2000. That’s the level that China’s Shanghai Composite continues to dance around, as the index remains close to its lowest levels since the financial crisis.
In a conversation with Business Insider, Michael Block of Phoenix Partners Group tells us that scads of traders are watching this level, as they pay attention to China in a way that they weren’t up until rather recently.
If the index breaks below it, people fear a washout. If it holds, then maybe China catches a bid and this becomes the new, hot source of the rally.
Shanghai surged 2.6% on Thursday, rising to 2056 on hopes of more stimulus, but everyone wants to know if there will be any follow through. In particular, everyone is watching the CSRC (the China Securities Regulatory Commission) for measures that might boost the market.
Via Bloomberg, here’s a chart of the Shanghai Composite.
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