From tech to retail: PLTR and EBAY are among the top 10 most overbought stocks

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Wall Street’s rally has pushed a notable slice of the S&P 500 (SP500 [https://seekingalpha.com/symbol/SP500]) into technically overbought territory, underscoring the market’s strong momentum as it trades near record highs.

According to the relative strength index (RSI), a widely used momentum gauge, 41 of the benchmark’s components now sport readings above 70, the level often associated with overbought conditions.

This represents almost 10% of the index’s membership, highlighting the extent of the recent surge. The list spans various sectors, with Palantir Technologies (NASDAQ:PLTR [https://seekingalpha.com/symbol/PLTR]) and eBay (NASDAQ:EBAY [https://seekingalpha.com/symbol/EBAY]) ranking among the 10 most stretched by RSI measures.

While overbought readings don’t guarantee a pullback, they can signal that a stock’s recent advance may be due for consolidation.

Below are the 10 most overbought S&P 500 stocks.

No. 1: eBay (NASDAQ:EBAY [https://seekingalpha.com/symbol/EBAY]), RSI of 81.34

No. 2: Generac Holdings (GNRC [https://seekingalpha.com/symbol/GNRC]), RSI of 80.18.

No. 3: Leidos Holdings (LDOS [https://seekingalpha.com/symbol/LDOS]), RSI of 79.50.

No. 4: Corning (GLW [https://seekingalpha.com/symbol/GLW]), RSI of 79.11.

No. 5: Cummins (CMI [https://seekingalpha.com/symbol/CMI]), RSI of 78.81.

No. 6: Motorola Solutions (MSI [https://seekingalpha.com/symbol/MSI]), RSI of 78.28.

No. 7: Electronic Arts (EA [https://seekingalpha.com/symbol/EA]), RSI of 77.99.

No. 8: Incyte Corp (INCY [https://seekingalpha.com/symbol/INCY]), RSI of 77.26.

No. 9: Palantir Technologies (NASDAQ:PLTR [https://seekingalpha.com/symbol/PLTR]), RSI of 75.61.

No. 10: Jacob Solutions (J [https://seekingalpha.com/symbol/J]), RSI of 74.91.

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