S&P 500 Is in `Technical Purgatory' After Rally, Evercore Says

While the S&P 500 may have just rallied back to a record, price patterns at the top make predicting its next move even harder than it usually is, according to Evercore ISI’s top chartist.

After jumping as much as 1.2%, the benchmark for U.S. equities ended Monday’s session with a 0.8% gain at 2,964. While the late-day pullback was consistent with short-term profit taking after last month’s rally, the reversal wasn’t big enough to indicate a collapse is imminent, Rich Ross, the firm’s head of technical analysis, said in a post-market research note.