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Tech could be the catalyst to lift the stock market to new highs

The Charging Bull or Wall Street Bull is pictured in the Manhattan borough of New New York, January 16, 2019.
Carlo Allegri | Reuters

The S&P 500 could soon head to a new high if tech stocks can act as a booster to the broader market instead of a drag.

For the week, tech has gained 1.3%, though it was slightly negative Thursday. For the year, tech is one of the three worst sectors, up just 5.6% versus the 11.8% gain in the S&P 500.

"The question is was that a broken bounce in those names and is it almost over, or could they sustain a move over the next few weeks which would also sustain sentiment for the S&P to hit new highs heading into the Fed meeting June 16," said Scott Redler, partner with T3Live.com.

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