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Equities give back gains from Fed

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes were lower on Friday, giving up most the gains posted on Wednesday after the Federal Reserve announced that there was no change in its monetary policy.

The S&P 500 was down 12.43 points to 1709.91. It lost ground all day, finishing just a few points above Tuesday's close. Resistance is now Thursday's high of 1730, and support is at 1670.

The Nasdaq 100 gave up 12.88 points to close at 3224.73. It hit a 13-year intraday high of 3248.52 in the morning, which will likely be resistance. Support is at 3150.

The Russell 2000 lost 2.44 points to 1072.83. It has resistance at its all-time high of 1080 and support at 1050.

The VIX was also lower, finishing the session off 0.04 points to 13.12 after falling to 12.52 in the morning. The loss was mainly statistical, reflecting the weekend time decay of the SPX options on which the volatility index is based.

The VIX futures were all higher. The October futures gained 0.25 to close at 15 even, while the November contracts picked up 0.20 points to close at 16.10. This had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) up 1.91 percent to $13.84.

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