Despite an unusually narrow trading range in the market, one technician sees signs beneath the surface that may suggest stocks are headed higher.
"My argument is that even though the market has been in a very narrow range, leadership and performance under the surface has actually been supportive," Chris Verrone, head of technical analysis at Strategas Partners said in a recent CNBC "Fast Money" interview.
"Beta [a volatile asset that does well as the overall market is rising] has outperformed and semis, a pro-cyclical group, are doing very well."
The PHLX semiconductor index has risen more than 20 percent in 2016, and may yet add to those gains, Verrone said.
"High-beta stocks have out-performed by 300 basis points over the last 20 days. That shows investors are seeking risk, not being risk averse," Verrone explained.