{
  "ticker": {
    "uuid": "e469146e-1bc8-468c-a716-d7081bf47f48",
    "symbol": "SAN",
    "name": "Banco Santander SA ADR",
    "exchange": "NYSE",
    "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": "SPY",
    "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": "Re-accelerating",
    "architecture_gate": "up",
    "architecture_direction": 81.033,
    "architecture_energy": 64.493,
    "architecture_maturity": 31.02,
    "architecture_confidence": 86.386,
    "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": 14.11,
        "rotation_up": 65.48,
        "upward_expansion": 83.88,
        "deceleration": 55.19,
        "rotation_down": 19.22,
        "downward_expansion": 10.54
      },
      "activity_lines": [
        14.099333,
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        13.246874,
        12.811358
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Stable",
      "price_acceptance": 0.666667
    },
    "latest_close": 14.7,
    "trend_reference": 12.411659,
    "distance_from_trend": 0.18437,
    "trend_direction": "Improving",
    "fair_value": 7.14128,
    "distance_from_fair_value": 1.058455,
    "fair_value_direction": "Improving",
    "relative_strength": 14.296648,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.171321,
    "excess_performance": 0.045696,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.18437,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.072708,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 1.058455,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.11304,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.142966,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.069906,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.171321,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.460178,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 82879555,
      "relative_activity": 1.830466,
      "balance": 1.460178,
      "dry_up": 1.276621,
      "accumulation_observations": 4,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.049843,
      "annualized_volatility": 0.341572,
      "from_high_reference": -0.015405,
      "from_low_reference": 0.637514
    },
    "levels": {
      "trend_reference": 12.411659,
      "fair_value_reference": 7.14128,
      "structural_low": 10.308522,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 32,
        "median_return": 0.032761,
        "positive_rate": 0.65625,
        "directional_follow_through": 0.65625,
        "median_excess_return": 0.019683,
        "regime_survival": 0.8125,
        "best_return": 0.236369,
        "worst_return": -0.131657,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 12,
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        "positive_rate": 0.833333,
        "directional_follow_through": 0.833333,
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        "regime_survival": 0.416667,
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        "worst_return": -0.076923,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 6,
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        "regime_survival": 0.5,
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        "worst_return": 0.054957,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 3,
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        "worst_return": 0.131346,
        "sufficient": false
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        "regime": "deceleration",
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        "regime": "upward_expansion",
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      {
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      {
        "regime": "upward_expansion",
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        "regime": "balance",
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      {
        "regime": "rotation_down",
        "label": "Rotation Down",
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        "active": false
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        "regime": "balance",
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      },
      {
        "date": "2026-07-24",
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        "typical_volume": 46785925.75,
        "trend": 12.239938,
        "fair_value": 7.001746,
        "relative_strength": 11.479441,
        "stage": 2,
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        "modifier": "Re-accelerating",
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        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 14.1,
        "volume": 52440338,
        "typical_volume": 44718560.3,
        "trend": 12.312672,
        "fair_value": 7.069618,
        "relative_strength": 14.089192,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 72.011597,
        "energy": 56.305334,
        "activity_lines": [
          13.8,
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      },
      {
        "date": "2026-08-07",
        "close": 14.7,
        "volume": 82879555,
        "typical_volume": 45277846.4,
        "trend": 12.411659,
        "fair_value": 7.14128,
        "relative_strength": 14.296648,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 81.032634,
        "energy": 64.492668,
        "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."
    }
  }
}