The Nasdaq recovered all the losses from last Thursday’s sharp selloff amid a dip-buying wave and reassessment of AI-related risks. Nevertheless, this recovery looks increasingly like a “suckers’ rally” amid more hawkish Fed bets, higher Treasury yields and a stronger US dollar. Moreover, Trump stated yesterday that the US doesn’t need a deal with Iran. This is another major negative growth driver that could eventually put more pressure on the stock market.Today, we get the US PPI report, but the data is unlikely to change much since we’ve already got a major hawkish repricing following Fed governor Waller’s remarks and the hot US CPI data.Overall, the outlook for the Nasdaq remains neutral to bearish. We would need an end to the Iran war or a more dovish Fed to get a sustainable bull market. NASDAQ TECHNICAL ANALYSIS – DAILY TIMEFRAMEOn the daily chart, we can see the Nasdaq (US100 CFD contract) is approaching a key resistance zone around the 28,800 level where we have also a major downward trendline for confluence. We can expect the sellers to step in around the resistance, with a defined risk above the trendline, to position for a drop back into the major upward trendline. The buyers, on the other hand, will want to see the price breaking higher to increase the bullish bets into new all-time highs.NASDAQ TECHNICAL ANALYSIS – 4 HOUR TIMEFRAMEOn the 4 hour chart, we have a minor upward trendline defining the bullish momentum. If we get a pullback, we can expect the buyers to lean on the trendline, with a defined risk below it, to keep pushing into new highs. The sellers, on the other hand, will want to see the price breaking lower to pile in for a drop into the major upward trendline, targeting a breakout.NASDAQ TECHNICAL ANALYSIS – 1 HOUR TIMEFRAMEOn the 1 hour chart, there’s not much we can add here as the sellers will look for short opportunities around the resistance zone or on the break of the upward trendline, while the buyers will look for a bounce around the minor upward trendline or a break above the major downward one to position for new highs. The red lines define average daily range for today. UPCOMING CATALYSTSTodayconclude the week with the US PPI data. This article was written by Giuseppe Dellamotta at investinglive.com.