The 7-year auction graded a D, foreign bid at 60.78%, two days before the September 16 FOMC decision. Leveraged funds hold their most crowded Russell 2000 short of the past two years, the 1.98th percentile, while elevated sentiment readings fell from 12 to 9 in a week. Liquidity, the Fed pillar, smart money and macro all read bearish, and if the foreign bid keeps fading into a live Fed meeting while funds stay this short small caps, the stress hits the curve before it hits the index.