Managed money is short E-mini Nasdaq 100 futures at a 4.95% two-year percentile, with E-mini Russell 2000 and Euro FX shorts even rarer at 1.98%. Sentiment's elevated-reading count jumped from 8 to 11 in a week while liquidity, Fed, smart money, and macro pillars all read bearish, with only markets neutral. That combination, crowded shorts against souring positioning, has historically preceded violent squeezes. If the FOMC's September 16 decision, 20 days out, delivers any dovish surprise, this short base becomes the fuel.