The Shanghai Index..

Remember that 9% drop that took place in the Shanghai Index last month? Well the index has already retraced more than two thirds of that down move. I remember looking at the chart the day the index dropped 9% thinking to myself it's not that bad. That sharp move down clearly did not do any damage technically to the uptrend as I pointed out on the day of the drop. The index didn't even come close to taking out the previous month's low. I'm not surprised to see this market marching back up.