Weekly structural research ยท GER ยท Financial Services

M44 Stage Analysis

MARA Holdings, Inc.

Week ending 2 Oct 2026Close EUR 10.10Tenure DevelopingBenchmark ^GDAXI
Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction
Deceleration ยท Recompressing

The upward structure remains, but its energy is decelerating.

Trend remains positive, but Activity or price acceptance is losing strength. This can become a healthy recompression, a re-acceleration, or a Rotation Down.

  • The Trend gate is up within the current regime.
  • Fast Activity versus Slow Activity: improving.
  • Activity structure: compressed and contracting.
Direction 26โˆ’100 bearish to +100 bullish
Energy 22/100directional strength
Maturity 23/100lifecycle context
Confidence 48/100evidence agreement
Trend gate Upstructural direction
Activity structure Compressedcontracting separation
Price acceptance +33.3%position within the Activity structure
Fair Value context -11.1%EUR 11.36 ยท weakening
Trend Architecture map ยท Historical context

Weekly close, Activity, Trend and Fair Value

Follow price and Trend first, then add Activity Lines to inspect the structure. Subtle bands show the regime recognized at each completed observation; the dashed line marks current Fair Value, not a historical forecast.

CloseTrendCurrent Fair Value
Background stage key
  • DecelerationUptrend is losing energy.
View chart values ยท 84 observations
WeekCloseTrendRelative StrengthVolumeRegimeDirectionEnergy
2026-10-0210.1010.07-2.6196463Deceleration2622
2026-09-2510.819.972.22121345Deceleration3125
2026-09-1811.089.874.4740571Deceleration4226
2026-09-1110.569.72-2.5449566Deceleration89
2026-09-049.769.58-12.2135196Deceleration-1824
2026-08-289.49โ€”โ€”17898Not yet classifiedโ€”โ€”
2026-08-219.56โ€”โ€”44167Not yet classifiedโ€”โ€”
2026-08-147.84โ€”โ€”18092Not yet classifiedโ€”โ€”
2026-08-078.82โ€”โ€”5314Not yet classifiedโ€”โ€”
2026-07-319.96โ€”โ€”2437Not yet classifiedโ€”โ€”
2026-07-2411.06โ€”โ€”12214Not yet classifiedโ€”โ€”
2026-07-179.27โ€”โ€”18940Not yet classifiedโ€”โ€”
2026-07-1011.27โ€”โ€”7596Not yet classifiedโ€”โ€”
2026-07-0311.11โ€”โ€”9384Not yet classifiedโ€”โ€”
2026-06-2612.50โ€”โ€”7526Not yet classifiedโ€”โ€”
2026-06-1912.33โ€”โ€”2629Not yet classifiedโ€”โ€”
2026-06-1212.31โ€”โ€”19933Not yet classifiedโ€”โ€”
2026-06-0510.67โ€”โ€”35990Not yet classifiedโ€”โ€”
2026-05-2912.10โ€”โ€”104861Not yet classifiedโ€”โ€”
2026-05-2212.05โ€”โ€”130294Not yet classifiedโ€”โ€”
2026-05-1510.62โ€”โ€”61691Not yet classifiedโ€”โ€”
2026-05-0810.60โ€”โ€”87013Not yet classifiedโ€”โ€”
2026-05-0110.36โ€”โ€”64816Not yet classifiedโ€”โ€”
2026-04-249.73โ€”โ€”101137Not yet classifiedโ€”โ€”
2026-04-1710.08โ€”โ€”145432Not yet classifiedโ€”โ€”
2026-04-108.23โ€”โ€”39736Not yet classifiedโ€”โ€”
2026-04-036.73โ€”โ€”31978Not yet classifiedโ€”โ€”
2026-03-276.79โ€”โ€”64757Not yet classifiedโ€”โ€”
2026-03-207.60โ€”โ€”56651Not yet classifiedโ€”โ€”
2026-03-138.69โ€”โ€”52016Not yet classifiedโ€”โ€”
2026-03-067.03โ€”โ€”61083Not yet classifiedโ€”โ€”
