INK Canadian Insider Index outpaces gold and silver, hits new high at 1204.92

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Mon, 01/20/2020 - 5:09 am Nicholas Winton, High on the Hog

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 found a new gear and took off at top speed. The Index notched a brand new 2020 high, gaining 11.92 points or 1% to 1204.92.

MACD added 1.1 points to 0.57. RSI rose 4 points or 5.8% to 69.43. Here we note the Index has so far shrugged off negative divergence and has powered higher without MACD or RSI making a new high. Momentum indicators are at a key point, for if MACD can turn up from here, it will end the recent trend of lower lows in MACD and generate a bullish cross over MACD buy signal.

Support moves up to 1175 and 1188 (20-day moving average). Resistance rises to 1210 and 1220.

As performance goes, the INK CIN had a strong week, outpacing gold (0.01%), silver (-0.18%) and oil (-0.78%). The Index closely followed copper (1.14%) for the second week in a row and lagged the ebullient SPDR S&P 500 ETF (SPY*US) (1.92%).

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).

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