VIX falls as SPX closes at 5-year high

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Equity indexes were mixed on Friday, but the S&P 500 saw its highest close since the end of 2007. The lack of volatility pushed the VIX below the 14 level.

The S&P 500 finished at 1466.47, up 7.10 points, or 0.5 percent. The index was slightly below its session high of 1467.94, which came just before the bell. Support remains at 1420, and resistance is at 1475.

Unlike the SPX, which was positive all day, the Nasdaq 100 was lower throughout the session. The NDX finished the week at 2724.49, giving up 7.77 points, after trading as low as 2716 in the morning. Support and resistance remain at 2670 and 2785 respectively.

The Russell 2000 had the best day of the three indexes, gaining 6.55 points, or 0.75 percent, to 879.15. That was another new all-time high for the small-cap RUT, which has support at 850.

The CBOE Volatility Index fell again to 13.83, dropping another 0.73 points, or 5.01 percent. That was above the morning low of 13.64 but was its lowest close since Aug. 17, which in turn was the lowest since 2007. The VIX and the SPX usually move inversely.

The January VIX futures were down 0.65 points to finish trading at 15.25. The February futures lost 0.30 points to close at 16.65.

The VIX options traded more than 671,000 contracts, led by 432,000 calls. The VVIX Index, which measures the implied volatility of the VIX options, declined another 2.4 percent to another new all time low of 75.18.

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