{
  "ticker": {
    "uuid": "bc2e719a-9c16-48bc-814d-87033cf6f125",
    "symbol": "USLV",
    "name": "State Street SPDR S&P 500 Low Volatility UCITS ETF",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "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": 49.251,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 57.662,
    "architecture_energy": 42.886,
    "architecture_maturity": 24.723,
    "architecture_confidence": 51.524,
    "architecture_tenure": "Developing",
    "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": 23.73,
        "rotation_up": 56.08,
        "upward_expansion": 76.13,
        "deceleration": 68.05,
        "rotation_down": 17.08,
        "downward_expansion": 5.13
      },
      "activity_lines": [
        65.173667,
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        64.049929,
        63.718849
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.5
    },
    "latest_close": 64.675003,
    "trend_reference": 63.258333,
    "distance_from_trend": 0.022395,
    "trend_direction": "Improving",
    "fair_value": 59.769359,
    "distance_from_fair_value": 0.082076,
    "fair_value_direction": "Improving",
    "relative_strength": -4.399976,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.039707,
    "excess_performance": -0.011528,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.022395,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.018978,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.082076,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.046482,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.044,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.024324,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.039707,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.360531,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 17401,
      "relative_activity": 2.8236,
      "balance": 0.360531,
      "dry_up": 1.182558,
      "accumulation_observations": 1,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.023908,
      "annualized_volatility": 0.121067,
      "from_high_reference": -0.046513,
      "from_low_reference": 0.086445
    },
    "levels": {
      "trend_reference": 63.258333,
      "fair_value_reference": 59.769359,
      "structural_low": 60.84,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 29,
        "median_return": 0.004992,
        "positive_rate": 0.551724,
        "directional_follow_through": 0.551724,
        "median_excess_return": 0.008634,
        "regime_survival": 0.758621,
        "best_return": 0.054251,
        "worst_return": -0.065018,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 10,
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        "regime_survival": 0.3,
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        "worst_return": -0.056444,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "positive_rate": 0.666667,
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        "regime_survival": 0.333333,
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        "worst_return": -0.051193,
        "sufficient": true
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      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "worst_return": -0.047214,
        "sufficient": false
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        "end": "2023-11-10",
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        "regime": "deceleration",
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        "close": 62.465,
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        "typical_volume": 8221.35,
        "trend": 61.998333,
        "fair_value": 58.840353,
        "relative_strength": -6.094531,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 27.165066,
        "energy": 16.696438,
        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
        "close": 60.974998,
        "volume": 8395,
        "typical_volume": 8566.0,
        "trend": 61.9845,
        "fair_value": 58.879263,
        "relative_strength": -6.832416,
        "stage": 3,
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        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -25.126592,
        "energy": 23.53257,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
        "close": 62.055,
        "volume": 7310,
        "typical_volume": 8052.3,
        "trend": 62.018833,
        "fair_value": 58.929359,
        "relative_strength": -4.53245,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -11.107656,
        "energy": 18.139327,
        "activity_lines": [
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      },
      {
        "date": "2026-05-22",
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        "volume": 3441,
        "typical_volume": 8198.75,
        "trend": 62.0585,
        "fair_value": 58.990769,
        "relative_strength": -5.765247,
        "stage": 3,
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        "modifier": "Recompressing",
        "gate": "up",
        "direction": 11.643548,
        "energy": 14.189033,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
        "close": 61.439999,
        "volume": 4766,
        "typical_volume": 8362.4,
        "trend": 62.080167,
        "fair_value": 59.042949,
        "relative_strength": -6.872987,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "mixed",
        "direction": -18.947309,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-05",
        "close": 62.700001,
        "volume": 229,
        "typical_volume": 8283.3,
        "trend": 62.130167,
        "fair_value": 59.103269,
        "relative_strength": -4.357828,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 16.456904,
        "energy": 8.543808,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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        "volume": 198,
        "typical_volume": 8169.9,
        "trend": 62.181333,
        "fair_value": 59.168013,
        "relative_strength": -4.124939,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 42.407682,
        "energy": 21.953084,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
        "close": 63.060001,
        "volume": 405,
        "typical_volume": 8023.95,
        "trend": 62.2045,
        "fair_value": 59.230673,
        "relative_strength": -3.316114,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Re-acceleration watch",
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        "direction": 40.116085,
        "energy": 23.087579,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 65.459999,
        "volume": 19,
        "typical_volume": 7712.25,
        "trend": 62.300167,
        "fair_value": 59.307596,
        "relative_strength": -0.866079,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Re-acceleration watch",
        "gate": "up",
        "direction": 81.647902,
        "energy": 66.497131,
        "activity_lines": [
          63.759,
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          62.899095,
          62.737408
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      },
      {
        "date": "2026-07-03",
        "close": 65.355003,
        "volume": 19,
        "typical_volume": 7475.9,
        "trend": 62.4535,
        "fair_value": 59.387981,
        "relative_strength": -2.405509,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 78.975625,
        "energy": 80.032368,
        "activity_lines": [
          64.477668,
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          62.934495
        ]
      },
      {
        "date": "2026-07-10",
        "close": 64.459999,
        "volume": 1218,
        "typical_volume": 7376.4,
        "trend": 62.5805,
        "fair_value": 59.468397,
        "relative_strength": -1.894629,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 63.976207,
        "energy": 74.004077,
        "activity_lines": [
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          63.239929,
          63.063946
        ]
      },
      {
        "date": "2026-07-17",
        "close": 65.764999,
        "volume": 299,
        "typical_volume": 7006.85,
        "trend": 62.750333,
        "fair_value": 59.542788,
        "relative_strength": -0.708006,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 76.357691,
        "energy": 80.165386,
        "activity_lines": [
          65.114,
          64.299636,
          63.483381,
          63.269398
        ]
      },
      {
        "date": "2026-07-24",
        "close": 66.279999,
        "volume": 894,
        "typical_volume": 5888.75,
        "trend": 62.960333,
        "fair_value": 59.622917,
        "relative_strength": -1.02083,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 76.393404,
        "energy": 78.729197,
        "activity_lines": [
          65.600666,
          64.780727,
          63.773238,
          63.497118
        ]
      },
      {
        "date": "2026-07-31",
        "close": 64.849998,
        "volume": 10557,
        "typical_volume": 5822.0,
        "trend": 63.127833,
        "fair_value": 59.696795,
        "relative_strength": -4.094514,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 60.505574,
        "energy": 47.269361,
        "activity_lines": [
          65.395999,
          64.924999,
          63.920952,
          63.619032
        ]
      },
      {
        "date": "2026-08-07",
        "close": 64.675003,
        "volume": 17401,
        "typical_volume": 6162.7,
        "trend": 63.258333,
        "fair_value": 59.769359,
        "relative_strength": -4.399976,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 57.661895,
        "energy": 42.885691,
        "activity_lines": [
          65.173667,
          64.998546,
          64.049929,
          63.718849
        ]
      }
    ],
    "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."
    }
  }
}