U.S. equity markets are focused on the Federal Open Market Committee (FOMC) meeting scheduled for Wednesday, May 7, with the Federal Reserve's rate decision expected at 6 PM ET. The S&P 500 and E-mini S&P 500 futures (ES_F) are trading near key levels, with ES_F recently at 5597.25 and showing a -.21% move. Traders are monitoring a potential bearish imbalance and referencing strategies such as the 'GapFill game' during the AM session. SPY is also at a decision point, with support noted at $561.70. Most market participants expect the Federal Reserve to keep interest rates unchanged, but there is caution regarding possible volatility and market swings before and after the announcement. Analysts and traders are recommending defensive strategies, risk management, and patience, following a nine-day rally and recent choppy trading conditions.