Stock market outlook: Be cautious on Big Tech despite Nasdaq strength

to start the year, but a key historical pattern suggests there's reason to be cautious on the tech-heavy index moving forward, according to DataTrek Research.

The Nasdaq could just be catching up after it bottomed later than the S&P 500 last year, DataTrek co-founders Nicholas Colas and Jessica Rabe point out in a Thursday note. Tech sector layoffs also may be improving the earnings outlook for those stocks. In that span, there have been 12 instances where the Nasdaq has outperformed by 5 percentage points or more. In every instance, the Nasdaq then went on to underperform the S&P 500, they said.

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