{
  "ticker": {
    "uuid": "dd57d08e-6e51-4256-8635-69475714deb4",
    "symbol": "UEF6",
    "name": "UBS BBG Euro Area Liquid Corp 1-5 UCITS ETF EUR dis",
    "exchange": "AMS",
    "country": "NL",
    "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": "^AEX",
    "stage": 3,
    "stage_name": "Distribution",
    "phase": "3a",
    "phase_label": "Stage 3A \u00b7 Churning",
    "transition": "stage_3_churning",
    "transition_label": "Stage 3 range intact",
    "confidence": 88.645,
    "architecture_regime": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 43.013,
    "architecture_energy": 26.938,
    "architecture_maturity": 59.27,
    "architecture_confidence": 78.715,
    "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": 42.49,
        "rotation_up": 28.1,
        "upward_expansion": 58.05,
        "deceleration": 88.19,
        "rotation_down": 33.89,
        "downward_expansion": 21.72
      },
      "activity_lines": [
        13.181133,
        13.190145,
        13.174948,
        13.161844
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.166667
    },
    "latest_close": 13.203,
    "trend_reference": 13.158578,
    "distance_from_trend": 0.003376,
    "trend_direction": "Improving",
    "fair_value": 12.617908,
    "distance_from_fair_value": 0.04637,
    "fair_value_direction": "Weakening",
    "relative_strength": -10.42829,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.001434,
    "excess_performance": -0.115229,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.003376,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.00214,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.04637,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.00416,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.104283,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.043478,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.001434,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 4.049153,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 4420,
      "relative_activity": 1.048064,
      "balance": 4.049153,
      "dry_up": 0.354196,
      "accumulation_observations": 2,
      "distribution_observations": 0
    },
    "risk": {
      "range_context": 0.002668,
      "annualized_volatility": 0.038858,
      "from_high_reference": -0.015142,
      "from_low_reference": 0.020009
    },
    "levels": {
      "trend_reference": 13.158578,
      "fair_value_reference": 12.617908,
      "structural_low": 12.944,
      "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": 5,
        "median_return": 0.00723,
        "positive_rate": 0.8,
        "directional_follow_through": 0.8,
        "median_excess_return": -0.02564,
        "regime_survival": 0.0,
        "best_return": 0.009767,
        "worst_return": -0.003254,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.00476,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.003347,
        "regime_survival": 0.0,
        "best_return": 0.036151,
        "worst_return": -0.004977,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 4,
        "median_return": 0.018864,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.03956,
        "regime_survival": 0.0,
        "best_return": 0.044303,
        "worst_return": -0.033474,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
        "median_return": 0.040827,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": -0.064145,
        "regime_survival": 0.0,
        "best_return": 0.077873,
        "worst_return": -0.082805,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-08-04",
        "end": "2023-10-06",
        "tenure": "Developing",
        "return": -0.002064,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2023-10-13",
        "end": "2023-11-03",
        "tenure": "New",
        "return": 0.005641,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2023-11-10",
        "end": "2025-01-10",
        "tenure": "Extended",
        "return": 0.07742,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-17",
        "end": "2025-02-07",
        "tenure": "New",
        "return": 0.007853,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-02-14",
        "end": "2025-03-28",
        "tenure": "Developing",
        "return": -0.000152,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-04-04",
        "end": "2025-04-11",
        "tenure": "New",
        "return": 0.000456,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-04-18",
        "end": "2025-12-26",
        "tenure": "Extended",
        "return": 0.02312,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-01-02",
        "end": "2026-01-09",
        "tenure": "New",
        "return": 0.0018,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2026-03-13",
        "tenure": "Developing",
        "return": -0.007106,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2026-03-20",
        "end": "2026-04-24",
        "tenure": "Developing",
        "return": 0.008769,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-05-01",
        "end": "2026-06-12",
        "tenure": "Developing",
        "return": 0.005109,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2026-06-26",
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        "return": 0.001439,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
      },
      {
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        "start": "2026-07-31",
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        "return": 0.001745,
        "active": true
      }
    ],
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        "date": "2026-04-24",
        "close": 13.115,
        "volume": 3316,
        "typical_volume": 6000.35,
        "trend": 13.122991,
        "fair_value": 12.464459,
        "relative_strength": -6.717966,
        "stage": 3,
        "regime": "rotation_down",
        "modifier": "Supply rotation",
        "gate": "mixed",
        "direction": -7.344198,
        "energy": 8.754033,
        "activity_lines": [
          13.104467,
          13.090945,
          13.12734,
          13.128275
        ]
      },
      {
        "date": "2026-05-01",
        "close": 13.115,
        "volume": 0,
        "typical_volume": 6000.35,
        "trend": 13.12531,
        "fair_value": 12.47435,
        "relative_strength": -5.937857,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": -1.711038,
        "energy": 12.613915,
        "activity_lines": [
          13.116867,
          13.092182,
          13.125378,
          13.12776
        ]
