A broad market rally pushed the S&P 500 to a new all-time high while sending the CBOE Volatility Index lower.
The S&P 500 climbed 9.90 points, or 0.5 percent, to 1983.53. While that was just shy of its closing high from the start of the month, the SPX did post an intraday record of 1986.24. Support is at 1955.
The Nasdaq 100 surged 27.49 points, or 0.7 percent, to a new 13-year high of 3961.62. The NDX has support at 3870.
(When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns. We therefore will refrain from listing any.)
The Russell 2000 gained 9.49 points, or 0.83 percent, to 1156.15. That was right at its 10-day moving average and still well below the 20-day reading. The small-cap index has resistance at 1180 and support at 1120.
The VIX fell 0.57 points, or 4.45 percent, to 12.24. The volatility index was as low as 11.69 at the closing bell, then rallied after. (The VIX closes 15 minutes after the regular market stops trading.)
The nine-day CBOE Short-Term Volatility Index (:VXST) saw similar action as it fell 1.41 points, or 10.89 percent, to 11.54. But it was off the day's low of 11.19, which came right before the bell.
The VIX futures followed lower, with August contracts down 0.40 points to 13 and September futures off 0.30 to 13.65. That left the iPath S&P 500 VIX Short-Term Futures Note (VXX) lower by 2 percent to $27.94.
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