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

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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 head to a new high in the near term, if tech stocks can continue to act as a booster to the broader market instead of a drag.

For the week so far, tech has gained 1.3% though it was slightly negative Thursday. For the year so far, tech is one of the three worst sectors, up just 5.6%, compared to 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.