Options Trading News

November 19, 2013  Tue 1:47 AM CT

Equity indexes finished lower yesterday after hitting new highs, while the CBOE Volatility Index climbed back above 13.

The S&P 500 was down 6.65 points to close at 1791.53 after reaching a new intraday high of 1802.33 in the first minutes of trade. It fell sharply in the afternoon, dropping to 1788 before regaining a bit of ground in the final 30 minutes. It has support at 1775 and then 1745.

The Nasdaq 100 was down 33.71 points to close at 3388.87. It hit a 13-year intraday high of 3429.20 right out of the gate but followed the same pattern as the SPX in the afternoon. The NDX has support at 3300.
The Russell 2000 was down 8.91 points to 1107.29. It was as high as 1119.98 in the morning. The small-cap index has support at 1080. (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 up 0.91 or 7.5 percent to 13.1. Part of that gain was caused by the weekend time decay and the repricing of the SPX options on which the volatility index is based.

The VIX futures were unchanged at the end of the day. The November futures, which have only one day left to trade, closed at 13.25 as the December options finished at 14.30. With that the iPath S&P 500 VIX Short-Term Futures Note (VXX) was unchanged at $47.03.
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