There is a Wall Street momentum indicator that can help investors filter out the most overbought, and oversold, stocks. The “Relative Strength Index” alerts investors of potential overbought and oversold conditions in the market by measuring the speed and magnitude of recent price moves. A stock is considered overbought if its 14-day RSI moves above 70. This indicates it could go higher after a strong run, meaning investors may want to hedge their risk. Meanwhile, stocks with a 14-day RSI of less than 30 are considered oversold, which means it may be time for investors to consider adding exposure to the name. A low RSI can indicate overly-negative sentiment about the stock and potentially signal a buying opportunity. Although overbought stocks can always move up, theoretically until their RSI reaches 100, and oversold stocks can still fall further, theoretically down to zero, watching the RSI is helpful for investors who Want to lighten existing conditions or install new ones. Stocks struggled last week, with the S&P 500 down 0.3% and the Dow Jones Industrial Average down 0.1% for its third consecutive weekly decline. The pullback came as extremely high inflation data and the prospect of tighter US monetary policy caused rates to jump. Still, there are some stocks that may see an upside move. CNBC Pro checked for the 10 most-bought stocks in the S&P 500. We also look at the percentage of analysts who have a buy on the stock, their average price targets and their potential for outperformance in 2023. Catalent was one of the most bought. Stocks in the S&P 500. The pharmaceutical company has a 14-day RSI of 82.46. The stock has jumped 58% in 2023, though it’s still down 27% over the past 12 months. FactSet data shows analysts on average see the stock gaining more than 14%. Earlier this month, Bloomberg News reported that health conglomerate Danaher had expressed interest in buying Catalent. Shares of WW Grainger are also overbought. The industrial supply company has a 14-day RSI of 81.88. on top of it. The stock is up more than 21% to start 2023. Earlier in February, the company reported fourth-quarter earnings that topped analysts’ expectations. Still, analysts aren’t too keen on WW Grainger, with just a 23.5% buy rating on it. GWW YTD Mount GWW General Motors makes our list of overbought stocks in 2023 with a 14-day RSI of 76.25. The automaker’s stock has started 2023 on the right foot with a 28.3% rally. The company’s fourth-quarter results easily topped estimates. GM also announced that it has signed a deal with semiconductor maker Global Foundry, raising investor hopes that the company will stave off shortages of semiconductor chips plaguing other automakers. Earlier this month, Goldman Sachs said General Motors is a promising stock, noting its Cruise line as a technology leader. More than half of the analysts covering GM rate it a buy, and the average price target indicates an upside of 10%. That said, based on its Relative Strength Index, the stock may be overdue for a pullback near-term. CNBC Pro also discovered oversold stocks in the S&P 500. Electronic Arts was identified as one of the most oversold stocks. The digital entertainment company’s 14-day RSI stood at just 17.48. However, 50% of analysts covering the EA rate it a Buy. EA is off to a rocky start this year, down 9%. Late last month, EA reported disappointing quarterly revenue and lowered its outlook for bookings. The 14-day RSI for Match Group is 26.08. Shares of the online dating platform have declined by more than 61% during the past 12 months. However, 57.7% of analysts rate it as a buy. They also see a 42% rally in the stock based on the average analyst price target. —Michael Bloom of CNBC contributed to this report.