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 pulled back 12.29 points or 1.1% to close at 1093.68 and retreated as low as 1081.86. The Index has now pulled back 22.71 points in the last 2 weeks.
MACD retreated 1.5 points to -3.74. RSI slipped 2.92 points to 36.58 and fell as low as 26.8. The constructive news for bulls is that the low 30s or slightly sub-30 area is where June's low was put in and a bounce began for the Index.
Support moves down to 1090 (lower Bollinger band) and 1074. Resistance is at 1105 (200-day moving average) and 1110 (50-day moving average).
The Index lagged silver (up 4.6%), gold (up 3.5%), copper which rose 0.68%, as well as the SPDR S&P 500 ETF (SPY*US) which rallied off its lows to finish -0.34%. The INK CIN did, however, outperform oil (down -2%).
Next week, we will be watching to see if the US markets can continue their bounce and see if copper's recovery has legs. Oil is the key to seeing the Index rebound as oil's weakness began weeks ago at the same time the INK CIN began its downward slide. The 1090 level is also key as it marks the lower Bollinger band (which was pierced last week). If this level is hit or exceeded again next week, that could precipitate a rebound, especially given the already very low RSI readings which are in the ballpark of where the INK CIN bounced back in June.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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