Rally sends VIX to nine-month low

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Equity indexes pushed to more new highs yesterday as the CBOE Volatility Index continued downward, hitting nine-month lows.

The S&P 500 pushed up to 1842.02, gained 8.70 points to another record closing high and just off the intraday high that came just before the bell. The rise in the last two weeks has been very steep, and support is now at 1810.

The Nasdaq 100 was up 11.78 points to 3584.58, a new 13-year closing high closing high. It has support at 3515.

The Russell 2000 picked up 0.85 points to 1162.65. That too was a new all-time high close, after an intraday peak of 1167.96 in the morning. The small-cap index has support at 1132.

(When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns. We therefore therefore will refrain from listing any.)

The VIX was down 0.15 points, or 1.2 percent, to 12.33. It was well off the day's low of 11.69, which came with about 2 hours left of trade. That was the lowest VIX reading since mid-March.

The VIX futures were lower but traded sideways from the first minutes after the bell. The January futures finished the day at 13.45 and the February futures at 14.6. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 1.66 percent to $41.46, another new closing low for that note.

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