VIX declines after equities bounce
Equity indexes climbed off their lows Friday but finished in negative territory, as did the CBOE Volatility Index and its futures.
The S&P 500 was down less than 1 point to 1649.60. It followed a similar pattern to Thursday as it fell below 1638 in the first hour and then climbed through the afternoon, finishing at the high of the day. Resistance is at 1687 and support at 1634.
The Nasdaq 100 was down even less, closing at 2991.02. That too was its high of the day, having dipped as low as 2965 in the first hour. Resistance is at 3053 and support at 2965.
The Russell 2000 was down less than a tenth of a point to finish at 984.28 after falling to 974. Resistance is at 1008 and support at 971.
The VIX lost 0.08 points to finish at 13.99, closing at its session low. The volatility index had climbed up to 14.79 in the morning and then slipped lower for the rest of the day. Given that it was facing the time decay of a three-day weekend, it was surprising the VIX wasn't down more.
The June VIX futures gave up 0.05 points to close at 15.45, while the July contracts lost 0.10 points to 16.45. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down fractionally to $18.73.
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