Equity indexes fell sharply on Friday, driving the CBOE Volatility Index higher.
The S&P 500 fell 23.68 points, or 1.25 percent, to 1865.09. It hit a record intraday high of 1897.28 in the morning but declined steadily for the rest of the day. That brings the benchmark index right back to its 20-day moving average, which is now resistance, while support is at 1840.
The Nasdaq 100 fell 98.20 points, or 2.7 percent, to 3539.38. That is its lowest level in two months and below its 20-day moving average. Resistance is at 3670 and support at 3450.
The Russell 2000 lost 27.74 points, or 2.35 percent, to 1153.38. It too pushed sharply below its 20-day moving average. The small-cap index has resistance at 1200 and support at 1140.
The VIX climbed 0.59 points, or 4.41 percent, to 13.96. The volatility index would have likely been higher, but it was held down by the weekend time decay that is priced into the SPX options. The nine-day CBOE Short-Term Volatility Index (:VXST) sees even more of that effect and was up 0.65 points, or 5.19 percent, to 13.18.
The VIX futures followed higher, with the April contracts closing at 14.85 and the May futures at 15.75. That left the iPath S&P 500 VIX Short-Term Futures Note (:VXX) up 2.07 percent to $41.84.
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