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. That level "has previously coincided with or closely led every near-term peak in the U.S. broad-market index during the past year," said Kosar. Source: FactSet So CNBC Pro screened for the stocks that could be most susceptible to a retracement. The money play: Using the quantitative tool Kensho, we searched for stocks in the S & P 500 that are trading at overbought levels and are likely to revert back toward their 50-day moving average. First, we looked for companies trading within two and three standard deviations away from their long-term trends. Then, based on similar patterns in the past, we identified the ones that have a high probably to move back to their mean. The companies on our list are: Google, Netflix , Chipotle Mexican Grill , Citigroup , Charles Schwab , M & T Bank and Lockheed Martin . Google 's shares are up 19 percent in the past week following better-than-expected earnings. Shares of the global search engine are trading 3.7 standard deviations away from their 50-day moving average, according to statistical analysis from Kensho, which labels the stock "overbought." Read More Apple—the $700 billion one-trick pony The likelihood of Google to revert back, at least in the short term, stands at 100 percent, data from Kensho shows. Disclosure: NBCUniversal, parent of CNBC, is a minority investor in Kensho.
Google headquarters in Mountain View, California.
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