2026-02-277.78โ€”โ€”32557Not yet classifiedโ€”โ€”
2026-02-206.74โ€”โ€”38241Not yet classifiedโ€”โ€”
2026-02-136.27โ€”โ€”71564Not yet classifiedโ€”โ€”
2026-02-066.76โ€”โ€”99723Not yet classifiedโ€”โ€”
2026-01-308.08โ€”โ€”41581Not yet classifiedโ€”โ€”
2026-01-238.87โ€”โ€”60876Not yet classifiedโ€”โ€”
2026-01-169.69โ€”โ€”53216Not yet classifiedโ€”โ€”
2026-01-098.89โ€”โ€”52897Not yet classifiedโ€”โ€”
2026-01-028.37โ€”โ€”46532Not yet classifiedโ€”โ€”
2025-12-268.30โ€”โ€”24070Not yet classifiedโ€”โ€”
2025-12-198.70โ€”โ€”24606Not yet classifiedโ€”โ€”
2025-12-129.71โ€”โ€”53701Not yet classifiedโ€”โ€”
2025-12-0510.18โ€”โ€”43364Not yet classifiedโ€”โ€”
2025-11-2810.05โ€”โ€”55620Not yet classifiedโ€”โ€”
2025-11-218.71โ€”โ€”46418Not yet classifiedโ€”โ€”
2025-11-1410.80โ€”โ€”54877Not yet classifiedโ€”โ€”
2025-11-0713.01โ€”โ€”62082Not yet classifiedโ€”โ€”
2025-10-3115.55โ€”โ€”32730Not yet classifiedโ€”โ€”
2025-10-2416.96โ€”โ€”75913Not yet classifiedโ€”โ€”
2025-10-1716.37โ€”โ€”65762Not yet classifiedโ€”โ€”
2025-10-1016.82โ€”โ€”53784Not yet classifiedโ€”โ€”
2025-10-0316.44โ€”โ€”31663Not yet classifiedโ€”โ€”
2025-09-2613.73โ€”โ€”43155Not yet classifiedโ€”โ€”
2025-09-1915.84โ€”โ€”34907Not yet classifiedโ€”โ€”
2025-09-1213.71โ€”โ€”57847Not yet classifiedโ€”โ€”
2025-09-0512.69โ€”โ€”23734Not yet classifiedโ€”โ€”
2025-08-2913.27โ€”โ€”42077Not yet classifiedโ€”โ€”
2025-08-2214.11โ€”โ€”86363Not yet classifiedโ€”โ€”
2025-08-1513.28โ€”โ€”25527Not yet classifiedโ€”โ€”
2025-08-0813.11โ€”โ€”29332Not yet classifiedโ€”โ€”
2025-08-0113.54โ€”โ€”62740Not yet classifiedโ€”โ€”
2025-07-2514.48โ€”โ€”32221Not yet classifiedโ€”โ€”
2025-07-1817.05โ€”โ€”63414Not yet classifiedโ€”โ€”
2025-07-1116.71โ€”โ€”25819Not yet classifiedโ€”โ€”
2025-07-0415.09โ€”โ€”27026Not yet classifiedโ€”โ€”
2025-06-2712.89โ€”โ€”15553Not yet classifiedโ€”โ€”
2025-06-2012.52โ€”โ€”22287Not yet classifiedโ€”โ€”
2025-06-1313.16โ€”โ€”37023Not yet classifiedโ€”โ€”
2025-06-0613.99โ€”โ€”25304Not yet classifiedโ€”โ€”
2025-05-3012.84โ€”โ€”44270Not yet classifiedโ€”โ€”
2025-05-2313.13โ€”โ€”44620Not yet classifiedโ€”โ€”
2025-05-1614.87โ€”โ€”46546Not yet classifiedโ€”โ€”
2025-05-0913.38โ€”โ€”40266Not yet classifiedโ€”โ€”
2025-05-0212.87โ€”โ€”18491Not yet classifiedโ€”โ€”
2025-04-2512.59โ€”โ€”28179Not yet classifiedโ€”โ€”
2025-04-1810.83โ€”โ€”17251Not yet classifiedโ€”โ€”
2025-04-1110.68โ€”โ€”42901Not yet classifiedโ€”โ€”
2025-04-049.50โ€”โ€”52436Not yet classifiedโ€”โ€”
2025-03-2811.61โ€”โ€”31515Not yet classifiedโ€”โ€”
2025-03-2111.35โ€”โ€”54541Not yet classifiedโ€”โ€”
2025-03-1412.10โ€”โ€”45091Not yet classifiedโ€”โ€”
2025-03-0713.90โ€”โ€”39586Not yet classifiedโ€”โ€”
2025-02-2813.34โ€”โ€”58222Not yet classifiedโ€”โ€”
Price vs TrendAbove+0.3%
Trend directionRising+6.9%
Price vs current Fair ValueBelow anchor-11.1%
Fair Value directionMoving away-6.8%
Relative Strength vs benchmarkLagging-2.6%
Relative strength directionImproving+4.6%
Price momentumPositive+50.1%
Volume balanceSupply-led0.67ร—
Beyond the current label

Is the structure strengthening or losing force?

