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VIX rises again as equities rally

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes posted more gains yesterday, but the CBOE Volatility Index rose with the S&P 500 for the second session in a row. The two indexes typically trade inversely.

The S&P 500 ended the session up 7.16 points at 1704.76, just off the high of the day. The SPX rallied right at the open but was in a very tight range all afternoon. It has resistance at 1710 and support at 1628.

The Nasdaq 100 also saw gains right out of the gate and rose 22.14 points to 3190.83, a new 13-year closing high. It has resistance at 3204 and support at 3100.

The Russell 2000 climbed 10.14 points to finish at 1066.39, a new all-time high for the small-cap index. It has support at 1010. (When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns, so I will refrain from listing them.)

The VIX was up 0.15 points, or 1.04 percent, to 14.53. The volatility index peaked at 14.61 about 90 minutes before the bell and is 20 percent higher than the last time the SPX was this high.

The VIX futures were all lower. The September futures, which will settle this morning, were down 0.05 points to 14.65. The October futures fell 0.10 points to 15.45. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 1.05 percent to 14.18, not far off its all-time low. 

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