Equities rally despite Nasdaq halt
Despite the Nasdaq's three-hour outage, equity indexes were higher at the end of yesterday's session.
The S&P 500 was up 14.16 points to 1656.96. It climbed in the morning, moved sideways until through the middle of the day when the Nasdaq issues arose, and closed just off the session highs that came in the last 30 minutes. It has resistance at 1680 and support at 1600.
The Nasdaq 100 amazingly finished with gains after the blackout, picking up 30.35 points to close at 3101.82. After resuming trade less than an hour before the closing bell, the NDX climbed back near its morning highs. It has resistance at 3149 and support at 3030.
The Russell 2000 was up 14.62 points to 1036.20, with the biggest percentage gain of 1.43 percent among the three indexes. It has resistance at 1055 and support at 1000.
The CBOE Volatility Index was down 1.18 points, or 7.4 percent to 14.76. I would have expected some volatility on the Nasdaq halt, but we are apparently getting immune to such things, possibly to our detriment.
The VIX futures followed lower. The September contracts were down 0.65 points to 15.45, and the October futures lost 0.55 points to close at 16.40. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 2.39 percent to $15.12.
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