After selling off more than 9% this week, shares of defense contractor RTX look poised for a bounce back, according to one technical indicator. The S & P 500 gained this week after the Federal Reserve instituted a 25 basis point hike , bringing interest rates to their highest level since 2001. A busy week of earnings also pressed on with strong results that lifted technology giants Alphabet and Meta Platforms . Following this week’s moves, CNBC Pro used FactSet data to screen for the most overbought and oversold names in the broad-based index based on their 14-day relative strength index, or RSI. A reading above 70 usually means a stock is in overbought territory and at risk of a pullback, while an RSI below 30 signals oversold territory and a possible buying opportunity Here are some of the most oversold names: This week, RTX is the most oversold company in the S & P 500. Shares of the company formerly known as Raytheon plunged 10% on Tuesday after it revealed a jet engine problem requiring an “accelerated” inspection timeline on a popular Pratt & Whitney engines. The company slashed its 2023 free cash flow outlook by about $500 million as a result of the problem. As of Thursday, RTX’s RSI reading hovers around 18, with the consensus price target implying about 20% upside. Nearly half of Wall Street analysts rate shares a buy. Shares have tumbled 13% this year. RTX 5D mountain Shares fall on engine issue Automaker Ford Motor is another majorly oversold stock, with a 14-day RSI of about 20. About 39% of analysts rate it a buy, with the average price target implying nearly 5% upside. Shares have fallen 12% this month. Potato products manufacturer Lamb Weston also made the oversold list. It’s the second most oversold stock in the S & P 500 with a 14-day RSI of 19.6. More than 44% of analysts rate the stock a buy, with the average price target suggesting a 20% rally in store for shares. The food processor sold off about 9% this week after reporting fiscal fourth quarter earnings. The company reported higher sales and shared better-than-expected guidance, but earnings fell far short of the $1.04 expected by analysts, according to FactSet. For July, shares have slumped more than 11%, but are up 14% for the year. Other oversold names include Estee Lauder , Biogen and Clorox . Take a look at some of the most overbought S & P stocks: Paychex is the most overbought stock in the index, with an RSI of 94. Just 14% of analysts rate shares a buy, with the average price target suggesting nearly 8% downside. Shares added 2.5% this week. Union Pacific is another overbought name, with shares surging more than 7% this week after the railway company announced a new CEO . More than half of Wall Street analysts rate the stock — with an RSI of nearly 94 — as a buy. The average price target implies about 8% upside for shares. UNP 5D mountain Union Pacific shares this week Goldman Sachs also made the cut, with an RSI of 88. The big bank stock, up close to 3% this year, rose 0.4% this week, and has gained 9.5% for the month. Half of Wall Street analysts rate shares a buy, with a price target that implies 7% upside. 3M , Marathon Petroleum and Home Depot are also among the most overbought names.