Yesterday morning we noted that 85% of S&P 500 stocks were trading above their 50-day moving averages. By the close, however, that number had jumped to 89%.
Below we highlight the S&P 500 stocks that are trading the farthest above their 50-days. Typically the most overbought names on the list will be about 10-15% above their 50-days, but at the moment their are 33 stocks in the index with readings of more than 15%.
As shown, Cliffs Natural Resources (NYSE:CLF) is currently the most overbought name in the index at 28.18% above its 50-day. Smith International (SII), AIG, and Abercrombie & Fitch (NYSE:ANF) aren't far behind. These three stocks are all trading more than 25% above their 50-days. Other notables on the overbought list include Ford (NYSE:F), Macy's (NYSE:M), and Citigroup (NYSE:C) (which are all one-ticker names as well).
click to enlarge