{
  "ticker": {
    "uuid": "45ece88f-c037-40a5-9286-8aa1fd24b200",
    "symbol": "2569",
    "name": "Listed Index Fund US Equity (NASDAQ100) Currency Hedge",
    "exchange": "JPX",
    "country": "JP",
    "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": "^N225",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 82.611,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 43.534,
    "architecture_energy": 27.926,
    "architecture_maturity": 67.28,
    "architecture_confidence": 78.849,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 36.57,
        "rotation_up": 27.93,
        "upward_expansion": 58.52,
        "deceleration": 88.31,
        "rotation_down": 31.53,
        "downward_expansion": 19.85
      },
      "activity_lines": [
        4216.133333,
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        4127.104179
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 4304.0,
    "trend_reference": 3990.720475,
    "distance_from_trend": 0.078502,
    "trend_direction": "Improving",
    "fair_value": 3278.447283,
    "distance_from_fair_value": 0.312817,
    "fair_value_direction": "Weakening",
    "relative_strength": -7.585958,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.183718,
    "excess_performance": -0.02554,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.078502,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.044633,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.312817,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.033169,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.07586,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.043464,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.183718,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.853847,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 225014,
      "relative_activity": 1.793598,
      "balance": 1.853847,
      "dry_up": 1.128047,
      "accumulation_observations": 3,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.031693,
      "annualized_volatility": 0.167636,
      "from_high_reference": -0.031456,
      "from_low_reference": 0.281715
    },
    "levels": {
      "trend_reference": 3990.720475,
      "fair_value_reference": 3278.447283,
      "structural_low": 3358.0,
      "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": 11,
        "median_return": 0.038772,
        "positive_rate": 0.727273,
        "directional_follow_through": 0.727273,
        "median_excess_return": 0.019893,
        "regime_survival": 0.545455,
        "best_return": 0.069228,
        "worst_return": -0.009711,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.062023,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.01022,
        "regime_survival": 0.166667,
        "best_return": 0.154737,
        "worst_return": -0.126518,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.137793,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.032077,
        "regime_survival": 0.0,
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        "worst_return": 0.043605,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
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        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
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        "worst_return": 0.131399,
        "sufficient": false
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    ],
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        "regime": "upward_expansion",
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        "start": "2025-02-07",
        "end": "2025-02-28",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "return": -0.036511,
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "start": "2025-04-11",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_up",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "regime": "deceleration",
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        "active": false
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      },
      {
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 120613.1,
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        "fair_value": 3256.782918,
        "relative_strength": -10.772299,
        "stage": 3,
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        "modifier": "Recompressing",
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      },
      {
        "date": "2026-07-31",
        "close": 4158.0,
        "volume": 174186,
        "typical_volume": 118813.5,
        "trend": 3973.787142,
        "fair_value": 3266.978826,
        "relative_strength": -9.459232,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
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        "direction": 32.700259,
        "energy": 26.667319,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 4304.0,
        "volume": 225014,
        "typical_volume": 125453.95,
        "trend": 3990.720475,
        "fair_value": 3278.447283,
        "relative_strength": -7.585958,
        "stage": 3,
        "regime": "deceleration",
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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."
    }
  }
}