Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. After unsuccessfully attempting to climb above 1170 a second week in a row, the Index took a second small breather in a row last week and finished down 4.36 points at 1165.13.
MACD dropped 1.22 points and remains range-bound. RSI dropped another 10 points to 61.
Support rests at 1150 and 1160. Resistance is at 1170 and 1173 (upper Bollinger band).
As performance goes, the INK CIN trailed soaring copper (2.06%), crude oil (1.47%), gold (0.60%), silver (0.37%), and the SPDR S&P 500 ETF (SPY*US) (up 0.06%). With the INK CIN's price holding steady while its RSI has corrected 30% in the past month, might this be the pause that refreshes? Last week, the US Federal Reserve left interest rates unchanged and took hikes off the table for two more years. An inflation-powered next up-leg for the INK CIN and commodities remains a strong possibility.
Our technical review of the INK CIN Index will return in the first week of January. The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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