{
  "ticker": {
    "uuid": "a2ffc8bd-0731-4911-9c99-c74edaf034f5",
    "symbol": "BIL",
    "name": "State Street SPDR Bloomberg 1-3 Month T-Bill ETF",
    "exchange": "MEX",
    "country": "MX",
    "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": "^MXX",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1b",
    "phase_label": "Stage 1B \u00b7 Basing",
    "transition": "stage_1_building",
    "transition_label": "Base still building",
    "confidence": 60.057,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": -57.235,
    "architecture_energy": 43.568,
    "architecture_maturity": 15.061,
    "architecture_confidence": 81.934,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 36.78,
        "rotation_up": 22.25,
        "upward_expansion": 13.47,
        "deceleration": 34.49,
        "rotation_down": 53.94,
        "downward_expansion": 75.14
      },
      "activity_lines": [
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      ],
      "activity_state": "Compressed",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.166667
    },
    "latest_close": 1568.420044,
    "trend_reference": 1589.49718,
    "distance_from_trend": -0.01326,
    "trend_direction": "Weakening",
    "fair_value": 1668.34568,
    "distance_from_fair_value": -0.059895,
    "fair_value_direction": "Improving",
    "relative_strength": -5.822888,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.001567,
    "excess_performance": 0.053099,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.01326,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.014973,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.059895,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.001569,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.058229,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.097478,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.001567,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.054492,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1277084,
      "relative_activity": 2.777979,
      "balance": 2.054492,
      "dry_up": 1.439669,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.012044,
      "annualized_volatility": 0.096762,
      "from_high_reference": -0.086739,
      "from_low_reference": 0.007354
    },
    "levels": {
      "trend_reference": 1589.49718,
      "fair_value_reference": 1668.34568,
      "structural_low": 1556.970581,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 13,
        "median_return": -0.001019,
        "positive_rate": 0.384615,
        "directional_follow_through": 0.384615,
        "median_excess_return": 0.009851,
        "regime_survival": 0.461538,
        "best_return": 0.037836,
        "worst_return": -0.026937,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": -0.019336,
        "positive_rate": 0.142857,
        "directional_follow_through": 0.142857,
        "median_excess_return": -0.001545,
        "regime_survival": 0.285714,
        "best_return": 0.04573,
        "worst_return": -0.043095,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": -0.018778,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.109883,
        "regime_survival": 0.25,
        "best_return": 0.02551,
        "worst_return": -0.080365,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.02926,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.073189,
        "regime_survival": 0.333333,
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        "worst_return": -0.159858,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2022-11-11",
        "end": "2023-09-22",
        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "tenure": "Developing",
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      },
      {
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2024-02-16",
        "tenure": "Developing",
        "return": 0.011515,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "New",
        "return": -0.019644,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "start": "2024-03-15",
        "end": "2024-05-31",
        "tenure": "Developing",
        "return": 0.020416,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "end": "2024-06-14",
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        "return": 0.003677,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-12-20",
        "tenure": "Extended",
        "return": 0.10409,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-01-10",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "return": -0.023926,
        "active": false
      },
      {
        "regime": "deceleration",
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        "end": "2025-05-02",
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        "active": false
      },
      {
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        "active": false
      },
      {
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        "active": true
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    ],
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
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      },
      {
        "date": "2026-08-07",
        "close": 1568.420044,
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        "trend": 1589.49718,
        "fair_value": 1668.34568,
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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."
    }
  }
}