{ "ticker": { "uuid": "5fa0780f-9384-4532-931c-45d3f3fed43c", "symbol": "PBDC", "name": "PUTNAM ETF TR BDC INCOME ETF", "exchange": "NYSEARCA", "country": "US", "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": "SPY", "stage": 4, "stage_name": "Declining", "phase": "4c", "phase_label": "Stage 4C \u00b7 Repair watch", "transition": "stage_4_to_1_watch", "transition_label": "Stage 4 \u2192 1 repair watch", "confidence": 74.856, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Balance after decline", "architecture_gate": "down", "architecture_direction": -0.38, "architecture_energy": 9.243, "architecture_maturity": 14.226, "architecture_confidence": 59.907, "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": 61.07, "rotation_up": 33.57, "upward_expansion": 23.5, "deceleration": 39.46, "rotation_down": 19.59, "downward_expansion": 50.83 }, "activity_lines": [ 27.124667, 26.816381, 26.903283, 26.951874 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Improving", "price_acceptance": -0.166667 }, "latest_close": 28.47, "trend_reference": 27.249943, "distance_from_trend": 0.044773, "trend_direction": "Weakening", "fair_value": 28.000301, "distance_from_fair_value": 0.016775, "fair_value_direction": "Improving", "relative_strength": -10.58961, "relative_strength_direction": "Improving", "price_momentum": 0.017727, "excess_performance": -0.107898, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.044773, "read": "Above" }, { "label": "Trend direction", "positive": false, "value": -0.033919, "read": "Falling" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.016775, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.013854, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.105896, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.055668, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.017727, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.0331, "read": "Demand-led" } ], "volume": { "latest": 567938, "relative_activity": 0.789052, "balance": 1.0331, "dry_up": 0.865487, "accumulation_observations": 0, "distribution_observations": 4 }, "risk": { "range_context": 0.035485, "annualized_volatility": 0.224083, "from_high_reference": -0.09316, "from_low_reference": 0.120764 }, "levels": { "trend_reference": 27.249943, "fair_value_reference": 28.000301, 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"Early contraction", "gate": "down", "direction": -55.291955, "energy": 46.456981, "activity_lines": [ 26.325397, 26.608855, 26.875046, 27.144444 ] }, { "date": "2026-07-10", "close": 26.72, "volume": 501906, "typical_volume": 741988.8, "trend": 27.620811, "fair_value": 27.910748, "relative_strength": -16.326378, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -53.311161, "energy": 34.181832, "activity_lines": [ 26.454117, 26.564142, 26.861436, 27.078908 ] }, { "date": "2026-07-17", "close": 26.9, "volume": 612941, "typical_volume": 733050.3, "trend": 27.536306, "fair_value": 27.934958, "relative_strength": -13.828077, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -39.023793, "energy": 22.106958, "activity_lines": [ 26.621249, 26.589247, 26.867184, 27.032404 ] }, { "date": "2026-07-24", "close": 26.16, "volume": 777896, "typical_volume": 731212.8, "trend": 27.420641, "fair_value": 27.951248, "relative_strength": -15.106014, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -46.468821, "energy": 22.721206, "activity_lines": [ 26.526318, 26.494534, 26.798573, 26.94361 ] }, { "date": "2026-07-31", "close": 26.38, "volume": 533039, "typical_volume": 710614.3, "trend": 27.301271, "fair_value": 27.969057, "relative_strength": -14.736802, "stage": 4, "regime": "downward_expansion", "modifier": "Early contraction", "gate": "down", "direction": -40.816949, "energy": 21.304974, "activity_lines": [ 26.488636, 26.462003, 26.752595, 26.876472 ] }, { "date": "2026-08-07", "close": 28.47, "volume": 567938, "typical_volume": 719772.25, "trend": 27.249943, "fair_value": 28.000301, "relative_strength": -10.58961, "stage": 4, "regime": "balance", "modifier": "Balance after decline", "gate": "down", "direction": -0.38049, "energy": 9.243391, "activity_lines": [ 27.124667, 26.816381, 26.903283, 26.951874 ] } ], "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." } } }