{
  "ticker": {
    "uuid": "d97b70be-c985-46cf-a706-7bfa094887e5",
    "symbol": "WHLRD",
    "name": "Wheeler Real Estate Investment Trust, Inc.",
    "exchange": "NASDAQ",
    "country": "US",
    "assetType": "equity"
  },
  "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": 4,
    "stage_name": "Declining",
    "phase": "4a",
    "phase_label": "Stage 4A \u00b7 Breakdown",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 54.521,
    "architecture_regime": "balance",
    "architecture_regime_label": "Balance",
    "architecture_modifier": "Balance after decline",
    "architecture_gate": "down",
    "architecture_direction": -41.453,
    "architecture_energy": 23.595,
    "architecture_maturity": 27.074,
    "architecture_confidence": 75.973,
    "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": 56.69,
        "rotation_up": 18.25,
        "upward_expansion": 5.82,
        "deceleration": 47.2,
        "rotation_down": 48.1,
        "downward_expansion": 69.82
      },
      "activity_lines": [
        36.714,
        36.999091,
        37.010627,
        37.124395
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.0
    },
    "latest_close": 36.98,
    "trend_reference": 37.44134,
    "distance_from_trend": -0.012322,
    "trend_direction": "Improving",
    "fair_value": 26.983307,
    "distance_from_fair_value": 0.370477,
    "fair_value_direction": "Weakening",
    "relative_strength": -12.761853,
    "relative_strength_direction": "Improving",
    "price_momentum": -0.067339,
    "excess_performance": -0.254793,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.012322,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 9e-06,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.370477,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.050349,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.127619,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.060253,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.067339,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.091609,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 1480,
      "relative_activity": 0.62578,
      "balance": 1.091609,
      "dry_up": 0.940466,
      "accumulation_observations": 3,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.052502,
      "annualized_volatility": 0.244869,
      "from_high_reference": -0.119524,
      "from_low_reference": 0.085731
    },
    "levels": {
      "trend_reference": 37.44134,
      "fair_value_reference": 26.983307,
      "structural_low": 34.43,
      "invalidation": "Reclaiming a flat-to-rising Trend with improving relative strength is required before the declining diagnosis is repaired."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 16,
        "median_return": -0.017793,
        "positive_rate": 0.25,
        "directional_follow_through": 0.25,
        "median_excess_return": -0.031093,
        "regime_survival": 0.625,
        "best_return": 0.165833,
        "worst_return": -0.106505,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 6,
        "median_return": -0.027422,
        "positive_rate": 0.166667,
        "directional_follow_through": 0.166667,
        "median_excess_return": -0.123441,
        "regime_survival": 0.333333,
        "best_return": 0.0025,
        "worst_return": -0.092466,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": -0.094592,
        "positive_rate": 0.25,
        "directional_follow_through": 0.25,
        "median_excess_return": -0.085454,
        "regime_survival": 0.0,
        "best_return": 0.134167,
        "worst_return": -0.20411,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": -0.128072,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": -0.313672,
        "regime_survival": 0.0,
        "best_return": 0.014798,
        "worst_return": -0.270941,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-03-15",
        "end": "2024-08-16",
        "tenure": "Established",
        "return": 0.180952,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-08-23",
        "end": "2024-09-13",
        "tenure": "New",
        "return": 0.038684,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-09-20",
        "end": "2024-12-06",
        "tenure": "Developing",
        "return": 0.284358,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-12-13",
        "end": "2025-01-03",
        "tenure": "New",
        "return": 0.061658,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-01-10",
        "end": "2025-03-07",
        "tenure": "Developing",
        "return": 0.114684,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-03-14",
        "end": "2025-04-18",
        "tenure": "Developing",
        "return": 0.055864,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-04-25",
        "end": "2025-06-20",
        "tenure": "Developing",
        "return": -0.02849,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-06-27",
        "end": "2025-07-11",
        "tenure": "New",
        "return": 0.014489,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-07-18",
        "end": "2025-10-17",
        "tenure": "Established",
        "return": 0.059706,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-10-24",
        "end": "2025-12-05",
        "tenure": "Developing",
        "return": 0.170895,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-12-12",
        "end": "2026-03-20",
        "tenure": "Established",
        "return": -0.008533,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-03-27",
        "end": "2026-04-24",
        "tenure": "Developing",
        "return": -0.032258,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-05-01",
        "end": "2026-05-22",
        "tenure": "New",
        "return": 0.101695,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-05-29",
        "end": "2026-08-07",
        "tenure": "Developing",
        "return": -0.045677,
        "active": true
      }
    ],
    "chart_path": [
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        "date": "2023-08-18",
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        "typical_volume": 28023.4,
        "trend": 12.31462,
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          37.650238,
          37.600817
        ]
      },
      {
        "date": "2026-05-01",
        "close": 35.4,
        "volume": 7476,
        "typical_volume": 9842.6,
        "trend": 37.271667,
        "fair_value": 24.763806,
        "relative_strength": -14.858016,
