TradingMarkets 7 Stocks You Need to Know for Wednesday (INTC, CSCO, WAG, JNJ, KO, MCD, SLE)

Overbought conditions continue to characterize equity markets in the U.S. Closing in overbought territory for a fourth straight day on Tuesday were shares of the ^SPY^ which represents the S&P 500 Index. Small cap stocks, as seen through the lens of the ^IWM^, are also overbought going into trading on Wednesday.

Around the world, the bull market in emerging markets ETFs continues, as seen in the continued rally in markets like the ^EPI^, which has closed higher for 10 straight trading days.

Here are 7 Stocks You Need to Know for Today.

Buying pressure in technology stocks continues to push stocks like ^CSCO^ and ^INTC^ (below) deeper into overbought territory below the 200-day moving average.

INTC Chart

Shares of Cisco have closed higher for three days in a row below the 200-day moving average, while shares of Intel have closed higher below the 200-day moving average for three out of the past four trading days, including a gain of nearly 1% on Tuesday.

Consumer stocks also continue to trade in overbought territory ahead of trading on Wednesday. Shares of ^WAG^ have closed higher for an eyebrow-raising nine consecutive trading days below the 200-day moving average. Closing higher for five days in a row below the 200-day are shares of ^JNJ^ (below), which has returned to overbought territory.

JNJ Chart

Other consumer stocks like ^KO^ and ^MCD^ (below) have begun to pull back above the 200-day moving average. Although neither stock has closed in oversold territory, KO has closed lower for two days in a row and MCD is down three of the past four trading days. Further weakness will likely attract the attention of short term traders looking to buy weakness and sell strength.

MCD Chart

The only truly oversold stock above the 200-day moving average in the S&P 100 is ^SLE^. Shares of Sara Lee Corporation have closed lower for three days in a row, including a pullback of more than 1% on Tuesday.

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David Penn is Editor in Chief at TradingMarkets.com.