{
  "ticker": {
    "uuid": "ee073439-3597-4e99-b331-4f0e7a05a52c",
    "symbol": "WOSC",
    "name": "State Street SPDR MSCI World Small Cap UCITS ETF",
    "exchange": "LSE",
    "country": "GB",
    "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": "^FTSE",
    "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": 57.014,
    "architecture_energy": 34.138,
    "architecture_maturity": 64.191,
    "architecture_confidence": 90.189,
    "architecture_tenure": "New",
    "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": 29.36,
        "rotation_up": 34.53,
        "upward_expansion": 59.91,
        "deceleration": 88.25,
        "rotation_down": 27.51,
        "downward_expansion": 21.24
      },
      "activity_lines": [
        109.658002,
        110.031547,
        108.900548,
        107.079032
      ],
      "activity_state": "Moderate",
      "activity_direction": "Contracting",
      "rotation_direction": "Weakening",
      "price_acceptance": 0.333333
    },
    "latest_close": 111.75,
    "trend_reference": 104.940833,
    "distance_from_trend": 0.064886,
    "trend_direction": "Improving",
    "fair_value": 86.757692,
    "distance_from_fair_value": 0.28807,
    "fair_value_direction": "Improving",
    "relative_strength": 3.180156,
    "relative_strength_direction": "Weakening",
    "price_momentum": 0.101745,
    "excess_performance": 0.05051,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.064886,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.049422,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.28807,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.020865,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.031802,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": false,
        "value": -0.035919,
        "read": "Weakening"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.101745,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 2.163956,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 7343,
      "relative_activity": 0.714182,
      "balance": 2.163956,
      "dry_up": 1.603966,
      "accumulation_observations": 2,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.023099,
      "annualized_volatility": 0.134493,
      "from_high_reference": -0.006578,
      "from_low_reference": 0.286257
    },
    "levels": {
      "trend_reference": 104.940833,
      "fair_value_reference": 86.757692,
      "structural_low": 93.959999,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 4,
        "median_return": 0.001167,
        "positive_rate": 0.75,
        "directional_follow_through": 0.75,
        "median_excess_return": -0.011643,
        "regime_survival": 0.25,
        "best_return": 0.036844,
        "worst_return": -0.017546,
        "sufficient": false
      },
      {
        "horizon": "Intermediate",
        "sample_count": 3,
        "median_return": -0.012367,
        "positive_rate": 0.333333,
        "directional_follow_through": 0.333333,
        "median_excess_return": -0.007643,
        "regime_survival": 0.0,
        "best_return": 0.00525,
        "worst_return": -0.156907,
        "sufficient": false
      },
      {
        "horizon": "Extended",
        "sample_count": 3,
        "median_return": 0.003454,
        "positive_rate": 0.666667,
        "directional_follow_through": 0.666667,
        "median_excess_return": 0.006546,
        "regime_survival": 0.0,
        "best_return": 0.038726,
        "worst_return": -0.016863,
        "sufficient": false
      },
      {
        "horizon": "Full cycle",
        "sample_count": 2,
        "median_return": 0.060095,
        "positive_rate": 0.5,
        "directional_follow_through": 0.5,
        "median_excess_return": 0.015762,
        "regime_survival": 0.0,
        "best_return": 0.132495,
        "worst_return": -0.012305,
        "sufficient": false
      }
    ],
    "ledger": [
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2024-05-03",
        "end": "2024-05-17",
        "tenure": "New",
        "return": 0.015553,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-05-24",
        "end": "2024-06-14",
        "tenure": "New",
        "return": -0.02294,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2024-06-21",
        "end": "2024-09-27",
        "tenure": "Established",
        "return": 0.042873,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2024-10-04",
        "end": "2024-12-27",
        "tenure": "Established",
        "return": 0.031367,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2025-01-03",
        "end": "2025-01-24",
        "tenure": "New",
        "return": 0.028817,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-01-31",
        "end": "2025-02-28",
        "tenure": "Developing",
        "return": -0.056589,
        "active": false
      },
      {
        "regime": "rotation_down",
        "label": "Rotation Down",
        "color": "orange",
        "start": "2025-03-07",
        "end": "2025-04-04",
        "tenure": "Developing",
        "return": -0.095813,
        "active": false
      },
      {
        "regime": "downward_expansion",
        "label": "Downward Expansion",
        "color": "red",
        "start": "2025-04-11",
        "end": "2025-06-06",
        "tenure": "Developing",
        "return": 0.128145,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2025-06-13",
        "end": "2025-07-04",
        "tenure": "New",
        "return": 0.035145,
        "active": false
      },
      {
        "regime": "rotation_up",
        "label": "Rotation Up",
        "color": "teal",
        "start": "2025-07-11",
        "end": "2025-08-15",
        "tenure": "Developing",
        "return": 0.016779,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2025-08-22",
        "end": "2026-03-27",
        "tenure": "Extended",
        "return": 0.067796,
        "active": false
      },
      {
        "regime": "balance",
        "label": "Balance",
        "color": "blue",
        "start": "2026-04-03",
        "end": "2026-04-17",
        "tenure": "New",
        "return": 0.056633,
        "active": false
      },
      {
        "regime": "upward_expansion",
        "label": "Upward Expansion",
        "color": "green",
        "start": "2026-04-24",
        "end": "2026-07-24",
        "tenure": "Established",
        "return": 0.058455,
        "active": false
      },
      {
        "regime": "deceleration",
        "label": "Deceleration",
        "color": "amber",
        "start": "2026-07-31",
        "end": "2026-08-07",
        "tenure": "New",
        "return": 0.038376,
        "active": true
      }
    ],
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        "trend": 98.147833,
        "fair_value": 83.47,
        "relative_strength": 3.355913,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 60.240699,
