VIX declines as indexes close mixed

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The major equity indexes were mixed on Friday as the CBOE Volatility Index finished lower on the day.

The S&P 500 closed at 1411.94, down 1.03 points. It fell from the day's high going into the bell but finished well above the session low of 1403.28. Support and resistance remain at 1407 and 1440 respectively.

The Nasdaq 100 was higher by 8.18 points, closing at 2665.83. It followed a similar intraday pattern but held more of the gains into the bell. Support is at 2650 and resistance at 2715.

The Russell 2000 was down 3.57 points to finish at 813.25. Unlike the other two indexes, it reached its session high right after the open and was unable to recoup the subsequent losses. Support is at 807 and resistance at 846.

The VIX also closed lower. It was down 0.31 points, or 1.71 percent to 17.81, climbing off its low into the close. It was above 18 for much of the day.

While the low-volatility day helped push the VIX down, the drop was mostly because it was a  Friday, when the SPX options price in the weekend time decay . (See our Education section)

The VIX futures were mixed. The November futures were flat at 18.30, while the December contracts slipped 0.05 points to 18.85.

More than 633,000 SPX options traded on the day, led by 392,000 calls. The VIX options saw a very light session as only 169,000 traded, 110,000 of them calls.

The iPath S&P 500 VIX Short-Term Futures ETN (VXX) options were just behind at 162,000, with 89,000 calls. The VVIX Index, which measures the implied volatility of the VIX options, was down 2.65 percent to 89.43.

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