It is no secret the suspected recovery in China, and the collapse of the dollar have mostly been the catalyst for this entire market rally. And conversely why bad economic news from china could have the impact on markets worldwide like it has today.
Here's the chart for the Shanghai Stock Exchange Composite Index, in my humble opinion comparable to the S + P 500 of the Asian markets. In the last 8 trading sessions they have not only broken the up trend line, it closed below its 20 sma and last night closed below its 50 sma.
Ouch! That is a sign of weakness if I know it. Keep a close eye on this Index in the coming days/weeks because it could call a possible trend change reversal if unable to find support.