China is producing great opportunities for intrepid investors who don’t mind some risk in their diet. ETFs focused on China are a nice option to get broad-based exposure to help stomach the risk.

The Shanghai Composite is down 22% year-to-date with much of the sell-off because of what may because of economic overheating. Investors’ nerves have been soothed recently; over the past several days, the Shanghai Composite gained 5.7%. Alexandra Twin for CNN Money says that it can’t be called “problem solved,” though: mix in the European debt crisis and the yuan’s uncertainty and there’s still likely to be some volatility.

The S&P 500 has made a nice move back above its 50-day moving average after playing ping pong with it over the past week or so. As shown in our trading range chart below, the index still has quite a bit of work to do if it wants to reclaim the losses seen since late April.

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While the US has had a nice bounce off of its correction lows, the rest of the world has been doing better lately. Below is a list of the major equity indices for 21 countries. As shown, the US ranks fifth from last in terms of distance from 50-day moving average. As the S&P 500 has been struggling to close above its 50-day, most other countries are now well above this widely followed indicator. Spain, Sweden, Brazil, Russia, India, and Singapore are trading the farthest above their 50-days, while Japan is the farthest below at more than -5%. We'll be posting charts for each of these indices shortly.