One standing market-regime call — risk-on, risk-off, or churn — composed from four independent reads of the tape. And in the QL tradition: every regime flip is logged before its outcome is knowable and scored against SPY's next week, so the compass publishes its own hit rate. Verdicts live in the Signal Ledger.
SPY's forward week after each logged flip — flips into churn are the control group with no directional claim. Warming until each transition crosses the evidence floor.