Equities break 5-day losing streak
Chris McKhann | email@example.com
Major equity indexes were higher at the end of the day as the S&P 500 and Nasdaq 100 broke their five-day losing streak, while the Russell 2000 posted a new all-time closing high. The CBOE Volatility Index was higher as well, bucking its usual inverse relationship with the SPX.
The S&P 500 was up 5.9 points to close at 1698.67 after again facing immediate resistance at its 10-day moving average. The SPX has resistance at 1730 and support at 1660.
The Nasdaq 100 was up 25.49 points to 3234.04, just off its 13-year closing high from last week. It has resistance at the intraday high of 3248 and support at 3150.
The Russell 2000 was up 4.90 points to 1078.41, a new lifetime closing high. The small-cap index has some resistance just above at 1082 and support at 1040.
The VIX was up 0.05 points to 14.06. The volatility index dipped to 13.58 in the morning, then climbed to 14.40 in short order.
The VIX futures were lower, as the October and November contracts both lost 0.25 points to close at 14.80 and 15.95 respectively. That had the iPath S&P 500 VIX Short-Term Futures Note (VXX) was down 1.94 percent to close at $13.62.
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Videocast: Volatility plunges on rally
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After VIX trading "approached panic levels" yesterday, Group One's Jamie Tyrrell says volatility is "getting annihilated" across the board with today's market rebound.