I'd like to define a Keyboard Maestro macro that I can trigger if I enter a certain key chord.

As a reminder, key chords are sequences of two hot key presses. Many editors like Emacs, Visual Studio etc. support them and they can vastly expand the set of possible hot key combinations one can use to manage any action.

For example, I could bind Cmd+S Cmd+N to the next song in Spotify (meaning, e.g. S => Spotify => N = Next Song).

Does Keyboard Maestro support chords?