Weekly structural research ยท MEX ยท Consumer Cyclical

NCLHN Stage Analysis

Norwegian Cruise Line Holdings Ltd.

Week ending 25 Sep 2026Close MXN 261.99Tenure DevelopingBenchmark ^MXX
Executive diagnosis

What the Activity Line geometry says now

Structure, not prediction
Downward Expansion ยท Early contraction

The weekly architecture is expanding downward.

Trend and Activity show sustained negative alignment with weak price acceptance. Repair requires persistent improvement across the structure, not merely one strong observation.

  • The Trend gate is down within the current regime.
  • Fast Activity versus Slow Activity: weakening.
  • Activity structure: wide and expanding.
Direction -68โˆ’100 bearish to +100 bullish
Energy 89/100directional strength
Maturity 24/100lifecycle context
Confidence 82/100evidence agreement
Trend gate Downstructural direction
Activity structure Wideexpanding separation
Price acceptance -83.3%position within the Activity structure
Fair Value context -29.2%MXN 369.80 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
  • BalanceDirection is contained.
  • Rotation UpStructure is turning higher.
  • Upward ExpansionUptrend is established.
  • DecelerationUptrend is losing energy.
  • Rotation DownStructure is turning lower.
  • Downward ExpansionDowntrend is established.
View chart values ยท 156 observations
WeekCloseTrendRelative StrengthVolumeRegimeDirectionEnergy
2026-09-25261.99319.12-23.9451295Downward Expansion-6889
2026-09-18243.80324.42-28.2917858Downward Expansion-9096
2026-09-11253.11330.23-27.1710917Downward Expansion-9297
2026-09-04264.00334.14-26.2212739Downward Expansion-9597
2026-08-28285.00338.76-22.153266Downward Expansion-8989
2026-08-21292.00341.82-21.494314Balance-8372
2026-08-14325.00344.24-11.8420Balance-4435
2026-08-07329.80346.36-14.71468Balance-3728
2026-07-31321.00350.10-17.752990Balance-4124
2026-07-24335.41353.00-14.3717Balance-810
2026-07-17342.00355.31-13.7666Balance-220
2026-07-10351.98357.83-11.830Balance-124
2026-07-03345.00358.43-14.920Balance-324
2026-06-26372.00358.38-9.04391Downward Expansion225
2026-06-19354.50357.32-14.240Downward Expansion-1725
2026-06-12337.00356.78-19.06692Downward Expansion-4125
2026-06-05332.05356.72-18.291659Downward Expansion-6048
2026-05-29318.00357.48-24.8933148Downward Expansion-6472
2026-05-22283.00360.72-33.1842303Downward Expansion-7082
2026-05-15269.80365.74-36.2627471Downward Expansion-8283
2026-05-08291.00370.68-33.6152706Downward Expansion-7562
2026-05-01320.17374.98-25.2412256Downward Expansion-6440
2026-04-24322.11379.19-26.5958287Downward Expansion-6538
2026-04-17364.37383.79-17.9828931Downward Expansion-5335
2026-04-10341.00387.11-23.649616Downward Expansion-5859
2026-04-03344.01392.41-22.982875Downward Expansion-5865
2026-03-27336.51396.98-21.572302Downward Expansion-6366
2026-03-20339.00401.19-18.405645Balance-6557
2026-03-13342.00405.44-20.197089Balance-6029
2026-03-06357.00409.11-19.2415158Balance-4518
2026-02-27421.00412.14-10.841786Balance-19
2026-02-20418.00414.12-12.2919430Downward Expansion-1610
2026-02-13370.52414.89-23.0210522Downward Expansion-4733
2026-02-06402.50417.28-16.6810723Downward Expansion-3226
2026-01-30377.00418.07-19.385499Downward Expansion-4022
