Since double-bottoming at the same time as oil did in early 2016, China’s Shanghai Composite has trended steadily higher over the past 15 months. But after making a broad double top between November and April, the index has now broken its uptrend off Q1 2016 lows. There’s a more recent trend that’s been in place since July 2016 which has been tested three times previously. The close today brought the Shanghai Composite below that trend as well. This is a bearish technical set-up.