INK Canadian Insider Index hits all-time low as markets panic

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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 continued to sell off in one of the greatest worldwide market panics of our lifetime. The INK CIN fell 177.54 points or 20.4% to an all-time low of 692.87, making for a two-week plunge of over 40%.

MACD closed only nominally down 0.03 to -36.63. RSI fell 4.98 points to 19.78 but did not make a new low along with price, providing some potentially constructive positive divergence.

Support moves down to 658 and 690. Resistance moves to 700 and 710.

As far as performance goes, the Index beat waterfalling crude oil (-28.68%) for the third week in a row. However, the INK CIN did underperform stalwart gold (-2.2%), copper (-11.87%), the SPDR S&P 500 ETF (SPY*US) (-14.55%), and silver (-14.59%).

Markets had a brutal wash-out week overall with only gold mustering some strength. The Fed and world governments are now throwing so much money at stabilizing markets and business (including bailouts) that they have exceeded the amount during the global financial crisis of 2008. For that reason, it is well worth noting the inflationary impact of that, along with gold's relative strength last week. Also for the third sell-off Friday in a row, copper out-duelled the US markets. Copper was down 0.6% versus the 4.5% Friday shellacking for US markets. In fact, over the last three weeks, copper has strongly outperformed US markets, and I continue to believe that this is an early indicator of coming inflation.

Technically speaking, the INK CIN appears to be locked in an ugly freefall. But in my opinion, this is in a very steeply unsustainable downtrend. The Index remains in a bullish falling wedge pattern that is due a big bounce imminently.

What could bring about the start of a rebound? Sentiment-wise, you almost could not see worse. Markets are pricing in a worldwide plague that will devastate cities and ground all business for a year or more. Whereas it is quite possible the worst does not materialize, and in that case, a market that begins to see less bad news is one that can gain a lot of traction. The Economist even put out an issue with the word ‘Closed,' referring to the world economy. Magazine covers as we well know, often act as powerful contrarian indicators.

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