The Bifurcated Market

The S&P 500 tech sector is trading at a multiple of 22, it's now 29. The NASDAQ 100 had its first negative total return year in 13 years last year. Is the move back into former laggards such as technology and telecoms bullish? Or is it the face of fear? We are right up against the downtrend line. My hunch is it's right to take some profits if you have them.