{
  "ticker": {
    "uuid": "b85d7f22-e8f8-4762-98da-68110c173f0d",
    "symbol": "HSS",
    "name": "Lion-OCBC Securities Hang Seng TECH ETF",
    "exchange": "SES",
    "country": "SG",
    "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": "^STI",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Established contraction",
    "architecture_gate": "down",
    "architecture_direction": -25.99,
    "architecture_energy": 21.654,
    "architecture_maturity": 100.0,
    "architecture_confidence": 73.452,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 47.3,
        "rotation_up": 35.24,
        "upward_expansion": 21.23,
        "deceleration": 44.07,
        "rotation_down": 21.18,
        "downward_expansion": 55.23
      },
      "activity_lines": [
        0.593867,
        0.584691,
        0.590971,
        0.599359
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 0.602,
    "trend_reference": 0.6195,
    "distance_from_trend": -0.028249,
    "trend_direction": "Weakening",
    "fair_value": 0.576314,
    "distance_from_fair_value": 0.044569,
    "fair_value_direction": "Weakening",
    "relative_strength": -24.479652,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.102832,
    "excess_performance": -0.257667,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.028249,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.060747,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.044569,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.076633,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.244797,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.08949,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.102832,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.375688,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 33140,
      "relative_activity": 0.533756,
      "balance": 0.375688,
      "dry_up": 0.956514,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.034117,
      "annualized_volatility": 0.238259,
      "from_high_reference": -0.283333,
      "from_low_reference": 0.13371
    },
    "levels": {
      "trend_reference": 0.6195,
      "fair_value_reference": 0.576314,
      "structural_low": 0.531,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 20,
        "median_return": 0.002452,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.019447,
        "regime_survival": 0.8,
        "best_return": 0.251732,
        "worst_return": -0.199593,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.008567,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.002105,
        "regime_survival": 0.5,
        "best_return": 0.099379,
        "worst_return": -0.138596,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": -0.043478,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.019556,
        "regime_survival": 0.0,
        "best_return": 0.045351,
        "worst_return": -0.096491,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.098557,
        "positive_rate": 0.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.130447,
        "regime_survival": 0.5,
        "best_return": -0.080702,
        "worst_return": -0.116412,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-04",
        "end": "2024-11-15",
        "tenure": "Developing",
        "return": -0.178626,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-11-22",
        "end": "2024-12-27",
        "tenure": "Developing",
        "return": 0.048964,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-01-03",
        "end": "2025-01-17",
        "tenure": "New",
        "return": -0.030357,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-24",
        "end": "2025-01-31",
        "tenure": "New",
        "return": 0.071678,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-04-11",
        "tenure": "Developing",
        "return": -0.096979,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-04-18",
        "end": "2025-07-25",
        "tenure": "Established",
        "return": 0.165033,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-01",
        "end": "2025-08-22",
        "tenure": "New",
        "return": -0.018545,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-08-29",
        "end": "2025-09-12",
        "tenure": "New",
        "return": 0.035014,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-09-19",
        "end": "2025-10-31",
        "tenure": "Developing",
        "return": -0.053571,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-11-07",
        "end": "2025-12-12",
        "tenure": "Developing",
        "return": -0.032033,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-12-19",
        "end": "2026-01-02",
        "tenure": "New",
        "return": 0.007236,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2026-01-16",
        "tenure": "New",
        "return": 0.037975,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-01-23",
        "end": "2026-02-13",
        "tenure": "New",
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        "active": false
      },
      {
        "regime": "downward_expansion",
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        "end": "2026-08-07",
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        "return": -0.078101,
        "active": true
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      {
        "date": "2026-05-01",
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      },
      {
        "date": "2026-05-08",
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        "date": "2026-05-15",
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      },
      {
        "date": "2026-05-22",
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      },
      {
        "date": "2026-05-29",
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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        "volume": 0,
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        "relative_strength": -26.838951,
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 129315.35,
        "trend": 0.6337,
        "fair_value": 0.574981,
        "relative_strength": -25.318321,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -65.66419,
        "energy": 76.616681,
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      },
      {
        "date": "2026-07-17",
        "close": 0.586,
        "volume": 5,
        "typical_volume": 91685.0,
        "trend": 0.6302,
        "fair_value": 0.575481,
        "relative_strength": -25.810096,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -62.810006,
        "energy": 54.391261,
        "activity_lines": [
          0.574267,
          0.579945,
          0.592038,
          0.605669
        ]
      },
      {
        "date": "2026-07-24",
        "close": 0.584,
        "volume": 55790,
        "typical_volume": 70156.6,
        "trend": 0.626467,
        "fair_value": 0.575686,
        "relative_strength": -26.48781,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -56.079129,
        "energy": 39.888984,
        "activity_lines": [
          0.579133,
          0.579291,
          0.590595,
          0.602688
        ]
      },
      {
        "date": "2026-07-31",
        "close": 0.596,
        "volume": 148618,
        "typical_volume": 76587.8,
        "trend": 0.623133,
        "fair_value": 0.575981,
        "relative_strength": -24.873638,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -36.751673,
        "energy": 23.619798,
        "activity_lines": [
          0.587467,
          0.5814,
          0.590429,
          0.600723
        ]
      },
      {
        "date": "2026-08-07",
        "close": 0.602,
        "volume": 33140,
        "typical_volume": 62088.25,
        "trend": 0.6195,
        "fair_value": 0.576314,
        "relative_strength": -24.479652,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -25.990327,
        "energy": 21.6545,
        "activity_lines": [
          0.593867,
          0.584691,
          0.590971,
          0.599359
        ]
      }
    ],
    "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."
    }
  }
}