{
  "ticker": {
    "uuid": "e53cfd62-1009-4212-8069-29d006e506ee",
    "symbol": "S92",
    "name": "SMA Solar Technology AG",
    "exchange": "GER",
    "country": "DE",
    "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": "^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": "deceleration",
    "architecture_regime_label": "Deceleration",
    "architecture_modifier": "Recompressing",
    "architecture_gate": "up",
    "architecture_direction": 20.576,
    "architecture_energy": 11.622,
    "architecture_maturity": 47.112,
    "architecture_confidence": 86.47,
    "architecture_tenure": "Developing",
    "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": 58.84,
        "rotation_up": 29.45,
        "upward_expansion": 49.6,
        "deceleration": 80.06,
        "rotation_down": 24.44,
        "downward_expansion": 25.27
      },
      "activity_lines": [
        55.463333,
        56.05,
        57.034476,
        53.830451
      ],
      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.166667
    },
    "latest_close": 54.549999,
    "trend_reference": 48.712,
    "distance_from_trend": 0.119847,
    "trend_direction": "Improving",
    "fair_value": 35.865689,
    "distance_from_fair_value": 0.520952,
    "fair_value_direction": "Weakening",
    "relative_strength": 27.621099,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.645054,
    "excess_performance": 0.580415,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.119847,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.184141,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.520952,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.114067,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.276211,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.793484,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.645054,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": false,
        "value": 0.630597,
        "read": "Supply-led"
      }
    ],
    "volume": {
      "latest": 411520,
      "relative_activity": 0.682697,
      "balance": 0.630597,
      "dry_up": 1.081583,
      "accumulation_observations": 2,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.165452,
      "annualized_volatility": 0.681342,
      "from_high_reference": -0.22843,
      "from_low_reference": 2.539909
    },
    "levels": {
      "trend_reference": 48.712,
      "fair_value_reference": 35.865689,
      "structural_low": 28.280001,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 8,
        "median_return": 0.08064,
        "positive_rate": 0.625,
        "directional_follow_through": 0.625,
        "median_excess_return": 0.03098,
        "regime_survival": 0.5,
        "best_return": 0.437848,
        "worst_return": -0.150922,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 4,
        "median_return": 0.382995,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": 0.286388,
        "regime_survival": 0.25,
        "best_return": 1.033086,
        "worst_return": -0.396078,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 2,
        "median_return": 0.198965,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.070106,
        "regime_survival": 0.5,
        "best_return": 0.584728,
        "worst_return": -0.186799,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 1,
        "median_return": 0.288703,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.022255,
        "regime_survival": 0.0,
        "best_return": 0.288703,
        "worst_return": 0.288703,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2023-08-11",
        "end": "2023-09-08",
        "tenure": "Developing",
        "return": -0.109162,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-09-15",
        "end": "2024-03-15",
        "tenure": "Extended",
        "return": -0.179564,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-03-22",
        "end": "2024-04-19",
        "tenure": "Developing",
        "return": -0.164364,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2024-04-26",
        "end": "2025-02-21",
        "tenure": "Extended",
        "return": -0.700614,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-02-28",
        "end": "2025-02-28",
        "tenure": "New",
        "return": 0.0,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2025-03-28",
        "tenure": "New",
        "return": -0.120278,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-04-04",
        "end": "2025-04-11",
        "tenure": "New",
        "return": -0.09584,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-05-16",
        "tenure": "Developing",
        "return": 0.596237,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2025-09-19",
        "tenure": "Established",
        "return": 0.046422,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "tenure": "New",
        "return": 0.098376,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "active": false
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      {
        "regime": "deceleration",
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      {
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      {
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        "return": 0.011121,
        "active": true
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      },
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        "date": "2026-07-10",
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        "fair_value": 36.577159,
        "relative_strength": 42.092172,
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      },
      {
        "date": "2026-07-17",
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        "volume": 915307,
        "typical_volume": 633117.25,
        "trend": 46.743,
        "fair_value": 36.400553,
        "relative_strength": 59.750694,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 47.951313,
        "energy": 27.158589,
        "activity_lines": [
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      },
      {
        "date": "2026-07-24",
        "close": 56.849998,
        "volume": 656593,
        "typical_volume": 615523.6,
        "trend": 47.530666,
        "fair_value": 36.216995,
        "relative_strength": 43.500495,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 46.681928,
        "energy": 27.196214,
        "activity_lines": [
          57.81,
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      },
      {
        "date": "2026-07-31",
        "close": 52.85,
        "volume": 624431,
        "typical_volume": 619570.8,
        "trend": 48.100333,
        "fair_value": 36.00462,
        "relative_strength": 28.694224,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 20.808765,
        "energy": 12.208668,
        "activity_lines": [
          56.316666,
          56.550909,
          57.086714,
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        ]
      },
      {
        "date": "2026-08-07",
        "close": 54.549999,
        "volume": 411520,
        "typical_volume": 602785.85,
        "trend": 48.712,
        "fair_value": 35.865689,
        "relative_strength": 27.621099,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 20.576191,
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        "activity_lines": [
          55.463333,
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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."
    }
  }
}