INK Canadian Insider Index soars 4.9% above November lows

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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 put pedal to the metal as it continued a tremendous comeback from 4-month lows. It added nearly 21 points or 1.9% to close the week at 1132.54. The Index has now risen a Phoenix-like 4.9% from its lows of 1079.36 on Nov 14th and in fact swung so high it came within 8.2 points of its year high of 1147.38 previously hit in September.

As I mentioned last week, reaching and maintaining the 50-point level on RSI is key if the Index is to continue its rise. Indeed, the Index's short-term momentum indicator reclaimed that key perch, shooting up another 8.3 points or 17% to 57.80. As RSI made this powerful thrust upwards, it snapped an over 2-month downtrend and even briefly touched the 60 level.

The Index's MACD indicator climbed out of negative territory where it had spent most of the last 2 months and added more than 7 points as it closed at 3.79. I'm also watching for the possibility that MACD has now completed a bullish double bottom pattern that could set the stage for an even bigger advance.

The Index's support levels are now found at 1120 and 1130, while areas at 1137-1140 and 1145 (its top Bollinger band) provide resistance.

The Index has put together an impressive two week run, such that the surging S&P 500 has only marginally outperformed it. That said, the INK Canadian Insider Index saw its progress halted at 1137-1140 resistance, a level that has prevented further advance on half a dozen occasions this year. Obviously, a breakout above this wall of resistance would be a very significant bullish development.

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