The bulls have been conspicuous by their absence of late and today was no exception. Our market followed a tough night on US markets which saw the Dow Jones close almost 1.5% lower. The XJO closed down 1.9% at 87.6 points lower for the day, after travelling lower from beginning to end of the day. It closed on its lows at 4479, just a whisker away from the March low of 4477. Volume was also up significantly, the highest since a few days around the aforementioned March low. The sector board was all red as one would expect. The Energy, Materials and Metals/Mining sectors were all hammered after related commodities took some punishment overnight. Early days yet but we will keep an eye on the Dow Transports Index after it did not confirm the Dow Jones pattern overnight which took out the low of two sessions ago.

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