VIX falls as stocks rally second day

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Equities made solid gains for the second session in a row yesterday as the CBOE Volatility Index continued to slide.

The S&P 500 gained 15.23 points, almost 1 percent, to 1603.26. It closed just off its highs from the afternoon. Resistance is at 1650 and support at 1560.

The Nasdaq 100 was up 27.36 points, also nearly 1 percent, to close at 2893.85. Resistance is at 3000 and support at 2825.

The Russell 2000 rose just 2.57 points, or 0.27 percent, to finish at 963.83. The small-cap index gave up much of its gains just before the closing bell. Resistance is at 1000 and support at 943.

The VIX fell 1.26 points to 17.21, down 6.82 percent and just above the lows of the day. The volatility index remains below the short-term actual volatility for the SPX, as the 10-day historical volatility is still above 20 percent.

The VIX futures followed lower, with the July contracts down 0.60 points to 18.85. The August futures fell 0.40 points to 19.55. This had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 2.2 percent to $21.68. 

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