VIX bounces with stocks off highs

David Russell (
December 30, 2013

Stocks edged lower on Friday, retreating from record levels, as the CBOE Volatility Index rebounded from multi-month lows.

The S&P 500 declined 0.03 percent to 1841.40, only the second time in the last seven sessions it failed to close at a new all-time high. Support is at 1810, which had been resistance before the recent breakout.

The Nasdaq 100 fell 0.29 percent to 3574.02. Support for that index is at 3515.

The Russell 2000 slipped 0.13 percent to 1161.09. The small-cap index has support at 1132.

(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 CBOE Volatility Index, which usually moves in the opposite direction of the S&P 500, rose 1.05 percent to 12.46, one day after bouncing at a nine-month low of 11.69.

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