The S&P 500 just logged another losing week, yet these stocks could be due for a bounce
Another losing week has dragged certain individual stocks to levels where they might find some support.
TL;DR
- The S&P 500 and Dow Jones Industrial Average closed lower for the week.
- Market declines were driven by rising global bond yields and a Federal Reserve interest rate hike.
- Stocks with an RSI below 30 are considered oversold and may be due for a bounce.
- Boeing, Bank of America, Wynn Resorts, Las Vegas Sands, Carrier Global, and TransDigm are identified as oversold.
- Stocks with an RSI above 70 are considered overbought and may be poised for a decline.
- Marathon Petroleum, Valero Energy, and Phillips 66 are identified as overbought.
- Marathon Petroleum's rise is linked to higher oil prices following a drone attack on Saudi Arabia's pipeline.