VIX falls as small caps lead rebound

optionMONSTER

Major equity indexes bounced yesterday, driving the CBOE Volatility Index and its futures lower.

The S&P 500 finished the day down almost 10 points, closing at 1563.07. That brings it back to its range from last Wednesday. The SPX slipped below 1549 in the first hour and then climbed from there, ending at the high of the day. Resistance is at 1573 and support at 1539.

The Nasdaq 100 gained 14 points to close at 2786. The NDX was below 2745 right at the open, and it too finished at the high of the day. Resistance is at 2828 and support at 2745.

The Russell 2000 had the best percentage gain, picking up 8.21 points, or 0.89 percent, to finish at 931.49. The small-cap index dipped below 910 at the open, and that will be support going forward. Resistance remains at 954.

The action drove the VIX down 0.73 points, or 5.24 percent, to 13.19. It had climbed to 14.50 in the first hour of the session and finished at its low of the day.

The April VIX futures were down 0.75 points to 13.60, while the May futures lost 0.45 points to close at 15.05. This left the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 2.8 percent to 19.55, yet another new all-time low.

The VIX options traded 369,000 contracts, making it second on the overall volume list. Calls outpaced puts by 2 to 1.

The VVIX, which measures the implied volatility of the VIX options, was down 2.8 percent to 82.12. The VXX, meanwhile, saw 302,000 options change hands, with 165,000 puts. 

More From optionMONSTER

View Comments