{
  "ticker": {
    "uuid": "593095c8-2d15-4d52-9911-3a22bb278342",
    "symbol": "PJFM",
    "name": "PGIM Jennison Focused Mid-Cap ETF",
    "exchange": "CBOE",
    "assetType": "etf"
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  "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": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 58.715,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 35.246,
    "architecture_energy": 20.695,
    "architecture_maturity": 56.42,
    "architecture_confidence": 82.093,
    "architecture_tenure": "New",
    "architecture": {
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        "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": 47.94,
        "rotation_up": 24.18,
        "upward_expansion": 54.31,
        "deceleration": 90.97,
        "rotation_down": 32.33,
        "downward_expansion": 20.31
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.0
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    "distance_from_trend": 0.034026,
    "trend_direction": "Improving",
    "fair_value": 58.014462,
    "distance_from_fair_value": 0.169567,
    "fair_value_direction": "Weakening",
    "relative_strength": -4.667239,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.038266,
    "excess_performance": -0.087359,
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        "label": "Trend direction",
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        "read": "Rising"
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        "label": "Price vs current Fair Value",
        "positive": true,
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        "read": "Premium"
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      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.01025,
        "read": "Moving away"
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      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.046672,
        "read": "Lagging"
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      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.025398,
        "read": "Weakening"
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      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.038266,
        "read": "Positive"
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        "label": "Volume balance",
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        "value": 5.057337,
        "read": "Demand-led"
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      "accumulation_observations": 3,
      "distribution_observations": 2
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      "annualized_volatility": 0.162521,
      "from_high_reference": -0.03055,
      "from_low_reference": 0.171733
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      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
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        "sample_count": 2,
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        "horizon": "Intermediate",
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        "horizon": "Extended",
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        "activity_lines": [
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        ]
      },
      {
        "date": "2026-04-24",
        "close": 66.981,
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        "typical_volume": 107.65,
        "trend": 62.414841,
        "fair_value": 56.885768,
        "relative_strength": 0.386632,
        "stage": 2,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
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        "energy": 53.912045,
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      },
      {
        "date": "2026-05-01",
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        "trend": 62.661492,
        "fair_value": 56.969493,
        "relative_strength": -0.050805,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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        "energy": 67.680225,
        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
        "close": 67.3112,
        "volume": 11,
        "typical_volume": 106.8,
        "trend": 62.974958,
        "fair_value": 57.052227,
        "relative_strength": -2.127454,
        "stage": 2,
        "regime": "upward_expansion",
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        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
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        "volume": 1951,
        "typical_volume": 203.75,
        "trend": 63.19492,
        "fair_value": 57.119815,
        "relative_strength": -4.685149,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
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        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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        "volume": 92,
        "typical_volume": 206.1,
        "trend": 63.413912,
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        "relative_strength": -3.575305,
        "stage": 2,
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        "modifier": "Early expansion",
        "gate": "up",
        "direction": 63.639921,
        "energy": 50.039813,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-29",
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        "volume": 12,
        "typical_volume": 202.3,
        "trend": 63.627414,
        "fair_value": 57.268918,
        "relative_strength": -5.165517,
        "stage": 2,
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        "modifier": "Early expansion",
        "gate": "up",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
        "close": 65.7596,
        "volume": 48,
        "typical_volume": 191.95,
        "trend": 63.833316,
        "fair_value": 57.334737,
        "relative_strength": -3.678597,
        "stage": 2,
        "regime": "upward_expansion",
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        "gate": "up",
        "direction": 44.811653,
        "energy": 30.67905,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
        "close": 68.4913,
        "volume": 10,
        "typical_volume": 191.35,
        "trend": 64.133398,
        "fair_value": 57.420557,
        "relative_strength": -0.181,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 73.637574,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
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        "typical_volume": 1579.85,
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        "fair_value": 57.50942,
        "relative_strength": -0.201353,
        "stage": 2,
        "regime": "upward_expansion",
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        "energy": 59.694225,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
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        "volume": 3358,
        "typical_volume": 1696.35,
        "trend": 64.688702,
        "fair_value": 57.594281,
        "relative_strength": 1.727097,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 68.441545,
        "energy": 69.437229,
        "activity_lines": [
          68.221107,
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        ]
      },
      {
        "date": "2026-07-03",
        "close": 67.778,
        "volume": 3387,
        "typical_volume": 1864.3,
        "trend": 64.877946,
        "fair_value": 57.670851,
        "relative_strength": -1.69301,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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        "energy": 68.27063,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
        "close": 68.2688,
        "volume": 10349,
        "typical_volume": 2371.7,
        "trend": 65.076805,
        "fair_value": 57.74994,
        "relative_strength": -2.220793,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 60.59759,
        "energy": 65.919488,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 66.5793,
        "volume": 465,
        "typical_volume": 2387.1,
        "trend": 65.226731,
        "fair_value": 57.815342,
        "relative_strength": -3.020265,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 54.688203,
        "energy": 36.809634,
        "activity_lines": [
          67.7193,
          67.673055,
          66.847458,
          66.080982
        ]
      },
      {
        "date": "2026-07-24",
        "close": 67.0579,
        "volume": 529,
        "typical_volume": 2412.7,
        "trend": 65.36902,
        "fair_value": 57.883302,
        "relative_strength": -1.658636,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 39.204141,
        "energy": 23.681904,
        "activity_lines": [
          67.37868,
          67.619165,
          66.995005,
          66.199122
        ]
      },
      {
        "date": "2026-07-31",
        "close": 66.0148,
        "volume": 40,
        "typical_volume": 2413.9,
        "trend": 65.487203,
        "fair_value": 57.942656,
        "relative_strength": -4.100325,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 26.996002,
        "energy": 17.906253,
        "activity_lines": [
          66.82394,
          67.34854,
          67.018992,
          66.240785
        ]
      },
      {
        "date": "2026-08-07",
        "close": 67.8518,
        "volume": 8055,
        "typical_volume": 2815.9,
        "trend": 65.619073,
        "fair_value": 58.014462,
        "relative_strength": -4.667239,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 35.2463,
        "energy": 20.694931,
        "activity_lines": [
          67.061287,
          67.426249,
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          66.39334
        ]
      }
    ],
    "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."
    }
  }
}