Stock indexes reach record highs
Major equity indexes hit new record highs yesterday, driving the CBOE Volatility Index lower once again.
The S&P 500 added 11.61 points to 1733.15, a new all-time closing high. It was lower for the first hour or so of trading, then surged to finish barely off the intraday high of 1733.45. It has support at 1693.
The Nasdaq 100 gained 19.61 points to 3301.28, also just off its intraday high of 3301.60 and its highest close in 13 years. It has support at 3228.
The Russell 2000 was up 9.85 points to 1102.27, a record closing high as well and the first time the small-cap index has been above 1100. It has support at 1075.
(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 fell 1.23 points, or 8.36 percent, to finish at 13.48. The volatility index dipped as low as 12.89 in the first hour of trade even as the SPX was lower, but it gained some ground from there.
The VIX futures followed lower. The November contracts were down 1 point to 14.55, and the December futures fell 0.95 points to close at 15.60. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 5.52 percent to 13.01, a new all-time closing low.
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