While the S&P 500 has managed to hold above its 2011 lows as it has struggled over the past few weeks, China has completely broken down. As shown below, China's Shanghai Composite has been making lower lows on a seemingly daily basis for more than a month now. September was especially brutal for China, with the index declining on 15 days and gaining on just six. At the moment, the Shanghai is down 16% year to date, and it's down nearly 23% from its 2011 high that was reached in mid-April. We can now add China to the growing list of countries that are now in bear markets.