The Exchange · Oct 8, 2026
With Katie Stockton, Founder and Managing Partner of Fairlead Strategies
Katie Stockton said a confirmed breakout above 237 in Nvidia would point to a target of about 262.
Stocks were down for a second straight day, with technology lagging on a report that OpenAI's revenue may be $20 billion less than expected. Stockton said both her short-term and long-term indicators still point higher.
"I think the market is in good shape and wouldn't worry too much about a two-day pullback." — Katie Stockton
Katie Stockton, founder of Fairlead Strategies, an independent research firm that specializes in technical analysis, gave her chart readings on CNBC's The Exchange. She is also a CNBC contributor.
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Here are the 3 calls that matter.
Key Takeaways
Short-term and long-term indicators both point higher for the S&P 500, even with weak breadth
A confirmed Nvidia breakout above 237 targets about 262, a setup she called "very compelling"
Broadcom has corrected and appears to have turned the corner
Banks are oversold but still inside their long-term uptrends, which she said sets them up well for next week's earnings
1. The S&P 500 Near Highs
The host said Stockton is bullish in both the short and the longer term, and that she sees the S&P 500's cyclical uptrend as firmly intact. He asked how the index looks.
New highs are within reach, and she called that bullish in itself
"The new highs that are in reach — that's a bullish thing in and of itself, there's nothing wrong with new highs, right?" — Katie Stockton
A confirmed breakout from the index's recent range would act as a positive technical catalyst, she said.
Weak breadth has not broken the uptrend
Breadth, the share of stocks moving with the index, has been weak, and she said that has been widely publicized. The S&P 500 is still near its highs and has kept its momentum readings.
"So as much as breadth has been weak, and that's been widely publicized, the S&P 500 being near its highs and also maintaining those momentum gauges — I think the market is in good shape and wouldn't worry too much about a two-day pullback." — Katie Stockton
The host added that the Nasdaq was still higher for the week despite the headlines.
