Despite last week's market tumble, there are some stocks that are in overbought territory. The S & P 500 tumbled 2.7% for the week , its biggest weekly decline since December. Concerns over persistent inflation and the prospects of higher rates for longer dented investor sentiment. The core personal consumption expenditures index — the Federal Reserve's preferred inflation measure — rose more than expected in January .
Pro screened for S & P 500 stocks in overbought territory, using the relative strength index. Here are the top 10. Insurance company Arch Capital topped the list, with an RSI of 87.7. The stock bucked the broader market negative trend's last week, advancing 2%. Year to date, Arch Capital is up 10%. The stock is well liked by analysts, with nearly 80% rating it a buy. PepsiCo also made the list. Its 14-day RSI came in at 70.7.
Pro also screened for S & P 500 stocks in oversold territory. Here are the top 10. Topping the oversold list is First Republic , with an RSI of just 10.3. The stock is well liked by analysts, receiving buy ratings from 52% of those covering it, and the average price target implies upside of 19% over the next 12 months. To be sure, First Republic shares are down 1.2% year to date, lagging SPDR S & P Regional Banking ETF — which is up 5% in 2023.
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