VIX falls below 16 as stocks rally again

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Equity indexes rallied strongly for the second day in a row, driving the CBOE Volatility Index and its futures lower.

The S&P 500 was up 16.43 points, or 1.15 percent, to end the day at 1446.79. While most of the gains came in the morning, the index hit its session high of 1448 in the minutes before the bell. The SPX saw its highest close since Oct. 18, and the high of that day is now resistance at 1461. Support is at 1414.

The Nasdaq 100 gained more than 41.13 points, or 1.54, percent to finish at 2705.39. That was just above its resistance level, which now moves to around 2750. Support is at 2620.

The Russell 2000 was up 12.69 points to 847.69, its highest close since Sept. 24. It now has resistance at 854 and support at 821.

The rally drove the VIX down 0.77 points, or 4.7 percent, to 15.57. This matches the close from last Tuesday.

The December VIX futures wrapped up trading at 15.55, down 0.65 points, before tomorrow morning's settlement. The January futures, which will become the front-month contracts tomorrow, gave up 0.30 points to close at 16.10.

More than 834,000 VIX options traded, 461,000 of which were calls. But the VVIX Index, which measures the implied volatility of the VIX options, was down 3.3 percent to 79.36.

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