Could elevated valuations start weighing heavily on USTEC?

<Fundamental>
US equities fell sharply under pressure from stretched AI valuations. OpenAI CEO Altman cautioned that investors are overly excited about AI, warning that valuations have become “out of control.” Adding to the drag, Nvidia shares tumbled as China mandated domestic AI chips account for over 50% of local data center usage, raising concerns over export reliance. Markets now turn their focus to Fed Governor Waller’s speech and the FOMC minutes for clues on the rate-cut outlook.

<Technical>
USTEC is sliding lower, approaching the support at 23300. The narrowing gap between EMA21 and EMA78 points to a possible shift toward bearish momentum. If USTEC breaks below 23300, the index could decline further toward the next support at 23000. Conversely, if USTEC climbs back above both EMAs, the index may gain upside traction toward the resistance at 23700.