Will USTEC Continue Its Rallies Amid Better Market Sentiment?US Tech 100 CFDCITYINDEX:USTECH100CFDDatTongMacro approach: - USTEC advanced modestly this week, supported by upbeat corporate earnings and resilience in economic data amid ongoing policy uncertainty. - The index benefited from strong expected results in major tech firms such as Microsoft (MSFT) and Nvidia (NVDA), as top giant AI leadership, helping to bolster sentiment despite lingering concerns about tariffs and Fed policy direction. - US macro data showed sticky inflation in key categories, robust retail sales, and falling jobless claims. This prompted the Fed to retain its cautious stance on rate cuts while markets reassessed policy expectations. Policy-related headlines and manufacturing sector developments also partly drove market volatility. - USTEC could remain sensitive to incoming tech earnings, the 29-30 Jul Fed meeting, and potential US tariff announcements in early Aug. Persistent inflation and any surprises in central bank communication may drive volatility in the sessions ahead. Technical approach: - USTEC trended higher and created a new record high. The price is above both EMAs, indicating a strong bullish momentum. - If USTEC stays above the support at 22900, the price may continue toward the 78.6% Fibonacci Extension at around 23867. - On the contrary, breaking below the support at 22900 and EMA21 may prompt a deeper correction to retest the following support at 22000. Analysis by: Dat Tong, Senior Financial Markets Strategist at Exness