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Tech stocks are going to break out this week, will $SPX follow?

Tech stocks are about to break out in a big way, according to one top technician.

“The Nasdaq Composite has outperformed the broader market this year, outpacing the S&P 500 [Index],” technical analyst Rich Ross said on CNBC’s “Trading Nation.” The Nasdaq Composite has rallied more than 7 percent year-to-date, while the S&P 500 is up just under 3 percent in the same period.

Against that backdrop, “I have high hopes for the Nasdaq as we head into next week,” the Evercore ISI analyst said.

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My expectation for $SPX move tomorrow is UP although there is a great weakness in the market so the gain may be very small.

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