Last week the Nasdaq fell around 3.7% however support does remain below. Inflation numbers are in focus this week.

The Nasdaq100 fell last week around 3.7%, breaking the 20 & 50 periods SMA along with the trendline support however, on Friday the index was able to make a base at 12,200-12,220 region, with further support at the 100 period moving average at 12,177. A clear break of this on the 4-hourly timeframe could indicate a more natural outlook for the short term, however, if the index can hold support, a bounce towards 12,450 looks feasible this week. Inflation reports are due on Tuesday, which will likely determine the outcome for the remainder of the week. Lower CPI figures could boost the Nasdaq past resistance at 12,450, towards 12,500 and then 13,000 in extension. A higher reading may see a fast drop towards 12,000 as recessionary pressures may not look to be easing.