If you're waiting for the financials to break out, it's already happening, says one market technician.
Jonathan Krinsky, chief market technician and executive director at MKM Partners, explained that the market has already seen rotation out of high-dividend-yielding sectors and into cyclical sectors such as technology, materials and financials.
In the last month, the financials have gained more than 4 percent, while defensive, dividend-yielding sectors such as consumer staples and utilities are down more than 1 percent and 3 percent, respectively.
"Really, for the first time in about 12 to 16 months, financials are no longer in a downtrend," Krinsky said during a Tuesday interview on CNBC's "Halftime Report." The Financial Select Sector SPDR Fund is more than 29 percent off its 52-week low.