Generally the two are pretty correlated. However, with the recent spate of poor tech earnings from the big tech names like IBM, Intel, Ebay, etc, the Nasdaq is not recovering nearly as well as the S&P which is nearing its highs again.
As you can see below, the S&P is just a smidge off its highs of the year (and post-financial crisis really).
The Nasdaq 100 however, is still over 3% from reaching its highs and today hit its 50 day moving average resistance. Will be very interesting to see where tech earnings take us over the next few days.
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