U.S. Markets closed

VIX deflates as indexes pare losses

Chris McKhann (chris.mckhann@optionmonster.com)

Equity Indexes fell but came off their lows, while VIX futures also declined.

The S&P 500 shed 5.2 points to 1551.69. It climbed as high as 1564.91, just a point or so off the all time closing high from 2007. It then edged down to 1546 before recovered into the close. That 1565 level continues to be resistance while support is at 1515.

The Nasdaq 100 lost 11 points to close out the day at 2789.45. Resistance at 2816 holds for now and 2760 is support.

The Russell 2000 fell just 0.42 to close at 945.85. It barely missed setting a new all time intraday high in the morning. It still has resistance at 954. Support is 930.

The VIX ended the day up 0.17 or 1.25 percent to 13.74. But that was due to the weekend effect as the SPX options were repriced after the weekend time decay. The April VIX futures were down 0.25 to close at 14.55 and May futures fell 0.2 to 15.80. The VXX, which is comprised of those two front month VIX futures, declined 0.4, or 1.9 percent, to 20.55. It hit a new all time low of 20.15 during the session.

Just shy of 850,000 VIX options traded on the day, 670,000 of which were calls. The VVIX had been holding even, but ended the day down more than 3 percent to 88.86. The VXX also had a big day with 269,000 contracts changing hands, with calls outpacing puts there as well.

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