SP500 Finding Resistance from Previous Levels of Support?

There are two Bearish Engulfing formations being tested by the current candles. One on the 240 world and the other on the 60 world. If the tests fails, leaving the formations intact and the marked levels of previous support now turned resistance hold their footing, then the marked trade may well turn out to be a good ride.The Fib 23.6 deep retracement level may provide additional reason to go short.