{
  "ticker": {
    "uuid": "7e5cc975-5866-4d0e-affe-dfefabedefa1",
    "symbol": "HYFA",
    "name": "Invesco US High Yield Fallen Angels UCITS ETF",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3b",
    "phase_label": "Stage 3B \u00b7 Distribution",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 85.491,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Early expansion",
    "architecture_gate": "up",
    "architecture_direction": 64.313,
    "architecture_energy": 60.697,
    "architecture_maturity": 49.781,
    "architecture_confidence": 63.616,
    "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": 21.58,
        "rotation_up": 56.56,
        "upward_expansion": 84.67,
        "deceleration": 68.56,
        "rotation_down": 24.98,
        "downward_expansion": 11.34
      },
      "activity_lines": [
        18.688667,
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        18.393206
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 18.672001,
    "trend_reference": 18.314275,
    "distance_from_trend": 0.019533,
    "trend_direction": "Improving",
    "fair_value": 17.757074,
    "distance_from_fair_value": 0.051525,
    "fair_value_direction": "Improving",
    "relative_strength": -4.502034,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.021567,
    "excess_performance": -0.031744,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.019533,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.005096,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.051525,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.021883,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.04502,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.031204,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.021567,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.507546,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 8816,
      "relative_activity": 3.739713,
      "balance": 0.507546,
      "dry_up": 2.659922,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.007612,
      "annualized_volatility": 0.077042,
      "from_high_reference": -0.006756,
      "from_low_reference": 0.055717
    },
    "levels": {
      "trend_reference": 18.314275,
      "fair_value_reference": 17.757074,
      "structural_low": 17.870684,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 31,
        "median_return": 0.001838,
        "positive_rate": 0.612903,
        "directional_follow_through": 0.612903,
        "median_excess_return": -0.003254,
        "regime_survival": 0.806452,
        "best_return": 0.044099,
        "worst_return": -0.033925,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 11,
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        "directional_follow_through": 0.727273,
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        "regime_survival": 0.545455,
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        "worst_return": -0.056755,
        "sufficient": true
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        "horizon": "Extended",
        "sample_count": 8,
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        "positive_rate": 0.5,
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        "worst_return": -0.069069,
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      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "worst_return": -0.071152,
        "sufficient": false
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        "active": false
      },
      {
        "regime": "deceleration",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "end": "2025-08-01",
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        "regime": "rotation_up",
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 1109.55,
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        "fair_value": 17.705489,
        "relative_strength": 0.221893,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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        "direction": 82.923994,
        "energy": 93.710605,
        "activity_lines": [
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      },
      {
        "date": "2026-07-24",
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        "volume": 0,
        "typical_volume": 1109.55,
        "trend": 18.285181,
        "fair_value": 17.723393,
        "relative_strength": -0.175181,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 73.737762,
        "energy": 90.59184,
        "activity_lines": [
          18.773933,
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          18.419866,
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        ]
      },
      {
        "date": "2026-07-31",
        "close": 18.544001,
        "volume": 16266,
        "typical_volume": 1922.85,
        "trend": 18.297595,
        "fair_value": 17.740012,
        "relative_strength": -2.989013,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 66.116664,
        "energy": 77.366365,
        "activity_lines": [
          18.714,
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          18.442974,
          18.369051
        ]
      },
      {
        "date": "2026-08-07",
        "close": 18.672001,
        "volume": 8816,
        "typical_volume": 2357.4,
        "trend": 18.314275,
        "fair_value": 17.757074,
        "relative_strength": -4.502034,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 64.313368,
        "energy": 60.697139,
        "activity_lines": [
          18.688667,
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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."
    }
  }
}