Checking the EWMs once again

What we can gather from the EWMs and the market is most of the buying has been locally based. On the last 4 days, the market has opened higher while almost no buying has gone on during the US trading session.

Buying only occurring during Malaysian time

In fact, a lot of the US trading session has been about profit taking as indicated by the red lines.

US EWM traders have been selling down

Generally in a healthy market, we would want to see the international investors buy in through the EWMs as well as during the local hours. The selling makes me think the international investors have been early to the party and taking profits as local investors pile in the market.

The other possibility is that the international investors have been primarily out of the rally, but with the selling, it looks like they have taken part in the rally.

I'm not too encouraged by the technicals at this point.