VIX futures longs sit at the 93rd percentile of the past two years, their most crowded print since 2026, against Euro FX shorts at the 0th percentile. Sentiment's elevated-signal count climbed from 5 to 7 week over week as the October 8 30-Year auction drew a 72.32% foreign bid for a B+ grade, 10 days ahead of the October 28 FOMC. AC's fed, macro and markets signals lean bearish: if the crowded vol long unwinds into that meeting, this week's sentiment pop reads as confirmation, not froth.