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January 14, 2014  Tue 3:16 AM CT

VIX: SEE CHART GET CHAIN FIND STRATEGIES
Equity indexes saw their steepest decline of the New Year yesterday, driving the CBOE Volatility Index back above the 13 level.

The S&P 500 fell 23.17 points to 1819.20, its lowest close since Dec. 20. It was briefly in positive territory in the first hour of trade but then steadily lost ground from there, dipping as low as 1815 though bouncing slightly into the close. Resistance remains at its high of 1849, while there is some support at 1810 and then 1780.

The Nasdaq 100 dropped 52.29 points to 3512.80. It followed the same pattern as the SPX and bounced right off 3500. Resistance is at 3592 and support at 3455.

The Russell 2000 was down 16.47 points to 1148.06. The small-cap index has resistance at 1168 and support at 1120.

The VIX gained 1.14 points, or 9.39 percent, to 13.28 after dipping to 11.82 in the morning. The VXST, the 9-day volatility index, was up 31 percent to 13.09.

The VIX futures followed higher. The January contracts, which have just over a week to trade, closed at 13.80. The February futures finished at 14.60. That had the iPath S&P 500 VIX Short-Term Futures Note (VXX) up 3.6 percent to close at $42.31.
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Both break outs and a break downs need to have a couple things happen before it is considered a confirmed break out or break down by technical definition!  The only problem is that in today's market where things move much more quicker than they did just a few years ago, two days could wind up being the majority of the expected movement, if not the whole movement.

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