Shadow log logs/equity_momentum_decisions.jsonl: 2 row(s), first 2026-09-17, elapsed 30/30 days.
hedge active on 0 row(s); vol scaled <1 on 2 row(s).
Phase-2 conditions (production/equity_hedge_overlay.py)
| # | condition | status |
|---|---|---|
| 1 | 30d+ shadow incl. a down month | WAITING (elapsed 30d, down-month no) |
| 2 | proxy-vs-book beta confirmation | study-level — reports/equity_expand1_momentum.md; re-confirm at vote |
| 3 | net@25bps cost stress on study leg | study-level — re-run at vote |
| 4 | operator sign-off | pending |
Status: WAITING
Observe-only; EQMOM_SPY_HEDGE / EQMOM_VOL_TARGET stay unwired until all four conditions are met.