VIX slips as stocks hit new highs

Chris McKhann (
June 6, 2014

Equity indexes ran higher again yesterday, posting more new records and pushing the CBOE Volatility Index lower.

The S&P 500 gained 12.58 points, or 0.65 percent, to close at 1940.46. That was just about a point off the intraday high. Both of those are new all-time highs for the SPX. It has support at 1900.

The Nasdaq 100 climbed 33.36 points, or 0.89 percent, to 3776.95 after hitting a session high of 3782. Those are 13-year highs for the NDX. Support is at 3700.

(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 added 22.72 points, or 2.01 percent, to 1153.94. The small-cap index finally pushed through resistance at 1140 and is back above its 50-day moving average. The next resistance level is 1180, while support is at 1120.

The VIX fell 0.40 points, or 3.31 percent, to 11.68. The nine-day CBOE Short-Term Volatility Index (:VXST) gave up 0.71 to 10.88. Both climbed in the afternoon even as the SPX held steady.

The VIX futures were lower. The June contracts finished at 12.60 and the July futures at 14 even. With that, the iPath S&P 500 VIX Short-Term Futures Note (VXX) was down 3.62 percent to $31.95, yet another new record closing low.  

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