This chart shows big tech stocks may be due for a fall

The Nasdaq 100 hit another all-time high on Thursday, but one strategist says that it may soon be time for investors to take profits.

Matt Maley, equity strategist at Miller Tabak, says that the Nasdaq 100-tracking, tech-heavy QQQ ETF has "broken out above its trend line going back to 2015" and through a bearish pattern he calls an "ascending triangle." But at this point, he says it has come too far, too fast.

"[QQQ] is getting a bit overbought on a near-term basis, so I wouldn't be surprised if it pulled back, and I wouldn't really be chasing it here," Maley said Thursday on CNBC's "Power Lunch." According to Maley, this means that investors who are even looking to get into the tech-heavy ETF should actually hold off and wait for a small pullback to happen.


That said, Maley would be a buyer on such a pullback.

On the other hand, Boris Schlossberg, managing director of FX strategy for BK Asset Management, thinks that while QQQ may not be a buy right now, investors should be "very bullish tech going forward." The recent rise in tech has played a major role in driving the Nasdaq 100 to continuous record highs in the last month, even as the sector initially sat out the postelection rally.

"I think it's a long-term good hold at this point, so you have to scale and buy as you go," said Schlossberg.

QQQ is currently up more than 3 percent year to date.


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Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

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