Equity indexes were mixed yesterday, pushing the S&P 500 to more new highs while the CBOE Volatility Index rose as well--bucking the usually inverse relationship between the two.
The S&P 500 gained 1.40 points, or 0.07 percent, to 1924.97 after hitting 1925.88 just before the bell. Those are record closing and intraday highs. The SPX's 10-day historical volatility is down to 6.6 percent, which almost matches the lows of the last year. Support is at 1900.
The Nasdaq 100 fell 3.86 points, or 0.1 percent, to 3732.96. That was less than a point off Friday's 13-year intraday high. The NDX has support at 3700 and then 3650.
(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 Russell 2000 was down 5.60 points, or 0.49 percent, to 1128.89 as the small-cap index continues to underperform its peers. Resistance remains at 1140 and support at 1100.
The VIX was up 0.18 points, or 1.58 percent, to 11.58. The volatility index had jumped to 12.17 in the first hour of trade and fell to 11.29 just after the closing bell. The nine-day CBOE Short-Term Volatility Index (:VXST) was up 0.74 points, or 7.61 percent, to 10.47.
The VIX futures were mixed, with the June contracts closing at 13.15 and the July futures at 14.75. That left the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 0.42 percent to $33.38, another new record low.
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