Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK CIN put the brakes on its skid and rose 0.37 points to close at 1093.72.
MACD climbed 4.3 points to -4.8. RSI rose 5.1 points or 14.4% to 40.4.
Support is at 1085 and 1080. Resistance is at 1100 and 1120.
Last week, the INK Canadian Insider Index trailed oil (+2.15%), the SPDR S&P 500 ETF (SPY*US) which was up 1.03%, and copper (+0.55%) which is not a bad thing as they tend to be positive leading indicators for the Index. The INK CIN outpaced gold (-0.81%) and silver (-0.33%). The positive divergence I noted in copper's chart looks to be coming to fruition with copper, US markets, and the INK CIN seemingly ready to rally higher. Due to ongoing trade rhetoric with the US and China as well as other geopolitical events, investors are extremely bearish even as we approach what is seasonally the strongest time of the year for markets. In fact, my single best contrarian indicator, CNBC commentator Dennis Gartman, came out as short on the markets last week. Take note as markets are known for surprising crowds at extremes.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
