Here’s a look at the intraday chart of the Shanghai Composite Index over the last five days. You can see the dramatic gap down on the morning of the 30th following the news of a higher stamp tax. The trend has clearly flipped down on the smaller time frames and short-term traders would be looking to short the intraday rallies. It’s impossible to go short in China, but you know what I mean.

Here’s bellwether CITIC Securities’ intraday stock chart following the break. Any day trader would be stalking this doggy from the short side — you’ve gotta assume there are a ton of people trapped long above 55 and they’re scared.

Related: CITIC Securities and the Manic Manicurists