Top end held yesterday
A sharp drop followed by a consolidation trade is usually a bearish signal.
Today's 12 point decline in the S&P 500 is a worrisome sign because it underscores that yesterday's high failed at Tuesday's best level.
In general, drops and then ranges resolve to the downside. On the other hand, it might be premature to draw any negative conclusions with the Fed only a few days away. Some consolidation is natural and Yellen could certainly go to bat for the stock market bulls.