VIX back above 20 as stocks decline

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The major equity indexes were down more than 1 percent at the end of yesterday's session but well off their morning lows, while the CBOE Volatility Index rose above 20.

The S&P 500 was down 19.34 points, or 1.21 percent, to close at 1573.09. It fell as low as 1560 by midday and then recovered above 1586 before giving up ground into the bell. That low was the index's lowest since April 22. Support is now 1540 and then 1485, while resistance is at 1650.

The Nasdaq 100 lost 29.75 points, or 1.03 percent, to end the day at 2848.20. It followed the same pattern as the SPX and had a low at 2825. That level will provide some support, with the next level at 2745, while resistance is at 3000.

The Russell 2000 gave up 12.63 points, for the biggest percentage loss of 1.31 percent, to finish at 951.05. Support is now at 900 and resistance at 1000.

The VIX was up 1.21 points, or 6.4 percent, to 20.11. It climbed as high as 21.91 in the first hour, the highest level of 2013, then declined and even went negative briefly before climbing in the last hour.

The VIX futures were higher all day. The July contracts rose 1.15 points to 20.15, while the August futures finished at 20.30, up 0.90 points on the day. This had the iPath S&P 500 VIX Short-Term Futures Note (:VXX)  up 5.8 percent to $22.81.

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