This can actually be a challenge first play through the game, which came as a shock after playing the console version (which is comparable to the fight with Mystireo in SM:2). The fight takes place on Queensboro Bridge. You start out right in front of a civilian that you must carry to the ambulance to the right. It is recommended to rescue the guy before you take on the thug with the gun because him and Shocker could take him down in three shots. After you've rescued the guy, it is recommended to use the Adrenalin Rush special move. Try and give Shocker a beating for a minute or so without passing to the left half of the bridge. This is so that you don't activate the AI of the thug around the other hostage.
When Shocker is going to blast you (indicated by your spider sense), dodge while running at him. Beat him down with punch and kick combos until you have your special attack. When you get the attack, activate it and let loose with punches and kicks. When you're satisfied with Shockers' first beating, web him up and move on for the hostage on the left. Save him before Shocker breaks free. Now just continue beating him down. Hit him with a nice 4 hit combo and then flee before he does the shield attack, then repeat. Throw some dodging in to the mix and you will take him down easily.
In this variation Shocker has blown around some cars and has left a bus full of people dangling on the edge of the bridge. This one is a bit easier than the Shocker Beat down but uses the same strategy for fighting Shocker. This time you have got to web him up every so often to get a chance to pull the bus back up on the bridge. Do this every time you see the warning sign of the bus slipping. after a minute or two you should have Shocker defeated.