S&P 500 May Retreat as Bank Advance Weakens: Technical Analysis

(Bloomberg) -- Banks and technology companies that outpaced the Standard & Poor’s 500 Index as it rose from a 12- year low are beginning to lose momentum, suggesting the market may retreat 10 percent, according to MKM Partners. A gauge of 79 financial companies in the S&P 500 is beating the broader index by 1 percentage point since Aug. 5, while technology stocks are exceeding it by 0.7 point, data compiled by Bloomberg show. Between March 9 and Aug. 5, the bank gauge added 126 percent, the computer measure rose 58 percent, and the S&P 500 climbed 48 percent, the data show.

http://www.bloomberg.com/apps/news?pid=newsarchive&sid=au3huwYtewpw