{
  "ticker": {
    "uuid": "7837700f-cc40-4acb-a283-b06011ccc367",
    "symbol": "XDN0",
    "name": "Xtrackers MSCI Nordic UCITS ETF 1D",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 73.409,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Momentum cooling",
    "architecture_gate": "up",
    "architecture_direction": 65.12,
    "architecture_energy": 43.247,
    "architecture_maturity": 14.807,
    "architecture_confidence": 81.054,
    "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": 36.41,
        "rotation_up": 48.57,
        "upward_expansion": 77.43,
        "deceleration": 55.97,
        "rotation_down": 22.24,
        "downward_expansion": 6.43
      },
      "activity_lines": [
        4678.283333,
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      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 4731.0,
    "trend_reference": 4576.25332,
    "distance_from_trend": 0.033815,
    "trend_direction": "Improving",
    "fair_value": 4348.889425,
    "distance_from_fair_value": 0.087864,
    "fair_value_direction": "Improving",
    "relative_strength": -1.570437,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.041767,
    "excess_performance": -0.009468,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.033815,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.027068,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.087864,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.029716,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.015704,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.004999,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.041767,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.316307,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 3956,
      "relative_activity": 0.383198,
      "balance": 2.316307,
      "dry_up": 0.44616,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.019863,
      "annualized_volatility": 0.143379,
      "from_high_reference": -0.033385,
      "from_low_reference": 0.172595
    },
    "levels": {
      "trend_reference": 4576.25332,
      "fair_value_reference": 4348.889425,
      "structural_low": 4086.0,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 9,
        "median_return": 0.016603,
        "positive_rate": 0.555556,
        "directional_follow_through": 0.555556,
        "median_excess_return": 0.007446,
        "regime_survival": 0.444444,
        "best_return": 0.07673,
        "worst_return": -0.033564,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": -0.008525,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": -0.003801,
        "regime_survival": 0.2,
        "best_return": 0.063973,
        "worst_return": -0.044457,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": -0.01195,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.048184,
        "regime_survival": 0.0,
        "best_return": 0.008646,
        "worst_return": -0.052603,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": -0.099395,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.146013,
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        "worst_return": -0.169987,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "balance",
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        "end": "2025-02-28",
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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      },
      {
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2025-05-23",
        "tenure": "Developing",
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      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "rotation_up",
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        "return": 0.008662,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "end": "2025-10-17",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "regime": "balance",
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      {
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        "active": true
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      },
      {
        "date": "2026-07-17",
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      },
      {
        "date": "2026-07-24",
        "close": 4633.25,
        "volume": 2336,
        "typical_volume": 10493.55,
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        "relative_strength": -2.224276,
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      },
      {
        "date": "2026-07-31",
        "close": 4686.75,
        "volume": 2071,
        "typical_volume": 10280.3,
        "trend": 4569.430729,
        "fair_value": 4344.092986,
        "relative_strength": -2.263484,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
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        "direction": 55.374737,
        "energy": 29.001708,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 4731.0,
        "volume": 3956,
        "typical_volume": 10323.65,
        "trend": 4576.25332,
        "fair_value": 4348.889425,
        "relative_strength": -1.570437,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "up",
        "direction": 65.119977,
        "energy": 43.246751,
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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."
    }
  }
}