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CBOE VIX declines below 24.00 levels

FXStreet (Mumbai) - The Chicago Board Options Exchange(CBOE) Volatility Index (VIX) has declined below the 24.00 levels, well below a 21-month high of 24.64 hit yesterday.

The VIX currently trades 4.46% lower at 23.54 as the US Equity markets post modest gains. The DJIA is trading 0.32% higher at 16,373 levels while the S&P futures are trading a half a percentage point higher at 1874.15.

However, the current level of the VIX is still indicating that the gains witnessed in the US Equities may not last long. If the earnings disappoint, VIX may shoot even higher, which will be bearish for the equities.

VIX Technical levels

The VIX has an immediate support of 23.23 (Dec 2012 high), while the immediate resistance is located at 24.37 (day’s high). VIX may rise sharply towards 27.00 levels if the yesterday’s high of 24.64 is taken out.

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