{
  "ticker": {
    "uuid": "07a2166c-6d5a-4a69-beb6-c287019fdab4",
    "symbol": "276970",
    "name": "KODEX US S&P Dividend Covered Call",
    "exchange": "KSC",
    "country": "KR",
    "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": "^KS11",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 60.859,
    "architecture_regime": "rotation_up",
    "architecture_regime_label": "Rotation Up",
    "architecture_modifier": "Value reclamation",
    "architecture_gate": "mixed",
    "architecture_direction": 28.804,
    "architecture_energy": 41.838,
    "architecture_maturity": 5.263,
    "architecture_confidence": 59.576,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating upward.",
        "body": "Fast Activity is improving relative to Slow Activity and price acceptance is strengthening. This is earlier than full positive Trend confirmation and remains a developing repair."
      },
      "scores": {
        "balance": 28.64,
        "rotation_up": 68.64,
        "upward_expansion": 53.71,
        "deceleration": 16.72,
        "rotation_down": 15.4,
        "downward_expansion": 21.71
      },
      "activity_lines": [
        7748.0,
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        7553.43567,
        7593.497486
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 7790.0,
    "trend_reference": 7668.931885,
    "distance_from_trend": 0.015787,
    "trend_direction": "Improving",
    "fair_value": 7570.736729,
    "distance_from_fair_value": 0.028962,
    "fair_value_direction": "Improving",
    "relative_strength": -18.88622,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.025228,
    "excess_performance": -0.255057,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.015787,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.007816,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.028962,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.065592,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.188862,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.301271,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.025228,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.867011,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 46544,
      "relative_activity": 0.473555,
      "balance": 0.867011,
      "dry_up": 0.663556,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.028788,
      "annualized_volatility": 0.132733,
      "from_high_reference": -0.049817,
      "from_low_reference": 0.108744
    },
    "levels": {
      "trend_reference": 7668.931885,
      "fair_value_reference": 7570.736729,
      "structural_low": 7025.966642,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 6,
        "median_return": 0.008346,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.015839,
        "regime_survival": 0.333333,
        "best_return": 0.035924,
        "worst_return": -0.023109,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.023638,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.017732,
        "regime_survival": 0.0,
        "best_return": 0.038459,
        "worst_return": -0.002824,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": -0.006295,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.120292,
        "regime_survival": 0.0,
        "best_return": 0.005053,
        "worst_return": -0.047651,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.020242,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.008352,
        "regime_survival": 0.0,
        "best_return": 0.011481,
        "worst_return": -0.051966,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-22",
        "end": "2024-11-29",
        "tenure": "New",
        "return": 0.018814,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-12-06",
        "end": "2024-12-13",
        "tenure": "New",
        "return": -0.012994,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-12-20",
        "end": "2025-01-31",
        "tenure": "Developing",
        "return": 0.033153,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-02-07",
        "end": "2025-02-28",
        "tenure": "New",
        "return": 0.021583,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-03-07",
        "end": "2025-04-11",
        "tenure": "Developing",
        "return": -0.049331,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-08-08",
        "tenure": "Established",
        "return": -0.008368,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-08-15",
        "end": "2025-10-10",
        "tenure": "Developing",
        "return": -0.028717,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-10-17",
        "end": "2025-12-19",
        "tenure": "Developing",
        "return": 0.038255,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-12-26",
        "end": "2026-01-16",
        "tenure": "New",
        "return": 0.039843,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-01-23",
        "end": "2026-03-20",
        "tenure": "Developing",
        "return": -0.015132,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-03-27",
        "end": "2026-05-08",
        "tenure": "Developing",
        "return": -0.056576,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-05-15",
        "end": "2026-06-05",
        "tenure": "New",
        "return": 0.023693,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2026-06-12",
        "end": "2026-07-24",
        "tenure": "Developing",
        "return": 0.042599,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2026-07-31",
        "end": "2026-08-07",
        "tenure": "New",
        "return": -0.002561,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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      {
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      {
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      {
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      },
      {
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      },
      {
        "date": "2026-07-17",
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        "fair_value": 7571.467532,
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      },
      {
        "date": "2026-07-24",
        "close": 7700.0,
        "volume": 58300,
        "typical_volume": 98210.55,
        "trend": 7654.624284,
        "fair_value": 7570.85991,
        "relative_strength": -27.044917,
        "stage": 3,
        "regime": "downward_expansion",
        "modifier": "Early contraction",
        "gate": "mixed",
        "direction": 20.96739,
        "energy": 31.626328,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 7810.0,
        "volume": 115112,
        "typical_volume": 100393.3,
        "trend": 7663.342415,
        "fair_value": 7570.767428,
        "relative_strength": -23.856639,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 30.883114,
        "energy": 38.962591,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 7790.0,
        "volume": 46544,
        "typical_volume": 98286.4,
        "trend": 7668.931885,
        "fair_value": 7570.736729,
        "relative_strength": -18.88622,
        "stage": 1,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "mixed",
        "direction": 28.803853,
        "energy": 41.837518,
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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."
    }
  }
}