The overall S & P 500 is struggling in December and certain tickers look primed for a further pullback. The broad market index ended Friday down 0.6% for the week, providing a pause from the upward tear equities have been on since President-elect Donald Trump regained the White House last month. The Dow Jones Industrial Average slid 1.8% on the week. But the technology-heavy Nasdaq Composite gained 0.3% on the week.
Pro used its stock screener tool to find the most overbought and oversold stocks on Wall Street as determined by their 14-day relative strength index, or RSI. Stocks with a 14-day RSI above 70 are considered overbought, which indicates shares might soon sell off. Conversely, a reading below 30 often signals that a stock is oversold, signifying a possible rebound ahead.
's "Squawk on the Street" last week. In a report, Irwin had previously written that "Musk's authentic support for Trump likely doubled Tesla's pool of enthusiasts and lifted credibility for a demand inflection." Enterprise software firm ServiceNow scored an RSI of 73. KeyBanc seemed to agree with the notion that the stock was overbought. On Thursday, analyst Jackson Ader downgraded shares to a sector weight rating from overweight.
's Fred Imbert contributed to this report.Lisa Kailai Han
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