Outside of tech, Wald sees continued moves higher for bargain store chain Dollar General, which reports earnings Thursday.
"Dollar General [is] breaking out through $105 resistance. I think that level now becomes support," said Wald.
The retailer broke out above $105 in mid-August, a level it briefly reached but failed to hold in January.
Michael Bapis, managing director of The Bapis Group at HighTower Advisors, likes Dollar General, but would steer clear of the rest of the momentum space.
"We think the momentum names have raced way ahead of where they should be," Bapis told "Trading Nation" on Monday. "They're all trading at super high P/Es."
The MTUM ETF trades at a price-to-earnings ratio of 21 times forward earnings, higher than the 17 times multiple on the S&P 500.
"We think the momentum names are going to take a breather and there's going to be a sector rotation into the fundamental value names that haven't moved as much," added Bapis.
Value stocks are prized for their low valuations relative to peers. The S&P 500 value ETF trades at a 14 times multiple.