Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index showed us more of the same grinding action we've seen of late. After gaining 8 points two weeks ago, it shed 6 points last week to close at 1168.
Momentum indicators dropped after a strong week prior. RSI dropped 6 points to 47.27. MACD fell back into the red and closed at -0.02 after losing 0.60.
Overhead resistance remains at 1175-80. Support rests at 1165 (lower Bollinger band) and 1160.
Momentum hit the brakes after seeing a buildup over recent weeks. Volatility continues to remain very low. It looks like we are waiting for a major event to jolt the index into either a breakout into the channel trigger above or breakdown below. The next important turn date for stocks I am watching for is August 21st, at which point I think we may finally start to see volatility increase.
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