{
  "ticker": {
    "uuid": "12bddd85-48f8-4d92-9c8a-ad5f70314156",
    "symbol": "NUHY",
    "name": "NUSHARES ETF TRUST NUVEEN ESG HIGH YIELD CORP BD ETF",
    "exchange": "NYSEARCA",
    "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": 3,
    "stage_name": "Distribution",
    "phase": "3b",
    "phase_label": "Stage 3B \u00b7 Distribution",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 37.058,
    "architecture_energy": 20.957,
    "architecture_maturity": 59.794,
    "architecture_confidence": 72.968,
    "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": 44.81,
        "rotation_up": 25.33,
        "upward_expansion": 53.47,
        "deceleration": 89.17,
        "rotation_down": 35.1,
        "downward_expansion": 21.81
      },
      "activity_lines": [
        21.173775,
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        21.188187,
        21.142964
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.166667
    },
    "latest_close": 21.271,
    "trend_reference": 21.106912,
    "distance_from_trend": 0.007774,
    "trend_direction": "Improving",
    "fair_value": 19.425295,
    "distance_from_fair_value": 0.095016,
    "fair_value_direction": "Weakening",
    "relative_strength": -9.672814,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.006496,
    "excess_performance": -0.119129,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.007774,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.004742,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.095016,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.01414,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.096728,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.003118,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.006496,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.702568,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 63149,
      "relative_activity": 0.578772,
      "balance": 0.702568,
      "dry_up": 0.690786,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.007137,
      "annualized_volatility": 0.045327,
      "from_high_reference": -0.004582,
      "from_low_reference": 0.043528
    },
    "levels": {
      "trend_reference": 21.106912,
      "fair_value_reference": 19.425295,
      "structural_low": 20.56253,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 44,
        "median_return": 0.003256,
        "positive_rate": 0.590909,
        "directional_follow_through": 0.590909,
        "median_excess_return": -0.009484,
        "regime_survival": 0.863636,
        "best_return": 0.029071,
        "worst_return": -0.02469,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
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        "worst_return": -0.029501,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "regime_survival": 0.75,
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        "worst_return": -0.003197,
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      },
      {
        "horizon": "Full cycle",
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        "worst_return": -0.122796,
        "sufficient": false
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    ],
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      {
        "regime": "deceleration",
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 116500.95,
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        "stage": 3,
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      },
      {
        "date": "2026-07-31",
        "close": 21.121186,
        "volume": 70444,
        "typical_volume": 109116.8,
        "trend": 21.101998,
        "fair_value": 19.39693,
        "relative_strength": -7.444131,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 21.971916,
        "energy": 18.49709,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 21.271,
        "volume": 63149,
        "typical_volume": 109108.65,
        "trend": 21.106912,
        "fair_value": 19.425295,
        "relative_strength": -9.672814,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 37.05819,
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        "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."
    }
  }
}