$EWY touched the day’s high ahead, yet in the order book the sell-side depth is genuinely pressing harder than the buy-side. This surge to the upside is basically lifting the sedan for the sell orders sitting above. The price spread is as thin as paper, but it still can’t conceal the stacked sell liquidity overhead. The spot bid depth is nowhere near enough to absorb the selling pressure. The whales’ long positions have shrunk in a cliff-like drop over the past few hours—big money is getting off the train by using the rebound. Don’t go grabbing at the last baton.