Stocks up modestly, pushing VIX lower
Chris McKhann | [email protected]
The S&P 500 was up 4.65 points to 1680.91, finishing in the middle of the day's tight range. It almost made up for Tuesday's losses and was its second-highest close ever. There is some resistance at its all-time intraday high of 1687, and support is at 1652.
The Nasdaq 100 gained 7.81 points to end the session at 3085.28, another 13-year closing high. The intraday high of 3090.89 was also the index's highest in that time period. It has support at 3000.
(When equities are at highs, further resistance levels are obviously projections not based on previous trading patterns, so I will not list them.)
The Russell 2000 was up 3.78 points to 1042.53. It reached an all-time intraday high of 1046.13 but finished below Monday's closing high. It has support at 1018.
The VIX fell 0.64 points, or 4.44 percent, to 13.78. The volatility index is still well off the year's lows even as the S&P 500 sits at highs. The VIX and the SPX usually move inversely.
The July VIX futures settled yesterday morning at 14.43. The front-month August futures were down 0.60 points to to 15.60, while the September contracts lost 0.50 points to close at 16.95.
This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 3.45 percent to $16.81, a new all-time closing low.