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Equities mixed after losing steam

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes finished yesterday mixed while the S&P 500 and CBOE Volatility Index were up together again, bucking their usually inverse relationship.

The SPX was up 9.61 points to 1697.60. It climbed to just shy of 1705, missing the all time high by a few points during the lunch hour. It then trended lower all afternoon. It has resistance at that high of 1709, and support now at 1628.

The Nasdaq 100 was down 9.59 points to 3168.69. It did reach a 13-year intraday high of 3204.59 right at the open but then fell all day. It has resistance at that new high and support at 3060.

The Russell 2000 gained 2.27 points to 1056.25. The small-cap index hit an all-time intraday high of 1065.25 right after the open and also declined for trhe rest of the session, though it was able to stay positive.

The VIX climbed 0.22 points, or 1.55 percent to 14.38. It closed not far off the day's highs after dipping to 13.87 midday. But the gain is just statistical, as it was a Monday, when the SPX options are repriced after the weekend time decay . In addition, the September SPX options were dropped from the VIX calculation because they expire in less than a week.

The VIX futures told the real story, as they were all lower. The September futures, which have only one trading day left, were down 0.10 points to 14.70. The October futures fell 0.25 points to 15.55.

This had the iPath S&P 500 VIX Short-Term Futures Notevxx (:VXX) down 1.04 percent to 14.33.

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