{
  "ticker": {
    "uuid": "09ff7f16-04d8-4841-a64e-58e5db6a7f70",
    "symbol": "DUSA",
    "name": "DAVIS SELECT U.S. EQUITY ETF",
    "exchange": "CBOE",
    "country": "US",
    "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": "SPY",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 76.06,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 67.395,
    "architecture_energy": 59.044,
    "architecture_maturity": 54.707,
    "architecture_confidence": 82.859,
    "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": 7.31,
        "rotation_up": 59.88,
        "upward_expansion": 85.62,
        "deceleration": 61.96,
        "rotation_down": 24.73,
        "downward_expansion": 9.95
      },
      "activity_lines": [
        57.382,
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        56.376648,
        55.385611
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.833333
    },
    "latest_close": 57.5,
    "trend_reference": 54.237543,
    "distance_from_trend": 0.060151,
    "trend_direction": "Improving",
    "fair_value": 43.417008,
    "distance_from_fair_value": 0.324366,
    "fair_value_direction": "Weakening",
    "relative_strength": -0.982725,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.073162,
    "excess_performance": -0.052463,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.060151,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.043332,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.324366,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.034613,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.009827,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.029702,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.073162,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.282723,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 267835,
      "relative_activity": 1.165397,
      "balance": 1.282723,
      "dry_up": 1.062261,
      "accumulation_observations": 5,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.019031,
      "annualized_volatility": 0.103686,
      "from_high_reference": -0.017598,
      "from_low_reference": 0.270221
    },
    "levels": {
      "trend_reference": 54.237543,
      "fair_value_reference": 43.417008,
      "structural_low": 49.5405,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 34,
        "median_return": 0.014275,
        "positive_rate": 0.588235,
        "directional_follow_through": 0.588235,
        "median_excess_return": 4.5e-05,
        "regime_survival": 0.794118,
        "best_return": 0.074979,
        "worst_return": -0.060809,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
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        "positive_rate": 0.769231,
        "directional_follow_through": 0.769231,
        "median_excess_return": 0.007606,
        "regime_survival": 0.769231,
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        "worst_return": -0.067186,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": 0.09537,
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        "directional_follow_through": 0.857143,
        "median_excess_return": 0.010049,
        "regime_survival": 1.0,
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        "worst_return": -0.006162,
        "sufficient": true
      },
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        "horizon": "Full cycle",
        "sample_count": 3,
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        "worst_return": 0.165935,
        "sufficient": false
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        "color": "amber",
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        "end": "2025-01-24",
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        "active": false
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        "regime": "upward_expansion",
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      {
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2025-05-09",
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        "active": false
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      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-06-20",
        "tenure": "Developing",
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        "active": false
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      },
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        "date": "2026-04-24",
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      },
      {
        "date": "2026-05-08",
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        "date": "2026-05-15",
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      },
      {
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      },
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      },
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        "date": "2026-06-05",
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      },
      {
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      },
      {
        "date": "2026-07-03",
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        "relative_strength": 2.083049,
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      },
      {
        "date": "2026-07-10",
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        "fair_value": 42.761609,
        "relative_strength": 1.657087,
        "stage": 2,
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      },
      {
        "date": "2026-07-17",
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        "volume": 228374,
        "typical_volume": 241547.1,
        "trend": 53.674672,
        "fair_value": 42.929791,
        "relative_strength": 3.3616,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 79.114886,
        "energy": 87.542597,
        "activity_lines": [
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          55.626833,
          54.719563
        ]
      },
      {
        "date": "2026-07-24",
        "close": 56.93,
        "volume": 212100,
        "typical_volume": 228670.4,
        "trend": 53.854377,
        "fair_value": 43.087481,
        "relative_strength": 2.7622,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 66.356965,
        "energy": 79.897001,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 57.485,
        "volume": 268219,
        "typical_volume": 224427.2,
        "trend": 54.06221,
        "fair_value": 43.251621,
        "relative_strength": 2.528328,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 70.072659,
        "energy": 71.899073,
        "activity_lines": [
          57.298333,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 57.5,
        "volume": 267835,
        "typical_volume": 229822.9,
        "trend": 54.237543,
        "fair_value": 43.417008,
        "relative_strength": -0.982725,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 67.395178,
        "energy": 59.044448,
        "activity_lines": [
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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."
    }
  }
}