Can the US 100 Index Break to New Highs?US Tech 100 IndexPEPPERSTONE:NAS100PepperstoneLast week, the US 100 index overcame a mid-week wobble on Wednesday created by Federal Reserve policymakers providing a more hawkish outlook at their rate meeting than was being anticipated. This saw it fall to a brief low of 29620 before recovering to end the week back at 30351, a mere 1.4% from its all-time high of 30776 registered on June 3rd. The reason for the strong rebound was Washington and Tehran both signing an interim peace agreement which opened the Strait of Hormuz to critical oil and gas shipments from the Middle East, while at the same time committing to further weekend talks with the aim of reaching a final agreement in 60 days. Despite some initial confusion that these talks may have been halted on Sunday by renewed fighting between Israel and Hezbollah in Lebanon, the outcome of the discussions seemingly has been encouraging, seeing the creation of a roadmap toward reaching a final deal in 60 days, a line of communication for the safe passage of commercial vessels through the Strait of Hormuz and a mechanism for further technical talks later this week (Bloomberg). This has seen a sharp recovery in sentiment which has taken the US 100 from an early Monday low of 30,051 back up to current levels of 30,427 at the time of writing (0730 BST). Looking forward, with events in the Middle East potentially looking more stable in the short term, traders may be asking if a new record high in the US 100 can be seen this week? There are 2 events that may have a major influence over whether this could happen or not. The first is the quarterly earnings report after the close on Wednesday from chip manufacturer Micron, who has been one of best performing companies in the semiconductor sector through 2026. Another strong quarterly performance could bring fresh positive attention to the AI trade, while disappointment could see the reverse happen. Then on Thursday at 1330 BST, the latest US PCE Index, the Fed’s preferred inflation gauge, is released. Traders may be monitoring this closely to determine how quicky the Fed may need to raise rates to combat inflation. Higher interest rates or rate expectations, tend to weigh on growth stocks in the US 100 and vice versa. Technical Update: Consolidation in Uptrend or Trend Reversal? The US 100 index has spent June in a choppy consolidation, unwinding the upside extremes of the strong advance seen between the March 31st low and the June 3rd high. This type of pause is typical after such a move, but it may still leave traders debating whether this is a limited correction within an ongoing uptrend or the start of a broader sentiment shift toward price weakness. With the next directional themes still unclear, the price action around key short‑term support and resistance levels may define moves in the week ahead. Potential Support Levels: While the initial trade last week was for price weakness to materialise again, this decline found support at 29722, which is equal to the 38.2% Fibonacci retracement of the June advance. As the chart below shows, with this level holding on the downside and the development of fresh attempts to move higher, 29722 may be viewed as the first key support this week. While not a guarantee of continued price weakness, closing breaks below 29722 could lead to continued price declines, resulting in a deeper retracement of the latest strength. Such moves could see further downside to 29427, the 50% retracement, possibly then the deeper 61.8% level at 29133. Potential Resistance Levels: The latest price strength has brought the June 3rd all-time high of 30776 back onto the radar screen. An all-time is always an important focus for traders, as having found selling pressure here before, it may be the case again. Therefore, if further price strength is seen this week, 30776 is set to be the first key resistance focus. Closing breaks above 30776, if seen, could be viewed as an indication of upside momentum re-emerging. If this is the case, risks may shift toward further price strength to test resistance at 31751, a level equal to the 38.2% Fibonacci extension, and if this is breached, on toward 32355, which is the higher 61.8% extension level. 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