{
  "ticker": {
    "uuid": "e6916b9e-5123-413a-bf96-b6c343a3c60b",
    "symbol": "HXCN",
    "name": "Global X S&P/TSX Capped Composite Index Corporate Class ETF",
    "exchange": "TOR",
    "country": "CA",
    "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": "^GSPTSE",
    "stage": 2,
    "stage_name": "Advancing",
    "phase": "2b",
    "phase_label": "Stage 2B \u00b7 Advancing",
    "transition": "stage_2_healthy",
    "transition_label": "Stage 2 trend intact",
    "confidence": 95.184,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 91.749,
    "architecture_energy": 79.571,
    "architecture_maturity": 38.616,
    "architecture_confidence": 74.672,
    "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": 6.06,
        "rotation_up": 75.88,
        "upward_expansion": 92.92,
        "deceleration": 46.58,
        "rotation_down": 19.44,
        "downward_expansion": 14.92
      },
      "activity_lines": [
        60.748,
        60.298363,
        59.497238,
        58.639269
      ],
      "activity_state": "Moderate",
      "activity_direction": "Expanding",
      "rotation_direction": "Stable",
      "price_acceptance": 1.0
    },
    "latest_close": 61.950001,
    "trend_reference": 57.575,
    "distance_from_trend": 0.075988,
    "trend_direction": "Improving",
    "fair_value": 43.337788,
    "distance_from_fair_value": 0.429468,
    "fair_value_direction": "Improving",
    "relative_strength": 0.910325,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.1313,
    "excess_performance": 0.010879,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.075988,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.044612,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.429468,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.020358,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.009103,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.001156,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.1313,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 1.079874,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 36600,
      "relative_activity": 0.670452,
      "balance": 1.079874,
      "dry_up": 1.150852,
      "accumulation_observations": 3,
      "distribution_observations": 3
    },
    "risk": {
      "range_context": 0.014975,
      "annualized_volatility": 0.121053,
      "from_high_reference": -0.000806,
      "from_low_reference": 0.342362
    },
    "levels": {
      "trend_reference": 57.575,
      "fair_value_reference": 43.337788,
      "structural_low": 52.700001,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 46,
        "median_return": 0.012475,
        "positive_rate": 0.73913,
        "directional_follow_through": 0.73913,
        "median_excess_return": 0.001939,
        "regime_survival": 0.782609,
        "best_return": 0.050179,
        "worst_return": -0.0582,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 15,
        "median_return": 0.015178,
        "positive_rate": 0.6,
        "directional_follow_through": 0.6,
        "median_excess_return": 0.006633,
        "regime_survival": 0.533333,
        "best_return": 0.105153,
        "worst_return": -0.031952,
        "sufficient": true
      },
      {
        "horizon": "Extended",
        "sample_count": 9,
        "median_return": 0.072857,
        "positive_rate": 0.888889,
        "directional_follow_through": 0.888889,
        "median_excess_return": 0.014607,
        "regime_survival": 0.777778,
        "best_return": 0.19352,
        "worst_return": -0.03037,
        "sufficient": true
      },
      {
        "horizon": "Full cycle",
        "sample_count": 4,
        "median_return": 0.131675,
        "positive_rate": 1.0,
        "directional_follow_through": 1.0,
        "median_excess_return": 0.031699,
        "regime_survival": 0.5,
        "best_return": 0.324003,
        "worst_return": 0.017934,
        "sufficient": false
      }
    ],
    "ledger": [
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        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2023-10-20",
        "end": "2023-11-17",
        "tenure": "Developing",
        "return": 0.057756,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2023-12-01",
        "tenure": "New",
        "return": 0.017214,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
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        "end": "2023-12-15",
        "tenure": "New",
        "return": 0.008336,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
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        "end": "2024-06-14",
        "tenure": "Established",
        "return": 0.053217,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-06-21",
        "end": "2024-07-12",
        "tenure": "New",
        "return": 0.054519,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
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        "tenure": "Established",
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        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-10",
        "end": "2025-01-24",
        "tenure": "New",
        "return": 0.030229,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-01-31",
        "end": "2025-03-14",
        "tenure": "Developing",
        "return": -0.034048,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
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        "end": "2025-04-04",
        "tenure": "New",
        "return": -0.063897,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-04-11",
        "end": "2025-04-25",
        "tenure": "New",
        "return": 0.048507,
        "active": false
      },
      {
        "regime": "balance",
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        "color": "blue",
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        "end": "2025-05-23",
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        "active": false
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      {
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      {
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        ]
      },
      {
        "date": "2026-05-01",
        "close": 57.52,
        "volume": 32500,
        "typical_volume": 71220.0,
        "trend": 54.104167,
        "fair_value": 40.838365,
