For those that thought China was immune from any global economic slowdown -- think again. As shown below, China's Shanghai Composite is currently the furthest below its 52-week high (-32.29%) of any of the major country indices that we track. China is followed by Japan's Nikkei 225 (-31.51%), Sweden (-30.38%), Hong Kong (-29%) and Italy (-26%). Comparatively, at 17.94% below its 52-week high, the US doesn't look all that bad.

South Africa, Brazil and Canada are the three countries that are the closest to their 52-week highs.

Below we provide our trading range charts of the country indices highlighted in the table above. If the price is trading inside or below the green area, it is considered oversold. If the price is in or above the red area, it is considered overbought.

South Africa, Taiwan, Mexico and Brazil are the closest to the red zone, while Australia, Switzerland, the US, India and Malaysia are the most oversold. Malaysia was one of the countries that had been holding up relatively well until recently. As shown in the chart, however, Malaysia has fallen on tough times in the past week or so.

click to enlarge

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