{ "ticker": { "uuid": "e5636cc6-ecaa-4a67-8772-11979c69c472", "symbol": "FLHY", "name": "FRANKLIN HIGH YIELD CORPORATE ETF", "exchange": "CBOE", "country": "US", "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": "SPY", "stage": 3, "stage_name": "Distribution", "phase": "3a", "phase_label": "Stage 3A \u00b7 Churning", "transition": "stage_3_churning", "transition_label": "Stage 3 range intact", "confidence": 96.0, "architecture_regime": "balance", "architecture_regime_label": "Balance", "architecture_modifier": "Upper balance after advance", "architecture_gate": "up", "architecture_direction": 42.735, "architecture_energy": 18.002, "architecture_maturity": 14.077, "architecture_confidence": 76.496, "architecture_tenure": "New", "architecture": { "interpretation": { "headline": "Directional pressure has compressed into balance.", "body": "Trend and Activity are compressed into balance, so neither side has durable control. Prior structure and the next directional change provide context; balance alone is not assumed to be a base." }, "scores": { "balance": 52.14, "rotation_up": 29.41, "upward_expansion": 52.76, "deceleration": 85.7, "rotation_down": 29.39, "downward_expansion": 21.09 }, "activity_lines": [ 24.046208, 24.055979, 24.054411, 24.016333 ], "activity_state": "Compressed", "activity_direction": "Contracting", "rotation_direction": "Weakening", "price_acceptance": -0.166667 }, "latest_close": 24.16, "trend_reference": 23.980923, "distance_from_trend": 0.007467, "trend_direction": "Improving", "fair_value": 21.920749, "distance_from_fair_value": 0.102152, "fair_value_direction": "Weakening", "relative_strength": -9.41335, "relative_strength_direction": "Weakening", "price_momentum": 0.006871, "excess_performance": -0.118754, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.007467, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.006366, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.102152, "read": "Premium" }, { "label": "Fair Value direction", "positive": false, "value": -0.019104, "read": "Moving away" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.094133, "read": "Lagging" }, { "label": "Relative strength direction", "positive": false, "value": -0.007897, "read": "Weakening" }, { "label": "Price momentum", "positive": true, "value": 0.006871, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 1.292696, "read": "Demand-led" } ], "volume": { "latest": 1444756, "relative_activity": 0.918647, "balance": 1.292696, "dry_up": 0.785715, "accumulation_observations": 0, "distribution_observations": 1 }, "risk": { "range_context": 0.006289, "annualized_volatility": 0.040959, "from_high_reference": -0.003589, "from_low_reference": 0.052588 }, "levels": { "trend_reference": 23.980923, "fair_value_reference": 21.920749, "structural_low": 23.438918, "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration." }, "outcomes": [ { "horizon": "Near term", "sample_count": 9, "median_return": 0.012753, "positive_rate": 0.555556, "directional_follow_through": 0.555556, "median_excess_return": 0.002523, "regime_survival": 0.333333, "best_return": 0.031504, "worst_return": -0.03242, "sufficient": true }, { "horizon": "Intermediate", "sample_count": 5, "median_return": 0.023951, "positive_rate": 0.6, "directional_follow_through": 0.6, "median_excess_return": -0.009185, "regime_survival": 0.2, "best_return": 0.07978, "worst_return": -0.015317, "sufficient": true }, { "horizon": "Extended", "sample_count": 4, "median_return": 0.03502, "positive_rate": 0.75, "directional_follow_through": 0.75, "median_excess_return": -0.033609, "regime_survival": 0.0, "best_return": 0.090183, "worst_return": -0.042977, 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"gate": "up", "direction": 47.726354, "energy": 29.325049, "activity_lines": [ 24.081625, 24.073666, 24.033515, 23.997209 ] }, { "date": "2026-07-17", "close": 24.076293, "volume": 1195597, "typical_volume": 1675163.05, "trend": 23.959902, "fair_value": 21.821877, "relative_strength": -6.827142, "stage": 3, "regime": "upward_expansion", "modifier": "Re-accelerating", "gate": "up", "direction": 36.444876, "energy": 19.373639, "activity_lines": [ 24.074486, 24.077057, 24.043677, 24.005606 ] }, { "date": "2026-07-24", "close": 23.917243, "volume": 1097583, "typical_volume": 1633000.85, "trend": 23.965419, "fair_value": 21.854034, "relative_strength": -6.691133, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 14.563486, "energy": 11.470697, "activity_lines": [ 24.016709, 24.05152, 24.038166, 24.002854 ] }, { "date": "2026-07-31", "close": 23.986827, "volume": 1204842, "typical_volume": 1584319.5, "trend": 23.972477, "fair_value": 21.886956, "relative_strength": -7.174211, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 10.337954, "energy": 11.622591, "activity_lines": [ 23.998425, 24.037738, 24.038785, 24.004235 ] }, { "date": "2026-08-07", "close": 24.16, "volume": 1444756, "typical_volume": 1572700.05, "trend": 23.980923, "fair_value": 21.920749, "relative_strength": -9.41335, "stage": 3, "regime": "balance", "modifier": "Upper balance after advance", "gate": "up", "direction": 42.735363, "energy": 18.001957, "activity_lines": [ 24.046208, 24.055979, 24.054411, 24.016333 ] } ], "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." } } }