INK Canadian Insider Index remains in holding pattern

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The INK Canadian Insider Index, which has been crawling at a snail's pace over the past few weeks, put forth another snail-like week, with minimal volatility. The Index closed down 1.5 points at 1165.5 and is about half a point ahead of where it was three weeks ago.

Momentum indicators weakened. RSI dropped 2 more points and has shed 8 points in 2 weeks to close at 45.24, below the key 50 point mark. MACD drifted down 0.38 points and closed at -0.40, placing it in the red two weeks running.

Overhead resistance remains at 1180 and in fact, that level has rejected the Index's attempts to advance 5 times in the last 2 weeks. Support is at 1165 (lower Bollinger band) and 1160.

As the INK CIN awaits resolution to its current consolidation, investors will note that seasonally, we are nearing the point where US markets tend to top and trend downward into early Fall. Similarly, we are nearing the point where gold, silver, and resource equities tend to rally. It will be interesting to watch the impact of these inflection points upon the INK CIN.

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