{
  "ok": true,
  "cacheHit": false,
  "result": {
    "asOf": "2026-11-05",
    "computedAt": "2026-11-06T10:41:25.547Z",
    "regime": "crash_warn",
    "action": {
      "code": "CUT_TQQQ_HALF",
      "title": "急跌预警：减半 TQQQ",
      "summary": "25 日跌幅超过 12%：卖出约一半 TQQQ，转入弹药仓。",
      "buy": null,
      "sell": "TQQQ",
      "size": "sell_half",
      "ammo": "add",
      "tqqqTargetPct": 0,
      "tqqqAllowed": "block",
      "steps": [
        "卖掉约 50% 的 TQQQ → 弹药仓",
        "本月暂停加杠杆",
        "可保留小额定投 IQQ"
      ],
      "overlays": []
    },
    "lights": {
      "low": [
        {
          "id": "cheap",
          "on": false,
          "label": "估值便宜 (分位 < 20%)",
          "detail": "分位 58% · 现 26630 / 均线 13779"
        },
        {
          "id": "deepDrop",
          "on": false,
          "label": "深度回撤 (≥20%)",
          "detail": "回撤 -14.7% · 高点 31225 (2026-10-06) → 现 26630"
        },
        {
          "id": "panic",
          "on": false,
          "label": "极度恐慌 (VIX≥40)",
          "detail": "现 16.6 · 5日均 18.9 · 阈值 40"
        }
      ],
      "lowCount": 0,
      "confirm": [
        {
          "id": "trend",
          "on": true,
          "label": "趋势 · 跌破200日均（可能筑底）",
          "detail": "现 26629.81 / 200日 27976.53 (-4.81%)"
        },
        {
          "id": "credit",
          "on": false,
          "warn": true,
          "label": "信用 · 信用压力",
          "detail": "HY OAS 3.32% · 分位 82% · 近变 0.23"
        },
        {
          "id": "liquidity",
          "on": false,
          "warn": false,
          "label": "流动性 · 流动性平稳 / 实际利率平稳",
          "detail": "实际利率 2.64% (Δ60 0.21) · Fed资产 6.75T (季变 -0.01%)"
        },
        {
          "id": "vixTerm",
          "on": false,
          "warn": false,
          "label": "VIX期限 · 升水（恐慌缓和）",
          "detail": "VIX 16.6 / VIX3M 25.55 · 价差 8.94"
        }
      ],
      "crashWarn": true,
      "rich": false,
      "foam": false,
      "nearHigh": false,
      "tooCalm": false
    },
    "filters": {
      "trend": {
        "sma200": 27976.53,
        "sma200Date": "2026-11-05",
        "above": false,
        "distPct": -4.81,
        "slope20": 1.37,
        "state": "bear_recover",
        "label": "跌破200日均（可能筑底）",
        "current": 26629.81
      },
      "credit": {
        "current": 3.32,
        "date": "2026-11-04",
        "percentile10y": 82,
        "change20": 0.23,
        "prev20": 3.09,
        "stress": true,
        "easing": false,
        "wideningFast": false,
        "label": "信用压力"
      },
      "realYield": {
        "current": 2.64,
        "date": "2026-11-04",
        "change60": 0.21,
        "prev60": 2.43,
        "risingFast": false,
        "falling": false,
        "label": "实际利率平稳"
      },
      "liquidity": {
        "current": 6748.1,
        "currentTn": 6.75,
        "date": "2026-11-04",
        "changePctQ": -0.01,
        "expanding": false,
        "shrinking": false,
        "label": "流动性平稳"
      },
      "vixTerm": {
        "vix3m": 25.55,
        "date": "2026-11-05",
        "spread": 8.94,
        "contango": true,
        "backwardation": false,
        "label": "升水（恐慌缓和）",
        "source": "yahoo"
      },
      "tqqqHealth": {
        "score": 30,
        "allow": "block",
        "allowLabel": "禁止新开 TQQQ",
        "choppy": false,
        "trending": true,
        "vol20": 31.81,
        "ret60": -10.47,
        "dynamicCap": 0,
        "reasons": [
          "信用利差压力，限制杠杆"
        ]
      }
    },
    "metrics": {
      "valuationPercentile": 58,
      "valuationMethod": "proxy-10y-sma",
      "valuationRatio": 1.9338,
      "valuationSma": 13779.1,
      "ndx": 26629.81,
      "ndxHigh": 31224.69,
      "ndxHighDate": "2026-10-06",
      "drawdownPct": -14.72,
      "drop25Pct": -12.69,
      "ndx25Ago": 30501.56,
      "ndx25AgoDate": "2026-10-01",
      "vix": 16.61,
      "vixSmooth5": 18.92,
      "vixHigh1y": 31.05,
      "vixHigh1yDate": "2026-03-27",
      "vixLow1y": 13.47,
      "vixLow1yDate": "2025-12-24",
      "vixPanicThreshold": 40,
      "sma200": 27976.53,
      "sma200DistPct": -4.81
    },
    "quotes": {
      "QQQ": {
        "price": 647.05,
        "source": "yahoo",
        "error": null,
        "lastDate": "2026-11-05",
        "high52w": 759.6599731445312,
        "high52wDate": "2026-10-06",
        "low52w": 558.280029296875,
        "low52wDate": "2026-03-30",
        "fromHighPct": -14.82,
        "fromLowPct": 15.9
      },
      "TQQQ": {
        "price": 50.465,
        "source": "yahoo",
        "error": null,
        "lastDate": "2026-11-05",
        "high52w": 87.22000122070312,
        "high52wDate": "2026-06-02",
        "low52w": 37.88999938964844,
        "low52wDate": "2026-03-30",
        "fromHighPct": -42.13,
        "fromLowPct": 33.2
      },
      "IQQ": {
        "price": 21.94,
        "source": "yahoo",
        "error": null,
        "lastDate": "2026-11-05",
        "high52w": 25.709999084472656,
        "high52wDate": "2026-10-06",
        "low52w": 21.940000534057617,
        "low52wDate": "2026-11-05",
        "fromHighPct": -14.66,
        "fromLowPct": 0
      }
    },
    "safety": {
      "maxTqqqPct": 25,
      "effectiveMaxTqqqPct": 0,
      "preferredCore": "IQQ",
      "qqqRole": "高流动性备选核心（与 IQQ 同指数）",
      "iqqRole": "优先核心定投（费用通常更低）",
      "tqqqRole": "卫星加速器 · 禁止新开 TQQQ · 动态上限 0%（基础 25%）",
      "notes": [
        "已叠加：200日趋势、HY信用、实际利率/Fed流动性、VIX期限、TQQQ健康度过滤。",
        "目标：假底少上杠杆、真底敢加、高位少追，以抬升风险调整后收益。",
        "不构成投资建议；杠杆 ETF 可能大幅回撤。"
      ]
    },
    "warnings": [],
    "sources": {
      "vix": "FRED VIXCLS",
      "index": "FRED NASDAQ100",
      "credit": "FRED BAMLH0A0HYM2",
      "realYield": "FRED DFII10",
      "liquidity": "FRED WALCL",
      "vix3m": "yahoo",
      "quotes": {
        "QQQ": "yahoo",
        "TQQQ": "yahoo",
        "IQQ": "yahoo"
      }
    }
  },
  "meta": {
    "fetchedAt": "2026-11-06T10:41:25.547Z",
    "warningCount": 0
  }
}