Ahead of the Federal Open Market Committee (FOMC) announcement and earnings reports from Microsoft and Meta scheduled for July 30, 2025, the S&P 500 futures ($ES_F) have been trading within a narrow range over the past three to four days. Market participants are adopting a cautious stance, with limited trading activity as they await clearer signals post-FOMC. Technical analysis indicates that key support levels, including a put wall derived from the S&P 500 index, have held during recent sessions. Weekly pivot points have shown some resilience, with the first weekly pivot providing a gain of 20 points. The broader S&P 500 index ($SPX) has exhibited a risk-off movement within its current range, testing higher timeframe weekly trendlines multiple times on lower timeframes. Traders are monitoring these technical levels closely, particularly the dynamic pivot points just below the put wall, as potential areas of interest for upcoming trades.