Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index barreled into last week on a 3-week, 5.2% winning streak after achieving a new 52-week high. Last week, the Index went on carve out a fresh closing high at 1160.23 before pulling back to end the week at 1156.24, down 2.47 points.
RSI retreated 6.72 points or 9.1% to 73.28 though it still remains overbought. MACD fell 3.3 points to 0.268.
The Index now sits well above its moving averages and its support rests at 1150, 1138.65 (20-day moving average) and 1125. Resistance is at 1160 and 1170.
Copper (up 0.38%) Silver (up 0.33%) and crude oil (up 0.09%) outpaced the Index, which in turn narrowly edged out the SPDR S&P 500 ETF (SPY*US) (down 0.27%) and gold (down 0.33%).
The INK Canadian Insider Index is overbought on its momentum indicators and has begun to turn down. Interestingly, MACD is at levels of previous highs and is threatening to turn down and give a sell signal. There are about 20 points of downside to its 1138.65 support (and an additional 13 points down to very strong support at 1125) with tax-loss selling not over. So there remains the potential for a further pullback near-term. That said, the Index has displayed very good relative strength in comparison to US markets and commodities, so we will be watching that closely.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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