VIX slips as stocks hit more highs

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Equity indexes were mixed but still saw some new highs on Friday, while the CBOE Volatility Index dropped in the final minutes of the session.

The S&P 500 was up 7.7 points to close at 1759.77, the third record closing high last week. The SPX surged in the final 30 minutes of trade. It has support at 1710.

The Nasdaq 100 gained 21.45 points to 3383.83, another 13-year closing high. The NDX broke 3400 in the opening minutes of trade and finished in the middle of the day's range.  It has support at 3250.
 
The Russell 2000 was down 0.50 points to 1118.34. The small-cap index did post an all-time intraday high of 1121.92 in the first minutes of Friday's trade. It has support at 1087.

(When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns. We therefore will refrain from listing any.)

The VIX was off 0.11 points to finish at 13.09. The volatility index had been holding gains right up until the last 30 minutes, which is unusual given that we expect relative weakness on Fridays as the SPX options price in the weekend time decay .

The VIX futures were also higher until that time but finished flat. The November contracts closed at 14.45, while the December futures ended the day at 15.45. The iPath S&P 500 VIX Short-Term Futures Note (:VXX) was down 0.3 percent to $12.84, a new closing low, though it did remain above the intraday lows from earlier in the week.


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