{
  "ticker": {
    "uuid": "91b00c6b-2c1d-4c51-9222-0016c9228167",
    "symbol": "EXH4",
    "name": "iShares STOXX Europe 600 Industrial Goods & Services UCITS ETF (DE)",
    "exchange": "GER",
    "country": "DE",
    "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": "^GDAXI",
    "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": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 76.301,
    "architecture_energy": 60.271,
    "architecture_maturity": 19.957,
    "architecture_confidence": 87.806,
    "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": 15.24,
        "rotation_up": 61.59,
        "upward_expansion": 84.6,
        "deceleration": 48.61,
        "rotation_down": 17.73,
        "downward_expansion": 11.27
      },
      "activity_lines": [
        119.03758,
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        116.296187,
        114.931799
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 0.666667
    },
    "latest_close": 122.379997,
    "trend_reference": 113.899169,
    "distance_from_trend": 0.074459,
    "trend_direction": "Improving",
    "fair_value": 92.926438,
    "distance_from_fair_value": 0.316956,
    "fair_value_direction": "Improving",
    "relative_strength": 2.533947,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.076382,
    "excess_performance": 0.011742,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.074459,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.034011,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.316956,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.040285,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.025339,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.030566,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.076382,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.938806,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 59855,
      "relative_activity": 1.123074,
      "balance": 1.938806,
      "dry_up": 0.769349,
      "accumulation_observations": 1,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.032283,
      "annualized_volatility": 0.225668,
      "from_high_reference": -0.014178,
      "from_low_reference": 0.222585
    },
    "levels": {
      "trend_reference": 113.899169,
      "fair_value_reference": 92.926438,
      "structural_low": 100.661426,
      "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": 0.003032,
        "positive_rate": 0.552632,
        "directional_follow_through": 0.552632,
        "median_excess_return": 0.000937,
        "regime_survival": 0.657895,
        "best_return": 0.06762,
        "worst_return": -0.142383,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
        "median_return": 0.000685,
        "positive_rate": 0.538462,
        "directional_follow_through": 0.538462,
        "median_excess_return": 0.001412,
        "regime_survival": 0.538462,
        "best_return": 0.163347,
        "worst_return": -0.108202,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 8,
        "median_return": 0.04468,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.015483,
        "regime_survival": 0.375,
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        "worst_return": -0.22489,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
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        "regime_survival": 0.25,
        "best_return": 0.2972,
        "worst_return": -0.17709,
        "sufficient": false
      }
    ],
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        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2024-05-17",
        "tenure": "New",
        "return": 0.033551,
        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
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      },
      {
        "regime": "balance",
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      {
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        "active": false
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-04-11",
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        "return": 0.000587,
        "active": false
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      {
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      },
      {
        "date": "2026-04-24",
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      },
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        "activity_lines": [
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      },
      {
        "date": "2026-07-03",
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      },
      {
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        "relative_strength": 3.060911,
        "stage": 2,
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 75766.4,
        "trend": 112.891648,
        "fair_value": 91.997862,
        "relative_strength": 2.612728,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 51.497465,
        "energy": 37.546637,
        "activity_lines": [
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      },
      {
        "date": "2026-07-24",
        "close": 116.779999,
        "volume": 33611,
        "typical_volume": 66431.8,
        "trend": 113.247604,
        "fair_value": 92.282037,
        "relative_strength": 2.938186,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 54.471574,
        "energy": 41.889531,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 119.239998,
        "volume": 33338,
        "typical_volume": 58657.05,
        "trend": 113.625738,
        "fair_value": 92.590893,
        "relative_strength": 2.767585,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 62.629,
        "energy": 36.232955,
        "activity_lines": [
          117.459706,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 122.379997,
        "volume": 59855,
        "typical_volume": 53295.7,
        "trend": 113.899169,
        "fair_value": 92.926438,
        "relative_strength": 2.533947,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 76.300783,
        "energy": 60.27084,
        "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."
    }
  }
}