Market News

November 27, 2013  Wed 1:16 AM CT

Equity indexes pulled back from new record highs yesterday but still managed to finish higher on the session.

The S&P 500 was up just 0.27 points to 1802.75. It hit a new intraday high of 1808.42 with about 30 minutes left to trade, then slipped into the bell. It has support at 1775.

The Nasdaq 100 was up 18.27 points to 3445.76. It had been as high as 3455.54. Those were new 13 year highs. It has support at 3360.

The Russell 2000 gained 9.80 points to 1134.53. It topped out at 1136.24 but held up better than its peers through the end of the session, on a percentage basis. Those were new all-time highs for the RUT, which has support at 1100.

(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 VIX jumped ot 12.99 in the first hour of trade but finished the day up fractionally to 12.81. That is surprising given that we have a shortened week, as the volatility index usually falls to reflect the time decay of days off.

The December VIX futures closed at 13.75, up 0.10 points on the day, while the January futures were flat at 15.05. That pushed the iPath S&P 500 VIX Short-Term Futures Note (VXX) up 0.56 percent to $44.84.
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