PIIGS, Goldman and Shanghai Index All Below Their 200 Day Moving Average

I first heard about this from John Murphy at StockCharts.com (S&P 500 May Retreat Below 200-Day Average: Technical Analysis (BusinessWeek), that the PIIGS (Portugal, Ireland, Italy, Greece and Spain), Shanghai Composite Index ($SSEC) and Goldman Sachs ($GS) are all trading below their 200 day moving average. China is tightening and the "PIIGS" are dealing with a sovereign debt crisis (with Goldman as financial engineer 1, 2). The February report by Bill Gross mentioned that public debt escalation (debt-to-GDP >90%) could slow economic growth by 1% and put pressure on asset/investment returns (Ring of Fire: February report at Pimco.com).

So with major indexes currently trading below their 200dma, could they drag the S&P, Dow, Nasdaq, TSE, Sensex, FTSE, Nikkei, Hang Seng and even Bovspa (Brazil) down to test that level?  Most indexes are just under the 50 day as of today's close so if they can't get above that level I'd say there's a possibility.  Here are charts courtesy of StockCharts.com.  The 200dma is the red line.

$ATG (Greece (Athens) General Share Index)

$SMSI (Spain (Madrid) General Share Index)

$PTDOW (Dow Jones Portugal Stock Index)

$IEDOW (Dow Jones Ireland Stock Index)

$SSEC (Shanghai Stock Exchange Composite Index)

$GS (Goldman Sachs Group, Inc.)