#1
#1 out of 1
business4h ago
These chipmakers and other stocks are overbought after the market rally this week
- The market rally this week pushed the Nasdaq to its 13th straight winning day, signaling broad strength.
- Technology stocks led gains as the S&P 500 information technology sector rose about 8% week-to-date.
- Analysts identified AMD as the top overbought stock with an RSI above 80 amid a six-week winning streak.
- Other chipmakers ON Semiconductor, Intel and Broadcom also showed high RSIs signaling potential pullbacks.
- Synchrony Financial joined the overbought list as its RSI approached the mid-70s with a positive week.
- Despite gains, analysts generally maintain Buy ratings with modest upside expectations for the coming year.
- Investors are watching for pullbacks after the rally, especially among overbought tech names.
- The weekly gains included a strong performance from the S&P 500 and a notable market jump overall.
- Energy stocks lagged this week, contrasting the rally in technology shares.
- Analysts' price targets imply only modest upside beyond current rally levels.
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