{
  "ticker": {
    "uuid": "e5af7813-d832-4e17-9b87-fb9d1e6d1c18",
    "symbol": "SPEM",
    "name": "STATE STREET SPDR PORTFOLIO EMERGING MARKETS ETF",
    "exchange": "NYSEARCA",
    "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": 55.831,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 55.063,
    "architecture_energy": 23.384,
    "architecture_maturity": 54.313,
    "architecture_confidence": 81.88,
    "architecture_tenure": "Established",
    "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": 37.72,
        "rotation_up": 33.39,
        "upward_expansion": 61.73,
        "deceleration": 90.87,
        "rotation_down": 31.03,
        "downward_expansion": 15.73
      },
      "activity_lines": [
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        50.550729
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      "activity_state": "Compressed",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.0
    },
    "latest_close": 52.42,
    "trend_reference": 50.00877,
    "distance_from_trend": 0.048216,
    "trend_direction": "Improving",
    "fair_value": 40.229998,
    "distance_from_fair_value": 0.303008,
    "fair_value_direction": "Weakening",
    "relative_strength": -3.114174,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.050291,
    "excess_performance": -0.075334,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.048216,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.031278,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.303008,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": false,
        "value": -0.045175,
        "read": "Moving away"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": false,
        "value": -0.031142,
        "read": "Lagging"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.042343,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.050291,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.573315,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 12512828,
      "relative_activity": 1.067065,
      "balance": 1.573315,
      "dry_up": 0.927944,
      "accumulation_observations": 2,
      "distribution_observations": 2
    },
    "risk": {
      "range_context": 0.034904,
      "annualized_volatility": 0.195175,
      "from_high_reference": -0.01734,
      "from_low_reference": 0.220835
    },
    "levels": {
      "trend_reference": 50.00877,
      "fair_value_reference": 40.229998,
      "structural_low": 45.28,
      "invalidation": "A decisive breakout above range resistance with renewed RS leadership invalidates the distribution reading; a range-low break confirms deterioration."
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    "outcomes": [
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        "horizon": "Near term",
        "sample_count": 29,
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        "positive_rate": 0.517241,
        "directional_follow_through": 0.517241,
        "median_excess_return": -0.001926,
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        "worst_return": -0.102811,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
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        "sufficient": true
      },
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        "horizon": "Extended",
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        "sufficient": true
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      {
        "horizon": "Full cycle",
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      },
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        "date": "2026-05-29",
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      },
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        "date": "2026-06-05",
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      },
      {
        "date": "2026-06-12",
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      {
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      },
      {
        "date": "2026-06-26",
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      },
      {
        "date": "2026-07-03",
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      },
      {
        "date": "2026-07-10",
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      },
      {
        "date": "2026-07-17",
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        "typical_volume": 13998586.25,
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        "fair_value": 39.878925,
        "relative_strength": -3.5344,
        "stage": 2,
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        "modifier": "Established expansion",
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      },
      {
        "date": "2026-07-24",
        "close": 50.16,
        "volume": 7781702,
        "typical_volume": 12763769.7,
        "trend": 49.76377,
        "fair_value": 39.984029,
        "relative_strength": -3.007167,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 27.569229,
        "energy": 13.990656,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 50.93,
        "volume": 10163772,
        "typical_volume": 12265553.25,
        "trend": 49.868437,
        "fair_value": 40.100032,
        "relative_strength": -2.577456,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 27.411472,
        "energy": 13.335257,
        "activity_lines": [
          50.728,
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      },
      {
        "date": "2026-08-07",
        "close": 52.42,
        "volume": 12512828,
        "typical_volume": 11726393.5,
        "trend": 50.00877,
        "fair_value": 40.229998,
        "relative_strength": -3.114174,
        "stage": 3,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 55.062824,
        "energy": 23.383721,
        "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."
    }
  }
}