Another low volume down day. 1400-1406 is very strong resistance, and I suspect most of the selling was profit taking ahead of the Fed. Everyone is expecting a 25 bp cut, but nobody seems to know what the market's reaction is going to be. The weakest areas today have been the strongest of late, basic materials and energy.
The Russell 2000 took a decent hit today, but it's had a good run since the bottom in March, so I'm not shocked at profits being taken here.