{
  "ticker": {
    "uuid": "7e53bb8c-ceda-471e-8bf5-e8d48a59e084",
    "symbol": "ETFEZ",
    "name": "Amundi Index Solutions - Amundi Prime Eurozone UCITS ETF DR",
    "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": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 82.067,
    "architecture_energy": 63.852,
    "architecture_maturity": 68.393,
    "architecture_confidence": 65.41,
    "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": 13.98,
        "rotation_up": 53.76,
        "upward_expansion": 81.74,
        "deceleration": 70.06,
        "rotation_down": 27.71,
        "downward_expansion": 10.74
      },
      "activity_lines": [
        40.231333,
        40.077818,
        39.314785,
        38.560742
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 41.075001,
    "trend_reference": 37.775333,
    "distance_from_trend": 0.08735,
    "trend_direction": "Improving",
    "fair_value": 31.062347,
    "distance_from_fair_value": 0.322341,
    "fair_value_direction": "Improving",
    "relative_strength": -2.786964,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.113144,
    "excess_performance": -0.057748,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.08735,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.044457,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.322341,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.068383,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.02787,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.019824,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.113144,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.110592,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 4219,
      "relative_activity": 0.587519,
      "balance": 2.110592,
      "dry_up": 0.51427,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.020647,
      "annualized_volatility": 0.16341,
      "from_high_reference": -0.003034,
      "from_low_reference": 0.266111
    },
    "levels": {
      "trend_reference": 37.775333,
      "fair_value_reference": 31.062347,
      "structural_low": 33.330002,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 38,
        "median_return": 0.006171,
        "positive_rate": 0.552632,
        "directional_follow_through": 0.552632,
        "median_excess_return": -0.00218,
        "regime_survival": 0.763158,
        "best_return": 0.095367,
        "worst_return": -0.078365,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 12,
        "median_return": 0.012721,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.033387,
        "regime_survival": 0.583333,
        "best_return": 0.104984,
        "worst_return": -0.041685,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 8,
        "median_return": 0.084886,
        "positive_rate": 0.875,
        "directional_follow_through": 0.875,
        "median_excess_return": -0.035069,
        "regime_survival": 0.625,
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        "worst_return": -0.202398,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": 0.113198,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.032947,
        "regime_survival": 0.25,
        "best_return": 0.20614,
        "worst_return": -0.154635,
        "sufficient": false
      }
    ],
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        "regime": "downward_expansion",
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        "color": "red",
        "start": "2023-10-20",
        "end": "2023-11-17",
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        "return": 0.034643,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-08-09",
        "tenure": "Developing",
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        "active": false
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      {
        "regime": "rotation_down",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
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      {
        "regime": "downward_expansion",
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        "regime": "balance",
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        "modifier": "Recompressing",
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      {
        "date": "2026-05-01",
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        "relative_strength": -4.023624,
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        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-05-08",
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      },
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        "date": "2026-05-15",
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        "typical_volume": 10130.65,
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 11296.95,
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      },
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        "typical_volume": 11140.4,
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      },
      {
        "date": "2026-06-05",
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        "typical_volume": 11266.65,
        "trend": 36.322382,
        "fair_value": 30.186606,
        "relative_strength": -2.442614,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "energy": 69.220653,
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 10190.8,
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        "fair_value": 30.277724,
        "relative_strength": -3.377935,
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      },
      {
        "date": "2026-06-19",
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        "relative_strength": -4.040342,
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      },
      {
        "date": "2026-06-26",
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        "direction": 70.732123,
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        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
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        "typical_volume": 9390.0,
        "trend": 37.048667,
        "fair_value": 30.580444,
        "relative_strength": -2.489207,
        "stage": 2,
        "regime": "upward_expansion",
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        "activity_lines": [
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 9630.8,
        "trend": 37.208667,
        "fair_value": 30.680205,
        "relative_strength": -4.099133,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 67.52936,
        "energy": 85.964992,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 39.445,
        "volume": 4079,
        "typical_volume": 9633.35,
        "trend": 37.343167,
        "fair_value": 30.77173,
        "relative_strength": -3.553596,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 64.863994,
        "energy": 69.099432,
        "activity_lines": [
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          39.611091,
          38.621047,
          38.018957
        ]
      },
      {
        "date": "2026-07-24",
        "close": 39.779999,
        "volume": 4031,
        "typical_volume": 7564.75,
        "trend": 37.493167,
        "fair_value": 30.86203,
        "relative_strength": -2.495886,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 62.649903,
        "energy": 58.475056,
        "activity_lines": [
          39.813333,
          39.716454,
          38.824119,
          38.176172
        ]
      },
      {
        "date": "2026-07-31",
        "close": 40.009998,
        "volume": 2443,
        "typical_volume": 7224.45,
        "trend": 37.631,
        "fair_value": 30.958449,
        "relative_strength": -2.557644,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 64.227808,
        "energy": 52.252672,
        "activity_lines": [
          39.857666,
          39.814817,
          39.029761,
          38.338548
        ]
      },
      {
        "date": "2026-08-07",
        "close": 41.075001,
        "volume": 4219,
        "typical_volume": 7181.05,
        "trend": 37.775333,
        "fair_value": 31.062347,
        "relative_strength": -2.786964,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 82.066827,
        "energy": 63.851766,
        "activity_lines": [
          40.231333,
          40.077818,
          39.314785,
          38.560742
        ]
      }
    ],
    "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."
    }
  }
}