According to CoinMeta, S&P 500 analysis indicates that bears have returned once again, but where will the next rebound occur? S&P 500 futures have fallen below the upward consolidation range and have rejected two attempts to regain the lost channel. This makes the short-term outlook cautious around 7,650. However, the area near 7,600-7,620 may provide an important test to determine whether this is still a controlled pullback or if it will develop into a deeper correction. Key focus area: The 7,600-7,620 range combines an important integer level with a significant previous resistance zone.