Ahead of the Federal Open Market Committee (FOMC) meeting, the S&P 500 Index (SPX) is experiencing notable market dynamics. Historically, the average one-day price change on FOMC days is approximately +/-0.81%. Recent options pricing indicates a projected move of about 0.6%, with critical levels set at 6000 to the downside and 6100 to the upside. Market participants are closely monitoring SPX's performance, especially as it struggles to maintain a position above 5925. Analysts highlight that closing below this level could lead to further selling pressure. The index has also faced challenges in sustaining a bounce after testing its 50-day moving average, raising concerns about potential follow-on selling if it fails to close above this key technical level. Overall, the market's positioning reflects cautious sentiment as traders prepare for the FOMC decision.