{ "ticker": { "uuid": "b2ef334e-7d64-4936-b186-e3b9ea712bad", "symbol": "MHF", "name": "Western Asset Municipal High Income Fund Inc", "exchange": "NYSE", "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": "3b", "phase_label": "Stage 3B \u00b7 Distribution", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 74.528, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Upper balance after advance", "architecture_gate": "up", "architecture_direction": 27.354, "architecture_energy": 16.536, "architecture_maturity": 21.786, "architecture_confidence": 74.094, "architecture_tenure": "New", "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": 48.85, "rotation_up": 29.87, "upward_expansion": 52.24, "deceleration": 84.11, "rotation_down": 34.61, "downward_expansion": 24.91 }, "activity_lines": [ 6.863058, 6.887782, 6.883781, 6.865087 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.166667 }, "latest_close": 6.9, "trend_reference": 6.840844, "distance_from_trend": 0.008647, "trend_direction": "Improving", "fair_value": 6.389612, "distance_from_fair_value": 0.079878, "fair_value_direction": "Weakening", "relative_strength": -10.035882, "relative_strength_direction": "Weakening", "price_momentum": 0.007299, "excess_performance": -0.118326, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.008647, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.007714, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.079878, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.022067, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.100359, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.009475, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.007299, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.88886, "read": "Supply-led" } ], "volume": { "latest": 307750, "relative_activity": 1.043505, "balance": 0.88886, "dry_up": 1.008142, "accumulation_observations": 3, "distribution_observations": 4 }, "risk": { "range_context": 0.026469, "annualized_volatility": 0.095745, "from_high_reference": -0.056125, "from_low_reference": 0.078236 }, "levels": { "trend_reference": 6.840844, "fair_value_reference": 6.389612, "structural_low": 6.565094, "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": 26, "median_return": -0.006309, "positive_rate": 0.384615, "directional_follow_through": 0.384615, "median_excess_return": -0.007282, "regime_survival": 0.576923, "best_return": 0.056334, "worst_return": -0.075902, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 10, "median_return": 0.007389, "positive_rate": 0.6, "directional_follow_through": 0.6, "median_excess_return": -0.01585, "regime_survival": 0.1, "best_return": 0.038677, "worst_return": -0.109518, "sufficient": true }, { "horizon": "Extended", "sample_count": 7, "median_return": 0.017013, "positive_rate": 0.857143, "directional_follow_through": 0.857143, "median_excess_return": -0.074776, "regime_survival": 0.285714, "best_return": 0.072747, "worst_return": -0.095929, 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6.86675, 6.885606, 6.879451, 6.860992 ] }, { "date": "2026-08-07", "close": 6.9, "volume": 307750, "typical_volume": 294919.65, "trend": 6.840844, "fair_value": 6.389612, "relative_strength": -10.035882, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 27.353808, "energy": 16.535825, "activity_lines": [ 6.863058, 6.887782, 6.883781, 6.865087 ] } ], "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." } } }