Fergal Smith

It's profit-taking after a good run this week...after the July trough, risk appetite has improved broadly with Chinese stocks having stabilized and Greece having reached a deal with its creditors.

The energy sector is a big drag on the market today and that continues to face headwinds, crude oil is under renewed pressure with its threat of new supply, so another lag lower in crude oil would be a big headwind for the market.

It's rallied this week helped by Greek optimism, we've bounced off the bottom of the multi-month range. Now it looks like we're going to test the 15,000 threshold. So a close above 15,000, you'd look for that to open the door to additional strength.

(Energy)'s got a lot traction from resilience in crude oil and rally in natural gas.

The market looks like it wants to test the March trough, which comes in just above 14,600, so that will be a fairly pivotal spot for the index.

The risk rally has been intact.

In Canada, the run up in crude oil has also been supportive of the energy sector.

The technical picture has worsened. The (Canadian) market can continue to work lower in the near term, set against evolving Federal Reserve monetary policy and big swings in commodity markets, volatility could remain elevated.