{
  "ticker": {
    "uuid": "6ec48bb7-9044-4ade-b056-b277cdfede0e",
    "symbol": "XRSM",
    "name": "Xtrackers MSCI USA Screened UCITS ETF 1C",
    "exchange": "MIL",
    "country": "IT",
    "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": "FTSEMIB.MI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 81.038,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 84.597,
    "architecture_energy": 66.93,
    "architecture_maturity": 88.747,
    "architecture_confidence": 58.662,
    "architecture_tenure": "Established",
    "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": 18.83,
        "rotation_up": 53.0,
        "upward_expansion": 82.92,
        "deceleration": 71.45,
        "rotation_down": 29.27,
        "downward_expansion": 11.92
      },
      "activity_lines": [
        57.2956,
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        56.246653,
        54.887105
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 58.609001,
    "trend_reference": 53.292467,
    "distance_from_trend": 0.099761,
    "trend_direction": "Improving",
    "fair_value": 45.228333,
    "distance_from_fair_value": 0.295847,
    "fair_value_direction": "Improving",
    "relative_strength": -2.904777,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.166325,
    "excess_performance": -0.004567,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.099761,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.039662,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.295847,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.036259,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.029048,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.006313,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.166325,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.53289,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 62227,
      "relative_activity": 3.354555,
      "balance": 0.53289,
      "dry_up": 3.224798,
      "accumulation_observations": 1,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.018809,
      "annualized_volatility": 0.131362,
      "from_high_reference": -0.002739,
      "from_low_reference": 0.236086
    },
    "levels": {
      "trend_reference": 53.292467,
      "fair_value_reference": 45.228333,
      "structural_low": 47.679001,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 37,
        "median_return": 0.013554,
        "positive_rate": 0.621622,
        "directional_follow_through": 0.621622,
        "median_excess_return": -0.003489,
        "regime_survival": 0.864865,
        "best_return": 0.063418,
        "worst_return": -0.124396,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
        "median_return": 0.045227,
        "positive_rate": 0.692308,
        "directional_follow_through": 0.692308,
        "median_excess_return": 0.009369,
        "regime_survival": 0.615385,
        "best_return": 0.126669,
        "worst_return": -0.071855,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
        "median_return": 0.077118,
        "positive_rate": 0.714286,
        "directional_follow_through": 0.714286,
        "median_excess_return": 0.009487,
        "regime_survival": 0.428571,
        "best_return": 0.193501,
        "worst_return": -0.089861,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.059912,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.013261,
        "regime_survival": 0.333333,
        "best_return": 0.277908,
        "worst_return": 0.03326,
        "sufficient": false
      }
    ],
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        "start": "2024-05-24",
        "end": "2024-08-02",
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        "return": -0.012731,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-09",
        "end": "2024-09-20",
        "tenure": "Developing",
        "return": 0.059408,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "return": -0.139327,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-06-06",
        "tenure": "Developing",
        "return": 0.143971,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-07-18",
        "tenure": "Developing",
        "return": 0.044106,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2026-02-20",
        "tenure": "New",
        "return": 0.012143,
        "active": false
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      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "tenure": "New",
        "return": -0.023989,
        "active": false
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        "return": 0.0,
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      },
      {
        "date": "2026-05-01",
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        "typical_volume": 8358.45,
        "trend": 50.525233,
        "fair_value": 43.135519,
        "relative_strength": -3.039867,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "up",
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        "energy": 70.234535,
        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
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        "fair_value": 43.286391,
        "relative_strength": -2.273458,
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        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-05-15",
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        "typical_volume": 9630.85,
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        "fair_value": 43.436743,
        "relative_strength": -0.204989,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 9714.6,
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        "fair_value": 43.58882,
        "relative_strength": 0.069326,
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        "modifier": "Re-accelerating",
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        "direction": 89.414486,
        "energy": 95.908823,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
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        "volume": 2351,
        "typical_volume": 9774.8,
        "trend": 51.2594,
        "fair_value": 43.743878,
        "relative_strength": -0.231883,
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        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-06-05",
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        "volume": 8674,
        "typical_volume": 10126.7,
        "trend": 51.452266,
        "fair_value": 43.893929,
        "relative_strength": -0.051915,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 77.513402,
        "energy": 91.891105,
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      },
      {
        "date": "2026-06-12",
        "close": 55.924,
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        "typical_volume": 10681.15,
        "trend": 51.632266,
        "fair_value": 44.037058,
        "relative_strength": -4.11155,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 68.432559,
        "energy": 87.840072,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
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        "trend": 51.880866,
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        "relative_strength": -4.722414,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 79.005326,
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      },
      {
        "date": "2026-06-26",
        "close": 56.200001,
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        "typical_volume": 9586.2,
        "trend": 52.047733,
        "fair_value": 44.332141,
        "relative_strength": -3.030301,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 66.343502,
        "energy": 66.244103,
        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
        "close": 57.139,
        "volume": 16148,
        "typical_volume": 8552.75,
        "trend": 52.238566,
        "fair_value": 44.483551,
        "relative_strength": -4.210187,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 77.05804,
        "energy": 69.252687,
        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 8645.2,
        "trend": 52.474733,
        "fair_value": 44.638532,
        "relative_strength": -2.903006,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 80.81383,
        "energy": 71.377135,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 56.889,
        "volume": 56694,
        "typical_volume": 10986.3,
        "trend": 52.681533,
        "fair_value": 44.785103,
        "relative_strength": -2.725633,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.737497,
        "energy": 65.125638,
        "activity_lines": [
          57.053467,
          56.783255,
          55.341686,
          54.051985
        ]
      },
      {
        "date": "2026-07-24",
        "close": 56.848999,
        "volume": 69553,
        "typical_volume": 13822.1,
        "trend": 52.8777,
        "fair_value": 44.927788,
        "relative_strength": -2.561824,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.448948,
        "energy": 64.559304,
        "activity_lines": [
          57.014067,
          56.838564,
          55.640662,
          54.320854
        ]
      },
      {
        "date": "2026-07-31",
        "close": 56.105,
        "volume": 50806,
        "typical_volume": 15546.85,
        "trend": 53.0594,
        "fair_value": 45.068814,
        "relative_strength": -4.37377,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 60.692348,
        "energy": 58.740751,
        "activity_lines": [
          56.734333,
          56.733982,
          55.839195,
          54.529067
        ]
      },
      {
        "date": "2026-08-07",
        "close": 58.609001,
        "volume": 62227,
        "typical_volume": 18550.0,
        "trend": 53.292467,
        "fair_value": 45.228333,
        "relative_strength": -2.904777,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 84.596777,
        "energy": 66.930362,
        "activity_lines": [
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          54.887105
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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."
    }
  }
}