Last week was harsh for the stock market. On Tuesday morning, we saw a tumble in stock futures after CPI for August came in higher than anticipated. It was the worst day for the SP500 in 2 years.
As reported, headline inflation increased 0.1% month over month. Monthly changes in core inflation were up 0.6%.
This week, the NASDAQ was down by 5.8%. The SP500 plunged 4.43%, while the DOW lost 3.75%.
- 12193.8 seems to be the key level for NASDAQ. If the price denies the key resistance level, next week we expect the blue chips to fall even more.