{
  "ticker": {
    "uuid": "bb366771-2d23-44c0-88eb-63208e677e2a",
    "symbol": "SPALI",
    "name": "Supalai Public Company Limited",
    "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": 4,
    "stage_name": "Declining",
    "phase": "4c",
    "phase_label": "Stage 4C \u00b7 Repair watch",
    "transition": "stage_4_to_1_watch",
    "transition_label": "Stage 4 \u2192 1 repair watch",
    "confidence": 57.725,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": -19.558,
    "architecture_energy": 10.228,
    "architecture_maturity": 17.69,
    "architecture_confidence": 65.009,
    "architecture_tenure": "Developing",
    "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": 57.92,
        "rotation_up": 29.0,
        "upward_expansion": 23.44,
        "deceleration": 32.37,
        "rotation_down": 24.49,
        "downward_expansion": 50.44
      },
      "activity_lines": [
        15.893333,
        15.894545,
        15.777067,
        15.882003
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 15.9,
    "trend_reference": 16.128814,
    "distance_from_trend": -0.014187,
    "trend_direction": "Weakening",
    "fair_value": 15.668034,
    "distance_from_fair_value": 0.014805,
    "fair_value_direction": "Improving",
    "relative_strength": -15.323954,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.082129,
    "excess_performance": -0.274454,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.014187,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.00686,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.014805,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.040923,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.15324,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.002759,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.082129,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.639242,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 11255000,
      "relative_activity": 0.68231,
      "balance": 2.639242,
      "dry_up": 1.23104,
      "accumulation_observations": 4,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.02806,
      "annualized_volatility": 0.139414,
      "from_high_reference": -0.125607,
      "from_low_reference": 0.1319
    },
    "levels": {
      "trend_reference": 16.128814,
      "fair_value_reference": 15.668034,
      "structural_low": 14.8,
      "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": 11,
        "median_return": 0.014706,
        "positive_rate": 0.545455,
        "directional_follow_through": 0.545455,
        "median_excess_return": 0.016892,
        "regime_survival": 0.545455,
        "best_return": 0.181818,
        "worst_return": -0.057899,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.053851,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.022066,
        "regime_survival": 0.166667,
        "best_return": 0.264249,
        "worst_return": -0.117647,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 5,
        "median_return": 0.110016,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.056403,
        "regime_survival": 0.2,
        "best_return": 0.222006,
        "worst_return": -0.075762,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.139778,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.027339,
        "regime_survival": 0.333333,
        "best_return": 0.199821,
        "worst_return": -0.023615,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2024-06-14",
        "end": "2024-07-12",
        "tenure": "Developing",
        "return": -0.022472,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-07-19",
        "end": "2024-09-13",
        "tenure": "Developing",
        "return": 0.09402,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-09-20",
        "end": "2024-10-25",
        "tenure": "Developing",
        "return": 0.075676,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-11-15",
        "tenure": "New",
        "return": -0.053921,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "end": "2025-01-10",
        "tenure": "Developing",
        "return": -0.13198,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
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        "end": "2025-02-14",
        "tenure": "Developing",
        "return": -0.078788,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-02-21",
        "end": "2025-07-18",
        "tenure": "Established",
        "return": 0.004986,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-08-08",
        "tenure": "New",
        "return": 0.033333,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-09-05",
        "tenure": "New",
        "return": 0.093489,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "end": "2025-10-31",
        "tenure": "Developing",
        "return": -0.017241,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "end": "2025-12-19",
        "tenure": "Developing",
        "return": 0.09375,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2026-04-03",
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        "return": -0.046512,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2026-07-03",
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        "return": 0.044872,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
        "return": 0.0,
        "active": true
      }
    ],
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      },
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      },
      {
        "date": "2026-07-03",
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      },
      {
        "date": "2026-07-17",
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        "stage": 4,
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        "modifier": "Balance after decline",
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        "energy": 15.736178,
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          15.98,
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      },
      {
        "date": "2026-07-24",
        "close": 15.8,
        "volume": 14823300,
        "typical_volume": 16455860.0,
        "trend": 16.175808,
        "fair_value": 15.674916,
        "relative_strength": -17.841567,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -8.488042,
        "energy": 15.812873,
        "activity_lines": [
          15.94,
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      },
      {
        "date": "2026-07-31",
        "close": 15.9,
        "volume": 22919300,
        "typical_volume": 16731420.0,
        "trend": 16.163476,
        "fair_value": 15.672484,
        "relative_strength": -16.105357,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -11.348565,
        "energy": 9.587628,
        "activity_lines": [
          15.926667,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 15.9,
        "volume": 11255000,
        "typical_volume": 16495425.0,
        "trend": 16.128814,
        "fair_value": 15.668034,
        "relative_strength": -15.323954,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -19.557897,
        "energy": 10.227844,
        "activity_lines": [
          15.893333,
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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."
    }
  }
}