{
  "ticker": {
    "uuid": "3591827d-1fd7-458b-b51a-c3ea276d160e",
    "symbol": "2521",
    "name": "Listed Index Fund US Equity (S&P500) Currency Hedge",
    "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": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 79.65,
    "architecture_energy": 52.615,
    "architecture_maturity": 43.412,
    "architecture_confidence": 62.795,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 21.41,
        "rotation_up": 51.43,
        "upward_expansion": 80.9,
        "deceleration": 67.09,
        "rotation_down": 28.05,
        "downward_expansion": 7.57
      },
      "activity_lines": [
        2129.866667,
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        2109.280952,
        2073.831742
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 2172.0,
    "trend_reference": 2034.125338,
    "distance_from_trend": 0.067781,
    "trend_direction": "Improving",
    "fair_value": 1745.963988,
    "distance_from_fair_value": 0.244012,
    "fair_value_direction": "Improving",
    "relative_strength": -9.633013,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.117859,
    "excess_performance": -0.091399,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.067781,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.026805,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.244012,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.003494,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.09633,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.069456,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.117859,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.627411,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 129330,
      "relative_activity": 2.306764,
      "balance": 1.627411,
      "dry_up": 1.868438,
      "accumulation_observations": 4,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.018593,
      "annualized_volatility": 0.113353,
      "from_high_reference": -0.011829,
      "from_low_reference": 0.206667
    },
    "levels": {
      "trend_reference": 2034.125338,
      "fair_value_reference": 1745.963988,
      "structural_low": 1800.0,
      "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": 8,
        "median_return": 0.012742,
        "positive_rate": 0.625,
        "directional_follow_through": 0.625,
        "median_excess_return": 0.016704,
        "regime_survival": 0.25,
        "best_return": 0.06645,
        "worst_return": -0.051578,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.024409,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.044762,
        "regime_survival": 0.0,
        "best_return": 0.074919,
        "worst_return": -0.094746,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.073073,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.052806,
        "regime_survival": 0.0,
        "best_return": 0.114646,
        "worst_return": 0.032513,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.114246,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.002156,
        "regime_survival": 0.333333,
        "best_return": 0.183661,
        "worst_return": -0.162233,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-10",
        "end": "2025-01-31",
        "tenure": "New",
        "return": 0.028414,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-02-28",
        "tenure": "New",
        "return": -0.030202,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.033655,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-04-04",
        "tenure": "New",
        "return": -0.049107,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-11",
        "end": "2025-05-30",
        "tenure": "Developing",
        "return": 0.090909,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-06-13",
        "tenure": "New",
        "return": -0.000569,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-07-18",
        "tenure": "Developing",
        "return": 0.05685,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2026-02-13",
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        "active": false
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        "active": false
      },
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      },
      {
        "date": "2026-06-26",
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          2059.757143,
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      },
      {
        "date": "2026-07-03",
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        "trend": 2010.192017,
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      {
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        "relative_strength": -17.225005,
        "stage": 3,
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        "energy": 51.785711,
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      },
      {
        "date": "2026-07-17",
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        "trend": 2020.187016,
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        "modifier": "Established expansion",
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        "energy": 47.428496,
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          2054.186712
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      },
      {
        "date": "2026-07-24",
        "close": 2090.0,
        "volume": 3686,
        "typical_volume": 52442.2,
        "trend": 2023.490344,
        "fair_value": 1736.806001,
        "relative_strength": -12.754747,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 48.775914,
        "energy": 42.644919,
        "activity_lines": [
          2109.733333,
          2114.345455,
          2092.242857,
          2058.690776
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      },
      {
        "date": "2026-07-31",
        "close": 2114.0,
        "volume": 25349,
        "typical_volume": 50498.7,
        "trend": 2027.824674,
        "fair_value": 1741.15562,
        "relative_strength": -10.847597,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 47.083292,
        "energy": 37.752226,
        "activity_lines": [
          2110.933333,
          2113.4,
          2098.490476,
          2064.530108
        ]
      },
      {
        "date": "2026-08-07",
        "close": 2172.0,
        "volume": 129330,
        "typical_volume": 56065.55,
        "trend": 2034.125338,
        "fair_value": 1745.963988,
        "relative_strength": -9.633013,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
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        "energy": 52.61461,
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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."
    }
  }
}