Credit: Shutterstock photoStocks remained bullish yesterday, with the S&P 500 inching to new record highs as the CBOE Volatility Index reversed early gains.
The SPX rose 5.86 points, or 0.29 percent, to 1992.37--its first close ever above 1990. It touched 1994.76 at its intraday peak. Support is at 1991, and there is no longer any clear line of resistance.
The Nasdaq 100 rose just 6.33 points, or 0.16 percent, to 4047.03, another new 13-year high. The NDX has support at 3975.
(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 fell early, dropping 0.9 percent in the morning, but it bounced at its 200-day moving average. The RUT ended the session up 2.52 points, or 0.22 percent, to 1160.03. The small-cap index has been the weakest of the major benchmarks we follow and is the only one that is negative this year.
The VIX climbed early but ended the day down 0.02 points, or 0.17 percent, to 11.76. The nine-day CBOE Short-Term Volatility Index (VXST) rose 0.14 points, or 1.3 percent, to 10.94.
The iPath S&P 500 VIX Short-Term Futures Note (VXX) was up 0.36 percent to $27.81.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
