There has been a stark underperformance of the semiconductor sector during the recent rally in the broad market, especially relative to the tech-heavy Nasdaq 100 (QQQ). While this could prove to be a temporary disconnect between the semis & QQQ, should this outperformance continue, that would be a bad sign for the broad market as technology is the largest sector within the Nasdaq 100 as well as the S&P 500 and semiconductors are often considered a leading indicators for the tech sector.