{
  "ticker": {
    "uuid": "4c0d408c-52ac-45e7-8016-20a5a8b1e9c6",
    "symbol": "ZPD9",
    "name": "State Street SPDR S&P Euro Dividend Aristocrats Screened UCITS ETF",
    "exchange": "GER",
    "country": "DE",
    "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": "^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": 91.752,
    "architecture_energy": 95.866,
    "architecture_maturity": 22.337,
    "architecture_confidence": 70.25,
    "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": 0.17,
        "rotation_up": 88.58,
        "upward_expansion": 99.79,
        "deceleration": 39.07,
        "rotation_down": 8.77,
        "downward_expansion": 21.79
      },
      "activity_lines": [
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        25.193191
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      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 26.754999,
    "trend_reference": 24.791099,
    "distance_from_trend": 0.079218,
    "trend_direction": "Improving",
    "fair_value": 21.464409,
    "distance_from_fair_value": 0.246482,
    "fair_value_direction": "Improving",
    "relative_strength": 2.79265,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.105184,
    "excess_performance": 0.040544,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.079218,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.034481,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.246482,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.067553,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.027927,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.006154,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.105184,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.521511,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 5097,
      "relative_activity": 1.79947,
      "balance": 1.521511,
      "dry_up": 1.034069,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.014505,
      "annualized_volatility": 0.12745,
      "from_high_reference": -0.004095,
      "from_low_reference": 0.193338
    },
    "levels": {
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      "fair_value_reference": 21.464409,
      "structural_low": 22.785,
      "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": 30,
        "median_return": 0.00541,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.00359,
        "regime_survival": 0.733333,
        "best_return": 0.071107,
        "worst_return": -0.027495,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 11,
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        "regime_survival": 0.545455,
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        "worst_return": -0.028933,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "directional_follow_through": 1.0,
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        "worst_return": 0.015195,
        "sufficient": true
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      {
        "horizon": "Full cycle",
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        "worst_return": 0.085916,
        "sufficient": false
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        "regime": "balance",
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        "regime": "upward_expansion",
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      },
      {
        "date": "2026-05-01",
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      },
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        "date": "2026-05-08",
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      },
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        "date": "2026-05-15",
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      },
      {
        "date": "2026-05-22",
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      },
      {
        "date": "2026-05-29",
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      },
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        "date": "2026-06-05",
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        "date": "2026-06-12",
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      },
      {
        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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        "volume": 19,
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        "fair_value": 21.197679,
        "relative_strength": 1.686262,
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 3208.0,
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        "fair_value": 21.248266,
        "relative_strength": 3.906397,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 72.949342,
        "energy": 83.566698,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 25.875,
        "volume": 2338,
        "typical_volume": 3226.5,
        "trend": 24.500575,
        "fair_value": 21.299247,
        "relative_strength": 5.833424,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 81.452988,
        "energy": 88.767366,
        "activity_lines": [
          25.645999,
          25.386909,
          25.076716,
          24.848301
        ]
      },
      {
        "date": "2026-07-24",
        "close": 25.955,
        "volume": 2337,
        "typical_volume": 3220.35,
        "trend": 24.590501,
        "fair_value": 21.349454,
        "relative_strength": 4.863696,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 78.33698,
        "energy": 88.463244,
        "activity_lines": [
          25.787333,
          25.530091,
          25.189542,
          24.942135
        ]
      },
      {
        "date": "2026-07-31",
        "close": 26.415001,
        "volume": 1944,
        "typical_volume": 3009.65,
        "trend": 24.688122,
        "fair_value": 21.406,
        "relative_strength": 4.363627,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 88.832129,
        "energy": 93.181817,
        "activity_lines": [
          26.028667,
          25.728364,
          25.336391,
          25.059845
        ]
      },
      {
        "date": "2026-08-07",
        "close": 26.754999,
        "volume": 5097,
        "typical_volume": 2832.5,
        "trend": 24.791099,
        "fair_value": 21.464409,
        "relative_strength": 2.79265,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 91.752434,
        "energy": 95.865931,
        "activity_lines": [
          26.309667,
          25.963091,
          25.503905,
          25.193191
        ]
      }
    ],
    "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."
    }
  }
}