2026-01-23364.48419.18-24.045051Downward Expansion-3420
2026-01-16388.48419.73-18.842330Downward Expansion-1223
2026-01-09442.23418.75-7.5018052Downward Expansion730
2026-01-02408.02415.19-13.01377Downward Expansion-2534
2025-12-26404.57414.19-16.6697090Downward Expansion-3629
2025-12-19417.51412.18-12.757683Downward Expansion-3936
2025-12-12370.00409.23-24.425328Rotation Down-6579
2025-12-05343.62409.40-29.212202Rotation Down-4178
2025-11-28340.00409.38-31.143510Rotation Down-4680
2025-11-21338.37409.40-30.534857Rotation Down-5582
2025-11-14335.21409.29-32.597329Rotation Down-5475
2025-11-07355.00408.78-30.67108776Deceleration-5058
2025-10-31415.18408.03-19.116085Deceleration-625
2025-10-24433.48404.97-13.963473Deceleration821
2025-10-17418.00403.49-18.195362Deceleration1322
2025-10-10420.00403.35-16.621316Upward Expansion2623
2025-10-03446.50402.05-13.7323286Upward Expansion4737
2025-09-26460.00400.71-11.652138Upward Expansion6251
2025-09-19464.11400.96-9.3312852Upward Expansion6356
2025-09-12500.00401.86-3.319538Upward Expansion7980
2025-09-05481.00402.79-4.74585Rotation Up7368
2025-08-29463.00405.49-5.235073Rotation Up3744
2025-08-22466.50410.07-5.073016Rotation Up4357
2025-08-15452.00411.96-6.234054Rotation Up3759
2025-08-08448.00415.86-6.1854832Rotation Up3967
2025-08-01480.18418.533.1571482Rotation Up4975
2025-07-25441.20419.99-5.343631Rotation Up3666
2025-07-18442.40422.62-3.045488Downward Expansion2148
2025-07-11426.00425.91-6.9056675Downward Expansion1428
2025-07-04410.50429.98-12.1565236Downward Expansion-311
2025-06-27380.75434.92-17.4824396Downward Expansion-3621
2025-06-20359.06440.40-20.61556Downward Expansion-4332
2025-06-13335.61446.90-27.224066Downward Expansion-5341
2025-06-06378.00453.64-18.926520Downward Expansion-4335
2025-05-30344.25459.51-25.811964Downward Expansion-4642
2025-05-23329.00464.70-29.657701Downward Expansion-5646
2025-05-16375.01469.15-19.066676Downward Expansion-4946
2025-05-09343.00472.42-23.743427Downward Expansion-6360
2025-05-02340.59476.12-23.0131430Downward Expansion-6572
2025-04-25335.05477.93-25.236042Downward Expansion-6781
2025-04-18320.00480.51-23.554472Downward Expansion-7786
2025-04-11332.63483.32-18.1148216Downward Expansion-7884
2025-04-04323.26484.57-20.1178040Rotation Down-8892
2025-03-28389.00484.98-6.763272Rotation Down-4877
2025-03-21414.05483.690.495457Rotation Down-4173
2025-03-14381.00480.95-6.8037460Rotation Down-4971
2025-03-07406.05478.22-0.97101809Deceleration-4646
2025-02-28467.62474.5415.615193Deceleration-1019
2025-02-21491.00469.0719.1018566Upward Expansion2219
2025-02-14528.00464.1828.654855Upward Expansion5441
2025-02-07562.12458.4642.00642Upward Expansion5951
2025-01-31600.35451.0658.7415886Deceleration7856
2025-01-24523.00441.5940.318002Deceleration4335
2025-01-17569.00435.6659.085690Deceleration6245
2025-01-10528.10427.0651.072752Deceleration4437
2025-01-03524.00419.6854.206491Upward Expansion4743
2024-12-27520.20413.0954.343715Upward Expansion5251
2024-12-20541.20405.1561.707423Upward Expansion6462
2024-12-13548.00395.9859.4210665Upward Expansion6765
2024-12-06558.80386.4465.571905Upward Expansion7369
2024-11-29545.00376.7668.9010438Upward Expansion7078
2024-11-22554.00367.6572.521898Upward Expansion8088
