{
  "ticker": {
    "uuid": "671a5043-f046-4e54-a5ae-94c3b52ca172",
    "symbol": "PANX",
    "name": "Amundi PEA US Tech Screened UCITS ETF - Acc",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 95.741,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 62.09,
    "architecture_energy": 40.093,
    "architecture_maturity": 63.941,
    "architecture_confidence": 92.57,
    "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": 24.46,
        "rotation_up": 41.4,
        "upward_expansion": 62.58,
        "deceleration": 85.25,
        "rotation_down": 27.41,
        "downward_expansion": 21.58
      },
      "activity_lines": [
        78.165334,
        78.184128,
        77.367934,
        74.80256
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 80.330002,
    "trend_reference": 71.654101,
    "distance_from_trend": 0.12108,
    "trend_direction": "Improving",
    "fair_value": 57.093974,
    "distance_from_fair_value": 0.406979,
    "fair_value_direction": "Weakening",
    "relative_strength": 9.792522,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.233323,
    "excess_performance": 0.180011,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.12108,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.057589,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.406979,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.010187,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.097925,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.107325,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.233323,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.958021,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 59702,
      "relative_activity": 1.274845,
      "balance": 1.958021,
      "dry_up": 1.1323,
      "accumulation_observations": 5,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.03487,
      "annualized_volatility": 0.210833,
      "from_high_reference": -0.004832,
      "from_low_reference": 0.392201
    },
    "levels": {
      "trend_reference": 71.654101,
      "fair_value_reference": 57.093974,
      "structural_low": 60.480999,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 6,
        "median_return": 0.021419,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.026338,
        "regime_survival": 0.333333,
        "best_return": 0.086021,
        "worst_return": -0.12597,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.052513,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.017263,
        "regime_survival": 0.0,
        "best_return": 0.150755,
        "worst_return": -0.105552,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.076155,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.038051,
        "regime_survival": 0.0,
        "best_return": 0.210004,
        "worst_return": -0.022406,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.089169,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.037348,
        "regime_survival": 0.333333,
        "best_return": 0.34674,
        "worst_return": -0.144005,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2023-08-25",
        "end": "2023-09-08",
        "tenure": "New",
        "return": 0.043996,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-09-15",
        "end": "2024-08-02",
        "tenure": "Extended",
        "return": 0.249868,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-09",
        "end": "2024-10-18",
        "tenure": "Developing",
        "return": 0.102777,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-25",
        "end": "2025-02-07",
        "tenure": "Established",
        "return": 0.029436,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-02-14",
        "end": "2025-02-28",
        "tenure": "New",
        "return": -0.042973,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-07",
        "end": "2025-04-04",
        "tenure": "Developing",
        "return": -0.139528,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-11",
        "end": "2025-06-06",
        "tenure": "Developing",
        "return": 0.150848,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-13",
        "end": "2025-07-18",
        "tenure": "Developing",
        "return": 0.070594,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-07-25",
        "end": "2025-08-22",
        "tenure": "Developing",
        "return": 0.028103,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-29",
        "end": "2026-02-06",
        "tenure": "Established",
        "return": 0.107761,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-02-13",
        "end": "2026-03-27",
        "tenure": "Developing",
        "return": -0.046,
        "active": false
      },
      {
        "regime": "rotation_down",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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        "active": false
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      {
        "regime": "deceleration",
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        "return": 0.0,
        "active": true
      }
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        "typical_volume": 56059.25,
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      },
      {
        "date": "2026-05-01",
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      },
      {
        "date": "2026-05-08",
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        "typical_volume": 56467.75,
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        "fair_value": 53.882211,
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        "stage": 2,
        "regime": "upward_expansion",
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      },
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        "date": "2026-05-15",
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        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 60872.7,
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        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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        "trend": 68.213101,
        "fair_value": 54.920531,
        "relative_strength": 19.657577,
        "stage": 2,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 59803.35,
        "trend": 68.580667,
        "fair_value": 55.158551,
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        "stage": 2,
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      },
      {
        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
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        "typical_volume": 52977.45,
        "trend": 69.368801,
        "fair_value": 55.645089,
        "relative_strength": 11.668383,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 62.546139,
        "energy": 60.188254,
        "activity_lines": [
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          71.721354
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      },
      {
        "date": "2026-07-03",
        "close": 78.5,
        "volume": 5037,
        "typical_volume": 49451.15,
        "trend": 69.722301,
        "fair_value": 55.890512,
        "relative_strength": 12.354997,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 54.158429,
        "energy": 52.942501,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 47322.1,
        "trend": 70.184534,
        "fair_value": 56.141653,
        "relative_strength": 15.893138,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 62.48333,
        "energy": 56.392265,
        "activity_lines": [
          78.619934,
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          75.578405,
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      },
      {
        "date": "2026-07-17",
        "close": 78.040001,
        "volume": 51834,
        "typical_volume": 47699.15,
        "trend": 70.577767,
        "fair_value": 56.381551,
        "relative_strength": 12.756923,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 50.766132,
        "energy": 48.424087,
        "activity_lines": [
          78.504667,
          78.545364,
          76.135224,
          73.468732
        ]
      },
      {
        "date": "2026-07-24",
        "close": 77.349998,
        "volume": 34267,
        "typical_volume": 45823.9,
        "trend": 70.922267,
        "fair_value": 56.610506,
        "relative_strength": 10.811528,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 49.952311,
        "energy": 45.536359,
        "activity_lines": [
          78.125333,
          78.304691,
          76.559977,
          73.90565
        ]
      },
      {
        "date": "2026-07-31",
        "close": 75.720001,
        "volume": 66303,
        "typical_volume": 46258.95,
        "trend": 71.225634,
        "fair_value": 56.834512,
        "relative_strength": 6.392154,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 43.813505,
        "energy": 34.331823,
        "activity_lines": [
          77.350667,
          77.795018,
          76.770124,
          74.215181
        ]
      },
      {
        "date": "2026-08-07",
        "close": 80.330002,
        "volume": 59702,
        "typical_volume": 46830.8,
        "trend": 71.654101,
        "fair_value": 57.093974,
        "relative_strength": 9.792522,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 62.090376,
        "energy": 40.092882,
        "activity_lines": [
          78.165334,
          78.184128,
          77.367934,
          74.80256
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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."
    }
  }
}