Equity indexes rallied strongly again yesterday, pushing back near all-time highs as the CBOE Volatility Index fell nearly 5 percent.
The S&P 500 gained 19.91 points, or 1.11 percent, to 1819.75. It climbed all day and peaked at 1823 with about 45 minutes left to trade, then gave up a few points into the close. The SPX broke solidly through its 20-day moving average and now has resistance at 1850, with support at 1800.
The Nasdaq 100 climbed 39.61 points, also 1.11 percent, to 3621.72. That is the NDX's second-best close in 13 years, just off its 3627 high from Jan. 22. Resistance is at 3634 and support at 3500.
The Russell 2000 rose 10.43 points, or 0.93 percent, to 1129.16. It too was just off the high of the day, but the small-cap index remains below its 20-day moving average. Resistance is at 1160 and support at 1080.
The VIX was down 0.75 points, or 4.91 percent, to 14.51. The volatility index hit a low of 14.08 at the SPX high, which is not particularly surprising because the two usually trade inversely. The the nine-day CBOE Short-Term Volatility Index (:VXST) was down 1.18 points to 13.04.
The VIX futures followed suit. The February contracts, which have a week left to trade, finished at 15.05. The March futures closed at 15.30. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 3.78 percent to $43.81.
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