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This chart shows U.S. stocks dependent on China

Investors look at computer screens showing stock information at a brokerage house in Qingdao, Shandong province, China.
China Daily | Reuters
Investors look at computer screens showing stock information at a brokerage house in Qingdao, Shandong province, China.

The raging China bear market is finally tightening its grip on the U.S. stock market, and it may only get worse as large domestic companies with big sales to the country come under pressure.

If you need evidence of this, look no further than a one-day chart of the S&P 500 with the iShares China Large-Cap ETF laid on top of it through 2 p.m. ET Tuesday.

S&P 500 vs. China ETF Tuesday (Through 2pm ET)

Source: Barchart.com

These two are a mirror image. That wasn't the case before.

This China ETF, which contains the largest Chinese stocks that trade in Hong Kong, is off 15 percent in one month. The S&P 500 is down only 1 percent.

If history is any guide, odds are that the decline for U.S. stocks should catch up.