concerns over a possible recession and the state of regional banks have investors looking for places to hide and many of them are running to the same refuge the s  p 500 posted its second straight weekly decline falling 03 this week the spdr s  p regional banking etf kre dropped 52 for the week after pacwest said deposits fell sharply stoking fear that more banks could suffer the same fate as silicon valley bank signature and first republic given this backdrop investors have turned to several consumer staples traditionally seen as defensive stocks to shore up their portfolios however some of those names are now overbought based on their relative strength index a measure of momentum in technical analysis a stock is considered overbought if its 14day rsi goes above 70 signaling investors should consider easing their exposure a 14day rsi under 30 however signals that a stock is oversold meaning there may be a buying opportunity mondelez  pepsico and molson coors all staples are the most overbought s  p 500 names through fridays session mondelez the company that makes oreo cookies and other snacks has an rsi of 892 while pepsico and molson coors have rsi scores of more than 84 each shares of mondelez have rallied more than 16 year to date easily outperforming the s  p 500s 74 advance this month the stock is up 15 while the broader market index has lost 11 pepsico and molson are also outperforming the s  p 500 year to date mdlz ytd mountain mdlz in 2023 however analysts think theres littletono upside in these stocks right now the average analyst price targets for mondelez and pepsico imply upside of 3 for each name per factset as for molson analysts on average expect the beer maker to fall 1 another deeply overbought stock is republic services  the waste management company has soared more than 14 in 2023 however just 40 of analysts have a buy rating on the name there are however some names that are deeply oversold estee lauder is the most oversold s  p 500 stock it has a 14day rsi of 1498 the stock has struggled this year losing nearly 20 earlier this month the cosmetics maker reported fiscal thirdquarter adjusted earnings that missed analysts expectations and cut its fullyear profit guidance argus research analyst john staszak downgraded estee lauder to hold from buy this week citing concern over the slow pace of recovery in china and in the travel retail segment in asia where inventories are rising despite staszaks downgrade more than half of analysts covering the stock rate estee lauder as a buy the average price target also suggests shares could rally 213 through thursdays close enphase energy is also deeply oversold with an rsi of 1642 shares of enphase have tumbled more than 36 year to date bank of america analyst julien dumoulinsmith downgraded enphase to underperform from neutral last month noting that headwinds to near term growth are bolstered by weak sell through trends in the distributor channel and inflexible cash advance terms to installers which leave ongoing challenges throughout 2023 these sit atop interest rate driven challenges on us solar origination that enph cannot avoid given its dominant market share to loanheavy contractors the analyst added however the stock could be in for a big rally based on the average analyst price target which points to a possible gain of 50 cnbcs michael bloom contributed reporting