China (FXI) Rejected at the 50 Day Moving Average

Last week I said I was watching China (FXI) since it has been a leading indicator and it had made a higher-low. I wondered if it would make a higher-high and test the 50-day moving average. Well, it did just that over the next couple days and today it was thoroughly rejected at the 50-day. An ugly red candle with a long upper-handle showing that it moved above the 50-day but then fell hard and closed below Friday's high. Don't read too much into one day's action, but this doesn't add to the bull-case.