Of late there’s been a lot of talk about the Shanghai Index, and the idea that it serves as something of a leading indicator for stocks.
This chart, showing the market’s bottom, has been making the rounds a bit.
Well, on Monday Shanghai was closed, but it was open last night, and it’s heading lower still. The Shanghai composite fell 1.2%, and is now solidly below the 3,000 level.
Here’s the recent action (not including yesterday)