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June 28, 2013  Fri 1:16 AM CT

VIX: SEE CHART GET CHAIN FIND STRATEGIES
More gains in the major equity indexes yesterday made for the market's best three-day run in 2013.

The S&P 500 was up just shy of 10 points, or 0.62 percent, to close at 1613.20. Earlier in the session it peaked at 1620, the 20-day moving average, but found resistance there and pulled back. It has further resistance at 1652 and support at 1560.

The Nasdaq 100 was up 13 points, or 0.45 percent, to 2906.84. It has resistance at 3000 and support at 2825.

The Russell 2000 gained 16 points, or 1.67 percent, to finish at 979.92 as it led the other indexes in percentage gains. It resistance at 1000 and support at 943.

The CBOE Volatility Index continued its slide, giving up 0.35 points, or 2 percent, to finish at 16.86. The VIX touched 16.34 in the morning and vacillated from there. It remains at a discount to actual volatility in the S&P 500.

The VIX futures fell more than the spot volatility index. The July VIX futures shed 0.65 points to finish at 18.20, and the August contracts gave up 0.55 points to close at 19.05. This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 4 percent to $20.81.
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Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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