![Super Micro is among the most oversold names on Wall Street. Here are some others](https://news7g.com/wp-content/uploads/2024/09/107386927-17103433402024-03-13t150044z_249201971_rc20l6anxnc6_rtrmadp_0_usa-stocks-780x470.jpeg)
Wall Street is under pressure this week, but the selling in some individual stocks may have gone too far. The benchmark S&P 500 is on track for its worst weekly performance in more than a year, down more than 4%. Tech stocks were particularly weak as investors scaled back their exposure to the sector, dragging the Nasdaq Composite down more than 2%. A sluggish August jobs report also weighed on an already volatile market that is susceptible to any signs of slowing economic growth. Some stocks could see a short-term bounce. Using the CNBC Pro Stock Screener, we looked for oversold stocks, based on their 14-day relative strength index, or RSI. A reading below 30 typically indicates a stock is oversold and could rebound. A reading above 70 signals a stock is oversold and could face further downside. Super Micro Computer is one of the most oversold stocks on Wall Street, with an RSI of about 23. The stock has been under pressure recently after the company said its annual 10-K filing would be delayed. Adding to the pressure on the stock was a report in late August that Hindenburg Research had a short position in Super Micro Computer due to allegations of “accounting manipulation.” Analysts remain bullish on the stock, with their average price target implying an upside of more than 112%, according to FactSet. The stock has fallen more than 11% over the past week. However, it is up more than 36% for the year. Dollar General also falls into the oversold category, with an RSI of about 20. The stock has fallen 34% since Aug. 29, when the company cut its full-year outlook and reported disappointing second-quarter results. Executives blamed consumers for spending more and tight cash. The shares are down nearly 40% year to date. DG DLTR YTD mountain Both discount retail stocks are under pressure heading into 2024. Dollar Tree has had a similarly tough time, with shares down more than 52% in 2024. The company also cut its full-year outlook this week and missed its second-quarter estimates. Executives were particularly wary of discretionary spending numbers during the quarter. There are a number of stocks this week that are overbought and could be in for a correction. Some of the most overbought names on Wall Street include Clorox and General Mills, with 14-day RSIs of 86 and 81, respectively. Clorox raised its full-year earnings outlook last month after reporting better-than-expected profit and revenue for the quarter. The stock is up 16% year to date. Elsewhere, General Mills restated its full-year 2025 financial guidance on Tuesday. Shares are up 15% in 2024.