The 7-year auction on August 27 graded D, with the foreign bid at just 60.78%, and the Fed decides four days from now on September 16. Leveraged funds are running the shortest E-mini Russell 2000 position in two years, a 1.98% reading that flags crowding on the short side just as sentiment's elevated-signal count dropped from 12 to 9. A weak foreign bid into a Fed decision is the setup that squeezes a crowded short: if the FOMC surprises dovish, the Russell short unwinds fast.