katie stockton, which chart looks the best in the retail world? >> of those, i would say amazon's probably the winner, because it has that megacap benefit of having turned around and exhibited very strong momentum and relative strength, and we're always looking for those relative outperformers what we've noticed in this market environment that we're seeing a lot of basing phases, and when those are completed, we tend to see upside follow through, so, that's the kind of setup that i'm interested in supplementing the longer term uptrends with. >> longer the base -- >> it's funny you mention that, because -- >> we were talking about that on the call >> talking about the parthenon. >> that's why she's on the -- we wouldn't invite non-parthenon people to the show >> home depot has a similar setup. bearish to bullish reversal pattern. home depot now at a market multiple which is cheap for them and i think they report in the middle of august that chart looks really good >> costco had a breakout, too. >> these are long-term formations that are being resol

. >> under armour, brita, jpmorgan, sony let's get back to the broader markets, bringing katie stocktonust on. he's a fundamental guy, katie. he was able to call the trend before it happened, and he was bullish right at the beginning of the year, but he now says that 4505 is the new support level for the s&p, and that this year will go to new highs above 4819 or whatever it was. i forget exactly what he said. t does anything you're looking at technically lend credence to that notion that 44, 4505 is the new low end of the range and will go to new highs >> that's not my support level, but what i would say that's positive about the market right now is that it does still have momentum, and it also still has market breadth last weak, if you wrecall, the targeted level for the breakout that we highlighted in may was about 4510, and that was reached last week. so to us it's actually more of a resistance area potentially than it is a support level at this time the 60-day moving average is rising close to about 4285 or so so that shows sort of the nibble f gauge of the downside. and the hard pa

coming up, katie stockton.veness "squawk box" is coming right "squawk box" is coming right back. power e*trade's easy-to-use tools, like dynamic charting and risk-reward analysis help make trading feel effortless. and its customizable scans with social sentiment help you find and unlock opportunities in the market. e*trade from morgan stanley. >>> good morning, get ready for the second half. can the markets follow up on the strong performance that we saw in the first six months. what the charts are telling investors now. tesla delivers for second quarter deliveries is it too late to get on board and ride with elon musk? and what's next for student loan debt following the supreme court's decision to knock down president biden's relief plan? final hour of "squawk box" begins right now >>> good morning and welcome to "squawk box" here on cnbc, live at the nasdaq market site in times square i'm melissa lee along with joe kernen becky and andrew have the day off. s&p is looking to lose about 2.5 in the open. nasdaq

he's been too pessimistic on stocks joining us now to talk markets from a technical perspective, katie stocktonounder and managing partner and a cnbc contributor you definitely get cut more slack, katie, because you're a trend follower and a technical analyst. as far as mike wilson, he's still -- i mean, 4,200 -- we're at 45 and change, but if you were him and you had been -- if your bearish case was 3,000, which he was still talking about on the s&p, maybe his average was 34 or 3,500 and his bullish case was 3,800 you've got to say, "i was wrong. so we'll start at 4,200. so when he finally changes it to 4,900, it won't look so crazy. you can't go from 3,200 to 4,900. >> right the revision is appropriate, it seems, just based on where we've come from. >> based on him keeping his job and his career and being able to say, i have value in what my forecasts are. >> i think mike's great. i have to say, so, when we see breakout os cur, it allows us to ratchet those support levels higher and creates a new normal for the market now for the s&p 500, with the breakout that we saw back in may, the new sup

of the 20-day moving average and when that changes we would be dynamic in our positioning >> katie stocktonpreciate it >> of course. >>> coming up, the market fully expects the fed to raise interest rates on wednesday, but what about the meeting after that steve liesman is here with a look at how many more rate hikes might be in store. plus, verizon, real estate services firm on deck with results. you have the action, the story and the trade ahead on earnings exchange as we head to break, let's get a quick check on the markets with the major averages in the green. the dow outperforming up 200 points and the s&p up about a half a percent "the exchange" is back after this ♪ ♪ bc ehae"n s "thexcng o cn more than just an investor, you're an owner. our financial planning tools and advice can help you prepare for today's longer retirement. hi mom. that's the value of ownership. sweat isn't sweet. it's salty. lmnt. more electrolytes. zero sugar. you feel the difference when you get it right. stay salty. i did have hearing aids from another company... i was just frustrated... i almost gave up. with