,
        "regime": "upward_expansion",
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      },
      {
        "date": "2026-05-15",
        "close": 118.118263,
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        "fair_value": 93.512186,
        "relative_strength": 5.876087,
        "stage": 2,
        "regime": "upward_expansion",
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        "energy": 95.332509,
        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
        "close": 119.650002,
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        "typical_volume": 12487.1,
        "trend": 109.425124,
        "fair_value": 93.826224,
        "relative_strength": 3.488881,
        "stage": 2,
        "regime": "upward_expansion",
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        "energy": 95.326588,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 12604.2,
        "trend": 109.77219,
        "fair_value": 94.134209,
        "relative_strength": 4.666417,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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        "energy": 93.621473,
        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
        "close": 120.215034,
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        "typical_volume": 12107.8,
        "trend": 110.23936,
        "fair_value": 94.441336,
        "relative_strength": 3.950707,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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        "energy": 91.419476,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
        "close": 119.056816,
        "volume": 5670,
        "typical_volume": 12093.95,
        "trend": 110.625067,
        "fair_value": 94.735808,
        "relative_strength": -0.969996,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 68.226466,
        "energy": 87.092684,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 119.849998,
        "volume": 648,
        "typical_volume": 10531.65,
        "trend": 111.494333,
        "fair_value": 95.345516,
        "relative_strength": 1.369442,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 66.092456,
        "energy": 65.699348,
        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
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        "volume": 0,
        "typical_volume": 10038.4,
        "trend": 111.891849,
        "fair_value": 95.655519,
        "relative_strength": 0.346279,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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        "direction": 74.620654,
        "energy": 67.984893,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
        "close": 122.449997,
        "volume": 3604,
        "typical_volume": 9649.3,
        "trend": 112.385432,
        "fair_value": 95.973967,
        "relative_strength": 1.148201,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 80.661061,
        "energy": 73.953419,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 121.370003,
        "volume": 13402,
        "typical_volume": 9840.95,
        "trend": 112.829704,
        "fair_value": 96.277658,
        "relative_strength": -0.484306,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.884955,
        "energy": 72.488441,
        "activity_lines": [
          121.401999,
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          117.984306,
          115.51781
        ]
      },
      {
        "date": "2026-07-24",
        "close": 121.360001,
        "volume": 6056,
        "typical_volume": 9304.6,
        "trend": 113.253179,
        "fair_value": 96.573011,
        "relative_strength": -0.324315,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.708596,
        "energy": 70.73195,
        "activity_lines": [
          121.464,
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          118.602115,
          116.068152
        ]
      },
      {
        "date": "2026-07-31",
        "close": 119.82,
        "volume": 7020,
        "typical_volume": 8954.15,
        "trend": 113.644287,
        "fair_value": 96.86523,
        "relative_strength": -2.345937,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 61.498077,
        "energy": 60.68895,
        "activity_lines": [
          120.986,
          120.850468,
          119.016089,
          116.491818
        ]
      },
      {
        "date": "2026-08-07",
        "close": 124.620003,
        "volume": 3101,
        "typical_volume": 8895.45,
        "trend": 114.105219,
        "fair_value": 97.192668,
        "relative_strength": 0.463033,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 85.193905,
        "energy": 68.743412,
        "activity_lines": [
          122.110001,
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          117.199928
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      }
    ],
    "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."
    }
  }
}