Rich Ross Thinks The 'Trump Rally' Is Still Intact

Rich Ross of Evercore ISI said on CNBC's Trading Nation that the up trend isn't over after the pullback on Tuesday.

He noticed on a chart of SPDR S&P 500 ETF Trust SPY that the ETF bounced of its 50-day moving average. He sees that as a bullish sign, because the 50-day moving average has been a strong support for the stock during the post election period.

Ross thinks pullbacks are going to be more shallow as the market continues to move higher. An eventual break below 50-day moving average would create a stage for more downside, with support levels at $230 and $228, added Ross.