2024-11-15538.00360.0170.743041Upward Expansion7987
2024-11-08554.00352.6274.2533903Upward Expansion9395
2024-11-01500.00344.0564.2516484Upward Expansion8793
2024-10-25462.58337.6951.043230Upward Expansion7789
2024-10-18473.00333.9452.8290094Upward Expansion8994
2024-10-11454.00329.7150.3233062Upward Expansion9095
2024-10-04395.00325.3831.67615Upward Expansion6984
2024-09-27412.21323.4337.624736Upward Expansion8689
2024-09-20404.53320.5637.5216097Upward Expansion8583
2024-09-13370.00316.3127.267848Balance7367
2024-09-06335.73313.2118.201291Balance4933
2024-08-30350.09311.4519.4519043Balance4820
2024-08-23332.00309.7012.5655697Balance3324
2024-08-16299.00308.490.5729507Balance1618
2024-08-09295.80308.621.5114034Upward Expansion2213
2024-08-02303.30308.195.6816328Upward Expansion4634
2024-07-26344.41308.0918.7413659Upward Expansion6261
2024-07-19356.50307.9920.9520083Rotation Up7671
2024-07-12340.00307.9712.688603Rotation Up4149
2024-07-05316.25308.2810.017165Rotation Up2733
2024-06-28345.00308.5219.3716269Balance2632
2024-06-21311.00306.396.7512263Balance-1621
2024-06-14306.79304.026.3225123Balance-2617
2024-06-07326.40302.3611.4678218Rotation Down-2219
2024-05-31281.99299.18-7.30132627Rotation Down-3460
2024-05-24265.91297.83-13.01206362Rotation Down-3761
2024-05-17261.89297.01-17.5344594Rotation Down-4557
2024-05-10268.50296.55-15.6646102Balance-3334
2024-05-03271.50296.53-13.7333720Balance-116
2024-04-26325.02297.602.088736Upward Expansion3524
2024-04-19316.28296.593.307000Upward Expansion3618
2024-04-12296.73295.18-3.8462109Upward Expansion3427
2024-04-05309.20294.89-2.0610968Upward Expansion6266
2024-03-29350.25294.1412.714571Upward Expansion7482
2024-03-22346.11291.9113.537195Upward Expansion7681
2024-03-15324.00289.777.671613Upward Expansion5965
2024-03-08336.40288.4014.9137211Deceleration5743
2024-03-01326.25287.1610.70103128Deceleration4521
2024-02-23277.00286.50-7.701807Deceleration-1922
2024-02-16277.00289.18-8.733853Deceleration-1017
2024-02-09283.00291.81-7.436243Deceleration-1115
2024-02-02297.61293.69-4.441256Deceleration116
2024-01-26295.50296.35-3.0725903Deceleration418
2024-01-19303.00298.951.921791Rotation Up1211
2024-01-12282.99299.92-5.0517551Rotation Up2329
2024-01-05300.17301.42-0.477597Rotation Up3064
2023-12-29341.43301.2411.06592Rotation Up3172
2023-12-22356.00299.2316.388422Rotation Up4755
2023-12-15349.21295.8415.0616038Rotation Up4445
2023-12-08323.50292.5412.1032536Rotation Up117
2023-12-01281.00289.55-1.7611383Downward Expansion-4535
2023-11-24240.00288.61-14.887480Downward Expansion-6974
2023-11-17256.94288.61-8.9712044Downward Expansion-6681
2023-11-10231.13287.84-16.2310061Rotation Down-7891
2023-11-03241.50287.73-13.1813884Rotation Down-4977
2023-10-27241.10287.51-9.812937Deceleration-5264
2023-10-20248.10287.52-6.4112487Deceleration-4935
2023-10-13268.00286.92-1.567121Deceleration-3022
2023-10-06303.45285.9210.6735412Deceleration1614
Price vs TrendBelow-17.9%
Trend directionFalling-10.2%
Price vs current Fair ValueBelow anchor-29.2%
Fair Value directionMoving away-29.6%
Relative Strength vs benchmarkLagging-23.9%
Relative strength directionWeakening-14.9%
Price momentumNegative-22.1%
Volume balanceSupply-led0.99ร—
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

