10 overbought stocks ready to drop

Matej Divizna | Getty Images

A group of high-flying names could be at risk of a pullback as the market rolls over this month, traders warn.

Since the reached a 52-week low in early February, the index has staged one of the strongest rallies in years, sending many stocks to what some investors consider "overbought" territory. The S&P's failure to reach a new high, however, has some market watchers concerned.

"The market has been flat for the last two months finding it difficult to surpass the elevated 17.5 (times) forward equity multiple," JPMorgan U.S. equity strategist Dubravko Lakos-Bujas wrote in a note to clients Thursday expressing a cautious tone.

Like Lakos-Bujas, other equity strategists remain skeptical about the longevity of the recent rally.

Here are some of the names that could be first in line to fall, should a larger pullback materialize.