Prior rallies during this bear market that hit the 50 day moving average have been rejected. This rally seems to be bumping below the 50 day moving average and is seeing that as an area of resistance.
This trend is important to watch because if the market decisively breaks above the 50 day moving average that will add to short term bullishness. If the market can not break above the 50 day moving average and slumps lower, that may be a sign that the uptrend is ending.
