INK Canadian Insider Index declines but outperforms US markets
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 pulled back in the throes of post-FOMC trading. The Index shed 10.42 points to 1105.97.
MACD retreated 1.47 points to -2.24 points. RSI slumped 10 points to 39.5 points.
Support moves down to 1106.89 (200-day moving average) and, below that, at 1180 and 1074.
The Index followed the trend of weakness in world markets last week, though its 0.93% decline outperformed oil (-0.96%), the SPDR S&P 500 (-3.10%), and copper (-4.2%). The INK CIN did underperform gold (+2.69%) which has taken off with a bang. The INK Canadian Insider Index remains vulnerable to further weakness as correcting world markets look for support. I recently mentioned a stable oil price is likely one key needed for the Index to firm up, so that is something to watch closely.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).
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