EWY is around 178.4u. It has been grinding up from about 169 at the beginning of August. Today it even tapped a high of 181 before pulling back a little. First, my call: the bias is slightly bullish, but I won’t chase at this level—I'll wait for a pullback.
The most reliable clue is on the big players’ side. On the big-holder accounts, the long positions make up 54%, but the long position size has been pushed to 58%. And over the past seven hours, longs are still adding—position sizing is higher than the account share by a wide margin. That suggests large money is truly deploying capital and leveraging to go long, not just talking. On the ordinary accounts, the long share is only 51%, and the split between the two groups is clearly different.
The futures side is also cooperating. The proportion of active buy orders is a bit over 60%. Over the last seven hours, volume expanded to more than 70%. That means, in the short term, someone is genuinely taking positions with real capital. Open interest has risen by 11% in a day. Even though there was some give-back in the last seven hours, the overall picture is still that incremental funds are coming in.
Why not chase? On the spot order book, the sell pressure is thicker than the buy side. The buy-to-sell one-on-one quantity ratio is only about half. After it surged up and hit 181, it quickly retreated. There hasn’t been a single net inflow from spot big orders. This move is more driven by the futures/contract side. The short-term burst of momentum is there, but the sustainability depends on whether someone keeps stepping in after the pullback.
Chasing at a level like this is usually not great value. I’d rather wait for a pullback, and only go up when I see buyers stepping in at lower levels. EWY is essentially a Korea-market ETF, and it’s linked to moves in the broader market. With overnight volatility, it can easily get shaken back and forth.
#ewy $EWY
The most reliable clue is on the big players’ side. On the big-holder accounts, the long positions make up 54%, but the long position size has been pushed to 58%. And over the past seven hours, longs are still adding—position sizing is higher than the account share by a wide margin. That suggests large money is truly deploying capital and leveraging to go long, not just talking. On the ordinary accounts, the long share is only 51%, and the split between the two groups is clearly different.
The futures side is also cooperating. The proportion of active buy orders is a bit over 60%. Over the last seven hours, volume expanded to more than 70%. That means, in the short term, someone is genuinely taking positions with real capital. Open interest has risen by 11% in a day. Even though there was some give-back in the last seven hours, the overall picture is still that incremental funds are coming in.
Why not chase? On the spot order book, the sell pressure is thicker than the buy side. The buy-to-sell one-on-one quantity ratio is only about half. After it surged up and hit 181, it quickly retreated. There hasn’t been a single net inflow from spot big orders. This move is more driven by the futures/contract side. The short-term burst of momentum is there, but the sustainability depends on whether someone keeps stepping in after the pullback.
Chasing at a level like this is usually not great value. I’d rather wait for a pullback, and only go up when I see buyers stepping in at lower levels. EWY is essentially a Korea-market ETF, and it’s linked to moves in the broader market. With overnight volatility, it can easily get shaken back and forth.
#ewy $EWY