More than 86 percent of the S&P 500 stocks are trading above their 50-day moving average. Some of those companies, however, have significantly broken out from their trading range.
Price momentum is a relatively short-term occurrence, and as it starts to wane, the stocks that have deviated too far from their respective averages tend to revert back to their means.
Case in point: First Solar. Although FSLR lost almost 9 percent on Monday's trading session after missing first quarter estimates, the stock has moved more than 31 percent away from its 50-day moving average.
Similarly, Gamestop is trading more than 27 percent away from its 50-day moving average. Gamestop and First Solar are among the most shorted stocks in the S&P index, with more than 30 percent of their float sold short.
The S&P 500, which has also gained significant upside momentum since the beginning of the year, is up more than 4 percent from its 50-day moving average for the first time since mid-February.
Here are some additional names trading at "overbought" levels.