The tech-heavy Nasdaq notched a new record high by the closing bell on Tuesday, but the good news in technology stocks soon could be capped.

The SPDR Technology exchange-traded fund (XLK) has posted gains in five straight sessions and was on track for a sixth Wednesday, June 6. Since the start of the year, the fund has tallied a 12.4% gain, far outpacing the broader market.

But the relative strength index (RSI) for the ETF is near about 72, according to data from Bloomberg. The last time the RSI for this specific fund climbed above 70 was in late January, just before the market selloff that sank technology stocks about 10% in just a handful of days.

Just before the RSI last reached 70 in January, the fund climbed in five successive trading sessions from Jan. 17 through Jan. 23. Then from Jan. 26 to Feb. 9 alone, the fund shed more than 10.3% of its value.

Source: FactSet
Source: FactSet

Apple Inc. (AAPL) represents 14.31% of the fund's holdings, according to data from FactSet. Microsoft Corp. (MSFT) is 12.2%, Alphabet Inc. (GOOGL) is 10.45% and Facebook Inc. (FB) is 6.95%. In year-to-date gains, all four of the top fund holdings have more than tripled the progress of the S&P 500 .

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