{
  "ticker": {
    "uuid": "d2719619-294e-4b37-8e53-3ce987e97b31",
    "symbol": "XLK",
    "name": "State Street Technology Select Sector SPDR ETF",
    "exchange": "MEX",
    "country": "MX",
    "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": "^MXX",
    "stage": 1,
    "stage_name": "Basing",
    "phase": "1c",
    "phase_label": "Stage 1C \u00b7 Breakout watch",
    "transition": "stage_1_to_2_watch",
    "transition_label": "Stage 1 \u2192 2 watch",
    "confidence": 96.0,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 47.489,
    "architecture_energy": 28.261,
    "architecture_maturity": 70.354,
    "architecture_confidence": 78.513,
    "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": 36.04,
        "rotation_up": 30.01,
        "upward_expansion": 59.88,
        "deceleration": 88.3,
        "rotation_down": 27.75,
        "downward_expansion": 21.21
      },
      "activity_lines": [
        3135.812012,
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        3116.425384,
        2981.836658
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 3211.0,
    "trend_reference": 2811.92452,
    "distance_from_trend": 0.141923,
    "trend_direction": "Weakening",
    "fair_value": 3812.9939,
    "distance_from_fair_value": -0.15788,
    "fair_value_direction": "Improving",
    "relative_strength": -11.720201,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.325207,
    "excess_performance": 0.379874,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.141923,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.054123,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.15788,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.0495,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.117202,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.198951,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.325207,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 29.823984,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 35032,
      "relative_activity": 0.480944,
      "balance": 29.823984,
      "dry_up": 0.133484,
      "accumulation_observations": 3,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.049252,
      "annualized_volatility": 0.25575,
      "from_high_reference": -0.427951,
      "from_low_reference": 0.396087
    },
    "levels": {
      "trend_reference": 2811.92452,
      "fair_value_reference": 3812.9939,
      "structural_low": 2300.0,
      "invalidation": "A renewed decline below the structural range low, widening the discount to current Fair Value while Trend falls, weakens the base diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 11,
        "median_return": 0.026064,
        "positive_rate": 0.818182,
        "directional_follow_through": 0.818182,
        "median_excess_return": 0.033297,
        "regime_survival": 0.545455,
        "best_return": 0.109407,
        "worst_return": -0.044522,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": 0.113936,
        "positive_rate": 0.833333,
        "directional_follow_through": 0.833333,
        "median_excess_return": 0.082607,
        "regime_survival": 0.166667,
        "best_return": 0.212031,
        "worst_return": -0.108333,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.240799,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.166774,
        "regime_survival": 0.0,
        "best_return": 0.264148,
        "worst_return": -0.025182,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.210208,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.131872,
        "regime_survival": 0.333333,
        "best_return": 0.471141,
        "worst_return": -0.230922,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-04-05",
        "end": "2024-05-24",
        "tenure": "Developing",
        "return": 0.039481,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "start": "2024-05-31",
        "end": "2024-07-26",
        "tenure": "Developing",
        "return": 0.135301,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-02",
        "end": "2024-08-30",
        "tenure": "Developing",
        "return": 0.109407,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "start": "2024-09-06",
        "end": "2025-03-14",
        "tenure": "Extended",
        "return": 0.047394,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-21",
        "end": "2025-04-04",
        "tenure": "New",
        "return": -0.111534,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-11",
        "end": "2025-05-30",
        "tenure": "Developing",
        "return": 0.114302,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-06",
        "end": "2025-06-20",
        "tenure": "New",
        "return": 0.006477,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-08-01",
        "tenure": "Developing",
        "return": 0.030265,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-11-28",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "return": -0.00929,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
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        "end": "2026-05-01",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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      {
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        "regime": "deceleration",
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        "active": true
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      },
      {
        "date": "2026-07-24",
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        "volume": 1801,
        "typical_volume": 73732.85,
        "trend": 2777.141235,
        "fair_value": 3809.801094,
        "relative_strength": -17.197655,
        "stage": 1,
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      },
      {
        "date": "2026-07-31",
        "close": 3040.0,
        "volume": 923,
        "typical_volume": 73773.15,
        "trend": 2792.38352,
        "fair_value": 3810.579059,
        "relative_strength": -17.496855,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 40.868834,
        "energy": 30.561686,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 3211.0,
        "volume": 35032,
        "typical_volume": 72840.1,
        "trend": 2811.92452,
        "fair_value": 3812.9939,
        "relative_strength": -11.720201,
        "stage": 1,
        "regime": "deceleration",
        "modifier": "Recompressing",
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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."
    }
  }
}