{
  "ticker": {
    "uuid": "35fa8dfb-d3a2-4a78-bf19-491aa03b3d33",
    "symbol": "UVAL",
    "name": "State Street SPDR MSCI USA Value UCITS ETF USD Acc",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 78.536,
    "architecture_energy": 65.261,
    "architecture_maturity": 71.665,
    "architecture_confidence": 62.964,
    "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": 28.42,
        "rotation_up": 48.85,
        "upward_expansion": 80.67,
        "deceleration": 74.31,
        "rotation_down": 29.55,
        "downward_expansion": 12.0
      },
      "activity_lines": [
        73.260001,
        72.983,
        71.533547,
        69.08329
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 74.815002,
    "trend_reference": 66.014333,
    "distance_from_trend": 0.133315,
    "trend_direction": "Improving",
    "fair_value": 51.095352,
    "distance_from_fair_value": 0.464223,
    "fair_value_direction": "Improving",
    "relative_strength": 13.709805,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.238249,
    "excess_performance": 0.187014,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.133315,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.090728,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.464223,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.081308,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.137098,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.025601,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.238249,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.303454,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 8187,
      "relative_activity": 0.781333,
      "balance": 0.303454,
      "dry_up": 3.795362,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.025259,
      "annualized_volatility": 0.141016,
      "from_high_reference": -0.004181,
      "from_low_reference": 0.558672
    },
    "levels": {
      "trend_reference": 66.014333,
      "fair_value_reference": 51.095352,
      "structural_low": 58.222599,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 12,
        "median_return": -0.008351,
        "positive_rate": 0.416667,
        "directional_follow_through": 0.416667,
        "median_excess_return": 0.005334,
        "regime_survival": 0.5,
        "best_return": 0.07093,
        "worst_return": -0.025604,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.008357,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.008985,
        "regime_survival": 0.0,
        "best_return": 0.25404,
        "worst_return": -0.041013,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.036211,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.057109,
        "regime_survival": 0.0,
        "best_return": 0.125241,
        "worst_return": -0.031548,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.099034,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.003406,
        "regime_survival": 0.0,
        "best_return": 0.185347,
        "worst_return": 0.032319,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-09-13",
        "end": "2024-09-27",
        "tenure": "New",
        "return": 0.017765,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-10-04",
        "end": "2024-10-11",
        "tenure": "New",
        "return": 0.019815,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-10-18",
        "end": "2024-11-01",
        "tenure": "New",
        "return": -0.0171,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-11-08",
        "end": "2024-12-20",
        "tenure": "Developing",
        "return": -0.044645,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-12-27",
        "end": "2025-01-24",
        "tenure": "Developing",
        "return": 0.059257,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-01-31",
        "end": "2025-02-28",
        "tenure": "Developing",
        "return": -0.027652,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-07",
        "end": "2025-04-04",
        "tenure": "Developing",
        "return": -0.09056,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-11",
        "end": "2025-06-20",
        "tenure": "Developing",
        "return": 0.105125,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-27",
        "end": "2025-07-11",
        "tenure": "New",
        "return": 0.030647,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-07-18",
        "end": "2025-08-29",
        "tenure": "Developing",
        "return": 0.040718,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-09-05",
        "end": "2026-03-20",
        "tenure": "Extended",
        "return": 0.181346,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-03-27",
        "end": "2026-04-17",
        "tenure": "New",
        "return": 0.055111,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Established",
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        "active": false
      },
      {
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        "tenure": "New",
        "return": 0.021574,
        "active": true
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    ],
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        "relative_strength": 9.319808,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 82.909821,
        "energy": 89.977914,
        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
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        "typical_volume": 3152.0,
        "trend": 58.8065,
        "fair_value": 48.415833,
