I had mentioned in my post that 2350 was near-term support on the Shanghai Stock Exchange Index. After yesterday's drop, today's price action traded in a choppy range just above that level, as shown on the 5-day intraday chart below.
As I write this post during market hours on Thursday, the Daily chart below of this index doesn't yet contain today's candle. Near-term support now lies around 2300-2320. The uptrend from last year's low was broken on Wednesday on negative indicator divergences.
Add the above data to the mix of negative data pertaining to the huge drop in China's Trade Balance for February (as noted in my post of March 10th, and the outlook, at the moment, does not look positive...definitely the laggard of the BRIC countries and the one that bears a close watch.