        "energy": 66.18965,
        "activity_lines": [
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      },
      {
        "date": "2026-05-08",
        "close": 106.059998,
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        "typical_volume": 11239.8,
        "trend": 98.6195,
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        "relative_strength": 6.772097,
        "stage": 2,
        "regime": "upward_expansion",
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        "energy": 75.490523,
        "activity_lines": [
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      },
      {
        "date": "2026-05-15",
        "close": 106.25,
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        "typical_volume": 11777.2,
        "trend": 99.0885,
        "fair_value": 83.917821,
        "relative_strength": 7.158799,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 71.274182,
        "energy": 73.46631,
        "activity_lines": [
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          100.995602
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      },
      {
        "date": "2026-05-22",
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        "volume": 8233,
        "typical_volume": 11997.2,
        "trend": 99.5215,
        "fair_value": 84.147724,
        "relative_strength": 4.892658,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 72.170504,
        "energy": 71.197502,
        "activity_lines": [
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      },
      {
        "date": "2026-05-29",
        "close": 108.959999,
        "volume": 6410,
        "typical_volume": 11373.85,
        "trend": 99.998666,
        "fair_value": 84.384551,
        "relative_strength": 7.15204,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
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        "energy": 75.920589,
        "activity_lines": [
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          102.114311
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      },
      {
        "date": "2026-06-05",
        "close": 108.010002,
        "volume": 1772,
        "typical_volume": 11136.15,
        "trend": 100.522,
        "fair_value": 84.610962,
        "relative_strength": 6.412839,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 68.634967,
        "energy": 71.113926,
        "activity_lines": [
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      },
      {
        "date": "2026-06-12",
        "close": 110.099998,
        "volume": 2959,
        "typical_volume": 10772.45,
        "trend": 101.069667,
        "fair_value": 84.852756,
        "relative_strength": 7.141342,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Early expansion",
        "gate": "up",
        "direction": 78.282642,
        "energy": 79.341169,
        "activity_lines": [
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      },
      {
        "date": "2026-06-19",
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        "typical_volume": 10440.25,
        "trend": 101.735333,
        "fair_value": 85.116314,
        "relative_strength": 9.620825,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 82.634817,
        "energy": 87.278661,
        "activity_lines": [
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      },
      {
        "date": "2026-06-26",
        "close": 112.209999,
        "volume": 1065,
        "typical_volume": 9664.7,
        "trend": 102.279,
        "fair_value": 85.369199,
        "relative_strength": 8.277787,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 80.125577,
        "energy": 89.792559,
        "activity_lines": [
          110.896666,
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          104.615881
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      },
      {
        "date": "2026-07-03",
        "close": 111.620003,
        "volume": 411,
        "typical_volume": 9464.7,
        "trend": 102.812333,
        "fair_value": 85.625801,
        "relative_strength": 5.817725,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 71.42846,
        "energy": 87.463941,
        "activity_lines": [
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          105.218526
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      },
      {
        "date": "2026-07-10",
        "close": 109.900002,
        "volume": 26478,
        "typical_volume": 10211.1,
        "trend": 103.267,
        "fair_value": 85.865449,
        "relative_strength": 5.824909,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 66.626142,
        "energy": 78.316894,
        "activity_lines": [
          111.084668,
          110.177091,
          107.471476,
          105.675795
        ]
      },
      {
        "date": "2026-07-17",
        "close": 108.275002,
        "volume": 6473,
        "typical_volume": 10151.3,
        "trend": 103.681833,
        "fair_value": 86.080769,
        "relative_strength": 3.137818,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 62.655168,
        "energy": 54.506553,
        "activity_lines": [
          110.135668,
          110.011092,
          107.771595,
          105.998892
        ]
      },
      {
        "date": "2026-07-24",
        "close": 109.730003,
        "volume": 46456,
        "typical_volume": 11957.7,
        "trend": 104.135333,
        "fair_value": 86.30343,
        "relative_strength": 3.083289,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 48.624936,
        "energy": 41.489864,
        "activity_lines": [
          109.793336,
          110.069365,
          108.190786,
          106.389097
        ]
      },
      {
        "date": "2026-07-31",
        "close": 107.620003,
        "volume": 5694,
        "typical_volume": 10305.85,
        "trend": 104.540667,
        "fair_value": 86.514199,
        "relative_strength": -0.203718,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 40.152149,
        "energy": 25.405192,
        "activity_lines": [
          108.884336,
          109.680729,
          108.371548,
          106.613914
        ]
      },
      {
        "date": "2026-08-07",
        "close": 111.75,
        "volume": 7343,
        "typical_volume": 10281.7,
        "trend": 104.940833,
        "fair_value": 86.757692,
        "relative_strength": 3.180156,
        "stage": 2,
        "regime": "deceleration",
        "modifier": "Recompressing",
        "gate": "up",
        "direction": 57.014181,
        "energy": 34.137577,
        "activity_lines": [
          109.658002,
          110.031547,
          108.900548,
          107.079032
        ]
      }
    ],
    "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."
    }
  }
}