{
  "ticker": {
    "uuid": "3f521837-44d6-4ffd-a39d-0e2f4a67ede0",
    "symbol": "WTM",
    "name": "White Mountains Insurance Group Ltd",
    "exchange": "NYSE",
    "country": "US",
    "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": "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": 83.012,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Upper balance after advance",
    "architecture_gate": "mixed",
    "architecture_direction": 8.56,
    "architecture_energy": 11.102,
    "architecture_maturity": 8.753,
    "architecture_confidence": 56.2,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 57.93,
        "rotation_up": 49.25,
        "upward_expansion": 40.42,
        "deceleration": 35.62,
        "rotation_down": 21.17,
        "downward_expansion": 15.42
      },
      "activity_lines": [
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        2148.954388
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 2149.44,
    "trend_reference": 2151.692729,
    "distance_from_trend": -0.001047,
    "trend_direction": "Improving",
    "fair_value": 1841.975113,
    "distance_from_fair_value": 0.166921,
    "fair_value_direction": "Weakening",
    "relative_strength": -6.552732,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.015827,
    "excess_performance": -0.141452,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.001047,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.017154,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.166921,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.024979,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.065527,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.028548,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.015827,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.764509,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 122053,
      "relative_activity": 1.295723,
      "balance": 1.764509,
      "dry_up": 0.974391,
      "accumulation_observations": 4,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.044351,
      "annualized_volatility": 0.180125,
      "from_high_reference": -0.07868,
      "from_low_reference": 0.304865
    },
    "levels": {
      "trend_reference": 2151.692729,
      "fair_value_reference": 1841.975113,
      "structural_low": 1987.0,
      "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": 19,
        "median_return": 0.016378,
        "positive_rate": 0.684211,
        "directional_follow_through": 0.684211,
        "median_excess_return": 0.019103,
        "regime_survival": 0.578947,
        "best_return": 0.189414,
        "worst_return": -0.062179,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": 0.070721,
        "positive_rate": 0.857143,
        "directional_follow_through": 0.857143,
        "median_excess_return": 0.0221,
        "regime_survival": 0.142857,
        "best_return": 0.245002,
        "worst_return": -0.029366,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": 0.154195,
        "positive_rate": 0.833333,
        "directional_follow_through": 0.833333,
        "median_excess_return": 0.062431,
        "regime_survival": 0.0,
        "best_return": 0.228038,
        "worst_return": -0.091955,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": 0.165944,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.04764,
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        "best_return": 0.31241,
        "worst_return": 0.049604,
        "sufficient": false
      }
    ],
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        "regime": "rotation_up",
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        "end": "2024-02-16",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Established",
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      },
      {
        "regime": "balance",
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        "tenure": "Established",
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      },
      {
        "regime": "upward_expansion",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-04-18",
        "tenure": "Established",
        "return": -0.044698,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "start": "2025-04-25",
        "end": "2025-07-18",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "balance",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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      {
        "regime": "deceleration",
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        "return": 0.068971,
        "active": false
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      {
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      {
        "regime": "rotation_down",
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        "active": true
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      },
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        "stage": 3,
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      },
      {
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      },
      {
        "date": "2026-07-03",
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      {
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        "relative_strength": -2.794091,
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      },
      {
        "date": "2026-07-17",
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        "volume": 86242,
        "typical_volume": 95576.35,
        "trend": 2141.515203,
        "fair_value": 1830.496765,
        "relative_strength": 0.070841,
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        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": 18.70012,
        "energy": 23.167806,
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          2147.728195
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      },
      {
        "date": "2026-07-24",
        "close": 2208.05,
        "volume": 70045,
        "typical_volume": 93895.85,
        "trend": 2146.40344,
        "fair_value": 1834.809735,
        "relative_strength": 0.406289,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 19.001793,
        "energy": 26.580755,
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          2191.605333,
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          2144.908251,
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      },
      {
        "date": "2026-07-31",
        "close": 2097.73,
        "volume": 88798,
        "typical_volume": 92914.75,
        "trend": 2148.295368,
        "fair_value": 1838.231391,
        "relative_strength": -5.597655,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Emerging rotation",
        "gate": "mixed",
        "direction": 9.445408,
        "energy": 15.838781,
        "activity_lines": [
          2166.106667,
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      },
      {
        "date": "2026-08-07",
        "close": 2149.44,
        "volume": 122053,
        "typical_volume": 94196.8,
        "trend": 2151.692729,
        "fair_value": 1841.975113,
        "relative_strength": -6.552732,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": 8.559602,
        "energy": 11.101963,
        "activity_lines": [
          2157.766667,
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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."
    }
  }
}