Stock selloff drives VIX up 7 percent
Equity indexes gave up a bit of ground yesterday but were well off session lows as last-minute wrangling continued over the federal budget.
The S&P 500 was down 10.20 points to close at 1681.55. It dipped below 1675 right out of the gate and saw some volatility in the last hour. It has resistance at 1730 and support is 1630.
The Nasdaq 100 fell 12.11 points to 3218.20. It followed a similar pattern as the SPX, dipping below 3187 early. It has resistance at 3248 and support at 3100.
The Russell 2000 was off just 0.40 points to 1073.79. It opened the day by slipping below 1062 before recovering and even going positive briefly in the afternoon. It has resistance at 1082 and support at 1040.
The CBOE Volatility Index was up 1.14 points, or 7.37 percent, to 16.60. The VIX topped at 17.49 at the open and climbed back above 17 before the closing bell.
The VIX futures followed suit, but to a lesser degree. The October futures are now lower than the spot volatility index, as those futures gained 0.70 points to close at 16.20. The November futures rose 0.55 points to 16.90. That had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) up 3.51 percent to $14.70.
More From optionMONSTER