The Shanghai Index Down 4.5%

When I woke up this morning and heard the Asian markets were down, it felt like Deja Vu all over again.

The Shanghai index was down 4.5% this morning but if you look at the above chart you can see that the uptrend is still intact and not even close to breaking its trend.

The 50 day moving average has been a very good support level for this index so I would use that to determine the status of the tend.