Nasdaq Under PressureTech earnings are back in focus this week as the market braces for a slew of big names due to report. The Nasdaq is sitting around 8% down off the YTD highs currently as a stronger US Dollar/shift in Fed outlook has prompted a squaring of long positions on the back of the six month rally we’d seen into the March highs. Netflix CrashLast week, shares in Netflix plummeted despite the company beating both earnings and revenues estimates. The fall came in response to news that Netflix will no longer report subscriber numbers going forward. With investors typically using the number as a key metric for gauging the company’s health, NFLX shares have come under heavy selling pressure. Big Tech Names Due to ReportLooking ahead this week, Spotify, Meta, Alphabet and Microsoft are all due to report Q1 earnings. Given the rout we’ve seen in the tech index, bulls will be hoping for some positive results this week to help bolster bullish sentiment. However, if we see any big names undershooting forecasts, this puts the Nasdaq at risk of a fresh move lower. US Data DueAlongside, earnings this week, focus will also be on the next slew of US data with PMIs, advance GDP, unemployment claims, pending home sales and core PCE all due. The recent shift in Fed easing expectations has weighed heavily on the Nasdaq with initial easing projections being pushed out from June to September. If US data remains strong near-term, particularly inflation-linked readings, this raises the risk of easing being pushed out further, making tech stocks vulnerable to further weakness. Technical Views NasdaqThe failure at the 18112.72 level has seen the market reversing sharply lower. Price is now testing the 1982.40 support and with momentum studies bearish, risks of a downside break are growing. Below there, 15983.52 is the next support to note.   More By This Author:Bitcoin Commentary – Monday, April 22Netflix Commentary – Wednesday, April 17FTSE 100 Commentary – Wednesday, April 17