That Moving Average

As I mentioned yesterday, the 50MA was overhead resistance for the market. This chart is of the Dow. The bold red line is the 50 day moving average. It can act as a wall or a minor impediment. Over the previous 11 days the market was up 20%. It doesn't feel like much but that's a big move. A lot of bad news came out during that time and the market sloughed it off. Yesterday we saw hordes of money going into short-term treasuries at 0%. I guess that is the definition of "flight to safety." We'll see today if traders are willing to bet on the market.