S&P500 (US500) retested 4,050 support on the back of MACD’s dead

S&P500 (US500) retested 4,050 support on the back of MACD’s deadly cross, a bearish rising wedge formation and a daily close below 4,100. The cash index reached 4,050 midweek before closing strong on Friday at 4,171. Based on this price action, a daily close above 4,181 may negate the bearish rising wedge and MACD’s deadly cross thus providing long opportunities. Potential resistance can be seen at 4,245, which previously was a support level during middle of August 2022. However, if the bearish rising wedge formation remained intact, along with MACD deadly crossed, prices may continue face selling pressure and that opens up a possibility retesting the 4,050 support again.