Fallon Financial Commentary: Disappointing day for bulls Get the latest market commentary and stock trading ideas from Declan Fallon

The late afternoon sell off will have done little to calm bull's nerves. The prior two days had set things nicely for a Fed rally - enough to see a push to the 20-day MAs at least. But the concern now will be for further weakness off the open and a fresh push down. The volatility index hasn't indicated any wave of fear - but a failed Fed rally might be the cue to force weak hands to sell and put in place a stronger bottom.

Technicals of the VIX are at best neutral with the volatility index caught between 50-day and 200-day MAs. Whether such technical measures are relevant here is debatable by some, but it does suggest a measure of complacency compared to January through April.