{
  "ticker": {
    "uuid": "e1bfd836-f093-4240-80b1-c99d1a1ea0c6",
    "symbol": "HRL-F65",
    "name": "Harel Index Funds Ltd. - Harel Sal (4D) EURO STOXX 50",
    "exchange": "TLV",
    "country": "IL",
    "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": "TA35.TA",
    "stage": 4,
    "stage_name": "Declining",
    "phase": "4b",
    "phase_label": "Stage 4B \u00b7 Declining",
    "transition": "stage_4_declining",
    "transition_label": "Stage 4 decline intact",
    "confidence": 96.0,
    "architecture_regime": "downward_expansion",
    "architecture_regime_label": "Downward Expansion",
    "architecture_modifier": "Established contraction",
    "architecture_gate": "down",
    "architecture_direction": -52.771,
    "architecture_energy": 62.994,
    "architecture_maturity": 100.0,
    "architecture_confidence": 56.662,
    "architecture_tenure": "Established",
    "architecture": {
      "interpretation": {
        "headline": "The weekly architecture is expanding downward.",
        "body": "Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation."
      },
      "scores": {
        "balance": 25.75,
        "rotation_up": 27.98,
        "upward_expansion": 22.5,
        "deceleration": 67.0,
        "rotation_down": 44.31,
        "downward_expansion": 65.5
      },
      "activity_lines": [
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        1243.503441
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      "activity_state": "Wide",
      "activity_direction": "Contracting",
      "rotation_direction": "Improving",
      "price_acceptance": 0.0
    },
    "latest_close": 30.13,
    "trend_reference": 1852.280667,
    "distance_from_trend": -0.983734,
    "trend_direction": "Weakening",
    "fair_value": 2410.470641,
    "distance_from_fair_value": -0.9875,
    "fair_value_direction": "Weakening",
    "relative_strength": -98.819048,
    "relative_strength_direction": "Weakening",
    "price_momentum": -0.989516,
    "excess_performance": -1.018417,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": false,
        "value": -0.983734,
        "read": "Below"
      },
      {
        "label": "Trend direction",
        "positive": false,
        "value": -0.334478,
        "read": "Falling"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": false,
        "value": -0.9875,
        "read": "Below anchor"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -1.055502,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.98819,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.720921,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": false,
        "value": -0.989516,
        "read": "Negative"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 3.015045,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 147004,
      "relative_activity": 1.897576,
      "balance": 3.015045,
      "dry_up": 2.258045,
      "accumulation_observations": 5,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 7.33095,
      "annualized_volatility": 6.336523,
      "from_high_reference": -0.98992,
      "from_low_reference": 0.103663
    },
    "levels": {
      "trend_reference": 1852.280667,
      "fair_value_reference": 2410.470641,
      "structural_low": 27.3,
      "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": 22,
        "median_return": -0.004259,
        "positive_rate": 0.409091,
        "directional_follow_through": 0.590909,
        "median_excess_return": -0.018236,
        "regime_survival": 0.863636,
        "best_return": 0.14702,
        "worst_return": -0.989849,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 7,
        "median_return": -0.040252,
        "positive_rate": 0.428571,
        "directional_follow_through": 0.571429,
        "median_excess_return": -0.015448,
        "regime_survival": 0.714286,
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        "worst_return": -0.989665,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "median_return": 0.087394,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.033851,
        "regime_survival": 0.5,
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        "worst_return": -0.141932,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "directional_follow_through": 0.333333,
        "median_excess_return": -0.216125,
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        "worst_return": -0.170534,
        "sufficient": false
      }
    ],
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        "label": "Deceleration",
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        "end": "2024-08-09",
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      },
      {
        "regime": "rotation_down",
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        "tenure": "New",
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      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
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      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
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        "active": false
      },
      {
        "regime": "upward_expansion",
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      },
      {
        "regime": "deceleration",
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        "regime": "balance",
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      {
        "date": "2026-07-17",
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      },
      {
        "date": "2026-07-24",
        "close": 29.0,
        "volume": 123753,
        "typical_volume": 66218.6,
        "trend": 2041.574,
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        "relative_strength": -98.946343,
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          28.799333,
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      },
      {
        "date": "2026-07-31",
        "close": 30.07,
        "volume": 207640,
        "typical_volume": 72972.3,
        "trend": 1947.276333,
        "fair_value": 2424.469808,
        "relative_strength": -98.849715,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -63.205979,
        "energy": 66.857011,
        "activity_lines": [
          29.27,
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      },
      {
        "date": "2026-08-07",
        "close": 30.13,
        "volume": 147004,
        "typical_volume": 77469.35,
        "trend": 1852.280667,
        "fair_value": 2410.470641,
        "relative_strength": -98.819048,
        "stage": 4,
        "regime": "downward_expansion",
        "modifier": "Established contraction",
        "gate": "down",
        "direction": -52.771415,
        "energy": 62.994355,
        "activity_lines": [
          29.634,
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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."
    }
  }
}