Market Up or Down?

Friday was a resilient day for the market. It sank on news of the failed Congressional bailout of the auto industry and then managed to eek out a gain for the day. This chart is of the S&P for the past few months. The overall trend of the market is obviously down (green arrow). However, short term, the market is attempting a small rally (white arrow). The 50 MA is still resistance for the market. The Dow looks the same. If the 50 MA fails again then the down trend will likely continue. If not, them we could see a more sustained up trend, maybe to S&P 1000 or Dow 9600-9700.