Ahead of the US session, the Nasdaq 100 index was down 1%, trading at around 13,000 USD.
The first short-term support seems to be at previous highs in the 12,930/50 USD area. As long as the index trades above this support, the short-term outlook still seems bullish.
If the index drops below 12,930 USD then we might see a correction toward 12,780 USD or possibly to the 12,500 USD area.
However, we expect all dips to be bought as monetary policy remains ultra lose and Biden's administration is about to unleash more fiscal stimulus worth trillions.
Alternatively, the resistance is expected to be at Friday's highs of 13,150 USD and if broken to the upside, further rally toward 13,500 USD could occur.