{
  "ticker": {
    "uuid": "b86ba920-6f03-4e55-a17f-33ab644a9d1a",
    "symbol": "HEU",
    "name": "HSBC MSCI Europe UCITS ETF",
    "exchange": "PAR",
    "country": "FR",
    "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": "^FCHI",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 87.491,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 69.214,
    "architecture_energy": 62.066,
    "architecture_maturity": 51.972,
    "architecture_confidence": 84.14,
    "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": 10.13,
        "rotation_up": 55.3,
        "upward_expansion": 84.66,
        "deceleration": 61.05,
        "rotation_down": 27.15,
        "downward_expansion": 11.33
      },
      "activity_lines": [
        22.3946,
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        21.966829,
        21.637482
      ],
      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 22.472,
    "trend_reference": 21.291976,
    "distance_from_trend": 0.055421,
    "trend_direction": "Improving",
    "fair_value": 17.822048,
    "distance_from_fair_value": 0.26091,
    "fair_value_direction": "Improving",
    "relative_strength": 2.698403,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.074136,
    "excess_performance": 0.020825,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.055421,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.039854,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.26091,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.040035,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.026984,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.031322,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.074136,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.754652,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 3229,
      "relative_activity": 0.214017,
      "balance": 0.754652,
      "dry_up": 0.840856,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.016225,
      "annualized_volatility": 0.144757,
      "from_high_reference": -0.017317,
      "from_low_reference": 0.220687
    },
    "levels": {
      "trend_reference": 21.291976,
      "fair_value_reference": 17.822048,
      "structural_low": 19.1,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 42,
        "median_return": 0.007707,
        "positive_rate": 0.571429,
        "directional_follow_through": 0.571429,
        "median_excess_return": 0.001369,
        "regime_survival": 0.809524,
        "best_return": 0.076304,
        "worst_return": -0.05446,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
        "median_return": 0.011687,
        "positive_rate": 0.769231,
        "directional_follow_through": 0.769231,
        "median_excess_return": 0.013883,
        "regime_survival": 0.538462,
        "best_return": 0.083253,
        "worst_return": -0.035643,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 9,
        "median_return": 0.073637,
        "positive_rate": 0.888889,
        "directional_follow_through": 0.888889,
        "median_excess_return": 0.038165,
        "regime_survival": 0.666667,
        "best_return": 0.151313,
        "worst_return": -0.110756,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": 0.135766,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
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        "regime_survival": 0.25,
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        "worst_return": -0.045275,
        "sufficient": false
      }
    ],
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        "end": "2024-11-15",
        "tenure": "Developing",
        "return": -0.04004,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-01-24",
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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      {
        "regime": "rotation_up",
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      },
      {
        "date": "2026-07-03",
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      },
      {
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        "relative_strength": 7.197379,
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        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 15780.8,
        "trend": 21.078875,
        "fair_value": 17.669955,
        "relative_strength": 6.724622,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 65.58533,
        "energy": 82.956007,
        "activity_lines": [
          22.2842,
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          21.392277
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      },
      {
        "date": "2026-07-24",
        "close": 22.323,
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        "typical_volume": 16219.2,
        "trend": 21.15678,
        "fair_value": 17.718393,
        "relative_strength": 6.563201,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 66.324279,
        "energy": 78.898799,
        "activity_lines": [
          22.309533,
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          21.757581,
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        ]
      },
      {
        "date": "2026-07-31",
        "close": 22.474001,
        "volume": 9601,
        "typical_volume": 15356.05,
        "trend": 21.232662,
        "fair_value": 17.770212,
        "relative_strength": 5.343772,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 70.908863,
        "energy": 62.956861,
        "activity_lines": [
          22.366333,
          22.254782,
          21.867433,
          21.557525
        ]
      },
      {
        "date": "2026-08-07",
        "close": 22.472,
        "volume": 3229,
        "typical_volume": 15087.6,
        "trend": 21.291976,
        "fair_value": 17.822048,
        "relative_strength": 2.698403,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 69.214498,
        "energy": 62.065536,
        "activity_lines": [
          22.3946,
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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."
    }
  }
}