{
  "ticker": {
    "uuid": "b51729e9-8b44-4ed3-88ab-d4dc8c5fa050",
    "symbol": "2568",
    "name": "Listed Index Fund US Equity (NASDAQ100) No Currency Hedge",
    "exchange": "JPX",
    "country": "JP",
    "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": "^N225",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 81.382,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 37.544,
    "architecture_energy": 25.623,
    "architecture_maturity": 67.425,
    "architecture_confidence": 76.209,
    "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": 37.06,
        "rotation_up": 26.44,
        "upward_expansion": 60.0,
        "deceleration": 88.32,
        "rotation_down": 29.44,
        "downward_expansion": 21.34
      },
      "activity_lines": [
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        7728.067631
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 8000.0,
    "trend_reference": 7405.243962,
    "distance_from_trend": 0.080316,
    "trend_direction": "Improving",
    "fair_value": 5589.142675,
    "distance_from_fair_value": 0.431347,
    "fair_value_direction": "Weakening",
    "relative_strength": -4.736942,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.221934,
    "excess_performance": 0.012675,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.080316,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.064619,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.431347,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.050237,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.047369,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.02576,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.221934,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.739915,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 52207,
      "relative_activity": 0.407985,
      "balance": 0.739915,
      "dry_up": 1.424962,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.03468,
      "annualized_volatility": 0.168652,
      "from_high_reference": -0.048372,
      "from_low_reference": 0.374556
    },
    "levels": {
      "trend_reference": 7405.243962,
      "fair_value_reference": 5589.142675,
      "structural_low": 6258.0,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 10,
        "median_return": -0.008039,
        "positive_rate": 0.4,
        "directional_follow_through": 0.4,
        "median_excess_return": 0.00517,
        "regime_survival": 0.5,
        "best_return": 0.13526,
        "worst_return": -0.034691,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 5,
        "median_return": 0.146891,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": -0.003589,
        "regime_survival": 0.0,
        "best_return": 0.2354,
        "worst_return": -0.130352,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.172268,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.008473,
        "regime_survival": 0.0,
        "best_return": 0.219063,
        "worst_return": -0.004731,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.312163,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.118872,
        "regime_survival": 0.333333,
        "best_return": 0.37808,
        "worst_return": 0.262566,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2023-10-20",
        "end": "2023-11-17",
        "tenure": "Developing",
        "return": 0.080105,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-11-24",
        "end": "2024-08-02",
        "tenure": "Extended",
        "return": 0.162216,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-09",
        "end": "2024-09-27",
        "tenure": "Developing",
        "return": 0.086957,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-10-04",
        "end": "2024-10-25",
        "tenure": "New",
        "return": 0.061105,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-11-01",
        "end": "2025-02-21",
        "tenure": "Established",
        "return": 0.076241,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-02-28",
        "end": "2025-03-14",
        "tenure": "New",
        "return": -0.059389,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-04-11",
        "tenure": "New",
        "return": -0.091539,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-18",
        "end": "2025-05-30",
        "tenure": "Developing",
        "return": 0.178971,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-06-20",
        "tenure": "New",
        "return": 0.014211,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-06-27",
        "end": "2025-08-01",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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        "active": true
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      },
      {
        "date": "2026-07-24",
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      },
      {
        "date": "2026-07-31",
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        "typical_volume": 127262.55,
        "trend": 7367.277295,
        "fair_value": 5561.725861,
        "relative_strength": -5.309041,
        "stage": 2,
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      },
      {
        "date": "2026-08-07",
        "close": 8000.0,
        "volume": 52207,
        "typical_volume": 127963.05,
        "trend": 7405.243962,
        "fair_value": 5589.142675,
        "relative_strength": -4.736942,
        "stage": 2,
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        "modifier": "Recompressing",
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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."
    }
  }
}