INK Canadian Insider Index slips and slides under 200-day moving average

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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 Index saw its woes resume during holiday-shortened trading, sliding 22 points to 1152.59.

RSI got soaked to the tune of 21 points and ended at 37.87, while MACD slipped 4.4 points to -2.7

Resistance is at 1169 (200 day moving average) and the 1175 (its 50-day moving average) level that stopped it in its tracks last week.

The Index broke a number of supports last week including the aforementioned 200-day moving average. New support sits at 1152, as well as at 1142 (March lows) and below that 1135, the key resistance level it broke up and through back in October.

Its technicals remain bearish at present, and the Index may need a final flush before it can change its character and turn back upwards. That said, my proprietary signals suggest watching for a time window beginning around July 20th-23rd when I think we'll start to see stocks in general start begin to strengthen and eventually begin to move up strongly.

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