{ "ticker": { "uuid": "399dca6d-a44f-4965-b4b7-c9b740ccf5d0", "symbol": "EOT", "name": "Eaton Vance National Municipal Opportunities Trust", "exchange": "NYSE", "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": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 57.249, "architecture_regime": "upward_expansion", "architecture_regime_label": "Upward Expansion", "architecture_modifier": "Re-accelerating", "architecture_gate": "up", "architecture_direction": 47.589, "architecture_energy": 24.177, "architecture_maturity": 29.309, "architecture_confidence": 43.002, "architecture_tenure": "Developing", "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": 40.6, "rotation_up": 42.86, "upward_expansion": 62.74, "deceleration": 62.65, "rotation_down": 22.25, "downward_expansion": 15.08 }, "activity_lines": [ 17.337493, 17.338871, 17.195877, 17.155501 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.333333 }, "latest_close": 17.52, "trend_reference": 17.135002, "distance_from_trend": 0.022469, "trend_direction": "Improving", "fair_value": 15.716923, "distance_from_fair_value": 0.114722, "fair_value_direction": "Improving", "relative_strength": -6.588897, "relative_strength_direction": "Improving", "price_momentum": 0.032293, "excess_performance": -0.093331, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.022469, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.018989, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.114722, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.026091, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.065889, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.010607, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.032293, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.173182, "read": "Demand-led" } ], "volume": { "latest": 114486, "relative_activity": 0.741082, "balance": 1.173182, "dry_up": 0.822109, "accumulation_observations": 2, "distribution_observations": 2 }, "risk": { "range_context": 0.025432, "annualized_volatility": 0.107234, "from_high_reference": -0.015749, "from_low_reference": 0.141786 }, "levels": { "trend_reference": 17.135002, "fair_value_reference": 15.716923, "structural_low": 16.33215, 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"activity_lines": [ 17.269742, 17.288311, 17.152583, 17.129342 ] }, { "date": "2026-08-07", "close": 17.52, "volume": 114486, "typical_volume": 154484.9, "trend": 17.135002, "fair_value": 15.716923, "relative_strength": -6.588897, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 47.588975, "energy": 24.176589, "activity_lines": [ 17.337493, 17.338871, 17.195877, 17.155501 ] } ], "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." } } }