With the up again last week and only 2 percent off its all-time high, which stocks could lead the market higher this week?
Using Kensho, a quantitative analytics tool used by hedge funds, we found the stocks with the best setup for upside or downside based on historical statistics. We looked for oversold stocks due for a rise that are trading much lower than their 50-day moving average. Conversely, we searched for overbought stocks ready for a fall because they are trading way above their 50-day moving average.
Here are the oversold stocks. The table below shows the S&P 500 stocks with the best chances to move higher over the next few days based on their history of trading at similarly oversold levels. The first column is the number of standard deviations below the stock's 50-day moving average. The second column is the stock's track record over the next few days after falling into this range.