It’s all quiet ahead of the FOMC decision tomorrow. The prospect of lowering rates is having a more positive impact on mid and small caps, whereas market breadth is slightly negative for the S&P 500.

Energy (XLE) is leading the way. The move in Financials (XLF) is more important for the market, considering heightened uncertainty over the past couple of weeks.

Defensive sectors are under pressure as seen by the red patches in Health Care (XLV) and Consumer Staples (XLP).

Meanwhile, the S&P 600 (small caps) is coming on strong.