{
  "ticker": {
    "uuid": "3588d4ac-5010-408c-8fb1-c1a74ae2e05b",
    "symbol": "2518",
    "name": "NEXT FUNDS MSCI Japan Empowering Women Select Index Exchange Traded Fund",
    "exchange": "JPX",
    "country": "JP",
    "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": "^N225",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "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": 59.972,
    "architecture_energy": 39.59,
    "architecture_maturity": 81.486,
    "architecture_confidence": 59.171,
    "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": 16.96,
        "rotation_up": 44.54,
        "upward_expansion": 74.62,
        "deceleration": 68.51,
        "rotation_down": 27.68,
        "downward_expansion": 10.29
      },
      "activity_lines": [
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        2267.644166
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 2393.0,
    "trend_reference": 2199.136499,
    "distance_from_trend": 0.088154,
    "trend_direction": "Improving",
    "fair_value": 1639.595583,
    "distance_from_fair_value": 0.459506,
    "fair_value_direction": "Improving",
    "relative_strength": -1.849841,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.150801,
    "excess_performance": -0.058457,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.088154,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.077881,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.459506,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.05413,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.018498,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.084758,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.150801,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 3.933582,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 11098,
      "relative_activity": 0.957504,
      "balance": 3.933582,
      "dry_up": 1.873034,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.043685,
      "annualized_volatility": 0.175807,
      "from_high_reference": -0.046234,
      "from_low_reference": 0.410479
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    "levels": {
      "trend_reference": 2199.136499,
      "fair_value_reference": 1639.595583,
      "structural_low": 1912.077415,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 40,
        "median_return": 0.02717,
        "positive_rate": 0.65,
        "directional_follow_through": 0.65,
        "median_excess_return": 0.00375,
        "regime_survival": 0.775,
        "best_return": 0.084594,
        "worst_return": -0.067711,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 14,
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        "positive_rate": 0.714286,
        "directional_follow_through": 0.714286,
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        "worst_return": -0.091983,
        "sufficient": true
      },
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        "horizon": "Extended",
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        "directional_follow_through": 0.625,
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        "regime_survival": 0.625,
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        "worst_return": -0.128285,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
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        "worst_return": -0.076514,
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        "regime": "deceleration",
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      {
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        "regime": "balance",
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        "regime": "upward_expansion",
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        "regime": "rotation_down",
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      },
      {
        "date": "2026-07-24",
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        "volume": 45883,
        "typical_volume": 9850.3,
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      },
      {
        "date": "2026-07-31",
        "close": 2365.0,
        "volume": 27871,
        "typical_volume": 11102.1,
        "trend": 2185.713277,
        "fair_value": 1631.791365,
        "relative_strength": -1.318243,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 56.934486,
        "energy": 41.662835,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 2393.0,
        "volume": 11098,
        "typical_volume": 11590.55,
        "trend": 2199.136499,
        "fair_value": 1639.595583,
        "relative_strength": -1.849841,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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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."
    }
  }
}