{
  "ticker": {
    "uuid": "e2ebd620-da99-4efa-9da3-b5a285a02f8f",
    "symbol": "AENA",
    "name": "Aena S.M.E., S.A.",
    "exchange": "MCE",
    "country": "ES",
    "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": "^IBEX",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2a",
    "phase_label": "Stage 2A \u00b7 Early advance",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 95.504,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 48.473,
    "architecture_energy": 34.966,
    "architecture_maturity": 46.392,
    "architecture_confidence": 49.68,
    "architecture_tenure": "Developing",
    "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": 26.25,
        "rotation_up": 41.64,
        "upward_expansion": 66.38,
        "deceleration": 63.94,
        "rotation_down": 24.56,
        "downward_expansion": 16.38
      },
      "activity_lines": [
        26.722667,
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        25.984777,
        25.653962
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      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.5
    },
    "latest_close": 26.84,
    "trend_reference": 25.358925,
    "distance_from_trend": 0.058405,
    "trend_direction": "Improving",
    "fair_value": 19.567508,
    "distance_from_fair_value": 0.371662,
    "fair_value_direction": "Improving",
    "relative_strength": -5.239956,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.012951,
    "excess_performance": -0.111479,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.058405,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.057063,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.371662,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.092642,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.0524,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.043918,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.012951,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.055254,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 4749383,
      "relative_activity": 0.486043,
      "balance": 2.055254,
      "dry_up": 0.5967,
      "accumulation_observations": 1,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.038347,
      "annualized_volatility": 0.190332,
      "from_high_reference": -0.029646,
      "from_low_reference": 0.275876
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    "levels": {
      "trend_reference": 25.358925,
      "fair_value_reference": 19.567508,
      "structural_low": 22.42,
      "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": 33,
        "median_return": 0.006013,
        "positive_rate": 0.606061,
        "directional_follow_through": 0.606061,
        "median_excess_return": 0.008974,
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        "worst_return": -0.116366,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
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        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
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        "worst_return": -0.133594,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "sufficient": true
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      {
        "horizon": "Full cycle",
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        "sufficient": false
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        "regime": "deceleration",
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      {
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      },
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      },
      {
        "date": "2026-07-17",
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        "relative_strength": -3.966081,
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        "modifier": "Re-accelerating",
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      },
      {
        "date": "2026-07-24",
        "close": 26.700001,
        "volume": 4984614,
        "typical_volume": 10176810.45,
        "trend": 25.133948,
        "fair_value": 19.386956,
        "relative_strength": -3.540087,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 59.619655,
        "energy": 47.308352,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 26.82,
        "volume": 8136737,
        "typical_volume": 10156297.3,
        "trend": 25.271489,
        "fair_value": 19.477098,
        "relative_strength": -3.760643,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 58.896309,
        "energy": 40.565867,
        "activity_lines": [
          26.72,
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      },
      {
        "date": "2026-08-07",
        "close": 26.84,
        "volume": 4749383,
        "typical_volume": 9771528.6,
        "trend": 25.358925,
        "fair_value": 19.567508,
        "relative_strength": -5.239956,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 48.473244,
        "energy": 34.966251,
        "activity_lines": [
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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."
    }
  }
}