Rich Ross Is Bullish On S&P 500

Rich Ross of Evercore ISI shared with the viewers of CNBC's "Trading Nation" his technical analysis of the S&P 500.

He said that the S&P 500 managed to break out from the well defined trading range on Thursday. The height of the range was 70 points and Ross added that number to the break out level of 2,400 to come up to his short term upside target of 2,470.

Ross believes that the S&P 500 could move to 2,700 in the long term. He identified a long term bull flag pattern that started in November at 2,100. The difference between the start of the bull flag and the break out level is 300 points, which he added to the break out level of 2,400 to get a long term price target of 2,700 for the S&P 500.