A Force Field

Yesterday I wrote about the 50 day MA (moving average). I said it could act as a wall or a minor impediment. After yesterday it's looking like a force field. This chart is of the S&P and the red bold line is the 50 day MA.

This morning, more bad news on the employment front and Chinese exports fell like a rock. Will the market slough this news off or retreat? Retreat seems more likely.