Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the red-hot Index fought hard to break free and clear of 1200 and initially hit an intraday high of 1211.42. However, the INK CIN could not maintain its torrid pace and pulled back into the end of the week, closing at 1198.59 for a loss of 6.33 points or 0.5%.
MACD slipped 0.41 to 0.16. RSI slumped 9.39 to 60.04. We may now be seeing the negative divergence in momentum starting to impact price. MACD and RSI have not been making new highs with price over the last few weeks (a non-confirmation) and that action often telegraphs an upcoming correction.
Support is at 1178.79 (50-day moving average) and 1192 (20-day moving average). Resistance lies at 1210 and 1200.
As performance goes, the INK CIN impressively held up against crashing oil (-7.5%), plunging copper (-5.68%), and the SPDR S&P 500 ETF (SPY*US) (-0.96%). The Index did trail gold (0.74%) and silver (0.22%), two metals that finished the week strongly and which I believe will be heading up strongly in the weeks ahead.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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