Fallon Financial Commentary: Great Rally! Get the latest market commentary and stock trading ideas from Declan Fallon

Well that was a bit of a turkey. Bears have really set the tone for the next few days and bulls will have to get their finger out if they are to halt this slide. Bullish Percents took a universal dive across the board.

But the real casualty on the day was the NYSE.

With such comprehensive damage it is looking more and more likely the Dow and S&P will follow suit down past July lows. Given the relative position of breadth indicators (neutral to overbought) there is room to see this evolve into a more substantial decline with the possibility of a bear trap relatively slim.

I don't know if Russell 2000 support will be enough to save the market (August 25th comments still valid today):