VIX falls as equities bounce back

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Equity indexes rebounded strongly yesterday from the previous session's steep selloff, sending the CBOE Volatility Index back down near the 12 level.

The S&P 500 gained 19.68 points to 1838.88, essentially the high of the day as it climbed throughout the session. That left the benchmark index just short of Monday's open. The SPX still has resistance at 1849, and support is now at 1815.

The Nasdaq 100 surged 67.85 points, or almost 2 percent, to 3580.65. That was its highest close since Dec. 31, when the NDX posted a 13-year closing high. That high of 3592 remains resistance, while support is at 3500.

The Russell 2000 closed at 1163.42, up 15.36 points and within 1 point of Monday's open. The small-cap index has resistance at its all-time high of 1168 and support at 1140.   

The VIX fell 1 point, or 7.53 percent, to end the session at 12.28. It did spend some time below 12 intraday. The VIX futures followed, with January finishing at 13.10 and February's at 14.10. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 3.99 percent to a new closing low of $40.62.

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