Selling has acceletated to an all-time extreme level—even exceeding that which occurred during the 2008/09 financial crisis—in China's Hang Seng Futures Index, (HK50), which has plunged below a major support level of 20,000 in Sunday night's wild trading, as shown on the following monthly chart (the price is still dropping as I write this post).
This follows my post of Mar. 7, which warned of possible impending weakness in China's Shanghai Index (SSEC) due to diverging extreme weakness in its Financials ETF—SPDR® S&P China ETF (NYSE:GXC).
Failure to recapture and hold above 20,000 could see a swift plunge to 16,000, or lower.
The following article describes 11 major factors that may have contributed to its 4.3%+ drop from Friday's close.
Perhaps President Xi will rethink his recent no-limits alliance with Russian President Putin—due to Putin's new-found status as the "world's pariah" and the indiscriminate slaughter of innocent women and children and the war crimes he's committing in his barbaric war on Ukraine (moving ever closer to NATO neighboring countries, in the process)—and reconsider whether he, either, wishes China to remain a viable trading partner (and become more stable and trustworthy in the process) and attract foreign investment from the West, or risk losing that privilege altogether.
"Either the world moves backward into fractured, unstable, waring, and bloody medieval times, dominated by unending depressions, famines and disease, or it moves into the 21st Century with grace and stability.
"President Xi has a big part to play in that decision.
"Either way, he will be held responsible...and his legacy will reflect that choice, which he'll need to make, sooner rather than later."