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A group of S&P 500 stocks has significantly moved away from their trading ranges and may be ready to drop if the market's weak performance this week continues.
"While this could be a pause before a breakout, the retreat from levels which have previously proven hard to hold is problematic for the bulls," Bespoke said in a note to clients.
The S&P index ran into resistance Monday, trading 2 points from its record high, before pulling back by midweek.
In the near term, the S&P index hovers around a monthly overbought extreme, according to John Kosar, director of research at Asbury Research.