        "relative_strength": 1.168701,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 61.326973,
        "energy": 68.397364,
        "activity_lines": [
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          56.074143,
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      },
      {
        "date": "2026-05-08",
        "close": 57.779999,
        "volume": 48200,
        "typical_volume": 67815.0,
        "trend": 54.362166,
        "fair_value": 41.004583,
        "relative_strength": 1.025914,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 64.683935,
        "energy": 67.835987,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-15",
        "close": 57.380001,
        "volume": 80900,
        "typical_volume": 69460.0,
        "trend": 54.5915,
        "fair_value": 41.168365,
        "relative_strength": 1.01306,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "direction": 59.643155,
        "energy": 50.608248,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-22",
        "close": 58.5,
        "volume": 55000,
        "typical_volume": 69710.0,
        "trend": 54.845833,
        "fair_value": 41.343622,
        "relative_strength": 1.038886,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 69.248316,
        "energy": 49.890839,
        "activity_lines": [
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        ]
      },
      {
        "date": "2026-05-29",
        "close": 58.860001,
        "volume": 74100,
        "typical_volume": 70555.0,
        "trend": 55.116167,
        "fair_value": 41.519904,
        "relative_strength": 0.757102,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 70.416236,
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        "activity_lines": [
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        ]
      },
      {
        "date": "2026-06-05",
        "close": 59.41,
        "volume": 39800,
        "typical_volume": 70375.0,
        "trend": 55.426,
        "fair_value": 41.700993,
        "relative_strength": 2.671385,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 74.279786,
        "energy": 66.912784,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
        "close": 59.27,
        "volume": 18900,
        "typical_volume": 67450.0,
        "trend": 55.709667,
        "fair_value": 41.880096,
        "relative_strength": 0.855339,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 69.516271,
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        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
        "close": 59.209999,
        "volume": 3600,
        "typical_volume": 63005.0,
        "trend": 55.995333,
        "fair_value": 42.064327,
        "relative_strength": 0.62718,
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        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
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        "energy": 79.382743,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
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        "volume": 4700,
        "typical_volume": 57985.0,
        "trend": 56.218,
        "fair_value": 42.242916,
        "relative_strength": 0.94507,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 70.374226,
        "energy": 80.935313,
        "activity_lines": [
          59.301999,
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          57.950952,
          57.245548
        ]
      },
      {
        "date": "2026-07-03",
        "close": 60.029999,
        "volume": 7100,
        "typical_volume": 53200.0,
        "trend": 56.465333,
        "fair_value": 42.427788,
        "relative_strength": 1.127773,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 79.124352,
        "energy": 87.073818,
        "activity_lines": [
          59.565999,
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        ]
      },
      {
        "date": "2026-07-10",
        "close": 59.970001,
        "volume": 60900,
        "typical_volume": 54310.0,
        "trend": 56.698667,
        "fair_value": 42.608109,
        "relative_strength": 0.823576,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 73.679137,
        "energy": 83.276476,
        "activity_lines": [
          59.732,
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          57.717591
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      },
      {
        "date": "2026-07-17",
        "close": 59.939999,
        "volume": 69400,
        "typical_volume": 55140.0,
        "trend": 56.915,
        "fair_value": 42.785416,
        "relative_strength": 0.854482,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Re-accelerating",
        "gate": "up",
        "direction": 70.143323,
        "energy": 78.491194,
        "activity_lines": [
          59.850666,
          59.557454,
          58.67719,
          57.92671
        ]
      },
      {
        "date": "2026-07-24",
        "close": 60.299999,
        "volume": 92300,
        "typical_volume": 55335.0,
        "trend": 57.129666,
        "fair_value": 42.964775,
        "relative_strength": 1.119207,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 74.735019,
        "energy": 76.91531,
        "activity_lines": [
          60.044666,
          59.757272,
          58.92419,
          58.145097
        ]
      },
      {
        "date": "2026-07-31",
        "close": 60.18,
        "volume": 53000,
        "typical_volume": 55185.0,
        "trend": 57.340666,
        "fair_value": 43.146314,
        "relative_strength": 1.280562,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 68.679122,
        "energy": 63.024501,
        "activity_lines": [
          60.126,
          59.882181,
          59.138809,
          58.341892
        ]
      },
      {
        "date": "2026-08-07",
        "close": 61.950001,
        "volume": 36600,
        "typical_volume": 54590.0,
        "trend": 57.575,
        "fair_value": 43.337788,
        "relative_strength": 0.910325,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 91.748979,
        "energy": 79.571289,
        "activity_lines": [
          60.748,
          60.298363,
          59.497238,
          58.639269
        ]
      }
    ],
    "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."
    }
  }
}