The Rejection Happened Now Bulls Face Their Next TestS&P 500SPCFD:SPXCryptocurrencyWatchGroupIn my September 2 outlook, I highlighted the 7,813.33–7,816.70 resistance zone as the level that could determine the S&P 500's next move. The message was simple: break above it, and the bulls could take control. Fail to reclaim it, and another pullback could follow. The market has now given us its answer. The bulls made their attempt, but they could not break through the resistance zone. Price was rejected, and the pullback we were watching for followed. But this is where the story becomes interesting. The rejection did not turn into a collapse. After pulling back, buyers stepped in near 7,701.98. The bulls are now trying to defend this level and prevent the rejection from turning into something bigger. So the story has changed. The question is no longer whether the S&P 500 can break 7,816.70. That rejection already happened. The new question is whether the bulls can hold 7,701.98 and keep the broader recovery alive. The next chapter: If 7,701.98 holds → The bulls could regroup and push back toward 7,773.15, with another attempt at the 7,813.33–7,816.70 resistance zone potentially following. If 7,701.98 breaks → The bears could gain momentum, and the recent rejection may develop into a deeper correction. The July selloff was followed by a powerful recovery. The recovery then ran directly into major resistance. That resistance won the first battle - but the bears have not yet won the war. The next move will depend on whether the bulls can defend 7,701.98. The rejection happened. Now comes the real test.