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Equities surge, push VIX below 14

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes jumped after the non-farm payrolls report on Friday, regaining most of the week's losses and driving the CBOE Volatility Index lower.

The S&P 500 was up 20.06 points to close at 1805.09. That was essentially the high of the day and less than a point off the close from the previous Friday, when the index came off its all-time high. It has resistance at 1813 and support at 1780.

The Nasdaq 100 was up 26.53 points to close at 3504.26 after reaching an intraday high of 3511.10, both its highest levels since 2000. It has support at 3425. (When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns. We therefore therefore will refrain from listing any.)

The Russell 2000 was up 8.91 points to 1131.38. It too was off the day's high, but it is still off of last week's high  as well. It continues to have resistance at that high of 1147 and support at 1100.

The VIX was down 1.29 points, or 8.55 percent, to 13.79. The implied volatility index posted an intraday low of 13.62, and remains much higher than the actual volatility in the SPX.

The VIX futures followed lower, with the December futures closing at 13.95 and the January futures at 14.95. That left the iPath S&P 500 VIX Short-Term Futures Note (VXX) down 3.38 percent to $45.13.

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