Volatility index down as equities gain

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Equity indexes were higher yesterday but off the best levels of the morning. The CBOE Volatility Index and its futures were lower.

The S&P 500 was up 12.31 points at the end of the day, closing at 1639.04. It broke above 1646 in the morning, then slumped to 1630 an hour before the close. Resistance is at 1660 and support at 1608.

The Nasdaq 100 was up 27.40 points to 2971.26. The index was as high as 2988 and above its 20-day moving average in the morning, but not for long. Resistance is at 3024 and support at 2926.

The Russell 2000 gained 6.46 points to 987.84. It traded up to--then retreated from--resistance at 990. The next level of resistance is at 1000, while support is at 968.

The VIX was down 0.35 points, or 2.04 percent to 16.80. The volatility index was as high as 17.63 an hour before the close.

The VIX futures were lower all day. The June contracts, which have only one day left to trade, finished yesterday down 0.60 points to 16.95. The July futures were down 0.50 points to 17.80. This pushed the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 2 percent to 20.38. 

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