{
  "ticker": {
    "uuid": "d21f3528-fb5b-4668-bed9-406ab9111efd",
    "symbol": "FIDI",
    "name": "FIDELITY COVINGTON TRUST INTERNATIONAL HIGH DIVIDEND 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": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 83.599,
    "architecture_energy": 91.021,
    "architecture_maturity": 11.222,
    "architecture_confidence": 69.983,
    "architecture_tenure": "New",
    "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": 8.84,
        "rotation_up": 86.81,
        "upward_expansion": 98.88,
        "deceleration": 39.0,
        "rotation_down": 8.16,
        "downward_expansion": 20.88
      },
      "activity_lines": [
        28.956167,
        28.441875,
        28.090148,
        27.852436
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 29.3225,
    "trend_reference": 27.525595,
    "distance_from_trend": 0.065281,
    "trend_direction": "Improving",
    "fair_value": 21.307174,
    "distance_from_fair_value": 0.37618,
    "fair_value_direction": "Improving",
    "relative_strength": 0.307313,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.074372,
    "excess_performance": -0.051253,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.065281,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.041974,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.37618,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.020638,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.003073,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.005807,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.074372,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.575454,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 303994,
      "relative_activity": 0.876744,
      "balance": 2.575454,
      "dry_up": 0.930634,
      "accumulation_observations": 2,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.01885,
      "annualized_volatility": 0.127181,
      "from_high_reference": -0.007027,
      "from_low_reference": 0.279941
    },
    "levels": {
      "trend_reference": 27.525595,
      "fair_value_reference": 21.307174,
      "structural_low": 26.058078,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 36,
        "median_return": 0.007307,
        "positive_rate": 0.527778,
        "directional_follow_through": 0.527778,
        "median_excess_return": -0.008904,
        "regime_survival": 0.694444,
        "best_return": 0.069627,
        "worst_return": -0.055602,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 14,
        "median_return": 0.024085,
        "positive_rate": 0.714286,
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        "median_excess_return": -0.025744,
        "regime_survival": 0.571429,
        "best_return": 0.094331,
        "worst_return": -0.093875,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 7,
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        "positive_rate": 0.714286,
        "directional_follow_through": 0.714286,
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        "regime_survival": 0.571429,
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        "worst_return": -0.03882,
        "sufficient": true
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      {
        "horizon": "Full cycle",
        "sample_count": 4,
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        "worst_return": -0.155155,
        "sufficient": false
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        "end": "2024-08-02",
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      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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      {
        "regime": "deceleration",
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        "active": false
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        "regime": "rotation_down",
        "label": "Rotation Down",
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        "end": "2024-12-20",
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        "active": false
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        "regime": "downward_expansion",
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        "end": "2025-02-14",
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        "active": false
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      },
      {
        "date": "2026-07-17",
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        "relative_strength": 1.666255,
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        "activity_lines": [
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      },
      {
        "date": "2026-07-24",
        "close": 28.69,
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        "typical_volume": 364313.15,
        "trend": 27.281239,
        "fair_value": 21.146673,
        "relative_strength": 2.92979,
        "stage": 2,
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        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-07-31",
        "close": 29.21,
        "volume": 317542,
        "typical_volume": 353103.05,
        "trend": 27.40398,
        "fair_value": 21.226428,
        "relative_strength": 3.504141,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 84.447636,
        "energy": 85.716234,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 29.3225,
        "volume": 303994,
        "typical_volume": 346730.75,
        "trend": 27.525595,
        "fair_value": 21.307174,
        "relative_strength": 0.307313,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 83.599384,
        "energy": 91.021175,
        "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."
    }
  }
}