{
  "timestamp": "2026-10-12T16:01:35.383980",
  "composite_z": -0.25,
  "level": "GRUEN",
  "regime": {
    "momentum_composite": 0.2,
    "breadth": 0.38,
    "n_momentum": 13,
    "label": "AUFBAUEND",
    "note": "Niveau niedrig (-0.25\u03c3), aber Momentum positiv (+0.20\u03c3/Mon). Beobachten, ob es sich verbreitert.",
    "top_mover": {
      "key": "hy_ig_quality",
      "label": "HY-IG Quality Spread",
      "momentum": 1.67
    },
    "lookback_days": 30
  },
  "lookback_days": 3700,
  "categories": {
    "credit_rates": {
      "label": "Kredit & Zinsen",
      "composite_z": -0.39,
      "level": "GRUEN",
      "keys": [
        "hy_oas",
        "ig_oas",
        "baa_spread",
        "curve_10y2y",
        "curve_10y3m",
        "hy_ig_quality"
      ]
    },
    "vol_conditions": {
      "label": "Volatilit\u00e4t & Finanzbedingungen",
      "composite_z": -0.22,
      "level": "GRUEN",
      "keys": [
        "vix",
        "nfci",
        "stlfsi",
        "dxy"
      ]
    },
    "liquidity_macro": {
      "label": "Liquidit\u00e4t & Makro",
      "composite_z": 0.0,
      "level": "BEOBACHTEN",
      "keys": [
        "net_liq_yoy",
        "m2_yoy",
        "sahm"
      ]
    }
  },
  "components": {
    "hy_oas": {
      "raw": 3.15,
      "mean": 3.0951,
      "std": 0.398,
      "zscore": 0.14,
      "percentile": 63.7,
      "n": 786,
      "label": "High-Yield OAS",
      "weight": 0.15,
      "unit": "%",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": 0.14,
      "momentum": 1.21
    },
    "ig_oas": {
      "raw": 0.82,
      "mean": 0.8869,
      "std": 0.1268,
      "zscore": -0.53,
      "percentile": 43.4,
      "n": 785,
      "label": "Investment-Grade OAS",
      "weight": 0.07,
      "unit": "%",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": -0.53,
      "momentum": 0.08
    },
    "baa_spread": {
      "raw": 1.48,
      "mean": 2.0086,
      "std": 0.3941,
      "zscore": -1.34,
      "percentile": 5.4,
      "n": 2525,
      "label": "Baa-Spread (Moody's)",
      "weight": 0.1,
      "unit": "pp",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": -1.34,
      "momentum": -0.23
    },
    "vix": {
      "raw": 14.84,
      "mean": 18.571,
      "std": 7.2229,
      "zscore": -0.52,
      "percentile": 32.6,
      "n": 2578,
      "label": "VIX (Aktien-Vola)",
      "weight": 0.12,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": -0.52,
      "momentum": -0.22
    },
    "nfci": {
      "raw": -0.494,
      "mean": -0.4569,
      "std": 0.1574,
      "zscore": -0.24,
      "percentile": 52.8,
      "n": 528,
      "label": "Fin. Conditions (NFCI)",
      "weight": 0.14,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": -0.24,
      "momentum": 0.35
    },
    "stlfsi": {
      "raw": -0.4681,
      "mean": -0.3339,
      "std": 0.6026,
      "zscore": -0.22,
      "percentile": 48.7,
      "n": 528,
      "label": "Fin. Stress (STLFSI)",
      "weight": 0.1,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": -0.22,
      "momentum": 0.63
    },
    "dxy": {
      "raw": 121.3848,
      "mean": 117.6051,
      "std": 4.707,
      "zscore": 0.8,
      "percentile": 79.4,
      "n": 2521,
      "label": "Broad-Dollar (DXY)",
      "weight": 0.04,
      "unit": "",
      "danger": "high",
      "category": "vol_conditions",
      "stress_z": 0.8,
      "momentum": 0.61
    },
    "curve_10y2y": {
      "raw": 0.47,
      "mean": 0.3529,
      "std": 0.5559,
      "zscore": 0.21,
      "percentile": 54.7,
      "n": 2530,
      "label": "Yield Curve 10y-2y",
      "weight": 0.15,
      "unit": "pp",
      "danger": "low",
      "category": "credit_rates",
      "stress_z": -0.21,
      "momentum": -0.11
    },
    "curve_10y3m": {
      "raw": 0.99,
      "mean": 0.3981,
      "std": 0.9772,
      "zscore": 0.61,
      "percentile": 67.2,
      "n": 2530,
      "label": "Yield Curve 10y-3m",
      "weight": 0.18,
      "unit": "pp",
      "danger": "low",
      "category": "credit_rates",
      "stress_z": -0.61,
      "momentum": -0.13
    },
    "hy_ig_quality": {
      "raw": 2.33,
      "mean": 2.2085,
      "std": 0.2807,
      "zscore": 0.43,
      "percentile": 78.7,
      "n": 785,
      "label": "HY-IG Quality Spread",
      "weight": 0.05,
      "unit": "%",
      "danger": "high",
      "category": "credit_rates",
      "stress_z": 0.43,
      "momentum": 1.67
    },
    "net_liq_yoy": {
      "raw": 1.6142,
      "mean": 5.6297,
      "std": 19.4262,
      "zscore": -0.21,
      "percentile": 64.7,
      "n": 467,
      "label": "Netto-Liquidit\u00e4t (YoY)",
      "weight": 0.14,
      "unit": "%",
      "danger": "low",
      "category": "liquidity_macro",
      "stress_z": 0.21,
      "momentum": -0.26
    },
    "m2_yoy": {
      "raw": 5.6589,
      "mean": 6.2584,
      "std": 7.3733,
      "zscore": -0.08,
      "percentile": 69.7,
      "n": 109,
      "label": "M2-Geldmenge (YoY)",
      "weight": 0.06,
      "unit": "%",
      "danger": "low",
      "category": "liquidity_macro",
      "stress_z": 0.08,
      "momentum": -0.03
    },
    "sahm": {
      "raw": 0.0,
      "mean": 0.5564,
      "std": 1.6333,
      "zscore": -0.34,
      "percentile": 45.5,
      "n": 121,
      "label": "Sahm-Rule (Rezession)",
      "weight": 0.1,
      "unit": "pp",
      "danger": "high",
      "category": "liquidity_macro",
      "stress_z": -0.34,
      "momentum": 0.04
    }
  },
  "interpretation": "Composite-Stress -0.25\u03c3 (GRUEN). Gr\u00f6\u00dfter Treiber: Broad-Dollar (DXY) bei +0.80\u03c3 (P79). Regime: AUFBAUEND (Niveau niedrig (-0.25\u03c3), aber Momentum positiv (+0.20\u03c3/Mon). Beobachten, ob es sich verbreitert.)"
}