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Trader warns: If this happens, stocks will pull back

Paayal Zaveri
Updated
Trader warns: If this happens, stocks will pull back

Heading into second-quarter earnings, the technology sector seems to be leading the market, and pressure to continue the rally means that stocks could be in a precarious position, according to Todd Gordon of TradingAnalysis.com.

This is a major change from the last year of trading, Gordon told CNBC's " Trading Nation " on Monday.

"We've seen sectors like energy and industrials and materials leading us to the top side. Now what we're seeing is technology starting to do the heavy lifting and push us higher," Gordon said. He added that this is a "critical juncture" as major tech giants are expected to report earnings this week.

Apple (NASDAQ: AAPL) and Twitter (NYSE: TWTR) are expected to report earnings after the bell on Tuesday; Facebook (NASDAQ: FB) reports on Wednesday, and Alphabet (NASDAQ: GOOGL) and Amazon (NASDAQ: AMZN) report on Thursday.

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As the energy sector falls behind, with crude (New York Mercantile Exchange: @CL.1) hitting its lowest level since April, Gordon feels that there's more pressure on tech to lead the market. "I'm worried that we're asking too much of tech," he said. "So if technology were to miss expectations, the market could be in for a pullback."



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