      },
      {
        "date": "2026-05-08",
        "close": 13.115,
        "volume": 0,
        "typical_volume": 5958.85,
        "trend": 13.126711,
        "fair_value": 12.48417,
        "relative_strength": -6.080485,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 0.859492,
        "energy": 12.418452,
        "activity_lines": [
          13.119667,
          13.095309,
          13.123411,
          13.127094
        ]
      },
      {
        "date": "2026-05-15",
        "close": 13.115,
        "volume": 0,
        "typical_volume": 5958.85,
        "trend": 13.12739,
        "fair_value": 12.494284,
        "relative_strength": -5.316265,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -28.457292,
        "energy": 18.156478,
        "activity_lines": [
          13.118067,
          13.100327,
          13.12132,
          13.126339
        ]
      },
      {
        "date": "2026-05-22",
        "close": 13.141,
        "volume": 2720,
        "typical_volume": 5836.9,
        "trend": 13.128019,
        "fair_value": 12.504418,
        "relative_strength": -8.08265,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "down",
        "direction": -16.921051,
        "energy": 14.765899,
        "activity_lines": [
          13.123667,
          13.1114,
          13.121579,
          13.127217
        ]
      },
      {
        "date": "2026-05-29",
        "close": 13.196,
        "volume": 7398,
        "typical_volume": 5966.3,
        "trend": 13.130481,
        "fair_value": 12.514781,
        "relative_strength": -6.633915,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 40.627722,
        "energy": 29.365751,
        "activity_lines": [
          13.148933,
          13.131109,
          13.12695,
          13.131603
        ]
      },
      {
        "date": "2026-06-05",
        "close": 13.155,
        "volume": 680,
        "typical_volume": 5951.3,
        "trend": 13.132363,
        "fair_value": 12.525022,
        "relative_strength": -7.310921,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 23.685162,
        "energy": 30.478009,
        "activity_lines": [
          13.155133,
          13.139818,
          13.128139,
          13.133185
        ]
      },
      {
        "date": "2026-06-12",
        "close": 13.182,
        "volume": 1360,
        "typical_volume": 5875.35,
        "trend": 13.135178,
        "fair_value": 12.535571,
        "relative_strength": -10.334033,
        "stage": 3,
        "regime": "balance",
        "modifier": "Balance after decline",
        "gate": "mixed",
        "direction": 37.844542,
        "energy": 50.279152,
        "activity_lines": [
          13.167667,
          13.150091,
          13.13192,
          13.136387
        ]
      },
      {
        "date": "2026-06-19",
        "close": 13.203,
        "volume": 0,
        "typical_volume": 5850.35,
        "trend": 13.138758,
        "fair_value": 12.546331,
        "relative_strength": -9.684113,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Structural repair",
        "gate": "mixed",
        "direction": 44.846409,
        "energy": 61.724154,
        "activity_lines": [
          13.182733,
          13.161764,
          13.137562,
          13.140763
        ]
      },
      {
        "date": "2026-06-26",
        "close": 13.222,
        "volume": 680,
        "typical_volume": 5884.35,
        "trend": 13.142349,
        "fair_value": 12.557171,
        "relative_strength": -7.858381,
        "stage": 3,
        "regime": "rotation_up",
        "modifier": "Value reclamation",
        "gate": "up",
        "direction": 68.536347,
        "energy": 73.950244,
        "activity_lines": [
          13.198267,
          13.174891,
          13.144924,
          13.146133
        ]
      },
      {
        "date": "2026-07-03",
        "close": 13.242,
        "volume": 0,
        "typical_volume": 5884.35,
        "trend": 13.146606,
        "fair_value": 12.568223,
        "relative_strength": -9.370806,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 83.197691,
        "energy": 86.742446,
        "activity_lines": [
          13.215067,
          13.190545,
          13.15401,
          13.152562
        ]
      },
      {
        "date": "2026-07-10",
        "close": 13.203,
        "volume": 2040,
        "typical_volume": 5952.35,
        "trend": 13.149564,
        "fair_value": 12.578595,
        "relative_strength": -9.478278,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 64.89969,
        "energy": 78.869696,
        "activity_lines": [
          13.2158,
          13.1968,
          13.160162,
          13.156201
        ]
      },
      {
        "date": "2026-07-17",
        "close": 13.172,
        "volume": 730,
        "typical_volume": 5988.85,
        "trend": 13.15234,
        "fair_value": 12.588488,
        "relative_strength": -10.049196,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 63.225092,
        "energy": 68.254345,
        "activity_lines": [
          13.203,
          13.195818,
          13.163438,
          13.157648
        ]
      },
      {
        "date": "2026-07-24",
        "close": 13.145,
        "volume": 680,
        "typical_volume": 4497.85,
        "trend": 13.154217,
        "fair_value": 12.598083,
        "relative_strength": -9.778077,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 34.468125,
        "energy": 29.260277,
        "activity_lines": [
          13.181867,
          13.188891,
          13.164367,
          13.157175
        ]
      },
      {
        "date": "2026-07-31",
        "close": 13.18,
        "volume": 145,
        "typical_volume": 4453.6,
        "trend": 13.156407,
        "fair_value": 12.607895,
        "relative_strength": -9.939091,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 34.943064,
        "energy": 25.446305,
        "activity_lines": [
          13.176267,
          13.187782,
          13.168833,
          13.158838
        ]
      },
      {
        "date": "2026-08-07",
        "close": 13.203,
        "volume": 4420,
        "typical_volume": 4217.3,
        "trend": 13.158578,
        "fair_value": 12.617908,
        "relative_strength": -10.42829,
        "stage": 3,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 43.013062,
        "energy": 26.938,
        "activity_lines": [
          13.181133,
          13.190145,
          13.174948,
          13.161844
        ]
      }
    ],
    "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."
    }
  }
}