The broad equity indexes rose fractionally on Friday, as did the CBOE Volatility Index and its futures.
The S&P 500 gained a couple of points at the end of the day to close out the week at 1379.85, just about in the middle of an 18-point range. It fell to 1373, then climbed above 1391 by lunchtime before slipping in the afternoon. Support and resistance remain at 1365 and 1433 respectively.
The Nasdaq 100 gained 11 points, or 0.45 percent, to close at 2584.10. It followed a similar pattern, falling to 2572 and then climbing to 2610 before dropping in the afternoon. Support and resistance remain at 2550 and 2651 respectively.
The Russell 2000 mirrored the SPX, also with a 0.17 percent gain, picking up a bit more than 1 point to close at 795.02. It slipped below 790 at the open and then climbed above 800 in the morning run. Support is still at 775 and resistance at 825.
The VIX was up 0.12 points to 18.61, departing from its usually inverse correlation to the S&P 500. This is especially interesting on a Friday when the VIX shows relative weakness because of the weekend time decay priced into the SPX options.
The VIX futures were also higher, though the VIX finished the day again above the November futures. Those futures were up 0.10 points to 18.60. The December futures gained 0.25 points to 19.55, and the January options were up 0.30 points to 20.85.
More than 1.15 million SPX options traded on Friday, with puts outpacing calls by more than 2 to 1. The VIX options traded 304,000 contracts, led by 212,000 calls. The VVIX Index, which measures the implied volatility of the VIX options, was fractionally higher at 94.02.
More From optionMONSTER