VIX lower as stocks keep rallying
Equity indexes added to their gains yesterday, posting some new highs and sending the CBOE Volatility Index lower.
The S&P 500 added 5.91 points, or 0.29 percent, to a record close of 2069.41. It traded in a narrow range all day and did not get above Friday's intraday high. The SPX has support at 2030.
The Nasdaq 100 climbed 32.99 points, or 0.78 percent, to 4284.32. That is a new 14-year closing high for the NDX, though it too was unable to top Friday's intraday high. It has support at 4200.
(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 climbed 14.52 points, or 1.24 percent, to 1186.94. The small-cap index remains below its June highs and even levels of two weeks ago. Resistance remains at 1190 and support at 1140.
The VIX was down 0.28 points, or 2.17 percent, to 12.62. The volatility index remains significantly higher than the actual volatility in the SPX. The nine-day CBOE Short-Term Volatility Index (:VXST) rose 0.70 point, or 6.7 percent, to 11.15.
The VIX futures followed lower, with December contracts closing at 14.55 and January futures at 15.85. The iPath S&P 500 VIX Short-Term Futures Note (VXX) was down 2.18 percent to $27.31, back near its all-time lows.
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