Market Linkage (8-Regime + One-Trade Gauge)

Every day the tape trades one of eight direction combinations of equities, rates and the dollar. This operator names the combination, tracks how long it holds and how often each occurs — and alongside it runs the one-trade gauge: how much of the trio's variance a single factor explains. When that share climbs toward 1 while sector dispersion is low, the whole market is one macro position. That is crowding, made observable.

Reading it

• Regime badge + days-in-regime — the tape's current direction state and its persistence; the frequency table gives base rates.
• Gauge vs the ⅓ floor — ⅓ is what independence looks like on three assets; sustained readings above ~0.7 mean one factor is driving everything.
• Use with equity_breadth_v1 dispersion and cross_asset_regime_v1 (hedge lens): three lenses on the same tape, and their disagreement is information.