Nike is among the most overbought stocks in the S&P 500. Here are the others

After taking a tumble this year, shares of Nike could be on track for further declines, according to one key metric. Stocks are seeing heavy losses this week. So far, the S & P 500 is down 1.8% on the week while the tech-focused Nasdaq Composite is trading about 2.5% lower. The Dow Jones Industrial Average has lost more than 1%.

Insurance giant Progressive is also deemed overbought. Shares of Progressive have gained 20% so far this year. Piper Sandler last week hiked its rating on Progressive to overweight from neutral, citing "stronger than expected September results." Other names on the list include Cigna , Cardinal Health , Allstate and Humana .

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