-68 / ยฑ100

+20.6 points since 2026-08-28

Energy

89 /100

-0.2 points since 2026-08-28

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
Balance7
Rotation Up8
Upward Expansion22
Deceleration37
Rotation Down81
Downward Expansion98

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

2023-10-06 to 2026-09-25 ยท 156 classified observations out of 156 shown.

Balance 14%Rotation Up 11%Upward Expansion 22%Deceleration 14%Rotation Down 10%Downward Expansion 30%
Recent Trend Architecture ledger
RegimeRecognizedLast observationTenureMove inside regime
Downward Expansion2026-08-282026-09-25Developing-8.1%
Balance2026-07-032026-08-21Developing-15.4%
Downward Expansion2026-03-272026-06-26Established+10.5%
Balance2026-02-272026-03-20New-19.5%
Downward Expansion2025-12-192026-02-20Developing+0.1%
Rotation Down2025-11-142025-12-12Developing+10.4%
Deceleration2025-10-172025-11-07New-15.1%
Upward Expansion2025-09-122025-10-10Developing-16.0%
Rotation Up2025-07-252025-09-05Developing+9.0%
Downward Expansion2025-04-112025-07-18Established+33.0%
Rotation Down2025-03-142025-04-04New-15.2%
Deceleration2025-02-282025-03-07New-13.2%
Upward Expansion2025-02-072025-02-21New-12.7%
Deceleration2025-01-102025-01-31New+13.7%
Classic Stage Analysis comparison
Stage 1 ยท Basing49
Stage 2 ยท Advancing0
Stage 3 ยท Distribution22
Stage 4 ยท Declining100

Legacy result: Stage 4 ยท Stage 4B ยท Declining. It remains visible while the experimental architecture is validated rather than being silently discarded.

Leadership versus ^MXX

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
85/100
Current Relative Strength
-23.94
Relative Strength direction
Weakening
Price momentum
-22.1%
Excess performance vs benchmark
-19.6%
Consumer Cyclical regime cohort
31th percentile48 in cohort
Participation and structure

Is demand confirming the architecture?

Volume cannot overrule geometry
Relative volume4.89ร—

Latest completed volume relative to typical participation.

Up/down volume0.99ร—

Participation balance between advancing and declining observations.

Accumulation / distribution1 / 3

Recent participation evidence classified by demand and supply.

Activity alignment+0.0%

Current positive alignment across Activity and Trend.

Fast/slow rotationWeakening

Current relationship between Fast Activity and Slow Activity.

Structure stability+12.5%

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 MXN 257.17falling
Slow Activity MXN 308.32falling
Trend Reference MXN 319.12-17.9% close margin
Current Fair Value MXN 369.80-29.2% close margin
Structural low MXN 238.01shock / repair context
What changes the read?

Fan contraction and a persistent upward fast/slow rotation are required before the declining structure is considered repaired.

Range context +6.3%
Annualized volatility +42.9%
From structural high -44.8%
From structural low +10.1%
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 ^MXX Regime survived Read
Near term28+3.2%-24.0% to +35.9%+53.6%+46.4%+1.5%+71.4%Usable descriptive sample
Intermediate12-0.8%-29.6% to +54.9%+41.7%+58.3%-2.9%+50.0%Usable descriptive sample
Extended7+1.9%-39.0% to +26.3%+57.1%+42.9%-7.4%+42.9%Usable descriptive sample
Full cycle4+5.3%-45.5% to +109.4%+75.0%+25.0%-17.6%+50.0%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