VIX down as equity indexes rally back

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The major equity indexes bounced by the end of yesterday's session, erasing earlier losses while pushing the CBOE Volatility Index and its futures lower.

The S&P 500 was up 13.66 points to close at 1622.56. It had fallen below 1600 briefly in midday trading before climbing back into positive territory. It has resistance is at 1660, while support is at 1598 and then 1575.

The Nasdaq 100 climbed 13.16 points to finish at 2950.30. The NDX had dropped below 2912 before recovering. It has resistance at 3012, while support is at 2911 and then 2860.

The Russell 2000 was up 11.30 points to 979.46, regaining most of Wednesday's losses. It has resistance at 1000 and support at 960.

The VIX ended the day down 0.87 points to 16.63, a loss of 4.97 percent. The volatility index reached an intraday peak of 18.51 in midday trading, its highest reading since late February, but then fell sharply all afternoon.

The June VIX futures gave up 0.50 points to close at 16.55, while the July contracts lost 0.50 points to finish at 17.30. This had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 1.09 percent to close at $19.94.

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