{
  "ticker": {
    "uuid": "3c3c0bdb-1212-41e6-bc04-c00ef106cf11",
    "symbol": "BSD2",
    "name": "Banco Santander, S.A.",
    "exchange": "GER",
    "country": "DE",
    "assetType": "equity"
  },
  "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": "^GDAXI",
    "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": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 83.446,
    "architecture_energy": 68.271,
    "architecture_maturity": 41.823,
    "architecture_confidence": 92.043,
    "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": 11.17,
        "rotation_up": 64.24,
        "upward_expansion": 84.96,
        "deceleration": 60.73,
        "rotation_down": 22.2,
        "downward_expansion": 11.63
      },
      "activity_lines": [
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        11.574219,
        11.163338
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 12.834,
    "trend_reference": 10.755663,
    "distance_from_trend": 0.193232,
    "trend_direction": "Improving",
    "fair_value": 6.3432,
    "distance_from_fair_value": 1.023269,
    "fair_value_direction": "Improving",
    "relative_strength": 19.730543,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.223234,
    "excess_performance": 0.158594,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.193232,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.081687,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 1.023269,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.163212,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.197305,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.018451,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.223234,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 3.542394,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 231989,
      "relative_activity": 1.241424,
      "balance": 3.542394,
      "dry_up": 0.88171,
      "accumulation_observations": 3,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.042927,
      "annualized_volatility": 0.326896,
      "from_high_reference": -0.015798,
      "from_low_reference": 0.682686
    },
    "levels": {
      "trend_reference": 10.755663,
      "fair_value_reference": 6.3432,
      "structural_low": 8.843675,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 33,
        "median_return": 0.016366,
        "positive_rate": 0.636364,
        "directional_follow_through": 0.636364,
        "median_excess_return": 0.01974,
        "regime_survival": 0.727273,
        "best_return": 0.25171,
        "worst_return": -0.16591,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
        "median_return": 0.05938,
        "positive_rate": 0.615385,
        "directional_follow_through": 0.615385,
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        "regime_survival": 0.461538,
        "best_return": 0.297071,
        "worst_return": -0.043608,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": 0.122201,
        "positive_rate": 0.857143,
        "directional_follow_through": 0.857143,
        "median_excess_return": 0.048725,
        "regime_survival": 0.428571,
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        "worst_return": -0.188284,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "regime_survival": 0.5,
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        "worst_return": -0.160789,
        "sufficient": false
      }
    ],
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        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
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      },
      {
        "regime": "deceleration",
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        "active": false
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      {
        "regime": "rotation_down",
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        "tenure": "New",
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        "active": false
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      {
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        "regime": "rotation_up",
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        "regime": "balance",
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      {
        "date": "2026-04-24",
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      },
      {
        "date": "2026-07-03",
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        "typical_volume": 278885.05,
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      },
      {
        "date": "2026-07-10",
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 262958.0,
        "trend": 10.522789,
        "fair_value": 6.168022,
        "relative_strength": 19.787741,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 67.207442,
        "energy": 85.330348,
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      },
      {
        "date": "2026-07-24",
        "close": 11.986,
        "volume": 161089,
        "typical_volume": 215202.0,
        "trend": 10.592949,
        "fair_value": 6.223592,
        "relative_strength": 19.207631,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 65.406442,
        "energy": 78.05189,
        "activity_lines": [
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          10.9138
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      },
      {
        "date": "2026-07-31",
        "close": 12.292,
        "volume": 171297,
        "typical_volume": 194341.2,
        "trend": 10.665207,
        "fair_value": 6.281659,
        "relative_strength": 18.698174,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 71.951316,
        "energy": 61.934137,
        "activity_lines": [
          12.108933,
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          11.023416
        ]
      },
      {
        "date": "2026-08-07",
        "close": 12.834,
        "volume": 231989,
        "typical_volume": 186873.25,
        "trend": 10.755663,
        "fair_value": 6.3432,
        "relative_strength": 19.730543,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 83.446027,
        "energy": 68.270732,
        "activity_lines": [
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          11.163338
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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."
    }
  }
}