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VIX at lowest close in two months

Chris McKhann (chris.mckhann@optionmonster.com)

Equity indexes were mixed but little-changed yesterday, while the CBOE Volatility Index fell to its lowest close in two months.

The S&P 500 slipped 2.38 points, or 0.12 percent, to 2067.03. It hit 2074.21 in the morning, a new intraday high. The SPX has potential resistance at that level, with support at 2040.

The Nasdaq 100 added 3.91 points, or 0.09 percent, to close at 4288.23 after reaching 4302.44 in the morning. Both are new 14-year highs for the NDX, which has support at 4200. (When equity indexes are at highs, further resistance levels are obviously projections not based on previous trading patterns. We therefore will refrain from listing any.)

The Russell 2000 fell 0.61 point, or 0.05 percent, to close at 1186.33. The small-cap index did hit 1191.76 right out of the gate, its best intraday level since the highs of early July. The RUT has still has resistance at 1190 and support at 1150.

The VIX fell 0.37 point, or 2.93 percent, to 12.25. That was just off the volatility index's session low and its lowest close since Sept. 19. The nine-day CBOE Short-Term Volatility Index (:VXST) fell 0.34 point, or 3.05 percent, to 10.81.

The VIX futures followed lower, with December and January contracts both falling fell 0.10 point to 14.45 and 15.75 respectively. The iPath S&P 500 VIX Short-Term Futures Note (VXX) was down 0.7 percent to $27.12.

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