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June 19, 2013  Wed 2:14 AM CT

VIX: SEE CHART GET CHAIN FIND STRATEGIES
Equity indexes rallied again ahead of the Federal Reserve's announcement today as the CBOE Volatility Index slipped modestly.

The S&P 500 gained 12.77 points, or 0.78 percent, to close at 1651.81. It was a few points off the session high, which came about an hour before the close. Resistance is now at 1670 and support at 1609, though those levels may not mean much come tomorrow afternoon.

The Nasdaq 100 advanced 24.83 points, or 0.84 percent, to finish at 2996.09. Resistance is at 3028 and support at 2925.

The Russell 2000 racked up 12.14 points, or 1.23 percent, to finish at 999.99. The small-cap index posted the biggest percentage gain among its peers. Resistance is now at 1008 and support at 968.

The VIX was down 0.19 points, or 1.13 percent, to finish at 16.61. The volatility index came off the day's lows about an hour before the close and was positive just below 17 in the early afternoon.

The VIX futures were lower all day. The June contracts, which settle tomorrow morning, lost 0.20 points to close at 16.75. The July futures ended the day at 17.65, down 0.15 points. That had the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 1.47 percent to $20.08. 
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The Movement of Delta

In our last column, we spoke about delta. You might remember that we discussed what delta was and what factors affected or changed delta. As you recall, we stated that three factors will have an effect on delta. They were movements of time, volatility, and underlying price. Today, we want to take a further look into the change of delta, this time focusing on change due to the movement in the underlying price. 

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