Early losses on our market followed further losses on overseas markets overnight. The Dow Jones closing down just over 2% and the FTSE 100 down 1.7%. Most other major indices in the US and Europe reflected similar stories. These early losses on our market were quickly rejected, however, as the market bounced back to close near its highs for the day. The XJO finishing at 4555 – down just 2.9 points. With the added volatility of late, we also have seen an increase in volume over the last few days. Today’s rejected lows are in the same vicinity as two sessions ago so it would seem the market is attempting to build some support here. These levels coincide with a support area put in just over twelve months ago when the market was range trading for a significant amount of time and remains the case.