Leveraged funds' net short in E-mini Russell 2000 futures sits at the 1.98th percentile of the past two years, the most stretched since 2026, while speculators are 87% long the Aussie dollar, one crowded short against one crowded long. Sentiment held flat at 14 elevated readings for a second week as AC's liquidity, Fed, smart money and macro pillars all read bearish, with only markets holding neutral. The FOMC is 40 days out; if the Russell short unwinds first, it breaks before the Fed even speaks.