Classify the US market environment as risk-on, neutral, or risk-off from VIX, the 10Y-2Y Treasury curve, and the benchmark (SPY) trend. The regime is deterministic and advisory; it gates new relative-strength buys but never changes a risk finding or a decision. WHEN: "what is the market regime", "risk-on or risk-off", "is the tape healthy", "VIX is elevated", "yield curve inverted", "macro backdrop", "should we be defensive".
