VIX closes below 14 as stocks gain

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Equity indexes continued to advance on Friday, pushing the CBOE Volatility Index below the 14 level.

The S&P 500 was up 5.17 points to close at 1680.19. The SPX finished at the peak of the session and at a new all-time closing high. It was also not far off its all-time intraday high of 1687.18, which may provide some resistance. Support is at 1638.

The Nasdaq 100 gained 19.61 points to finish at its own session high of 3079.07. That was a 13-year closing and intraday high. It has support at 2976.

The Russell 2000 rose 3.34 points to 1036.51. That was just off the small-cap index's intraday high that came just before the bell but is still a new closing high. It has support at 1000.

The VIX was down 0.17 points, or 1.2 percent, to close at 13.84--its first close below 14 since May 27. The volatility index remains well above its lows even though the S&P 500 is at its highs. It is at a premium to the SPX's 10-day historical volatility at 8.5 percent. The two indexes usually move inversely.

The VIX futures were higher. The July futures only have two days left of trading and were up 0.15 points to close at 14.65. the August futures were also up 0.15 to finish trading at 16.20.

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