Chinese stocks were destroyed in a late sell-off

A sea of red of global stock markets – Getty/ChinaFotoPress

The world’s most bullish stock market, the Shanghai Composite, took a run at the 5000-mark at the start of trade today and failed.

It looks like the overhead resistance was huge: after the lunch close the index fell hard trade in a a monster day of trade that saw 1.2 trillion Yuan in turnover, a record high.

Reuters says the index closed down 6.5% for the session.

Here’s the chart:

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