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Below we highlight our trading range charts of 22 country equity market indices.  As you'll quickly see, oversold levels are out of control.  Generally, if you draw a downward sloping trend channel for the majority of these indices, prices are now resting right at the bottom of the channel.  This indicates that a rally within the downtrend could come soon.

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Austbraz

Canachin

Honggerm

Franindi

Italjapa_2

Malaspx5

Mexiruss

Singsout

Swedspai

Soutswit

Taiwftse_2