VIX climbs as stocks reverse lower
Chris McKhann | email@example.com
The equity indexes gave up a bit of ground yesterday after a string of record rallies, pushing the CBOE Volatility Index and it futures higher.
The S&P 500 finished the day at 1626.67, giving up 6 points. It hit a new intraday high of 1635.01 in the early afternoon but slid from there. That session high could be resistance, while support is at 1587.
The Nasdaq 100 was down 7.12 points to 2961.11. The NDX hit a 13-year intraday high in the afternoon, climbing above 2980. That session peak could be resistance, with support at 2864.
The Russell 2000 slipped 4.15 points to 966.26. The small-cap index briefly broke above 970, a new intraday high. It has support at 936.
The VIX was up 0.47 points, or 3.71 percent, to 13.13. It traded as high while 13.53 as the S&P 500 dropped, as the two indexes usually move inversely. The VIX remains at a discount to the 20-day historical volatility for the SPX, which is 14.6 percent.
The May VIX futures gained 0.15 points to close at 14.15, and the June futures were up 0.20 points to 15.30. This had the iPath S&P 500 VIX Short-Term Futures Note (VXX) up 1.8 percent to end the day at $18.64 after breaking above $19 as the volatility index peaked.
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