        "stage": 3,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -42.917294,
        "energy": 55.638504,
        "activity_lines": [
          36.146667,
          36.674182,
          37.414381,
          37.479419
        ]
      },
      {
        "date": "2026-05-08",
        "close": 35.4,
        "volume": 55,
        "typical_volume": 9583.8,
        "trend": 37.249,
        "fair_value": 24.915088,
        "relative_strength": -18.787138,
        "stage": 3,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -39.983361,
        "energy": 60.104657,
        "activity_lines": [
          35.753333,
          36.361818,
          37.188524,
          37.358667
        ]
      },
      {
        "date": "2026-05-15",
        "close": 35.5102,
        "volume": 1174,
        "typical_volume": 8340.5,
        "trend": 37.231673,
        "fair_value": 25.065794,
        "relative_strength": -17.886513,
        "stage": 3,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -38.380973,
        "energy": 59.843541,
        "activity_lines": [
          35.596733,
          36.139309,
          36.9854,
          37.246486
        ]
      },
      {
        "date": "2026-05-22",
        "close": 39.0,
        "volume": 5332,
        "typical_volume": 8387.65,
        "trend": 37.336007,
        "fair_value": 25.230793,
        "relative_strength": -10.545722,
        "stage": 3,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": 5.93649,
        "energy": 12.152373,
        "activity_lines": [
          36.669387,
          36.588578,
          37.121732,
          37.360572
        ]
      },
      {
        "date": "2026-05-29",
        "close": 38.75,
        "volume": 2897,
        "typical_volume": 6930.3,
        "trend": 37.441007,
        "fair_value": 25.389511,
        "relative_strength": -13.255638,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 16.476115,
        "energy": 15.639808,
        "activity_lines": [
          37.498707,
          36.957847,
          37.231874,
          37.451797
        ]
      },
      {
        "date": "2026-06-05",
        "close": 36.84,
        "volume": 631,
        "typical_volume": 6751.45,
        "trend": 37.484007,
        "fair_value": 25.540358,
        "relative_strength": -13.299067,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -8.697562,
        "energy": 17.980089,
        "activity_lines": [
          37.508027,
          36.951298,
          37.155778,
          37.413022
        ]
      },
      {
        "date": "2026-06-12",
        "close": 36.84,
        "volume": 5,
        "typical_volume": 6601.5,
        "trend": 37.543673,
        "fair_value": 25.695102,
        "relative_strength": -14.970226,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -25.409596,
        "energy": 26.242354,
        "activity_lines": [
          37.421347,
          36.951295,
          37.085968,
          37.371474
        ]
      },
      {
        "date": "2026-06-19",
        "close": 37.09,
        "volume": 3160,
        "typical_volume": 6297.85,
        "trend": 37.61634,
        "fair_value": 25.856384,
        "relative_strength": -16.252212,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -25.929781,
        "energy": 16.86989,
        "activity_lines": [
          37.322,
          37.025109,
          37.050824,
          37.342204
        ]
      },
      {
        "date": "2026-06-26",
        "close": 36.0,
        "volume": 2282,
        "typical_volume": 5168.75,
        "trend": 37.678673,
        "fair_value": 26.007025,
        "relative_strength": -14.547885,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -54.854987,
        "energy": 28.509803,
        "activity_lines": [
          36.754,
          36.890015,
          36.918585,
          37.237924
        ]
      },
      {
        "date": "2026-07-03",
        "close": 38.65,
        "volume": 4452,
        "typical_volume": 5251.45,
        "trend": 37.567007,
        "fair_value": 26.177858,
        "relative_strength": -8.83975,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -1.750911,
        "energy": 2.580828,
        "activity_lines": [
          37.269333,
          37.247647,
          37.056108,
          37.300591
        ]
      },
      {
        "date": "2026-07-10",
        "close": 38.31,
        "volume": 1235,
        "typical_volume": 5281.65,
        "trend": 37.594007,
        "fair_value": 26.346512,
        "relative_strength": -10.94441,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 14.111908,
        "energy": 12.076179,
        "activity_lines": [
          37.678,
          37.49528,
          37.158202,
          37.348526
        ]
      },
      {
        "date": "2026-07-17",
        "close": 37.75,
        "volume": 883,
        "typical_volume": 5080.05,
        "trend": 37.586673,
        "fair_value": 26.511576,
        "relative_strength": -8.243586,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 6.492899,
        "energy": 14.091766,
        "activity_lines": [
          37.802,
          37.588185,
          37.21263,
          37.35859
        ]
      },
      {
        "date": "2026-07-24",
        "close": 36.0,
        "volume": 6361,
        "typical_volume": 3827.8,
        "trend": 37.55334,
        "fair_value": 26.667281,
        "relative_strength": -10.816183,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -37.030755,
        "energy": 18.676134,
        "activity_lines": [
          37.282,
          37.320182,
          37.107486,
          37.256224
        ]
      },
      {
        "date": "2026-07-31",
        "close": 36.0,
        "volume": 173,
        "typical_volume": 2554.65,
        "trend": 37.470007,
        "fair_value": 26.821384,
        "relative_strength": -11.023776,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -42.664845,
        "energy": 21.905363,
        "activity_lines": [
          36.834667,
          37.043273,
          37.00977,
          37.156008
        ]
      },
      {
        "date": "2026-08-07",
        "close": 36.98,
        "volume": 1480,
        "typical_volume": 2365.05,
        "trend": 37.44134,
        "fair_value": 26.983307,
        "relative_strength": -12.761853,
        "stage": 4,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -41.453363,
        "energy": 23.595148,
        "activity_lines": [
          36.714,
          36.999091,
          37.010627,
          37.124395
        ]
      }
    ],
    "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."
    }
  }
}