The CBOE Volatility Index surged going into the weekend as equity indexes finished lower on Friday amid continued uncertainty over the federal budget.
The S&P 500 was down just shy of 7 points to close at 1691.75, in the middle of the day's range. It has resistance at 1730 and support at 1670.
The Nasdaq 100 gave up less than 4 points to finish at 3230.30. The NDX remains just off its 13-year closing high from last week. It has some resistance at 3248 and support at 3150.
The Russell 2000 fell 4.22 points to 1074.19 as it came of Thursday's all-time closing high. It has some resistance at the intraday high of 1082 and support at 1050.
The VIX surged 1.40 points, or about 10 percent, to end the session at 15.46. That was its highest close since Sept. 9, when the SPX was 20 points lower. The rise in the volatility index is also notable because it took place on a Friday, when it usually sees relative weakness as the SPX options price in weekend time decay .
The VIX futures were higher as well. The October futures rose 0.70 points to 15.50. This means that the spot volatility index will be at a premium to those October futures on Monday unless equities rally. The November futures were up 0.40 points to 16.35.
That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) up 4.26 percent to close at $14.20.
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