INK Canadian Insider Index slides 2% as virus fears spook markets

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Sun, 02/02/2020 - 9:07 pm 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 Index fell 23.31 points or 2% to 1175.28 as world markets took a hit from the fears surrounding the coronavirus.

The Index finally succumbed to the negative divergence in momentum that we have been touting over a number of weeks as a warning of coming weakness. MACD tumbled 4 points to 4.17. RSI plunged 22 points or 37% to 38.02 and is now oversold. Here I note that several major bottoms for the Index (sparking major rallies) have occurred with readings at or just below 30.

Support moves down to 1160 and 1150. Resistance lies at 1175, 1181.73 (50-day moving average), and 1200.

As performance goes, the INK CIN held up better than the SPDR S&P 500 ETF (SPY*US) (-2.1%) as well as plunging crude oil (-4.85%) and copper (-6.22%). On the other hand, Gold (+1%) and silver (-0.56%), which I think are about to go on an upswing, outpaced the INK CIN.

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

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