{
  "ticker": {
    "uuid": "72319316-a2e7-48c1-a2c0-e52c6d76eb48",
    "symbol": "ZLH",
    "name": "BMO Low Volatility US Equity Hedged to CAD ETF",
    "exchange": "TOR",
    "country": "CA",
    "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": "^GSPTSE",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3b",
    "phase_label": "Stage 3B \u00b7 Distribution",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 52.799,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 70.333,
    "architecture_energy": 45.297,
    "architecture_maturity": 26.704,
    "architecture_confidence": 70.075,
    "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": 14.07,
        "rotation_up": 60.76,
        "upward_expansion": 80.82,
        "deceleration": 57.2,
        "rotation_down": 19.12,
        "downward_expansion": 5.16
      },
      "activity_lines": [
        40.025333,
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        39.460504,
        39.240734
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Stable",
      "price_acceptance": 0.833333
    },
    "latest_close": 40.43,
    "trend_reference": 38.954753,
    "distance_from_trend": 0.037871,
    "trend_direction": "Improving",
    "fair_value": 35.246679,
    "distance_from_fair_value": 0.147058,
    "fair_value_direction": "Improving",
    "relative_strength": -6.603464,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.045084,
    "excess_performance": -0.075337,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.037871,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.017274,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.147058,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.034622,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.066035,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.030412,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.045084,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.884788,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 13200,
      "relative_activity": 0.833596,
      "balance": 0.884788,
      "dry_up": 1.368803,
      "accumulation_observations": 3,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.020523,
      "annualized_volatility": 0.122607,
      "from_high_reference": -0.006634,
      "from_low_reference": 0.123119
    },
    "levels": {
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      "fair_value_reference": 35.246679,
      "structural_low": 37.458744,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 33,
        "median_return": 0.005912,
        "positive_rate": 0.575758,
        "directional_follow_through": 0.575758,
        "median_excess_return": -0.010788,
        "regime_survival": 0.69697,
        "best_return": 0.045959,
        "worst_return": -0.082411,
        "sufficient": true
      },
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        "horizon": "Intermediate",
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        "positive_rate": 0.666667,
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        "worst_return": -0.054095,
        "sufficient": true
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        "worst_return": -0.014728,
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        "horizon": "Full cycle",
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      },
      {
        "date": "2026-04-24",
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        "typical_volume": 14777.55,
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        "fair_value": 34.449861,
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        "stage": 3,
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        "date": "2026-05-01",
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        "date": "2026-05-08",
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        "date": "2026-05-15",
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        "typical_volume": 15990.6,
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      },
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        "date": "2026-05-22",
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 17035.0,
        "trend": 38.293274,
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      },
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        "date": "2026-06-05",
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        "relative_strength": -7.567328,
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      },
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        "date": "2026-06-12",
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        "typical_volume": 15680.0,
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        "relative_strength": -7.820914,
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      },
      {
        "date": "2026-06-26",
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        "relative_strength": -7.092905,
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      },
      {
        "date": "2026-07-03",
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        "trend": 38.527177,
        "fair_value": 34.967716,
        "relative_strength": -5.369369,
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      },
      {
        "date": "2026-07-10",
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        "relative_strength": -6.251215,
        "stage": 3,
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 15075.0,
        "trend": 38.646988,
        "fair_value": 35.074337,
        "relative_strength": -6.858076,
        "stage": 3,
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        "modifier": "Re-accelerating",
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        "direction": 58.134235,
        "energy": 61.118949,
        "activity_lines": [
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          38.979492
        ]
      },
      {
        "date": "2026-07-24",
        "close": 39.939999,
        "volume": 23700,
        "typical_volume": 15295.0,
        "trend": 38.706823,
        "fair_value": 35.128678,
        "relative_strength": -5.793844,
        "stage": 3,
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        "modifier": "Re-accelerating",
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        "direction": 61.231608,
        "energy": 63.636454,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 39.860001,
        "volume": 19700,
        "typical_volume": 15765.0,
        "trend": 38.82693,
        "fair_value": 35.186546,
        "relative_strength": -5.253298,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 58.091464,
        "energy": 39.963325,
        "activity_lines": [
          39.859333,
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          39.3209,
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      },
      {
        "date": "2026-08-07",
        "close": 40.43,
        "volume": 13200,
        "typical_volume": 15835.0,
        "trend": 38.954753,
        "fair_value": 35.246679,
        "relative_strength": -6.603464,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 70.33323,
        "energy": 45.297116,
        "activity_lines": [
          40.025333,
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          39.460504,
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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."
    }
  }
}