Overnight the China Securities Journal reported that China might introduce more proactive policies to ensure stable economic growth. Ironicall, such commentary elicits more of a reaction from the U.S. equity markets than it does from the Shanghai Composite. In our comparison of the daily charts of the Shanghai Composite and the S&P 500, we notice that the Chinese market not only remains in the grasp of a powerful bear market, but its near-term action hardly suggests the anticipation of a meaningful liquidity injection. In fact, the Shanghai Comp has just violated important support, and is vulnerable to downside continuation that tests its January lows. If China is about to provide a large dose of stimulus, or otherwise inject liquidity into its economy and markets, well, the Shanghai Composite is in disbelief for the time being.