{ "ticker": { "uuid": "910de43f-d39e-4b48-bfca-4a79808cd01b", "symbol": "PZT", "name": "INVESCO EXCHANGE TRADED FD TR II N Y AMT-FREE MUN BD ETF", "exchange": "NYSEARCA", "country": "US", "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": "SPY", "stage": 3, "stage_name": "Distribution", "phase": "3c", "phase_label": "Stage 3C \u00b7 Breakdown watch", "transition": "stage_3_to_4_watch", "transition_label": "Stage 3 \u2192 4 watch", "confidence": 95.319, "architecture_regime": "upward_expansion", "architecture_regime_label": "Upward Expansion", "architecture_modifier": "Established expansion", "architecture_gate": "mixed", "architecture_direction": -6.838, "architecture_energy": 17.306, "architecture_maturity": 100.0, "architecture_confidence": 60.806, "architecture_tenure": "Extended", "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": 54.89, "rotation_up": 20.21, "upward_expansion": 23.24, "deceleration": 66.31, "rotation_down": 51.26, "downward_expansion": 32.24 }, "activity_lines": [ 22.23617, 22.332736, 22.339272, 22.297906 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.0 }, "latest_close": 22.35, "trend_reference": 22.239285, "distance_from_trend": 0.004978, "trend_direction": "Improving", "fair_value": 21.447728, "distance_from_fair_value": 0.042068, "fair_value_direction": "Weakening", "relative_strength": -9.615764, "relative_strength_direction": "Weakening", "price_momentum": 0.013029, "excess_performance": -0.112596, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.004978, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.006068, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.042068, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.008091, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.096158, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.014992, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.013029, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.855672, "read": "Supply-led" } ], "volume": { "latest": 85968, "relative_activity": 0.655647, "balance": 0.855672, "dry_up": 0.975062, "accumulation_observations": 1, "distribution_observations": 4 }, "risk": { "range_context": 0.012139, "annualized_volatility": 0.055707, "from_high_reference": -0.014405, "from_low_reference": 0.082157 }, "levels": { "trend_reference": 22.239285, "fair_value_reference": 21.447728, "structural_low": 21.730459, 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"activity_lines": [ 22.515215, 22.462925, 22.360365, 22.297476 ] }, { "date": "2026-07-17", "close": 22.377614, "volume": 133939, "typical_volume": 137928.4, "trend": 22.223066, "fair_value": 21.415868, "relative_strength": -6.482256, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 54.376265, "energy": 34.548826, "activity_lines": [ 22.473196, 22.458693, 22.369035, 22.30838 ] }, { "date": "2026-07-24", "close": 22.11, "volume": 190677, "typical_volume": 134660.05, "trend": 22.228221, "fair_value": 21.424874, "relative_strength": -6.905658, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 15.970502, "energy": 10.857264, "activity_lines": [ 22.345518, 22.405602, 22.352767, 22.301085 ] }, { "date": "2026-07-31", "close": 22.06, "volume": 100814, "typical_volume": 132376.6, "trend": 22.231052, "fair_value": 21.435576, "relative_strength": -7.884494, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "mixed", "direction": -12.903167, "energy": 19.826211, "activity_lines": [ 22.226607, 22.342503, 22.332193, 22.290232 ] }, { "date": "2026-08-07", "close": 22.35, "volume": 85968, "typical_volume": 131119.3, "trend": 22.239285, "fair_value": 21.447728, "relative_strength": -9.615764, "stage": 3, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "mixed", "direction": -6.838287, "energy": 17.305663, "activity_lines": [ 22.23617, 22.332736, 22.339272, 22.297906 ] } ], "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." } } }