{ "ticker": { "uuid": "f9b24ccf-9183-44e2-83fe-d20fc3895546", "symbol": "FQAL", "name": "FIDELITY COVINGTON TRUST QUALITY FACTOR 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": 2, "stage_name": "Advancing", "phase": "2b", "phase_label": "Stage 2B \u00b7 Advancing", "transition": "stage_2_healthy", "transition_label": "Stage 2 trend intact", "confidence": 95.982, "architecture_regime": "upward_expansion", "architecture_regime_label": "Upward Expansion", "architecture_modifier": "Established expansion", "architecture_gate": "up", "architecture_direction": 89.085, "architecture_energy": 81.923, "architecture_maturity": 37.527, "architecture_confidence": 81.799, "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": 5.76, "rotation_up": 71.82, "upward_expansion": 92.68, "deceleration": 45.63, "rotation_down": 19.27, "downward_expansion": 17.01 }, "activity_lines": [ 82.98794, 82.179288, 80.982404, 79.556313 ], "activity_state": "Wide", "activity_direction": "Expanding", "rotation_direction": "Stable", "price_acceptance": 0.833333 }, "latest_close": 85.04, "trend_reference": 78.027308, "distance_from_trend": 0.089875, "trend_direction": "Improving", "fair_value": 65.031519, "distance_from_fair_value": 0.307674, "fair_value_direction": "Improving", "relative_strength": -0.506143, "relative_strength_direction": "Improving", "price_momentum": 0.111448, "excess_performance": -0.014177, "evidence": [ { "label": "Price vs Trend", "positive": true, "value": 0.089875, "read": "Above" }, { "label": "Trend direction", "positive": true, "value": 0.02974, "read": "Rising" }, { "label": "Price vs current Fair Value", "positive": true, "value": 0.307674, "read": "Premium" }, { "label": "Fair Value direction", "positive": true, "value": 0.037306, "read": "Closing upward" }, { "label": "Relative Strength vs benchmark", "positive": false, "value": -0.005061, "read": "Lagging" }, { "label": "Relative strength direction", "positive": true, "value": 0.03062, "read": "Improving" }, { "label": "Price momentum", "positive": true, "value": 0.111448, "read": "Positive" }, { "label": "Volume balance", "positive": true, "value": 2.9153, "read": "Demand-led" } ], "volume": { "latest": 214599, "relative_activity": 0.739519, "balance": 2.9153, "dry_up": 0.719679, "accumulation_observations": 2, "distribution_observations": 0 }, "risk": { "range_context": 0.019477, "annualized_volatility": 0.12171, "from_high_reference": -0.001585, "from_low_reference": 0.211031 }, "levels": { "trend_reference": 78.027308, "fair_value_reference": 65.031519, "structural_low": 70.221183, "invalidation": 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"activity_lines": [ 81.938547, 81.470326, 80.379962, 79.085138 ] }, { "date": "2026-08-07", "close": 85.04, "volume": 214599, "typical_volume": 290187.35, "trend": 78.027308, "fair_value": 65.031519, "relative_strength": -0.506143, "stage": 2, "regime": "upward_expansion", "modifier": "Established expansion", "gate": "up", "direction": 89.084901, "energy": 81.922874, "activity_lines": [ 82.98794, 82.179288, 80.982404, 79.556313 ] } ], "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." } } }