Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index jumped 17.8 points or 1.6% to 1130.90. That brings the INK CIN a torrid 3 week gain of about 60 points or 6.5%.
MACD added 0.04 points to move to 5.58. RSI increased 7.73 points or 13% to 68.21.
Support moves up to 1105 (200-day moving average) and 1114.44 (previous resistance). Resistance is now at 1136.22 (upper Bollinger band) and 1140.
The INK CIN strongly outperformed Gold (-0.52%), Silver (-3.34%), the SPDR S&P 500 ETF (SPY*US) (0.07%), and Crude Oil (-0.44%). The Index did slightly trail Copper (2.22%), though as we pointed out last week, copper tends to positively correlate with the INK CIN so copper's strong week was very positive for the Index. Notably, the INK CIN did see its RSI hit the high 60s last week, which has turned back all but two rallies in the past year, so that is something for traders to keep an eye on. This week promises to be full of volatility as we have the FOMC meeting on September 17 and 18, as well as the market's reaction to the weekend attack on Saudi Arabia which knocked out half of the nation's oil production capacity.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
No Comments