{
  "ticker": {
    "uuid": "cecc2943-7dd9-4377-a855-ee30a4f4b94b",
    "symbol": "FFLC",
    "name": "FIDELITY FUNDAMENTAL LARGE CAP CORE ETF",
    "exchange": "CBOE",
    "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": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 88.202,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 74.719,
    "architecture_energy": 49.695,
    "architecture_maturity": 56.418,
    "architecture_confidence": 72.474,
    "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": 16.36,
        "rotation_up": 52.69,
        "upward_expansion": 80.08,
        "deceleration": 64.99,
        "rotation_down": 25.75,
        "downward_expansion": 6.75
      },
      "activity_lines": [
        59.212,
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        58.327543,
        57.224738
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 60.4,
    "trend_reference": 55.993142,
    "distance_from_trend": 0.078704,
    "trend_direction": "Improving",
    "fair_value": 45.642501,
    "distance_from_fair_value": 0.323328,
    "fair_value_direction": "Weakening",
    "relative_strength": -0.611866,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.10834,
    "excess_performance": -0.017285,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.078704,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.036887,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.323328,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.006789,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.006119,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.004478,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.10834,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.830286,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 586546,
      "relative_activity": 1.16373,
      "balance": 1.830286,
      "dry_up": 0.968299,
      "accumulation_observations": 3,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.0266,
      "annualized_volatility": 0.150115,
      "from_high_reference": -0.012103,
      "from_low_reference": 0.226814
    },
    "levels": {
      "trend_reference": 55.993142,
      "fair_value_reference": 45.642501,
      "structural_low": 49.293878,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 40,
        "median_return": 0.018365,
        "positive_rate": 0.65,
        "directional_follow_through": 0.65,
        "median_excess_return": 0.000677,
        "regime_survival": 0.75,
        "best_return": 0.07393,
        "worst_return": -0.060019,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 15,
        "median_return": 0.045527,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": 0.00346,
        "regime_survival": 0.666667,
        "best_return": 0.152423,
        "worst_return": -0.068919,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "median_return": 0.08859,
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        "directional_follow_through": 0.75,
        "median_excess_return": -0.003396,
        "regime_survival": 0.625,
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        "worst_return": -0.041844,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "median_excess_return": 0.023956,
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        "worst_return": 0.056098,
        "sufficient": false
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        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
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        "regime": "balance",
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        "regime": "rotation_down",
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        "regime": "downward_expansion",
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        "regime": "rotation_up",
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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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        "relative_strength": -0.681948,
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        "modifier": "Early expansion",
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        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
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      },
      {
        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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      },
      {
        "date": "2026-07-10",
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        "fair_value": 44.978915,
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      },
      {
        "date": "2026-07-17",
        "close": 58.39,
        "volume": 320628,
        "typical_volume": 488447.3,
        "trend": 55.460368,
        "fair_value": 45.140481,
        "relative_strength": -0.103261,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 59.644669,
        "energy": 46.333315,
        "activity_lines": [
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          57.547793,
          56.541478
        ]
      },
      {
        "date": "2026-07-24",
        "close": 58.28,
        "volume": 441234,
        "typical_volume": 483726.4,
        "trend": 55.611725,
        "fair_value": 45.299409,
        "relative_strength": 0.307603,
        "stage": 2,
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        "modifier": "Established expansion",
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        "direction": 57.473168,
        "energy": 43.82274,
        "activity_lines": [
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          57.754522,
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        ]
      },
      {
        "date": "2026-07-31",
        "close": 58.77,
        "volume": 603770,
        "typical_volume": 496553.8,
        "trend": 55.78738,
        "fair_value": 45.465367,
        "relative_strength": 0.070544,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 58.357663,
        "energy": 42.46485,
        "activity_lines": [
          58.646,
          58.559633,
          57.980369,
          56.92715
        ]
      },
      {
        "date": "2026-08-07",
        "close": 60.4,
        "volume": 586546,
        "typical_volume": 504022.5,
        "trend": 55.993142,
        "fair_value": 45.642501,
        "relative_strength": -0.611866,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 74.719385,
        "energy": 49.695405,
        "activity_lines": [
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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."
    }
  }
}