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August 7, 2013  Wed 1:47 AM CT

SPX: SEE CHART GET CHAIN FIND STRATEGIES
Equity indexes pulled back yesterday but remain in a bullish trend.

The S&P 500 declined 0.57 percent to 1697.37, its first close below 1700 this month. It also managed to hold its 10-day moving average, which is potentially positive in the near term. Support remains at 1670.

The Nasdaq 100 fell 0.67 percent to 3122.20, two days after touching its highest level since the tech bubble collapsed in 2000. Support remains at 3030.

The Russell 2000 suffered the sharpest loss of the three indexes, declining 1.02 percent to 1052, but also held its 10-day moving average. Support remains at 1020.

(When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns, so we will not guess at them.)

The CBOE Volatility Index rebounded from long-term support around 12 to close up 7.43 percent to 12.72. The VIX and the S&P 500 usually move in opposite directions.The iPath S&P 500 VIX Short-Term Futures Note (VXX), which is based on the two nearest-month VIX futures contracts, rose 3.07 percent to $14.48.
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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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