We show that the pseudo Nambu--Goldstone boson contribution to the
Peskin--Takeuchi electroweak parameter S can be negative in a class of
technicolor theories. This negative contribution can be large enough to cancel
the positive techni-hadron contribution, showing that electroweak precision
tests alone cannot be used to rule out technicolor as the mechanism of
electroweak symmetry breaking.Comment: (LBL-32893, UCB-PTH 92/34, 10 pages; we added a discussion of
uncertainties, fine-tuning, and SU(2) asymptotic freedom; the conclusions are
unchanged.