I'm no expert but most MA systems are trend followers, and MAs are lagging indicators. These can work very well for a small percentage of the time but then whipsaw you to madness during weirder market conditions, like now. It's normal, and the pro trend followers always trade their equity curve at the same time so they can cut size when the system goes out of sync. They also trade other systems that work when the trend following algos do not. It's normal, what you're experiencing.