Volatility declines as equities rebound
Equity indexes rebounded sharply yesterday as key volatility measures came back down.
The S&P 500 climbed 15.53 points, or 0.78 percent, to close at 1998.30. The SPX finished right at its 20-day moving average. Resistance is at 2010 and support at 1980.
The Nasdaq 100 surged 42.74 points, or 1.05 percent, to 4094.31. That isn't far off the 13-year closing high set last week at 4103.08. The NDX has resistance at the intraday high of 4118 and support is 4040.
The Russell 2000 gained 9.60 points, or 0.86 percent, to 1128.31. Unlike its peers, the small-cap index remains well below its 10- and 20-day moving averages. It has resistance at 1140 and support at 1110.
The CBOE Volatility Index fell 1.66 points, or 11.12 percent, to 13.27. The nine-day CBOE Short-Term Volatility Index (:VXST) dropped 2.71 points, or 17.37 percent, to 12.89.
The October VIX futures lost 0.80 point to 14.60, and the November futures were down 0.60 point to 15.30. That pushed the iPath S&P 500 VIX Short-Term Futures Note (VXX) lower by 3.22 percent to $28.29.
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