{
  "ticker": {
    "uuid": "a1c3187a-d29d-464a-889b-5b2f3f219df3",
    "symbol": "CMDY",
    "name": "ISHARES US ETF TRUST BLOOMBERG ROL SELECT COMDTY STRATEGY 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": 2,
    "stage_name": "Advancing",
    "phase": "2c",
    "phase_label": "Stage 2C \u00b7 Late advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 52.083,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Re-acceleration watch",
    "architecture_gate": "up",
    "architecture_direction": 38.466,
    "architecture_energy": 33.304,
    "architecture_maturity": 42.257,
    "architecture_confidence": 51.345,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "The prior uptrend is attempting to re-accelerate.",
        "body": "Positive Trend survived a recompression and Fast Activity is strengthening again. Promotion requires renewed confirmation across the completed evidence set."
      },
      "scores": {
        "balance": 36.99,
        "rotation_up": 65.4,
        "upward_expansion": 70.1,
        "deceleration": 62.22,
        "rotation_down": 9.35,
        "downward_expansion": 11.1
      },
      "activity_lines": [
        58.964,
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        58.627048,
        58.503548
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 59.02,
    "trend_reference": 57.606833,
    "distance_from_trend": 0.024531,
    "trend_direction": "Improving",
    "fair_value": 45.881837,
    "distance_from_fair_value": 0.286348,
    "fair_value_direction": "Weakening",
    "relative_strength": -0.947724,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.121414,
    "excess_performance": -0.004211,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.024531,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.055606,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.286348,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.093518,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.009477,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.104378,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.121414,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.565563,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 196337,
      "relative_activity": 0.602736,
      "balance": 0.565563,
      "dry_up": 0.604575,
      "accumulation_observations": 1,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.030657,
      "annualized_volatility": 0.167591,
      "from_high_reference": -0.074301,
      "from_low_reference": 0.345169
    },
    "levels": {
      "trend_reference": 57.606833,
      "fair_value_reference": 45.881837,
      "structural_low": 51.477,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 13,
        "median_return": 0.017821,
        "positive_rate": 0.769231,
        "directional_follow_through": 0.769231,
        "median_excess_return": -0.02128,
        "regime_survival": 0.461538,
        "best_return": 0.060039,
        "worst_return": -0.037627,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.022471,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.016344,
        "regime_survival": 0.333333,
        "best_return": 0.121452,
        "worst_return": -0.048997,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.029576,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.068349,
        "regime_survival": 0.0,
        "best_return": 0.160217,
        "worst_return": -0.020834,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.070229,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.073701,
        "regime_survival": 0.333333,
        "best_return": 0.258238,
        "worst_return": -0.107029,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2024-04-05",
        "tenure": "New",
        "return": 0.032534,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "tenure": "Developing",
        "return": 0.006663,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
        "regime": "deceleration",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2024-09-06",
        "tenure": "Developing",
        "return": -0.01167,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2024-10-04",
        "tenure": "New",
        "return": 0.062236,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "end": "2024-11-01",
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        "return": -0.024249,
        "active": false
      },
      {
        "regime": "balance",
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        "end": "2025-01-10",
        "tenure": "Developing",
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        "active": false
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      {
        "regime": "upward_expansion",
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        "tenure": "Developing",
        "return": -0.021879,
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      {
        "regime": "upward_expansion",
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      },
      {
        "date": "2026-04-24",
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        "date": "2026-05-01",
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      },
      {
        "date": "2026-05-08",
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      },
      {
        "date": "2026-05-15",
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 366254.3,
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      },
      {
        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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        "typical_volume": 396641.4,
        "trend": 54.960261,
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        "relative_strength": 5.193856,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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        "typical_volume": 405254.6,
        "trend": 55.28651,
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        "relative_strength": 2.273784,
        "stage": 2,
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      },
      {
        "date": "2026-06-19",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
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        "relative_strength": -1.251995,
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        "modifier": "Recompressing",
        "gate": "up",
        "direction": -17.055456,
        "energy": 31.908874,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-07-03",
        "close": 55.12,
        "volume": 277260,
        "typical_volume": 374949.15,
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        "fair_value": 45.3399,
        "relative_strength": -3.263059,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
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      },
      {
        "date": "2026-07-10",
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        "volume": 366210,
        "typical_volume": 385376.95,
        "trend": 56.290167,
        "fair_value": 45.44001,
        "relative_strength": -1.468034,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "mixed",
        "direction": -23.833137,
        "energy": 46.09166,
        "activity_lines": [
          56.128,
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      },
      {
        "date": "2026-07-17",
        "close": 58.65,
        "volume": 138589,
        "typical_volume": 365404.25,
        "trend": 56.637167,
        "fair_value": 45.548147,
        "relative_strength": 2.96957,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "up",
        "direction": 0.41359,
        "energy": 27.201986,
        "activity_lines": [
          56.887333,
          57.433636,
          58.563881,
          58.060914
        ]
      },
      {
        "date": "2026-07-24",
        "close": 59.83,
        "volume": 207363,
        "typical_volume": 343657.8,
        "trend": 56.962833,
        "fair_value": 45.6608,
        "relative_strength": 5.420957,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 34.143733,
        "energy": 16.477172,
        "activity_lines": [
          57.989333,
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          58.645524,
          58.266903
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      },
      {
        "date": "2026-07-31",
        "close": 58.91,
        "volume": 245456,
        "typical_volume": 331695.05,
        "trend": 57.299167,
        "fair_value": 45.770707,
        "relative_strength": 2.497596,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 34.474186,
        "energy": 27.025918,
        "activity_lines": [
          58.586667,
          57.839455,
          58.630286,
          58.392527
        ]
      },
      {
        "date": "2026-08-07",
        "close": 59.02,
        "volume": 196337,
        "typical_volume": 325743.05,
        "trend": 57.606833,
        "fair_value": 45.881837,
        "relative_strength": -0.947724,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Re-acceleration watch",
        "gate": "up",
        "direction": 38.465633,
        "energy": 33.303579,
        "activity_lines": [
          58.964,
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          58.627048,
          58.503548
        ]
      }
    ],
    "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."
    }
  }
}