S&P 500 Weekly - The Pullback Is Done - Bulls Face the Next TestS&P 500SPCFD:SPXCryptocurrencyWatchGroupThe rejection at 7,816.71 was the warning. After failing at that level, the S&P 500 started to roll over. Selling pressure built, and price eventually pushed all the way down to 7,507.42. That is where the story changed. Instead of continuing lower, buyers stepped in. Price bounced from 7,507.42 and has now recovered back to 7,650.49. And that is where we are today. Now the question is no longer whether the pullback happened. It did. The question is whether bulls can turn this bounce into the next leg higher. The first obstacle is 7,701.98. That is the level bulls need to reclaim and hold. If they can do it, 7,773.15 comes back into focus. And above that sits the level that started this entire story: 7,816.71 — the rejection zone. But 7,650.49 Is the Line in the Sand This is where the next move could be decided. If price holds 7,650.49 and pushes back through 7,701.98, bulls can begin building another move higher. But if the market gaps below 7,650.49 and sellers keep price below it, the bounce starts to lose momentum. The Road Ahead 7,816.71 → Rejection zone 7,773.15 → Next resistance 7,701.98 → Bulls' first test 7,650.49 → Current key pivot 7,600 → First downside area 7,550 → Next support 7,507.42 → Critical bounce low 7,313.93 → Lower structure The rejection created the pullback. The pullback created the bounce. Now 7,650.49 and 7,701.98 are the levels that could determine the next chapter. The market is sitting at the decision point. Now we wait to see which side takes control.