Apparently there are still enough “buy the dip” traders in the market to cause the major indices to bounce off key support levels, which is what happened so far today.

AAPL, as has been its recent tendency, has more or less been mirroring the broad market, not really unexpected as it is the 5th most influential stock in the Dow Jones Industrial Index.

The stock has shed about 1.5% over the last 5 trading sessions, and sits at $97.55 with about an hour to go in Thursday’s session.

AAPL continues to re-test June’s support level of $96.60, breaking below that point during this morning’s bearish start to the market. This should be considered a bearish sign, as the probing to the bearish side has been in play all week, and this breach of support, though eventually holding, shows weakness rather than strength.

Resistance remains at the $102 level, though probably nothing short of a resounding rejection of "Brexit" will send the stock to or above this level in the short-term.

So for now, the pre-Brexit Over/Under stands at 102/96.60.

AAPL is now in the 5th day of a bearish PayDayCycle, as today’s red bar looks as if it will end the day with a lower low than Wednesday’s. The current PayDayCycle status is -3.

PayDayCycles are 4-8 day trends in stocks that help people swing trade. To learn more about PayDayCycles make sure to grab the free Swing Trading Class on the right sidebar.

The MACD did indeed cross over to the bears today (it was right on the threshold at yesterday’s close.) The momentum indicator remains strongly bearish, as the 13-day bear run surely attests.

AAPL did break below $96.50 intraday today, a bearish sign, and in spite of the stock looking to end the day in the black by about .5%, the volatile market, coupled with AAPL’s current clear downtrend, supports a continued near-term case for the bears, barring a sudden shift in market sentiment.