Shanghai Composite Index Drops Below This Key Level

 | Jul 19, 2020 03:35AM ET

China's Shanghai Index  (SSEC) dropped below 3300 last week after briefly piercing it, as shown on the following weekly chart.

 
The sellers have regained control of the Balance of Power on this timeframe.
 
If the SSEC fails to reclaim and hold above 3300, and if buyers fail to return convincingly, it could drop to around 2800, or so, inasmuch as 3300 seems to be the Bull/Bear line-in-the-sand at the moment.