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Investing: Overbought: 7 stocks ready to drop

by Giovanny Moreano

The S&P index ran into resistance Monday, trading 2 points from its record high, before pulling back by midweek.

In the near term, the S&P index hovers around a monthly overbought extreme, according to John Kosar, director of research at Asbury Research.

That level “has previously coincided with or closely led every near-term peak in the U.S. broad-market index during the past year,” said Kosar.