{
  "ticker": {
    "uuid": "412c0b6c-bd52-4c0d-934d-3bf2930e39c0",
    "symbol": "ZSP",
    "name": "BMO S&P 500 Index ETF (CAD)",
    "exchange": "TOR",
    "country": "CA",
    "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": "^GSPTSE",
    "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": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 77.098,
    "architecture_energy": 55.458,
    "architecture_maturity": 85.498,
    "architecture_confidence": 58.948,
    "architecture_tenure": "Established",
    "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": 25.43,
        "rotation_up": 47.65,
        "upward_expansion": 75.84,
        "deceleration": 71.42,
        "rotation_down": 29.17,
        "downward_expansion": 13.84
      },
      "activity_lines": [
        116.101332,
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        114.036298,
        111.288835
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 118.449997,
    "trend_reference": 108.172075,
    "distance_from_trend": 0.095015,
    "trend_direction": "Improving",
    "fair_value": 88.704522,
    "distance_from_fair_value": 0.335332,
    "fair_value_direction": "Improving",
    "relative_strength": -0.096825,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.145628,
    "excess_performance": 0.025206,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.095015,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.037729,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.335332,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.024816,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.000968,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.014575,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.145628,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 5.47357,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 607700,
      "relative_activity": 0.946986,
      "balance": 5.47357,
      "dry_up": 1.018863,
      "accumulation_observations": 4,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.023723,
      "annualized_volatility": 0.136212,
      "from_high_reference": -0.012011,
      "from_low_reference": 0.237499
    },
    "levels": {
      "trend_reference": 108.172075,
      "fair_value_reference": 88.704522,
      "structural_low": 96.279999,
      "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": 45,
        "median_return": 0.01711,
        "positive_rate": 0.711111,
        "directional_follow_through": 0.711111,
        "median_excess_return": 0.00122,
        "regime_survival": 0.822222,
        "best_return": 0.064787,
        "worst_return": -0.051698,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
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        "worst_return": -0.039903,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 8,
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        "worst_return": -0.139993,
        "sufficient": true
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      {
        "horizon": "Full cycle",
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        "worst_return": -0.060034,
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        "regime": "deceleration",
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        "regime": "rotation_down",
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      },
      {
        "date": "2026-04-17",
        "close": 106.790001,
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        "typical_volume": 739920.2,
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        "fair_value": 83.401736,
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        "stage": 3,
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      },
      {
        "date": "2026-04-24",
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      },
      {
        "date": "2026-05-01",
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        "fair_value": 84.015059,
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        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Structural repair",
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        "energy": 44.187179,
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      },
      {
        "date": "2026-05-08",
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        "volume": 751900,
        "typical_volume": 751477.6,
        "trend": 103.312653,
        "fair_value": 84.342414,
        "relative_strength": -1.554282,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
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        "direction": 83.678078,
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      },
      {
        "date": "2026-05-15",
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        "typical_volume": 768414.65,
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        "fair_value": 84.670165,
        "relative_strength": 0.051526,
        "stage": 2,
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        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 797690.0,
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        "fair_value": 85.003597,
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        "gate": "up",
        "direction": 83.292986,
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        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 799465.0,
        "trend": 104.239229,
        "fair_value": 85.344495,
        "relative_strength": 0.040263,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
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        "volume": 200200,
        "typical_volume": 770535.0,
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        "fair_value": 85.674704,
        "relative_strength": -0.369055,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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        "volume": 381700,
        "typical_volume": 748625.0,
        "trend": 104.899652,
        "fair_value": 86.005773,
        "relative_strength": -0.92039,
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        "energy": 84.90943,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
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        "typical_volume": 668775.0,
        "trend": 105.695462,
        "fair_value": 86.688451,
        "relative_strength": -0.659979,
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        "regime": "upward_expansion",
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        "direction": 65.374643,
        "energy": 68.802378,
        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
        "close": 117.32,
        "volume": 393200,
        "typical_volume": 653825.0,
        "trend": 106.140652,
        "fair_value": 87.041118,
        "relative_strength": 1.547048,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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        "direction": 80.902401,
        "energy": 78.536822,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
        "close": 117.370003,
        "volume": 646500,
        "typical_volume": 651570.0,
        "trend": 106.623458,
        "fair_value": 87.386606,
        "relative_strength": 1.500748,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 75.753879,
        "energy": 81.498648,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 114.379997,
        "volume": 643600,
        "typical_volume": 656205.0,
        "trend": 106.993616,
        "fair_value": 87.709865,
        "relative_strength": -0.849108,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.901416,
        "energy": 63.149634,
        "activity_lines": [
          115.848656,
          115.175087,
          112.176078,
          109.627764
        ]
      },
      {
        "date": "2026-07-24",
        "close": 114.419998,
        "volume": 553500,
        "typical_volume": 639965.0,
        "trend": 107.347798,
        "fair_value": 88.028756,
        "relative_strength": -0.971341,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 62.500197,
        "energy": 58.878336,
        "activity_lines": [
          115.355666,
          115.16891,
          112.7207,
          110.106886
        ]
      },
      {
        "date": "2026-07-31",
        "close": 114.970001,
        "volume": 810500,
        "typical_volume": 645420.0,
        "trend": 107.751984,
        "fair_value": 88.355673,
        "relative_strength": 0.031647,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 49.149676,
        "energy": 46.24827,
        "activity_lines": [
          115.182,
          115.20783,
          113.249423,
          110.598641
        ]
      },
      {
        "date": "2026-08-07",
        "close": 118.449997,
        "volume": 607700,
        "typical_volume": 641720.0,
        "trend": 108.172075,
        "fair_value": 88.704522,
        "relative_strength": -0.096825,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 77.097557,
        "energy": 55.457556,
        "activity_lines": [
          116.101332,
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          114.036298,
          111.288835
        ]
      }
    ],
    "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."
    }
  }
}