Evercore Says World-Beating S&P 500 Index Headed for New Highs
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The S&P 500 Index, which has been outperforming equity benchmarks in the rest of the world, remains in an “outstanding position” to continue its run to record highs, according to Evercore ISI’s Rich Ross.
Exchange-traded funds tracking strong-momentum, high-quality and low-volatility stocks all trading at 52-week highs is a “uniquely bullish” combination that bodes well for the U.S. equity market, Ross, the firm’s New York-based head of technical analysis, wrote in a research note Friday. He shaved 10 points off his latest S&P 500 target, setting it at 3,005 in a move he said reflects a “sharpening up” of the short-term forecast.