{ "ticker": { "uuid": "d0a887e8-d07c-420f-9e0f-a9efb94952c1", "symbol": "MEDX", "name": "HORIZON KINETICS MEDICAL ETF", "exchange": "NASDAQ", "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": "QQQ", "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": 68.641, "architecture_regime": "deceleration", "architecture_regime_label": "Deceleration", "architecture_modifier": "Recompressing", "architecture_gate": "up", "architecture_direction": 42.111, "architecture_energy": 25.991, "architecture_maturity": 48.153, "architecture_confidence": 76.643, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "The upward structure remains, but its energy is decelerating.", "body": "Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down." }, "scores": { "balance": 41.09, "rotation_up": 31.45, "upward_expansion": 63.16, "deceleration": 87.98, "rotation_down": 26.33, "downward_expansion": 15.5 }, "activity_lines": [ 35.377607, 35.566867, 34.864897, 34.451343 ], "activity_state": "Moderate", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": 0.333333 }, "latest_close": 35.6191, "trend_reference": 34.093377, "distance_from_trend": 0.044751, "trend_direction": "Improving", "fair_value": 29.364472, "distance_from_fair_value": 0.213, "fair_value_direction": "Improving", "relative_strength": -5.061605, "relative_strength_direction": "Improving", "price_momentum": 0.024535, "excess_performance": -0.162918, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.044751, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.025753, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.213, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.088372, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.050616, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.071516, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.024535, "read": "Positive" }, { "label": "Volume balance", "positive": false, "value": 0.845275, "read": "Supply-led" } ], "volume": { "latest": 6672, "relative_activity": 0.72607, "balance": 0.845275, "dry_up": 1.986898, "accumulation_observations": 2, "distribution_observations": 3 }, "risk": { "range_context": 0.034191, "annualized_volatility": 0.200454, "from_high_reference": -0.057446, "from_low_reference": 0.328266 }, "levels": { "trend_reference": 34.093377, "fair_value_reference": 29.364472, "structural_low": 31.51, "invalidation": "A sustained 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"volume": 2019, "typical_volume": 8631.55, "trend": 33.730549, "fair_value": 29.128409, "relative_strength": 1.823675, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 90.507923, "energy": 89.722683, "activity_lines": [ 36.006373, 35.053453, 34.137388, 33.957888 ] }, { "date": "2026-07-10", "close": 35.6931, "volume": 11778, "typical_volume": 8900.4, "trend": 33.823594, "fair_value": 29.178828, "relative_strength": -4.906011, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 64.667347, "energy": 78.557651, "activity_lines": [ 36.0902, 35.309773, 34.318192, 34.084505 ] }, { "date": "2026-07-17", "close": 35.3589, "volume": 37526, "typical_volume": 10443.3, "trend": 33.896563, "fair_value": 29.221478, "relative_strength": -1.786275, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 63.023881, "energy": 75.311133, "activity_lines": [ 35.981633, 35.447309, 34.4618, 34.183557 ] }, { "date": "2026-07-24", "close": 35.4923, "volume": 6006, "typical_volume": 9478.6, "trend": 33.963337, "fair_value": 29.26939, "relative_strength": 0.083033, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 59.645451, "energy": 57.700251, "activity_lines": [ 35.85938, 35.5551, 34.618376, 34.286507 ] }, { "date": "2026-07-31", "close": 34.9202, "volume": 22828, "typical_volume": 9713.65, "trend": 34.02101, "fair_value": 29.317422, "relative_strength": -2.101282, "stage": 2, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 43.365197, "energy": 29.673937, "activity_lines": [ 35.438693, 35.508413, 34.712449, 34.34824 ] }, { "date": "2026-08-07", "close": 35.6191, "volume": 6672, "typical_volume": 9189.2, "trend": 34.093377, "fair_value": 29.364472, "relative_strength": -5.061605, "stage": 2, "regime": "deceleration", "modifier": "Recompressing", "gate": "up", "direction": 42.111025, "energy": 25.990869, "activity_lines": [ 35.377607, 35.566867, 34.864897, 34.451343 ] } ], "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." } } }