The 7-Year Treasury auction on September 24 drew a grade of F, with foreign buyers taking just 57.2% of the bid. Leveraged funds are short E-mini Russell 2000 futures at the 1st percentile of the past two years, the rarest setup since 2025, while sentiment held flat at 6 elevated readings for a second straight week. If the FOMC on October 28, 22 days out, surprises dovish against that crowded short, small caps are the squeeze candidate.