{
  "ticker": {
    "uuid": "cafca8ea-2fec-4413-ba16-c0f989ffe36b",
    "symbol": "CNRG",
    "name": "STATE STREET SPDR S&P KENSHO CLEAN POWER ETF",
    "exchange": "NYSEARCA",
    "country": "US",
    "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": "SPY",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4a",
    "phase_label": "Stage 4A \u00b7 Breakdown",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 50.633,
    "architecture_regime": "rotation_down",
    "architecture_regime_label": "Rotation Down",
    "architecture_modifier": "Supply rotation",
    "architecture_gate": "mixed",
    "architecture_direction": -24.004,
    "architecture_energy": 48.521,
    "architecture_maturity": 5.904,
    "architecture_confidence": 81.233,
    "architecture_tenure": "New",
    "architecture": {
      "interpretation": {
        "headline": "The Activity Line structure is rotating downward.",
        "body": "Fast Activity is weakening relative to Slow Activity and price acceptance is deteriorating. Persistent negative Trend confirmation would establish Downward Expansion."
      },
      "scores": {
        "balance": 36.9,
        "rotation_up": 14.37,
        "upward_expansion": 23.89,
        "deceleration": 51.76,
        "rotation_down": 66.53,
        "downward_expansion": 51.22
      },
      "activity_lines": [
        94.24876,
        98.552933,
        103.042571,
        101.92509
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.666667
    },
    "latest_close": 95.6689,
    "trend_reference": 100.577355,
    "distance_from_trend": -0.048803,
    "trend_direction": "Improving",
    "fair_value": 72.315976,
    "distance_from_fair_value": 0.322929,
    "fair_value_direction": "Weakening",
    "relative_strength": -10.162921,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.039832,
    "excess_performance": -0.165456,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.048803,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.029327,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.322929,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.214683,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.101629,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.251308,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.039832,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.529415,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 29332,
      "relative_activity": 0.545044,
      "balance": 0.529415,
      "dry_up": 0.920556,
      "accumulation_observations": 3,
      "distribution_observations": 6
    },
    "risk": {
      "range_context": 0.094877,
      "annualized_volatility": 0.301338,
      "from_high_reference": -0.23821,
      "from_low_reference": 0.439317
    },
    "levels": {
      "trend_reference": 100.577355,
      "fair_value_reference": 72.315976,
      "structural_low": 85.806278,
      "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": 2,
        "median_return": 0.128476,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.061951,
        "regime_survival": 0.0,
        "best_return": 0.147333,
        "worst_return": 0.10962,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 2,
        "median_return": 0.125505,
        "positive_rate": 1.0,
        "directional_follow_through": 0.0,
        "median_excess_return": 0.032406,
        "regime_survival": 0.0,
        "best_return": 0.16166,
        "worst_return": 0.089349,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 1,
        "median_return": -0.021948,
        "positive_rate": 0.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.100239,
        "regime_survival": 0.0,
        "best_return": -0.021948,
        "worst_return": -0.021948,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": -0.299164,
        "positive_rate": 0.0,
        "directional_follow_through": 1.0,
        "median_excess_return": -0.37163,
        "regime_survival": 0.0,
        "best_return": -0.299164,
        "worst_return": -0.299164,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2024-06-07",
        "end": "2024-06-28",
        "tenure": "New",
        "return": -0.070047,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-07-05",
        "end": "2025-02-28",
        "tenure": "Extended",
        "return": -0.084738,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-03-07",
        "end": "2025-05-30",
        "tenure": "Established",
        "return": 0.039285,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-06",
        "end": "2025-06-13",
        "tenure": "New",
        "return": 0.028782,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-06-20",
        "end": "2025-07-25",
        "tenure": "Developing",
        "return": 0.202844,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-01",
        "end": "2025-12-05",
        "tenure": "Established",
        "return": 0.46587,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-12-12",
        "end": "2026-01-16",
        "tenure": "Developing",
        "return": 0.057498,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-01-23",
        "end": "2026-03-13",
        "tenure": "Developing",
        "return": -0.085926,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-03-20",
        "end": "2026-03-27",
        "tenure": "New",
        "return": 0.00496,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-04-03",
        "end": "2026-04-10",
        "tenure": "New",
        "return": 0.046531,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-04-17",
        "end": "2026-05-01",
        "tenure": "New",
        "return": 0.079126,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-05-08",
        "end": "2026-06-26",
        "tenure": "Developing",
        "return": -0.009683,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-07-03",
        "end": "2026-07-31",
        "tenure": "Developing",
        "return": -0.132017,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-08-07",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.0,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
        "close": 71.28259,
        "volume": 124578,
        "typical_volume": 65577.8,
        "trend": 80.45884,
        "fair_value": 86.963492,
        "relative_strength": -20.161561,
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      },
