Tech sector showing weakness despite gains on election day

When comparing tech focused ETFs/indexes, namely NDAQ and XLK, we can see that SPY has recently been outperforming them. My theory is that this is an unusual case and a sign that tech stocks are near tops.

Given that I did not receive the dip I wanted, I have difficulty putting on a short position on tech. There is also the factor that the highs have not been truly swept yet.

Just something to keep an eye on.

NDAQ/SPY


XLK/SPY


For options plays, it would appear leaps for NDAQ would be ideal, while short term plays on XLK would work out. NDAQ is quite illiquid.