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        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 95.939671,
        "energy": 97.957102,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
        "close": 68.769997,
        "volume": 6572,
        "typical_volume": 3382.25,
        "trend": 59.344667,
        "fair_value": 48.604487,
        "relative_strength": 19.297159,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 97.091391,
        "energy": 98.736639,
        "activity_lines": [
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          61.025978
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      },
      {
        "date": "2026-05-22",
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        "volume": 3187,
        "typical_volume": 3520.85,
        "trend": 59.902167,
        "fair_value": 48.804295,
        "relative_strength": 18.692133,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 96.518067,
        "energy": 98.676697,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
        "close": 74.099998,
        "volume": 3881,
        "typical_volume": 3593.7,
        "trend": 60.523166,
        "fair_value": 49.024199,
        "relative_strength": 24.345164,
        "stage": 2,
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        "direction": 97.889551,
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      },
      {
        "date": "2026-06-05",
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        "typical_volume": 3534.1,
        "trend": 61.182166,
        "fair_value": 49.242019,
        "relative_strength": 24.269074,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 91.53869,
        "energy": 97.00666,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
        "close": 73.879997,
        "volume": 9,
        "typical_volume": 3303.35,
        "trend": 61.788166,
        "fair_value": 49.455417,
        "relative_strength": 21.657203,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 78.784048,
        "energy": 92.539964,
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      },
      {
        "date": "2026-06-19",
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        "typical_volume": 3012.7,
        "trend": 62.428999,
        "fair_value": 49.669904,
        "relative_strength": 21.16435,
        "stage": 2,
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        "energy": 88.867118,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 73.724998,
        "volume": 250,
        "typical_volume": 3011.85,
        "trend": 63.015666,
        "fair_value": 49.881442,
        "relative_strength": 19.595328,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 67.273851,
        "energy": 86.819423,
        "activity_lines": [
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          65.844085
        ]
      },
      {
        "date": "2026-07-03",
        "close": 71.370003,
        "volume": 134,
        "typical_volume": 2669.55,
        "trend": 63.506333,
        "fair_value": 50.08125,
        "relative_strength": 13.446183,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 65.481634,
        "energy": 66.855388,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-07-10",
        "close": 72.279999,
        "volume": 13466,
        "typical_volume": 3113.95,
        "trend": 63.995666,
        "fair_value": 50.289135,
        "relative_strength": 16.309178,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 54.117462,
        "energy": 60.757543,
        "activity_lines": [
          72.562333,
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          66.949118
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      },
      {
        "date": "2026-07-17",
        "close": 71.580002,
        "volume": 135451,
        "typical_volume": 9777.4,
        "trend": 64.467,
        "fair_value": 50.483333,
        "relative_strength": 13.536283,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 50.69712,
        "energy": 55.322694,
        "activity_lines": [
          72.122001,
          72.575,
          69.829999,
          67.43843
        ]
      },
      {
        "date": "2026-07-24",
        "close": 73.235001,
        "volume": 6913,
        "typical_volume": 10032.05,
        "trend": 65.0045,
        "fair_value": 50.684102,
        "relative_strength": 14.127113,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 56.113426,
        "energy": 53.939978,
        "activity_lines": [
          72.386668,
          72.729546,
          70.433738,
          68.004107
        ]
      },
      {
        "date": "2026-07-31",
        "close": 72.419998,
        "volume": 8524,
        "typical_volume": 10346.9,
        "trend": 65.503166,
        "fair_value": 50.881186,
        "relative_strength": 10.971235,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 48.770503,
        "energy": 51.545556,
        "activity_lines": [
          72.380667,
          72.654727,
          70.900166,
          68.482526
        ]
      },
      {
        "date": "2026-08-07",
        "close": 74.815002,
        "volume": 8187,
        "typical_volume": 10478.25,
        "trend": 66.014333,
        "fair_value": 51.095352,
        "relative_strength": 13.709805,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 78.535675,
        "energy": 65.261313,
        "activity_lines": [
          73.260001,
          72.983,
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          69.08329
        ]
      }
    ],
    "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."
    }
  }
}