SPX Weekly Chart - Bearish Engulfing implications

Observing the SPX weekly chart closing yesterday. We have a clear bearish engulfing candle forming after the prior week's extended rally. Volume wasn't exceptional on the engulfing, but it was above average for the last month. The candle fully absorbed the previous week's green candle and closed near the lows. This occurred right at the 4150-4180 resistance zone, which has been respected on multiple occasions since April.

My initial read is this indicates a likely retest of the 20-week SMA, currently around 4050, in the coming sessions. A break below that would open up a move towards the 4000 psychological level, then potentially the 50-week SMA. The short-term trend has clearly shifted bearish on this timeframe.

Are others seeing the same technical setup, or are there conflicting indicators you're tracking? What are your next key levels for support/resistance on $SPX?