The XJO showed small gains first thing this morning and slowly eased back during the middle of the day. The decline accelerated just after 2.00pm to close lower for the day. China is off 2.4% at time of writing and this seems to have sparked the sell off here. The US futures are also beginning to sell off, so it will be interesting to see what sort of night unfolds overseas. Hardest hit sectors on the ASX were IT stocks, Financials and Utilities. Today’s low breaks a five day congestion period. Something had to give from the tight range-bound market we were experiencing, perhaps this is the catalyst for the next short term trend?