Late bounce pushes stocks to highs

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Equity indexes continued to reach new highs yesterday, while the CBOE Volatility Index ended lower after being positive for most of the session.

The S&P 500 was up 6.73 points to finish at 1632.69, a new all-time closing high and just 0.09 points off the intraday record that came just before the bell. The SPX fell briefly in the morning and dipped with about two hours left to trade, but then climbed to those new highs. Support is at 1585.

The Nasdaq 100 gained 15.36 points to 2968.24. That more than made up for Tuesday's losses, boosting the NDX to new 13-year highs. It too had an afternoon swoon but then finished just off the day's high. Support is at 2860.

The Russell 2000 also climbed to another new record high, gaining 2.59 points to 970.41. It saw the most volatility in the afternoon, dipping below 964 before finishing right at the session high. Support is at 935.

The VIX ended the day at 12.66, down 0.17 points, but it was higher for most of the session. The volatility index was above 13 with an hour left to trade, then tumbled as the SPX made its final push.

The VIX futures held their gains, with the May contracts up 0.10 points to 13.95. The June VIX futures gained 0.20 points to finish at 15.10. This had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) up 0.66 percent to 18.31.


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