{
  "ticker": {
    "uuid": "a66ee7d7-f5e1-4999-8a25-1708d1dfb9a4",
    "symbol": "QHOP",
    "name": "Quality Hospitality Leasehold Property Fund",
    "exchange": "SET",
    "country": "TH",
    "assetType": "equity"
  },
  "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": "^SET.BK",
    "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": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 52.776,
    "architecture_energy": 37.588,
    "architecture_maturity": 63.794,
    "architecture_confidence": 50.775,
    "architecture_tenure": "Established",
    "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": 34.45,
        "rotation_up": 44.36,
        "upward_expansion": 73.18,
        "deceleration": 71.14,
        "rotation_down": 22.91,
        "downward_expansion": 4.51
      },
      "activity_lines": [
        3.314667,
        3.296727,
        3.265429,
        3.205158
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 3.3,
    "trend_reference": 3.094902,
    "distance_from_trend": 0.06627,
    "trend_direction": "Improving",
    "fair_value": 2.814854,
    "distance_from_fair_value": 0.172352,
    "fair_value_direction": "Improving",
    "relative_strength": -1.936316,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.208553,
    "excess_performance": 0.016228,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.06627,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.080716,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.172352,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.003704,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.019363,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.035211,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.208553,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.323492,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 77000,
      "relative_activity": 3.749696,
      "balance": 1.323492,
      "dry_up": 1.828585,
      "accumulation_observations": 2,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.040093,
      "annualized_volatility": 0.241037,
      "from_high_reference": -0.029412,
      "from_low_reference": 0.450263
    },
    "levels": {
      "trend_reference": 3.094902,
      "fair_value_reference": 2.814854,
      "structural_low": 2.62,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 22,
        "median_return": 0.000664,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.00811,
        "regime_survival": 0.681818,
        "best_return": 0.170732,
        "worst_return": -0.095238,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 8,
        "median_return": 0.0,
        "positive_rate": 0.375,
        "directional_follow_through": 0.375,
        "median_excess_return": 0.006655,
        "regime_survival": 0.125,
        "best_return": 0.081301,
        "worst_return": -0.10929,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
        "median_return": 0.056377,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.088244,
        "regime_survival": 0.166667,
        "best_return": 0.141791,
        "worst_return": -0.224044,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.182609,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.253297,
        "regime_survival": 0.333333,
        "best_return": 0.19403,
        "worst_return": 0.140549,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-07-05",
        "end": "2024-07-12",
        "tenure": "New",
        "return": 0.071428,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-07-19",
        "end": "2024-10-04",
        "tenure": "Developing",
        "return": -0.062857,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-10-11",
        "end": "2024-10-25",
        "tenure": "New",
        "return": 0.07362,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2025-01-03",
        "tenure": "Developing",
        "return": -0.061111,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-01-10",
        "end": "2025-03-14",
        "tenure": "Developing",
        "return": -0.059172,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-03-21",
        "end": "2025-04-25",
        "tenure": "Developing",
        "return": 0.127287,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-05-16",
        "tenure": "New",
        "return": -0.016129,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Developing",
        "return": -0.076503,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-08-29",
        "tenure": "Developing",
        "return": -0.058824,
        "active": false
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-09-05",
        "end": "2025-09-26",
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        "return": -0.044304,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-10-03",
        "end": "2026-01-23",
        "tenure": "Established",
        "return": -0.033333,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-01-30",
        "end": "2026-02-20",
        "tenure": "New",
        "return": 0.154363,
        "active": false
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      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "return": -0.083333,
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      {
        "regime": "upward_expansion",
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        "return": 0.085526,
        "active": true
      }
    ],
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      },
      {
        "date": "2026-05-01",
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        "volume": 2900,
        "typical_volume": 45130.0,
        "trend": 2.776347,
        "fair_value": 2.732213,
        "relative_strength": -6.147404,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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      },
      {
        "date": "2026-05-08",
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        "typical_volume": 45390.0,
        "trend": 2.793816,
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        "relative_strength": -5.457452,
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      },
      {
        "date": "2026-05-15",
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        "trend": 2.813285,
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        "relative_strength": -4.2801,
        "stage": 2,
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 48275.0,
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      },
      {
        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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        "trend": 2.89293,
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        "relative_strength": -6.284111,
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      {
        "date": "2026-06-12",
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      {
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      },
      {
        "date": "2026-06-26",
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        "gate": "up",
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        "energy": 51.911941,
        "activity_lines": [
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          3.089783
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      },
      {
        "date": "2026-07-03",
        "close": 3.2,
        "volume": 900,
        "typical_volume": 37580.0,
        "trend": 2.967413,
        "fair_value": 2.784736,
        "relative_strength": -7.145321,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
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        "activity_lines": [
          3.226667,
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      },
      {
        "date": "2026-07-10",
        "close": 3.36,
        "volume": 39200,
        "typical_volume": 34770.0,
        "trend": 2.993249,
        "fair_value": 2.790877,
        "relative_strength": -2.516904,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 73.379051,
        "energy": 49.549766,
        "activity_lines": [
          3.268,
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          3.211048,
          3.131127
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      },
      {
        "date": "2026-07-17",
        "close": 3.38,
        "volume": 900,
        "typical_volume": 29225.0,
        "trend": 3.020966,
        "fair_value": 2.796706,
        "relative_strength": -2.486423,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 71.125835,
        "energy": 52.288475,
        "activity_lines": [
          3.309333,
          3.282545,
          3.232857,
          3.156078
        ]
      },
      {
        "date": "2026-07-24",
        "close": 3.3,
        "volume": 71600,
        "typical_volume": 29770.0,
        "trend": 3.046623,
        "fair_value": 2.802462,
        "relative_strength": -4.56123,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 57.380398,
        "energy": 44.63883,
        "activity_lines": [
          3.314667,
          3.288,
          3.24581,
          3.17408
        ]
      },
      {
        "date": "2026-07-31",
        "close": 3.3,
        "volume": 700,
        "typical_volume": 27960.0,
        "trend": 3.071673,
        "fair_value": 2.808438,
        "relative_strength": -2.991964,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 55.685539,
        "energy": 43.859708,
        "activity_lines": [
          3.317333,
          3.292727,
          3.256667,
          3.190427
        ]
      },
      {
        "date": "2026-08-07",
        "close": 3.3,
        "volume": 77000,
        "typical_volume": 20535.0,
        "trend": 3.094902,
        "fair_value": 2.814854,
        "relative_strength": -1.936316,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 52.775838,
        "energy": 37.587876,
        "activity_lines": [
          3.314667,
          3.296727,
          3.265429,
          3.205158
        ]
      }
    ],
    "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."
    }
  }
}