{
  "ticker": {
    "uuid": "7428f187-16dc-4a19-822f-55b11a8c4f83",
    "symbol": "MTUM",
    "name": "iShares MSCI USA Momentum Factor ETF",
    "exchange": "MEX",
    "country": "MX",
    "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": "^MXX",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 34.79,
    "architecture_energy": 24.517,
    "architecture_maturity": 66.073,
    "architecture_confidence": 95.411,
    "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": 45.95,
        "rotation_up": 23.22,
        "upward_expansion": 56.68,
        "deceleration": 91.17,
        "rotation_down": 30.54,
        "downward_expansion": 20.34
      },
      "activity_lines": [
        5321.266667,
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.166667
    },
    "latest_close": 5301.0,
    "trend_reference": 4870.390885,
    "distance_from_trend": 0.088414,
    "trend_direction": "Improving",
    "fair_value": 3964.038867,
    "distance_from_fair_value": 0.337272,
    "fair_value_direction": "Improving",
    "relative_strength": 9.394005,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.23409,
    "excess_performance": 0.288757,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.088414,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.073209,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.337272,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.100637,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.09394,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.175271,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.23409,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 40.854916,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1256,
      "relative_activity": 0.179354,
      "balance": 40.854916,
      "dry_up": 0.120307,
      "accumulation_observations": 1,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.058079,
      "annualized_volatility": 0.333716,
      "from_high_reference": -0.094156,
      "from_low_reference": 0.270614
    },
    "levels": {
      "trend_reference": 4870.390885,
      "fair_value_reference": 3964.038867,
      "structural_low": 4172.0,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 5,
        "median_return": 0.007541,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.013166,
        "regime_survival": 0.0,
        "best_return": 0.07811,
        "worst_return": -0.12372,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": -0.045683,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.06016,
        "regime_survival": 0.0,
        "best_return": 0.184012,
        "worst_return": -0.099628,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.103791,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.0082,
        "regime_survival": 0.0,
        "best_return": 0.367128,
        "worst_return": -0.28522,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.065717,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.191169,
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        "worst_return": -0.234218,
        "sufficient": false
      }
    ],
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        "end": "2025-01-17",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "start": "2025-05-02",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-07-11",
        "tenure": "Developing",
        "return": -0.004543,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
      {
        "regime": "deceleration",
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      {
        "regime": "rotation_down",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2026-02-06",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "downward_expansion",
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      {
        "regime": "rotation_up",
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      {
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        "date": "2026-05-29",
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        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-17",
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        "volume": 181,
        "typical_volume": 8884.6,
        "trend": 4784.092432,
        "fair_value": 3909.065585,
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      },
      {
        "date": "2026-07-24",
        "close": 5415.0,
        "volume": 141,
        "typical_volume": 8890.75,
        "trend": 4818.390381,
        "fair_value": 3928.125055,
        "relative_strength": 12.673601,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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        "direction": 48.017225,
        "energy": 41.367331,
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      },
      {
        "date": "2026-07-31",
        "close": 5185.0,
        "volume": 1792,
        "typical_volume": 6941.2,
        "trend": 4845.021663,
        "fair_value": 3945.710166,
        "relative_strength": 7.046388,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 41.468231,
        "energy": 28.668428,
        "activity_lines": [
          5352.647331,
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      },
      {
        "date": "2026-08-07",
        "close": 5301.0,
        "volume": 1256,
        "typical_volume": 7002.9,
        "trend": 4870.390885,
        "fair_value": 3964.038867,
        "relative_strength": 9.394005,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 34.790292,
        "energy": 24.517448,
        "activity_lines": [
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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."
    }
  }
}