Last night the financial press featured the decline in the Asia-Pacific markets: "Asian Stocks Fall on Investor Concern on Stimulus Effect" and "Asian shares fall on wariness over Spain" (more here).

Japan's Nikkei fell 2.03%, dropping it below the 9,000 level. But that's a line in the sand that the Nikkei has crisscrossed many times.

More striking was the 1.24% selloff in the Shanghai Composite. Why? The index briefly dipped below a more significant line in the sand -- its 2,000 -- hitting an intraday low of 1,999.48 before closing at 2,004.17. Will the 2,000 level provide support?

As the chart above highlights, the last time the Shanghai closed below 2,000 was in January of 2009. This will be a level to watch in the coming days.