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read is invalid if HYG/LQD records at or below 0.725445, the z=0.00 level from the prior n=252 observations, on its next daily print.","operator":"at_or_below","thresholdValue":0.725445,"thresholdZScore":0,"currentValue":0.740983,"unit":"ratio","cadence":"daily","observationCount":252,"evidence":{"source":"Yahoo Finance adjusted closes","sourceUrl":"https://finance.yahoo.com/","formula":"HYG adjusted close divided by LQD adjusted close.","methodologyUrl":"/methodology/#confluence-engine"}},"comparison":{"status":"available","previousAsOf":"2026-07-16","previousArtifactUrl":"/data/machine/v1/archive/2026-07-16/daily-thesis.53464cea1ce313daaa945d4793320031e3d68d3603d368be102da315615cf0f3.json","currentArtifactUrl":"/data/daily-thesis.json","summary":"5 observable changes since the prior completed thesis.","changes":[{"id":"anomaly-z","kind":"anomaly","label":"HYG/LQD moved","detail":"The standardized reading moved from +2.45 sigma to +2.21 sigma."},{"id":"activation-breadth","kind":"activation","label":"Breadth activated","detail":"The component moved from no vote to supportive."},{"id":"deactivation-vixTermStructurePct","kind":"deactivation","label":"VIX term structure slope lost its vote","detail":"The component moved below the published vote threshold or lost sufficient coverage."},{"id":"falsifier-level","kind":"falsifier","label":"Invalidation level changed","detail":"The threshold moved from 0.725403 to 0.725445 ratio."},{"id":"coverage-date","kind":"coverage","label":"Complete observation window advanced","detail":"2026-07-14 became 2026-07-15."}]},"downloads":{"thesis":"/data/daily-thesis.json","confluence":"/data/confluence-vector.json","analogs":"/data/analog-engine.json","falsification":"/data/falsification-ledger.json"}}}