{
  "ticker": {
    "uuid": "df3b29de-566a-4d0a-8c03-78ac6cc3080d",
    "symbol": "SPYE",
    "name": "State Street SPDR MSCI Europe UCITS ETF",
    "exchange": "GER",
    "country": "DE",
    "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": "^GDAXI",
    "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": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 83.362,
    "architecture_energy": 76.011,
    "architecture_maturity": 42.451,
    "architecture_confidence": 88.501,
    "architecture_tenure": "Established",
    "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": 8.57,
        "rotation_up": 63.08,
        "upward_expansion": 88.54,
        "deceleration": 51.83,
        "rotation_down": 23.93,
        "downward_expansion": 15.2
      },
      "activity_lines": [
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        397.054407
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      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.666667
    },
    "latest_close": 419.399994,
    "trend_reference": 390.451666,
    "distance_from_trend": 0.074141,
    "trend_direction": "Improving",
    "fair_value": 328.701603,
    "distance_from_fair_value": 0.275929,
    "fair_value_direction": "Improving",
    "relative_strength": 3.458171,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.095468,
    "excess_performance": 0.030828,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.074141,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.040894,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.275929,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.062078,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.034582,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.028779,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.095468,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.272166,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 671,
      "relative_activity": 0.715276,
      "balance": 1.272166,
      "dry_up": 0.509274,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.017277,
      "annualized_volatility": 0.145097,
      "from_high_reference": -0.003209,
      "from_low_reference": 0.246915
    },
    "levels": {
      "trend_reference": 390.451666,
      "fair_value_reference": 328.701603,
      "structural_low": 349.5,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 38,
        "median_return": 0.010209,
        "positive_rate": 0.605263,
        "directional_follow_through": 0.605263,
        "median_excess_return": 0.001296,
        "regime_survival": 0.789474,
        "best_return": 0.074059,
        "worst_return": -0.05413,
        "sufficient": true
      },
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        "horizon": "Intermediate",
        "sample_count": 13,
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        "directional_follow_through": 0.846154,
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        "regime_survival": 0.461538,
        "best_return": 0.075672,
        "worst_return": -0.031913,
        "sufficient": true
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        "horizon": "Extended",
        "sample_count": 8,
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        "median_excess_return": 0.021969,
        "regime_survival": 0.625,
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        "worst_return": -0.117833,
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        "sample_count": 4,
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        "worst_return": -0.054119,
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      },
      {
        "date": "2026-05-01",
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        "fair_value": 316.854487,
        "relative_strength": 6.311393,
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        "date": "2026-05-08",
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      },
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        "date": "2026-05-15",
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      },
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        "date": "2026-05-22",
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      },
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        "date": "2026-05-29",
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      },
      {
        "date": "2026-06-05",
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        "relative_strength": 6.18631,
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        "date": "2026-06-12",
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      },
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      },
      {
        "date": "2026-07-03",
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        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-07-10",
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        "typical_volume": 1143.65,
        "trend": 384.833332,
        "fair_value": 325.11282,
        "relative_strength": 6.68317,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 66.777983,
        "energy": 83.495433,
        "activity_lines": [
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      },
      {
        "date": "2026-07-17",
        "close": 407.450012,
        "volume": 529,
        "typical_volume": 1108.3,
        "trend": 386.243333,
        "fair_value": 325.97468,
        "relative_strength": 7.373674,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 65.090343,
        "energy": 79.634263,
        "activity_lines": [
          408.533333,
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          392.017311
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      },
      {
        "date": "2026-07-24",
        "close": 409.850006,
        "volume": 328,
        "typical_volume": 1026.8,
        "trend": 387.72,
        "fair_value": 326.829808,
        "relative_strength": 6.54798,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 67.211756,
        "energy": 74.560041,
        "activity_lines": [
          409.123336,
          406.752728,
          398.785475,
          393.540322
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      },
      {
        "date": "2026-07-31",
        "close": 411.899994,
        "volume": 383,
        "typical_volume": 962.25,
        "trend": 389.111667,
        "fair_value": 327.741667,
        "relative_strength": 4.59945,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 69.342142,
        "energy": 60.252524,
        "activity_lines": [
          410.09,
          408.18909,
          400.812141,
          395.100321
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      },
      {
        "date": "2026-08-07",
        "close": 419.399994,
        "volume": 671,
        "typical_volume": 938.1,
        "trend": 390.451666,
        "fair_value": 328.701603,
        "relative_strength": 3.458171,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 83.362026,
        "energy": 76.010558,
        "activity_lines": [
          413.096665,
          410.69818,
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          397.054407
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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."
    }
  }
}