VIX, SPX both fall, bucking usual trend

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The CBOE Volatility Index and the S&P 500 fell yesterday, departing from their usually inverse correlation. The VIX futures were mixed.

The volatility index was down 0.08 points to 16.29. It hit a session high of 16.79 just after noon but quickly slipped back.

The S&P 500 fell 8.92 points to end the day at 1432.56 after matching the session low at 1430 just before the close. It remains near support at 1430, with the potential downside level at 1418. Resistance remains at 1460.

The Nasdaq 100 also hit its low just before the close and rose a few points above it at 2728.54, down 13.38 points. Resistance is still at 2845 and support at 2705.

The Russell 2000 was down only 1.17 points to 826.75, faring much better than the others. The small-cap index hit its low in the noon hour and bounced into the close. Support remains at 820 and resistance at 846.

The VIX futures were mixed. The October futures were flat at 16.70, while the November and December contracts were both up 0.10 points to 18.15 and 18.85 respectively.

More 669,000 SPX options traded, with a put/call ratio of 2 to 1. The VIX options were next in volume with 571,000 contracts, led by 383,000 calls. The VVIX Index, which measures the implied volatility of the VIX options, shot up 6.6 percent to 94.36.

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