The 10 Most Overbought Stocks?

NYSE traders
Adam Jeffery | CNBC

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.

Ticker Company Price 50 DMA % Above
AMD Advanced Micro Devices 3.54 2.63 34.8
FSLR First Solar 43.431 33.09 31.2
GME Gamestop 37.29 29.36 27
TMUS T-Mobile US 17.91 14.59 22.7
AKAM Akamai Technologies 45.15 36.87 22.5
MCO Moody's 64.12 53.56 19.7
STX Seagate Technology 42.32 35.5 19.2
BBY Best Buy 26.12 22.5 16.1
WDC Western Digital 58.83 50.79 15.8
PHM PulteGroup 22.87 20.01 14.3