Equity indexes began the second half of 2013 with gains but were well off their highs yesterday. The CBOE Volatility Index posted its lowest close in almost a month.
The S&P 500 was up 8.68 points to 1614.96, its highest close since the SPX fell on June 19. It had climbed to 1626 in midday trading, but gave up ground for most of the afternoon. The index closed the day under resistance of its 20-day moving average. It has further resistance at 1652 and support at 1573.
The Nasdaq 100 rose 17.75 points to 2927.35. The NDX hit 2951 shortly after the open and, like the S&P 500, also closed below its 20-day moving average. It has further resistance at 3000 and support at 2850.
The Russell 2000 gained 12.37 points to close at 989.84. The small-cap index held up the best of the big three in the afternoon. It is now facing resistance at 1000 and support at 950.
The VIX was down 0.49 points, or 2.9 percent, to finish at 16.37 after dipping to 16 at midday. It is now at a discount to the actual volatility of the SPX, as the 10-day historical volatility for the SPX remains above 19 percent.
The VIX futures climbed into the close but were still lower on the day. The July futures were down 0.40 points to finish at 17.65. The August and September futures both lost 0.45 points to close at 18.45 and 19.4 respectively. The action in the futures had the iPath S&P 500 VIX Short-Term Futures Note (:VXX) down 3.14 percent to $20.06.
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