I’ll build the dashboard from the latest five trading sessions across the four specified regions, using index momentum plus ETF price/volume behavior.

5-Day Global Flow Pulse

Data window: 9–16 September 2026 for US-listed ETFs and US indexes; 9–17 September 2026 for Japan, Korea, and Hong Kong indexes. Returns use the first available close as the base and the latest close; the 17 September Asian bars are marked as in-progress where volume is zero.

1. Flow Hero Bar

🟢 Top 3 relative inflow regions

#1 Japan — EWJ
ETF 5d: +0.01% — from to
Index 5d: −1.82% — from to
Signal: 🟡 Mild inflow
Note: ETF resilience is stronger than the underlying index, but this is not broad-based confirmation.

#2 United States — SPY
ETF 5d: −1.10% — from to
Index 5d: −1.11% — from to
Signal: 🟠 Mild outflow
Volume character: Surge ↑ Distribution / risk reduction; SPY volume trend was approximately +44%.

#3 Hong Kong — EWH
ETF 5d: −1.81% — from to
Index 5d: −3.13% — from to
Signal: 🟠 Mild outflow
Note: EWH slightly outperformed FXI, but both remain negative.

🔴 Bottom 3 outflow regions

#1 South Korea — EWY
ETF 5d: −7.99% — from to
Index 5d: −4.53% — from to
Signal: 🔴🔴 Heavy outflow
Volume character: Normal-to-elevated volume, but price weakness dominates.

#2 Hong Kong — EWH
ETF 5d: −1.81%
Index 5d: −3.13%
Signal: 🟠 Mild outflow

#3 United States — IWM
ETF 5d: −2.06% — from to
Signal: 🔴 Outflow
Volume character: Surge ↑ Distribution; volume trend approximately +38%.

Japan and the US are therefore relative leaders, while Korea is the clear laggard. Hong Kong appears in both lists because only four regions are covered and its performance sits between the two extremes.

2. Detailed Flow Data

A. Index Momentum

Region	Index	5d Return	Signal	Daily pattern
Japan	Nikkei 225	−1.82%	🟠 Mild outflow	↑0.1 ↑0.8 ↓0.4 ↓0.3 ↑0.5 ↑0.4 ↓1.1
United States	S&P 500	−1.11%	🟠 Mild outflow	↓0.3 ↓0.0 ↑0.3 ↑0.1 ↓0.3 ↓0.7
Hong Kong	Hang Seng	−3.13%	🔴 Outflow	↓0.2 ↓1.3 ↓0.6 ↑0.5 ↓1.0 ↑0.2 ↓0.9
South Korea	KOSPI	−4.53%	🔴 Outflow	↑1.1 ↓0.1 ↑1.6 ↓0.1 ↓0.5 ↑1.6 ↓0.7

The final Japan, Korea, and Hong Kong observations are marked as in-progress by zero volume; their latest closes may not represent completed sessions.

B. ETF Ranking

Rank	ETF	Region	5d return	Volume trend	Character	Signal
1	EWJ	Japan	+0.01%	−29.8%	Normal	🟡 Mild inflow
2	SPY	US	−1.10%	+44.3%	Surge ↑ Distribution	🟠 Mild outflow
3	EWH	Hong Kong	−1.81%	−36.7%	Normal	🟠 Mild outflow
4	FXI	HK/China	−1.82%	−28.9%	Normal	🟠 Mild outflow
5	QQQ	US	−1.62%	+15.6%	Normal	🟠 Mild outflow
6	IWM	US	−2.06%	+38.1%	Surge ↑ Distribution	🔴 Outflow
7	EWY	South Korea	−7.99%	+23.7%	Normal / pressure	🔴🔴 Heavy outflow

3. Market Sentiment Monitor

🇯🇵 Japan — Nikkei 225

Latest: ; 5d: −1.82%
Momentum: Reversing after a two-session rebound; the final session gave back approximately 1.1%.
Volume: EWJ volume was below its starting-session level, suggesting no strong accumulation confirmation.
Extremes: No single index session exceeded ±2%.
Breadth: 4 up sessions, 3 down sessions over the available window.
Watch: Whether EWJ can hold above its 9 September level while the Nikkei stabilizes.

🇺🇸 United States — S&P 500

Latest: ; 5d: −1.11%
Momentum: Decelerating and weakening into the latest session.
Volume: SPY volume rose approximately 44% versus the first session while price fell, consistent with distribution rather than accumulation.
Extremes: The latest S&P 500 session fell approximately 0.7%; no daily move exceeded ±2%.
Breadth: 2 up sessions, 4 down sessions.
Watch: Whether high-volume selling continues in SPY and whether small caps remain weaker than large caps.

🇭🇰 Hong Kong — Hang Seng

Latest: ; 5d: −3.13%
Momentum: Weak and unstable; intermittent rebounds have not changed the overall downtrend.
Volume: Both EWH and FXI showed declining volume versus the starting session, so the decline is not accompanied by a broad volume surge.
Extremes: The 10 September session fell approximately 1.3%; no move exceeded ±2%.
Breadth: 2 up sessions, 5 down sessions.
Watch: A completed-session reversal with rising ETF volume would be the first meaningful improvement in the flow signal.

🇰🇷 South Korea — KOSPI

Latest: ; 5d: −4.53%
Momentum: Reversing sharply lower after earlier high-volatility rebounds.
Volume: EWY volume remained elevated relative to Japan/Hong Kong ETFs, but the ETF fell nearly 8%, making the flow signal clearly defensive.
Extremes: No KOSPI daily move exceeded ±2%, although the index displayed repeated moves around 1%–1.6%.
Breadth: 3 up sessions, 4 down sessions.
Watch: Whether EWY can stop making lower lows; continued weakness would confirm Korea as the weakest regional flow.

Cross-Market Synthesis

Capital rotation: The pulse is defensive rather than broadly risk-on. Japan is the relative holdout, while Korea shows the strongest outflow; US small caps are also notably weaker than the broad US market.
Dominant risk: A continuation of high-volume US selling—especially if it spreads from IWM into SPY and QQQ—could turn the current mild US outflow into a broader risk-off move.
Actionable watch: The key change signal is a completed-session rebound in EWY, EWH/FXI, and IWM accompanied by rising volume. Without that confirmation, the current pattern remains defensive and fragmented rather than a durable global accumulation phase.