Major equity indexes surged again at the end of last week with optimism that Washington's budget stalemate will be broken, pushing the CBOE Volatility Index back below the 16 level.
The S&P 500 gained 10.64 points to close Friday at 1703.20, essentially matching its session high. It is the SPX's best close since Sept. 20, the day after its all-time intraday high. That peak of 1729 will continue as resistance while support remains at 1630, though downside levels will mean very little if no agreement is reached to reopen the federal government and raise the debt ceiling.
The Nasdaq 100 was up 22.98 points to finish at 3233.83, just off the previous week's 13-year highs. It followed a similar pattern as the S&P 500. The high of 3256 is resistance while support is at 3050.
The Russell 2000 rose 14.81 points to 1084.31, also basically matching its high of the day and just off its all-time high of 1087 from the first day of this month. It has support at 1040.
The volatility index fell 0.76 points, or 4.61 percent, to close at 15.72. The VIX futures followed lower, with the October contracts losing 0.70 points to close at 15.70 and the November futures down 0.45 points to 16.40.
That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 1.62 percent to $14.53.
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