ZACH BASS - Market Update

The market has stepped back a bit based on the negative news, but not so much that there's any worries. The Bears are feeling a little sprite and getting a bit overzealous, evidenced by the put-call spread, which is now at 1.46. This is good news for the Bulls, and in short order will likely lead to a reversal. The important thing for us is to hold the 50 day EMAs across the board.

Apple has been bucking the market and holding steady, right at the resistance level I have been pointing to, around 152.55. I don't think we are going to see any near-term correction, so I would recommend to buy on any weakness.

If the 50 day is compromised, then the story changes. For this reason I would stay awake during this session and watch the 50s. The problem is that there are negative divergences that have set up on the 60 minute charts that loom over us. The daily charts show positive divergences, thus my trepidation.

-zach bass