The S&P 500 (SPX) is undergoing a significant technical analysis as traders anticipate a pullback in the market. According to Breakpoint Trades, the index is currently in wave iii of 5, with a potential pullback to wave iv expected soon. This pullback is seen as a buying opportunity, especially with the Federal Open Market Committee (FOMC) meeting scheduled for this week. Traders are closely watching demand zones below the current levels.