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      },
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          93.354537,
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      },
      {
        "date": "2026-04-24",
        "close": 102.296949,
        "volume": 17969,
        "typical_volume": 41799.3,
        "trend": 94.581132,
        "fair_value": 69.780272,
        "relative_strength": 14.454732,
        "stage": 2,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
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        "activity_lines": [
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      },
      {
        "date": "2026-05-01",
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        "typical_volume": 37684.05,
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        "fair_value": 69.947829,
        "relative_strength": 13.939277,
        "stage": 2,
        "regime": "balance",
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        "gate": "up",
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        "energy": 50.062055,
        "activity_lines": [
          99.667685,
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      },
      {
        "date": "2026-05-08",
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        "typical_volume": 37578.65,
        "trend": 95.762414,
        "fair_value": 70.134227,
        "relative_strength": 14.9679,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-05-15",
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        "typical_volume": 38285.7,
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        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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          97.345765
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      },
      {
        "date": "2026-05-22",
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        "typical_volume": 40164.25,
        "trend": 96.999697,
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      },
      {
        "date": "2026-05-29",
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        "typical_volume": 40843.55,
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      },
      {
        "date": "2026-06-05",
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        "fair_value": 71.071881,
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        "regime": "upward_expansion",
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      },
      {
        "date": "2026-06-12",
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        "volume": 111477,
        "typical_volume": 47118.85,
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        "regime": "upward_expansion",
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      },
      {
        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
        "close": 106.795,
        "volume": 60502,
        "typical_volume": 48210.9,
        "trend": 99.857936,
        "fair_value": 71.635761,
        "relative_strength": 8.559718,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 42.861712,
        "energy": 28.934071,
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          103.236924
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      },
      {
        "date": "2026-07-03",
        "close": 104.9444,
        "volume": 63330,
        "typical_volume": 49710.8,
        "trend": 100.173075,
        "fair_value": 71.797705,
        "relative_strength": 3.868107,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 36.110408,
        "energy": 21.473279,
        "activity_lines": [
          108.126193,
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      },
      {
        "date": "2026-07-10",
        "close": 101.4093,
        "volume": 56420,
        "typical_volume": 51074.7,
        "trend": 100.446736,
        "fair_value": 71.921657,
        "relative_strength": -1.413073,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 21.070941,
        "energy": 18.783885,
        "activity_lines": [
          105.536445,
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          106.325892,
          103.644839
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      },
      {
        "date": "2026-07-17",
        "close": 96.75,
        "volume": 44939,
        "typical_volume": 51282.9,
        "trend": 100.629567,
        "fair_value": 72.008382,
        "relative_strength": -4.809234,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 3.450988,
        "energy": 18.438391,
        "activity_lines": [
          102.063719,
          106.352219,
          105.797809,
          103.40634
        ]
      },
      {
        "date": "2026-07-24",
        "close": 92.0392,
        "volume": 38441,
        "typical_volume": 51750.1,
        "trend": 100.613471,
        "fair_value": 72.084806,
        "relative_strength": -9.134488,
        "stage": 4,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "mixed",
        "direction": -33.542174,
        "energy": 35.633255,
        "activity_lines": [
          97.873847,
          103.186453,
          104.807516,
          102.852123
        ]
      },
      {
        "date": "2026-07-31",
        "close": 91.09,
        "volume": 85450,
        "typical_volume": 54547.1,
        "trend": 100.514434,
        "fair_value": 72.181268,
        "relative_strength": -11.245898,
        "stage": 4,
        "regime": "deceleration",
        "modifier": "Momentum cooling",
        "gate": "mixed",
        "direction": -33.50068,
        "energy": 46.167136,
        "activity_lines": [
          94.774653,
          100.227249,
          103.706447,
          102.237705
        ]
      },
      {
        "date": "2026-08-07",
        "close": 95.6689,
        "volume": 29332,
        "typical_volume": 53815.85,
        "trend": 100.577355,
        "fair_value": 72.315976,
        "relative_strength": -10.162921,
        "stage": 4,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -24.004366,
        "energy": 48.520825,
        "activity_lines": [
          94.24876,
          98.552933,
          103.042571,
          101.92509
        ]
      }
    ],
    "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."
    }
  }
}