Direction and energy measure different things

Direction shows the upward or downward lean. Energy shows the force behind the structural move: high energy can accompany a strong decline as well as an advance.

Direction

26 / ยฑ100

+43.7 points since 2026-09-04

Energy

22 /100

-1.5 points since 2026-09-04

Recent change compares the latest reading with four observations earlier. Missing readings remain unavailable. Use the chart values above to inspect individual observations.

Comparative structural evidence

Why this architecture regime won

Every regime is evaluated
Balance51
Rotation Up57
Upward Expansion61
Deceleration57
Rotation Down8
Downward Expansion16

The winning regime is the state most consistent with the complete SM evidence set. Direction, energy, maturity and confidence describe different aspects of the current structure, while contradictory evidence remains visible rather than being averaged into false certainty.

Time spent in each state

The context behind todayโ€™s regime

2025-02-28 to 2026-10-02 ยท 5 classified observations out of 84 shown.

Deceleration 100%
Recent Trend Architecture ledger
RegimeRecognizedLast observationTenureMove inside regime
Deceleration2026-09-042026-10-02Developing+3.5%
Classic Stage Analysis comparison
Stage 1 ยท Basing51
Stage 2 ยท Advancing44
Stage 3 ยท Distribution44
Stage 4 ยท Declining32

Legacy result: Stage 1 ยท Stage 1B ยท Basing. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^GDAXI

Is relative performance confirming the geometry?

Confirmation, not classification

Relative Strength

The security is compared with its market benchmark on the SM scale. Above zero indicates relative leadership; direction shows whether that leadership is improving or weakening.

Confirmation evidence

Lagging benchmark

Architecture confirmation
31/100
Current Relative Strength
-2.61
Relative Strength direction
Improving
Price momentum
+50.1%
Excess performance vs benchmark
+41.2%
Financial Services regime cohort
9th percentile23 in cohort
Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry
Relative volume2.47ร—

Latest completed volume relative to typical participation.

Up/down volume0.67ร—

Participation balance between advancing and declining observations.

Accumulation / distribution3 / 2

Recent participation evidence classified by demand and supply.

Activity alignment+50.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationImproving

Current relationship between Fast Activity and Slow Activity.

Structure stability+25.0%

Whether recent Activity evidence is stable or remains in balance.

Weekly volume with architecture context

Bars show completed weekly volume; the dashed line provides typical-volume context. Both measures use the same scale.

Decision architecture

References that would change the structural read

Evidence levels, not orders
Fast Activity EUR 10.52rising
Slow Activity EUR 10.33rising
Trend Reference EUR 10.07+0.3% close margin
Current Fair Value EUR 11.36-11.1% close margin
Structural low EUR 7.13shock / repair context
What changes the read?

Renewed positive order and expanding width produce re-acceleration; fast/slow failure with downside acceptance produces Rotation Down.

Range context +14.1%
Annualized volatility +78.8%
From structural high -49.9%
From structural low +75.8%
Point-in-time evidence

What followed this architecture in this market?

Descriptive history, never a forecast

Historical comparisons use only the structural read that would have been available at each completed observation. Independent observations are used where possible, with benchmark comparison beginning after each recognized state.

Outcome horizon Samples Median movePositive periodsDirectional follow-through Median excess vs ^GDAXI Regime survived Read
Near term1+3.5%+3.5% to +3.5%+100.0%+100.0%+6.6%+100.0%Too little matched history
Intermediate0โ€”โ€”โ€”โ€”โ€”Too little matched history
Extended0โ€”โ€”โ€”โ€”โ€”Too little matched history
Full cycle0โ€”โ€”โ€”โ€”โ€”Too little matched history
Evidence framework

What the analysis measures and where its limits lie

Trend Architecture

Trend Architecture brings Price, Fast Activity, Slow Activity and Trend into one structural read. It identifies balance, rotation, expansion, deceleration and contraction while requiring persistent evidence for confirmed regime changes.

Evidence roles

Trend, Activity, relative strength, volume and Fair Value each have a defined role in the SM evidence framework. No single reading is treated as sufficient on its own, and conflicting evidence remains visible.

Fair Value and RS

Current Fair Value provides a long-term price anchor and shows whether price is trading above, below or repairing toward that reference. Relative Strength compares the security with its benchmark and shows whether leadership is improving or weakening.

Known limitations

Weekly structure recognizes conditions after they develop. Event gaps can bypass smooth transitions, sideways markets can rotate repeatedly, and historical samples for a particular regime can be thin.

Independent market research for education. Not investment advice, a recommendation, a forecast, a target, or an execution instruction. Historical regime behaviour does not establish what happens next.

Evidence context