*UPDATE June 25th @ 11:00 am:
The following chart shows a longer view of the Shanghai Index and shows today's closing price. You can see the weakness and downtrend that it's been in since October 2007.
The next 5-day chart shows Tuesday's intraday action...a move below last year's low and recovery to close above.
From both charts, it would appear that 2000 represents a fair value for the Shanghai to achieve and maintain to signal any kind of committed growth and renewed strength.
*UPDATE June 27th @ 12:00 noon: An interesting article on China: Bloomberg