SK Hynix filled the big hole from yesterday in just a day: the low was 1129.66, now 1230.77—only half a body’s length away from the day high of 1235.89. In the past four hours +2%, above both moving averages. The chart is bullish, but the futures order book is going against it—open interest over 24 hours has evaporated by 17.79%, with $433 million dropping to $356 million. Price made a new high, but leverage didn’t keep up; traders are stepping out in big strides.
The biggest sell-off is from the big players: over the past seven hours, the long/short ratio in accounts cut by 32.4%, and the long/short position ratio shrank by 19.9%. In absolute terms, longs still hold a 72% advantage, but the direction is very honest—near the day-high, big players are reducing longs, not adding.
The tape doesn’t cooperate either: funding rate is -0.033%, 8-period average is -0.024%; of eight samplings, only one is positive. The share of active buying is 49%, while the sell order at 1128 overwhelms the buy at 1084. For spot, the large orders show net inflow of zero for five consecutive K-bars. Not a single metric indicates the new high was built with a pile of money.
So the preferred move is short: the fuel for a squeeze-and-cover has mostly burned off, follow-on capital hasn’t stepped in, and only high-level retail optimism and big players backing out are tugging against each other—unable to hold up a new high. Reversal conditions: volume-backed stability above 1235.89, open interest expanding again, and the funding rate turning positive. Only then will the new long momentum truly enter, shorts should cut losses and flip long. #skhynix $SKHYNIX
The biggest sell-off is from the big players: over the past seven hours, the long/short ratio in accounts cut by 32.4%, and the long/short position ratio shrank by 19.9%. In absolute terms, longs still hold a 72% advantage, but the direction is very honest—near the day-high, big players are reducing longs, not adding.
The tape doesn’t cooperate either: funding rate is -0.033%, 8-period average is -0.024%; of eight samplings, only one is positive. The share of active buying is 49%, while the sell order at 1128 overwhelms the buy at 1084. For spot, the large orders show net inflow of zero for five consecutive K-bars. Not a single metric indicates the new high was built with a pile of money.
So the preferred move is short: the fuel for a squeeze-and-cover has mostly burned off, follow-on capital hasn’t stepped in, and only high-level retail optimism and big players backing out are tugging against each other—unable to hold up a new high. Reversal conditions: volume-backed stability above 1235.89, open interest expanding again, and the funding rate turning positive. Only then will the new long momentum truly enter, shorts should cut losses and flip long. #skhynix $SKHYNIX
