As the Federal Open Market Committee (FOMC) meeting approaches, market participants are adjusting their expectations regarding the S&P 500 Index ($SPX). On January 29, the $VIX indicates a modest anticipated movement of just 0.9% for the $SPX, suggesting a potential dovish pause from the Federal Reserve. The pricing for the $SPX 0-day-to-expiration (0DTE) straddle is relatively low at $37.75, reflecting a market sentiment that this FOMC meeting may be less critical compared to upcoming technology earnings reports. Traders are also noting that the market is responding to recent volatility, including a sharp decline earlier in the week. Overall, the market appears to be recalibrating its focus ahead of both the Fed meeting and tech earnings announcements.