After taking a tumble this year, shares of Nike could be on track for further declines, according to one key metric. Stocks are seeing heavy losses this week. So far, the S & P 500 is down 1.8% on the week while the tech-focused Nasdaq Composite is trading about 2.5% lower. The Dow Jones Industrial Average has lost more than 1%. Following this week’s moves, CNBC Pro used FactSet data to screen for the most overbought and oversold names in the S & P 500 based on their 14-day relative strength index, or RSI. A stock with a 14-day RSI greater than 70 is considered to be overbought and at risk of a pullback. However, a reading lower than 30 usually signals that a stock is oversold, and it could be a signal of a possible buying opportunity. Here are some of the most overbought names: Sports apparel retailer Nike has a 14-day RSI of 81.89, and just under half of analysts covering the stock rate it a buy. Shares have lost nearly 12% this year, but analysts expect more than 16% upside over the next 12 months, based on the average price target. That’s the highest projected upside on the list. Nike maintained its position as the top footwear and clothing brand among teenagers, according to a Piper Sandler survey of more than 9,100 teens conducted in September. The company recently missed revenue expectations for the first time in two years, but investors remained optimistic as both gross margins and earnings surpassed Wall Street’s forecasts for the fiscal first quarter. Lockheed Martin is another one of the most overbought companies in the S & P 500. The U.S. defense contractor scored a 14-day RSI of 77.69, with a consensus price target implying 6.8% upside. The company posted better-than-expected third-quarter revenue and profit Tuesday. Shares are down 8% in 2023. Insurance giant Progressive is also deemed overbought. Shares of Progressive have gained 20% so far this year. Piper Sandler last week hiked its rating on Progressive to overweight from neutral, citing “stronger than expected September results.” Other names on the list include Cigna , Cardinal Health , Allstate and Humana . By contrast, here are the most oversold stocks in the S & P 500, which could be due for a bounce: Investment management firm Invesco is at the top of the list with the highest 14-day RSI of the group, at 21.52. Shares have slipped nearly 29% in 2023. The stock has a projected 23% upside according to the consensus price target. However, only about 12% of the analysts covering the name rate it as a buy. Invesco reached a 52-week low during Friday’s trading session. By contrast, toymaker Hasbro — another name on the oversold list — is highly favored on Wall Street. More than 80% of analysts covering the name rate it a buy. The consensus average target price suggests potential upside of 41.7%. On Friday, Bank of America analyst Jason Haas maintained his buy rating and $90 target ahead of Hasbro’s earnings due Oct. 26. His price target implies nearly 60% upside from Thursday’s close. “We’re bullish on HAS into earnings with the stock down 20% (vs. S & P-3%) from its recent high on Sep 6th given our bullishness on Monopoly Go and Baldur’s Gate 3,” Haas wrote in a note. Also on the oversold list is pharmaceutical company Moderna , which has a 14-day RSI reading of 15.5. Shares are down 22% in October, driven in part by investor concerns over falling Covid vaccine demand. Last week, competitor Pfizer slashed guidance for full-year revenue and earnings guidance in the wake of waning demand for Covid vaccines and treatments. Other oversold stocks in the broader index include Hormel , Lowe’s and FedEx . — CNBC’s Michael Bloom contributed reporting.