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SPX, NDX rally to reach new milestones

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes rallied again yesterday and pushed the S&P 500 at a new all-time closing high, though the CBOE Volatility Index was up as well.

The S&P 500 gained 11.37 points to finished the day at 1593.61. It was a couple of points higher two hours before the bell but missed a new intraday high by about a point. That level of 1597 remains resistance, at least for today, while support is at 1570 and then 1540.

The Nasdaq 100 was up more than 26 points to 2866.94, its highest close since 2000. It broke above 2877 midday but it failed to reach a new 52-week intraday high.

The Russell 2000 is not leading this rally. The small-cap index did gain 7.18 points to finish at 942.43, but that is below its close from April 12 and well below the intraday levels from last Thursday and its all-time high of 954. That level will continue to be resistance, while support is at  924 and then 900.

The VIX was up 0.10 points to 13.71. It hit an intraday low of 13.36 around the lunch hour climbed through the afternoon. Part of volatility index's relative strength was attributable to the weekend effect, but not all of it, as the VIX futures followed.

The May VIX futures also climbed in the afternoon but then lost 0.10 points at the end of the session to close at 14.70. The June futures were down 0.05 points to 15.55. This left the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 0.46 percent to 19.16, after it hit a low of 18.80 at noon.

Only 224,000 VIX options changed hands, led by 153,000 calls. The VXX options followed with 165,000 options, with 88,000 calls.

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