{
  "ticker": {
    "uuid": "d8a4dc88-faac-4466-96ae-2e7c9d96f8ef",
    "symbol": "VSS",
    "name": "VANGUARD INTL EQUITY INDEX FUND INC FTSE ALL-WORLD EX USA SMALL CAP 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": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 59.733,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Upper balance after advance",
    "architecture_gate": "up",
    "architecture_direction": 25.41,
    "architecture_energy": 16.946,
    "architecture_maturity": 13.244,
    "architecture_confidence": 78.206,
    "architecture_tenure": "Developing",
    "architecture": {
      "interpretation": {
        "headline": "Directional pressure has compressed into balance.",
        "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base."
      },
      "scores": {
        "balance": 48.27,
        "rotation_up": 27.41,
        "upward_expansion": 37.75,
        "deceleration": 73.68,
        "rotation_down": 33.91,
        "downward_expansion": 38.42
      },
      "activity_lines": [
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        153.727696,
        154.893883,
        154.199075
      ],
      "activity_state": "Compressed",
      "activity_direction": "Stable",
      "rotation_direction": "Weakening",
      "price_acceptance": -0.333333
    },
    "latest_close": 158.68,
    "trend_reference": 153.470477,
    "distance_from_trend": 0.033945,
    "trend_direction": "Improving",
    "fair_value": 122.751196,
    "distance_from_fair_value": 0.292696,
    "fair_value_direction": "Weakening",
    "relative_strength": -3.838615,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.035669,
    "excess_performance": -0.089956,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.033945,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.030943,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.292696,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.072943,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.038386,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.063301,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.035669,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.913075,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 641819,
      "relative_activity": 0.512241,
      "balance": 0.913075,
      "dry_up": 0.679795,
      "accumulation_observations": 2,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.033411,
      "annualized_volatility": 0.202062,
      "from_high_reference": -0.020657,
      "from_low_reference": 0.201168
    },
    "levels": {
      "trend_reference": 153.470477,
      "fair_value_reference": 122.751196,
      "structural_low": 140.148683,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 9,
        "median_return": 0.008247,
        "positive_rate": 0.555556,
        "directional_follow_through": 0.555556,
        "median_excess_return": -0.006056,
        "regime_survival": 0.444444,
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        "worst_return": -0.060537,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.013575,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.012791,
        "regime_survival": 0.25,
        "best_return": 0.106061,
        "worst_return": 0.005442,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.081178,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.076195,
        "regime_survival": 0.0,
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        "worst_return": -0.065673,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.115572,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.114361,
        "regime_survival": 0.0,
        "best_return": 0.242081,
        "worst_return": -0.281967,
        "sufficient": false
      }
    ],
    "ledger": [
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        "end": "2024-11-22",
        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
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        "tenure": "Developing",
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        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "balance",
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        "tenure": "New",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Extended",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
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        "active": false
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      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
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      {
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      {
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        "active": true
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      },
      {
        "date": "2026-04-17",
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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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      },
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        "date": "2026-06-12",
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      },
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        "date": "2026-06-19",
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      },
      {
        "date": "2026-06-26",
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        "typical_volume": 1437368.55,
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        "relative_strength": -1.978988,
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        "direction": 29.767133,
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      },
      {
        "date": "2026-07-03",
        "close": 155.11,
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        "typical_volume": 1379341.8,
        "trend": 151.824154,
        "fair_value": 121.154052,
        "relative_strength": -2.715393,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 31.01929,
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      },
      {
        "date": "2026-07-10",
        "close": 154.65,
        "volume": 1229372,
        "typical_volume": 1393204.4,
        "trend": 152.311917,
        "fair_value": 121.481839,
        "relative_strength": -4.258749,
        "stage": 2,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": 27.84846,
        "energy": 14.875242,
        "activity_lines": [
          154.977672,
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      },
      {
        "date": "2026-07-17",
        "close": 150.73,
        "volume": 1022806,
        "typical_volume": 1354632.25,
        "trend": 152.634542,
        "fair_value": 121.782461,
        "relative_strength": -5.152355,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": -0.758235,
        "energy": 11.229154,
        "activity_lines": [
          153.409333,
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          154.134383
        ]
      },
      {
        "date": "2026-07-24",
        "close": 150.38,
        "volume": 1052541,
        "typical_volume": 1317902.35,
        "trend": 152.861955,
        "fair_value": 122.074904,
        "relative_strength": -4.75618,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": -20.06005,
        "energy": 22.63252,
        "activity_lines": [
          152.133333,
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          154.683367,
          153.988929
        ]
      },
      {
        "date": "2026-07-31",
        "close": 150.52,
        "volume": 689865,
        "typical_volume": 1261633.4,
        "trend": 153.080774,
        "fair_value": 122.383317,
        "relative_strength": -5.629274,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "mixed",
        "direction": -21.437872,
        "energy": 33.146307,
        "activity_lines": [
          151.381333,
          152.921978,
          154.412913,
          153.837835
        ]
      },
      {
        "date": "2026-08-07",
        "close": 158.68,
        "volume": 641819,
        "typical_volume": 1252963.05,
        "trend": 153.470477,
        "fair_value": 122.751196,
        "relative_strength": -3.838615,
        "stage": 3,
        "regime": "balance",
        "modifier": "Upper balance after advance",
        "gate": "up",
        "direction": 25.410395,
        "energy": 16.946321,
        "activity_lines": [
          153.515333,
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          154.199075
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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."
    }
  }
}