katie stockton.ie, it is great to have you with us this morning. >> good to be here. >> we are looking at the charts. nasdaq 100. facing pressure from rising yields. the ten-year yield crossing the 5% mark and rising oil prices. what are the charts telling you about the nasdaq 100? 12 >> there is a bear sentiment and it is instilled from treasury yields. the 5% threshold is an issue for the market. it kept it in the corrective phase which unfolded in the a, b, c fashion. now we have the nasdaq 100 being tested. it is almost in line at the secondary level. that is what would become the downside target should we see a breakdown. we are hoping to see the market come out of this corrective phase. we saw oversold conditions register last week. with that, we are looking for support to be discovered. >> we want to turn back to earnings season. microsoft reporting its earnings tomorrow. obviously, it will have a big factor on the nasdaq 100. we are moving along with the impact on tech earnings. what are you

you had katie stockton with the great preview on the show yesterday. this is what is going to move the equity market. 14% of the s&p 500 is consistent of google and microsoft and amazon and meta which report this week. this, to me, is the tell. i think earnings are there. watch the russell. the russell has been beaten down because rates are spike so high. they are coming to a nice floor. if you back it out, we're at a major support area. i think we will get a bit of a relief rally here and the mega caps kick it off. >> russell down 5.5%. jay and joanna, thank you. >> thank you. >>> we turn attention to washington, d.c. and capitol hill. house republicans trying to rally again to find a speaker with the vote set for later this morning. we have eight candidates likely on the ballot. we have brie jackson with more from d.c. >> reporter: good morning, frank. is today the day we see a speaker elected? this morning, we know gop will have eight candidates to choose from after one dropped out of the race. last night, the republicans spent hours in the closed-d

here with our take on the stocks we welcome katie stockton, founder and managing partner at fairly strategies'm a buyer of netflix. it has gapped up through its 50-day moving average in response to earnings and that followed a pretty sharp corrective phase. people tell us to buy into weak very hard to do. it would have been the right thing to do with netflix. it did flash some counter-trend signals into the downdraft, and now we have uptrends that i find compelling on the daily and weekly charts of netflix. so within the context of the long-term option, i think we probably have an immediate-term entry. the initial resistance is roughly $4.40, but perhaps it can get up to this year's highs. >>> let's move to another one, sort of a similar category, shares of best buy, slightly higher. goldman sachs upgrading it, highlighting the potential for an upswing in demand, driving to the upside. so you go home, get your best buy tv and watch your netflix. what do you think of best buy? >> i think a long-term neutral buy is still appropriate. within that context, i understand the upgrade, it did get qui

ahead this hour, katie stockton breaks down the key levels to watch in thep s&p 500 s&p follow

we want to bring in katie stockton for that and a cnbc contributor. ot of different moves. we've got to switch direction in different markets. we've seen three days in a row of gains for the s&p, the dow, the nasdaq and even the industrials, too. if you're watching some of thievesthese things, has this been enough of a shift? >> it certainly has. we saw a short-term momentum shift to that side in the past few days. our short-term indicators now do point higher and that's across the board for the major indices, even for the small cap benchmarks, which have really been struggling, as you know. with the bounce we have not only improved short-term momentum but also breadth or participation. as a percentage of that, the percentage above 50-day moving averages went from 9% to now about 26%. to the extent that kind of breadth expansion can continue, i think that should add to the longevity of the relief rally. the s&p 500 faces initial resistance and secondary more important resistance around the 4600 level. that is the real proof for the market, that 4600. i

. >> bob pisani was talking about the average stock is oversold by 5% >> talking about the katie stocktonany of the s&p were below the majority were below the average. i think she was making a good case for it. >>> global mashrkets prepare fo the fed persistent inflation has investors on edge. let's bring in mark mobius founding partner of mobius capital partners he spans the globe looking for opportunities. you have feeling about what is going on in this country as well, mark we teased it you will talk about india and how bullish you are on india you think, just bringing it home for a second, you think interest rates and the cycle of higher interest rates is peaking in the united states right now? >> i think so. if you look at the inflation situation, we're probably at the peak if you look at the money supply, which is tapering down, but the growth of supply which has come down dramatically means inflation would be easing. of course, the big provision of that is with all that's going on with israel and with ukraine and the pumping up of defense spending in the u.s., that may put a monkey