Uh Oh: "China's Shanghai Breaks 50-Day"

We are Shanghai bulls, have been since the day after the bottom (lucky, lucky) and this is not good news.
From Bespoke Investment Group:

China's Shanghai Composite fell 3.65% today on new efforts by the Chinese government to curb the housing market.  Not only was today's decline the index's biggest one-day move lower since late 2011, but it also left the index below key technical support at its 50-day moving average.  Now the Shanghai finds itself up just 0.19% year to date, and it looks like a nasty head and shoulders pattern has formed as well.