{
  "ticker": {
    "uuid": "a3b3e8d8-3486-4c74-ae51-9e803e985e7f",
    "symbol": "CBLS",
    "name": "CLOUGH HEDGED EQUITY 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": 70.415,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "mixed",
    "architecture_direction": -25.022,
    "architecture_energy": 34.217,
    "architecture_maturity": 46.299,
    "architecture_confidence": 67.018,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The upward structure remains, but its energy is decelerating.",
        "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down."
      },
      "scores": {
        "balance": 43.22,
        "rotation_up": 14.06,
        "upward_expansion": 21.26,
        "deceleration": 70.94,
        "rotation_down": 63.96,
        "downward_expansion": 37.26
      },
      "activity_lines": [
        31.066927,
        31.783773,
        32.006219,
        31.606533
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.5
    },
    "latest_close": 30.785,
    "trend_reference": 31.1017,
    "distance_from_trend": -0.010183,
    "trend_direction": "Improving",
    "fair_value": 25.977603,
    "distance_from_fair_value": 0.185059,
    "fair_value_direction": "Weakening",
    "relative_strength": -7.677691,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.014888,
    "excess_performance": -0.110737,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.010183,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.051296,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.185059,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.090047,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.076777,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.057764,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.014888,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.825763,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 4346,
      "relative_activity": 0.239009,
      "balance": 0.825763,
      "dry_up": 1.111601,
      "accumulation_observations": 2,
      "distribution_observations": 4
    },
    "risk": {
      "range_context": 0.034939,
      "annualized_volatility": 0.152928,
      "from_high_reference": -0.108198,
      "from_low_reference": 0.149534
    },
    "levels": {
      "trend_reference": 31.1017,
      "fair_value_reference": 25.977603,
      "structural_low": 28.63,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": 0.01466,
        "positive_rate": 0.545455,
        "directional_follow_through": 0.545455,
        "median_excess_return": -0.011995,
        "regime_survival": 0.545455,
        "best_return": 0.083013,
        "worst_return": -0.064495,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.067925,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": -0.057851,
        "regime_survival": 0.0,
        "best_return": 0.158163,
        "worst_return": -0.018203,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.063493,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.072175,
        "regime_survival": 0.5,
        "best_return": 0.101281,
        "worst_return": -0.027691,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.024479,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.188614,
        "regime_survival": 0.0,
        "best_return": 0.166072,
        "worst_return": -0.117113,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-11-01",
        "end": "2024-11-01",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-11-08",
        "end": "2025-03-21",
        "tenure": "Established",
        "return": 0.00012,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-03-28",
        "end": "2025-04-04",
        "tenure": "New",
        "return": -0.065682,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-04-11",
        "end": "2025-04-25",
        "tenure": "New",
        "return": 0.046692,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-05-02",
        "end": "2025-05-09",
        "tenure": "New",
        "return": 0.006652,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-05-16",
        "end": "2025-05-23",
        "tenure": "New",
        "return": 0.013363,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-08-22",
        "tenure": "Established",
        "return": 0.002169,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-11-14",
        "tenure": "Developing",
        "return": -0.03411,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-11-21",
        "end": "2026-01-02",
        "tenure": "Developing",
        "return": 0.035225,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2026-01-23",
        "tenure": "New",
        "return": 0.041598,
        "active": false
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      {
        "regime": "upward_expansion",
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        "end": "2026-03-13",
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        "return": -0.043167,
        "active": false
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      {
        "regime": "deceleration",
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      {
        "regime": "upward_expansion",
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        "return": 0.003981,
        "active": false
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      {
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        "color": "amber",
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        "return": -0.024461,
        "active": true
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      },
      {
        "date": "2026-04-24",
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        "date": "2026-05-08",
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        "date": "2026-05-15",
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-07-03",
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      },
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        "typical_volume": 19650.15,
        "trend": 30.679316,
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        "relative_strength": -1.143732,
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      },
      {
        "date": "2026-07-17",
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        "volume": 32854,
        "typical_volume": 20447.6,
        "trend": 30.831518,
        "fair_value": 25.750478,
        "relative_strength": -0.764764,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 44.718702,
        "energy": 32.220331,
        "activity_lines": [
          32.587813,
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          32.199724,
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      },
      {
        "date": "2026-07-24",
        "close": 31.5569,
        "volume": 23646,
        "typical_volume": 20655.2,
        "trend": 30.961003,
        "fair_value": 25.829704,
        "relative_strength": -1.465198,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 30.31418,
        "energy": 21.845163,
        "activity_lines": [
          32.157127,
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          32.211821,
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        ]
      },
      {
        "date": "2026-07-31",
        "close": 30.2432,
        "volume": 20005,
        "typical_volume": 18155.25,
        "trend": 31.037837,
        "fair_value": 25.901868,
        "relative_strength": -6.350119,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": -13.398748,
        "energy": 24.51217,
        "activity_lines": [
          31.414867,
          32.080369,
          32.08664,
          31.622845
        ]
      },
      {
        "date": "2026-08-07",
        "close": 30.785,
        "volume": 4346,
        "typical_volume": 18183.45,
        "trend": 31.1017,
        "fair_value": 25.977603,
        "relative_strength": -7.677691,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -25.021657,
        "energy": 34.217143,
        "activity_lines": [
          31.066927,
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          31.606533
        ]
      }
    ],
    "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."
    }
  }
}