{
  "ticker": {
    "uuid": "fd30e091-ba17-422e-8e40-9851e18b359a",
    "symbol": "PVAL",
    "name": "PUTNAM ETF TR PUTNAM FOCUSED LARGE CAP VALUE 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": 96.0,
    "architecture_regime": "upward_expansion",
    "architecture_regime_label": "Upward Expansion",
    "architecture_modifier": "Established expansion",
    "architecture_gate": "up",
    "architecture_direction": 90.313,
    "architecture_energy": 93.887,
    "architecture_maturity": 40.085,
    "architecture_confidence": 78.962,
    "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": 0.87,
        "rotation_up": 84.08,
        "upward_expansion": 99.39,
        "deceleration": 39.28,
        "rotation_down": 12.4,
        "downward_expansion": 21.39
      },
      "activity_lines": [
        53.192667,
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        50.421052
      ],
      "activity_state": "Wide",
      "activity_direction": "Expanding",
      "rotation_direction": "Improving",
      "price_acceptance": 1.0
    },
    "latest_close": 54.26,
    "trend_reference": 49.279705,
    "distance_from_trend": 0.101062,
    "trend_direction": "Improving",
    "fair_value": 38.81358,
    "distance_from_fair_value": 0.397964,
    "fair_value_direction": "Improving",
    "relative_strength": 3.698305,
    "relative_strength_direction": "Improving",
    "price_momentum": 0.111582,
    "excess_performance": -0.014043,
    "evidence": [
      {
        "label": "Price vs Trend",
        "positive": true,
        "value": 0.101062,
        "read": "Above"
      },
      {
        "label": "Trend direction",
        "positive": true,
        "value": 0.050535,
        "read": "Rising"
      },
      {
        "label": "Price vs current Fair Value",
        "positive": true,
        "value": 0.397964,
        "read": "Premium"
      },
      {
        "label": "Fair Value direction",
        "positive": true,
        "value": 0.059017,
        "read": "Closing upward"
      },
      {
        "label": "Relative Strength vs benchmark",
        "positive": true,
        "value": 0.036983,
        "read": "Leading"
      },
      {
        "label": "Relative strength direction",
        "positive": true,
        "value": 0.03167,
        "read": "Improving"
      },
      {
        "label": "Price momentum",
        "positive": true,
        "value": 0.111582,
        "read": "Positive"
      },
      {
        "label": "Volume balance",
        "positive": true,
        "value": 5.310522,
        "read": "Demand-led"
      }
    ],
    "volume": {
      "latest": 8614218,
      "relative_activity": 1.057624,
      "balance": 5.310522,
      "dry_up": 1.236199,
      "accumulation_observations": 7,
      "distribution_observations": 1
    },
    "risk": {
      "range_context": 0.018598,
      "annualized_volatility": 0.104641,
      "from_high_reference": -0.003855,
      "from_low_reference": 0.35384
    },
    "levels": {
      "trend_reference": 49.279705,
      "fair_value_reference": 38.81358,
      "structural_low": 45.184225,
      "invalidation": "A sustained loss of Trend, followed by flattening structure and weakening relative strength, challenges the advancing diagnosis."
    },
    "outcomes": [
      {
        "horizon": "Near term",
        "sample_count": 35,
        "median_return": 0.018362,
        "positive_rate": 0.657143,
        "directional_follow_through": 0.657143,
        "median_excess_return": 0.000344,
        "regime_survival": 0.857143,
        "best_return": 0.06519,
        "worst_return": -0.059831,
        "sufficient": true
      },
      {
        "horizon": "Intermediate",
        "sample_count": 13,
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        "positive_rate": 0.846154,
        "directional_follow_through": 0.846154,
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        "regime_survival": 0.615385,
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        "worst_return": -0.033656,
        "sufficient": true
      },
      {
        "horizon": "Extended",
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        "directional_follow_through": 0.857143,
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        "regime_survival": 0.714286,
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      },
      {
        "horizon": "Full cycle",
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        "sufficient": false
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        "regime": "deceleration",
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      {
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        "active": false
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        "regime": "downward_expansion",
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        "regime": "rotation_up",
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        "date": "2026-07-03",
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      },
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      },
      {
        "date": "2026-07-17",
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        "fair_value": 38.346314,
        "relative_strength": 3.862491,
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      },
      {
        "date": "2026-07-24",
        "close": 52.41,
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        "typical_volume": 7797437.35,
        "trend": 48.778426,
        "fair_value": 38.495137,
        "relative_strength": 5.220204,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 77.569371,
        "energy": 82.379708,
        "activity_lines": [
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      },
      {
        "date": "2026-07-31",
        "close": 53.41,
        "volume": 7960023,
        "typical_volume": 7964818.65,
        "trend": 49.030352,
        "fair_value": 38.651634,
        "relative_strength": 5.851668,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 86.432876,
        "energy": 90.68671,
        "activity_lines": [
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      },
      {
        "date": "2026-08-07",
        "close": 54.26,
        "volume": 8614218,
        "typical_volume": 8144874.05,
        "trend": 49.279705,
        "fair_value": 38.81358,
        "relative_strength": 3.698305,
        "stage": 2,
        "regime": "upward_expansion",
        "modifier": "Established expansion",
        "gate": "up",
        "direction": 90.313452,
        "energy": 93.886957,
        "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."
    }
  }
}