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Stocks rebound, cut Friday's losses

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes erased early losses to regain some of the ground lost in Friday's late selloff. The CBOE Volatility Index was down but remained above 16.

The S&P 500 was up 9.68 points to close at 1640.42. The SPX fell below 1623 about two hours into the session but climbed for the rest of the day and closed at its session high. That 1623 level could provide some support, though it is firmer at 1598. Resistance remains at the high at 1670.

The Nasdaq 100 rose 9.03 points to finish up at 2990.79. It bounced off support at 2950 before recovering. Resistance is at 3027.

The Russell 2000 gained 6.39 points to 990.53. It too bounced off support at 975 and closed right at its 10-day moving average. Resistance is at 1000.

The VIX ended the day at 16.28, off just 0.02 points. The volatility index climbed as high as 17.58 earlier in the day.

The VIX futures were lower at the end of the day as well. The June contracts, which have two weeks left to trade, were down 0.05 points to 16 even. The July futures ended at 17 even, down 0.15 points on the day. That left the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 0.16 percent to $19.11.

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