{
  "ticker": {
    "uuid": "8e57d372-4012-4572-98b3-91811fd85861",
    "symbol": "EACW",
    "name": "State Street SPDR MSCI All Country World EUR Hdg UCITS ETF (Acc)",
    "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": 79.674,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 79.458,
    "architecture_energy": 53.604,
    "architecture_maturity": 77.498,
    "architecture_confidence": 59.264,
    "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": 25.43,
        "rotation_up": 48.33,
        "upward_expansion": 79.1,
        "deceleration": 70.98,
        "rotation_down": 28.57,
        "downward_expansion": 8.1
      },
      "activity_lines": [
        26.607334,
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        26.273,
        25.796581
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 27.195,
    "trend_reference": 25.255167,
    "distance_from_trend": 0.076809,
    "trend_direction": "Improving",
    "fair_value": 20.791083,
    "distance_from_fair_value": 0.308013,
    "fair_value_direction": "Improving",
    "relative_strength": -4.310157,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.115464,
    "excess_performance": -0.055428,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.076809,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.038211,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.308013,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.009553,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.043102,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.027095,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.115464,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.939175,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 382830,
      "relative_activity": 1.342367,
      "balance": 2.939175,
      "dry_up": 1.138478,
      "accumulation_observations": 4,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.020069,
      "annualized_volatility": 0.128202,
      "from_high_reference": -0.00275,
      "from_low_reference": 0.231937
    },
    "levels": {
      "trend_reference": 25.255167,
      "fair_value_reference": 20.791083,
      "structural_low": 22.705,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 40,
        "median_return": 0.00834,
        "positive_rate": 0.675,
        "directional_follow_through": 0.675,
        "median_excess_return": 0.003503,
        "regime_survival": 0.75,
        "best_return": 0.055434,
        "worst_return": -0.075304,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 15,
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        "directional_follow_through": 0.8,
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        "regime_survival": 0.6,
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        "worst_return": -0.068936,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 8,
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        "worst_return": -0.149125,
        "sufficient": true
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      {
        "horizon": "Full cycle",
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        "worst_return": -0.110189,
        "sufficient": false
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        "color": "amber",
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        "end": "2024-09-13",
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        "regime": "upward_expansion",
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        "active": false
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        "regime": "downward_expansion",
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        "date": "2026-05-08",
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      },
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        "date": "2026-05-22",
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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      },
      {
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      },
      {
        "date": "2026-07-17",
        "close": 26.25,
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        "typical_volume": 309523.8,
        "trend": 25.005333,
        "fair_value": 20.59484,
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        "stage": 2,
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        "modifier": "Established expansion",
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        "energy": 55.420494,
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          26.470333,
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          25.947333,
          25.505774
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      },
      {
        "date": "2026-07-24",
        "close": 26.32,
        "volume": 428360,
        "typical_volume": 314930.9,
        "trend": 25.085,
        "fair_value": 20.656955,
        "relative_strength": -4.177585,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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        "direction": 51.119034,
        "energy": 47.989982,
        "activity_lines": [
          26.413,
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          25.590591
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      },
      {
        "date": "2026-07-31",
        "close": 26.245001,
        "volume": 290638,
        "typical_volume": 305785.9,
        "trend": 25.162167,
        "fair_value": 20.720308,
        "relative_strength": -5.003528,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 46.140746,
        "energy": 38.555725,
        "activity_lines": [
          26.352667,
          26.394818,
          26.118452,
          25.66543
        ]
      },
      {
        "date": "2026-08-07",
        "close": 27.195,
        "volume": 382830,
        "typical_volume": 285190.35,
        "trend": 25.255167,
        "fair_value": 20.791083,
        "relative_strength": -4.310157,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 79.457905,
        "energy": 53.604488,
        "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."
    }
  }
}