Shanghai Composite: Testing Resistance

Since the last update, the SSEC has been barely able to squeak out some gains on low volume, and is now at stiff resistance from the very downtrendline it broke earlier. Coupled with the 2950 historical resistance, we could see a move down lower from here. Initial support around 2700, followed by 2570. On the other hand, a break above the line on decent volume is bullish, and may lead to a re-test of 3150. Based on volume cues so far, the move down seems more likely. Here's the chart:

(Edit: Although the technical reason is clear, watch out for some fundamental explanation from the news agencies to explain the fall!)

All the best!