Rally pushes SPX, RUT to new highs
Equity indexes again climbed again yesterday, pushing the S&P 500 and the Russell 2000 to new all-time highs while the CBOE Volatility Index declined.
The S&P 500 was up 3.08 points to close at 1617.50, a new all-time closing high. It almost broke 1620 with two hours left to trade, then gave up a bit of ground. Support is at 1580.
The Nasdaq 100 gained 10.77 points to finish up at 2955.36 after briefly climbing above 2959. Support is at 2846.
The Russell 2000 gained 5.38 points to 959.80 after peaking at 960.22. Those are new lifetime highs for the small-cap index. Support is at 932.
The action pushed the VIX down 0.19 points, or 1.5 percent, to 12.66. The volatility index demonstrated its usual Monday relative strength after the weekend time decay in the SPX options. But it is a bit surprising that with the SPX making new highs daily, the VIX remains above levels from April 12 and well above its multi-year high near 11 from mid-March.
The May VIX futures were down 0.40 points to 13.85, while the June futures lost 0.30 points to finish trading at 14.95. That pushed the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 1.65 percent to 18.38, just above its all-time closing low from April 12.
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