Equities higher, drive VIX below 13
Chris McKhann | [email protected]
Equity indexes pushed higher yesterday, while the CBOE Volatility closed below 13 for the first time in almost three months.
The S&P 500 was up 6.29 points to 1767.93, the second-highest close for the SPX. It finished just off the high of the day, which came just before the bell. It has support at 1740.
The Nasdaq 100 gained 4.98 points to 3384.75, just off the 13-year closing highs from last week. It has support at 3300.
The Russell 2000 climbed 12.61 points to 1108.28. It has support at Friday's low of 1087 and then at 1040.
(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 was down 0.35 points, or 2.64 percent, to 12.93. That was its first close below 13 since Aug. 13.
The near-term VIX futures were unchanged at the end of the day. The November futures finished at 13.95 and the December contracts at 15.05. With that the iPath S&P 500 VIX Short-Term Futures Note (VXX) was down 2.57 percent to $12.50, yet another new all-time closing low.
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