{
  "ticker": {
    "uuid": "3a6a9ca9-3a2f-4e74-b08c-66b1b28c6558",
    "symbol": "FDL",
    "name": "FIRST TRUST EXCHANGE TRADED FUND FUNDS",
    "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": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 91.875,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 69.976,
    "architecture_energy": 69.928,
    "architecture_maturity": 7.551,
    "architecture_confidence": 72.56,
    "architecture_tenure": "New",
    "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": 23.81,
        "rotation_up": 77.72,
        "upward_expansion": 92.53,
        "deceleration": 39.27,
        "rotation_down": 9.55,
        "downward_expansion": 14.53
      },
      "activity_lines": [
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        50.115458
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      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 51.89,
    "trend_reference": 49.684801,
    "distance_from_trend": 0.044384,
    "trend_direction": "Improving",
    "fair_value": 39.820311,
    "distance_from_fair_value": 0.303104,
    "fair_value_direction": "Improving",
    "relative_strength": -1.147184,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.040028,
    "excess_performance": -0.085597,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.044384,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.048272,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.303104,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.030273,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.011472,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.017443,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.040028,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 4.257725,
        "read": "Demand-led"
      }
    ],
    "volume": {
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      "relative_activity": 0.85207,
      "balance": 4.257725,
      "dry_up": 1.082179,
      "accumulation_observations": 6,
      "distribution_observations": 1
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    "risk": {
      "range_context": 0.027431,
      "annualized_volatility": 0.119917,
      "from_high_reference": -0.02389,
      "from_low_reference": 0.260863
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    "levels": {
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      "fair_value_reference": 39.820311,
      "structural_low": 48.438649,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 40,
        "median_return": 0.006789,
        "positive_rate": 0.575,
        "directional_follow_through": 0.575,
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        "worst_return": -0.095009,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
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        "horizon": "Extended",
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        "horizon": "Full cycle",
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      },
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        "date": "2026-04-17",
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        "date": "2026-06-26",
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      {
        "date": "2026-07-03",
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      },
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        "date": "2026-07-10",
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        "fair_value": 39.30061,
        "relative_strength": -2.570163,
        "stage": 2,
        "regime": "balance",
        "modifier": "Upper balance after advance",
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        "energy": 15.249932,
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      },
      {
        "date": "2026-07-17",
        "close": 51.11,
        "volume": 5068748,
        "typical_volume": 4795476.9,
        "trend": 48.978345,
        "fair_value": 39.428639,
        "relative_strength": 1.490851,
        "stage": 2,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": 63.94829,
        "energy": 33.414555,
        "activity_lines": [
          50.138818,
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      },
      {
        "date": "2026-07-24",
        "close": 51.47,
        "volume": 4969550,
        "typical_volume": 4601659.5,
        "trend": 49.224705,
        "fair_value": 39.555919,
        "relative_strength": 2.727898,
        "stage": 2,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
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        "energy": 55.443765,
        "activity_lines": [
          50.699333,
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      },
      {
        "date": "2026-07-31",
        "close": 51.48,
        "volume": 5189800,
        "typical_volume": 4519395.05,
        "trend": 49.460817,
        "fair_value": 39.687508,
        "relative_strength": 1.556086,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 65.254938,
        "energy": 61.997937,
        "activity_lines": [
          51.070667,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 51.89,
        "volume": 3732160,
        "typical_volume": 4380110.35,
        "trend": 49.684801,
        "fair_value": 39.820311,
        "relative_strength": -1.147184,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 69.975822,
        "energy": 69.927778,
        "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."
    }
  }
}