INK Canadian Insider Index soars to new 2019 highs at 1172.23

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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 CIN extended its powerful ascent last week after just a slight pause the week prior. The Index shot up 15.99 points to carve out a brand new 2019-high at 1172.23 for a 1.4% gain.

RSI rose 6.61 points to 79.89. MACD added 0.02 to 0.29. What’s noteworthy is that our short-term momentum indicator RSI is spending more time than usual above 70 instead of rolling over and correcting sharply. Note that persistence at these elevated levels can indicate an uncommon but very bullish melt-up phase is underway.

Support rests at 1150 and 1160. Resistance is at 1170 and 1176 (upper Bollinger band).

The Index put in a stellar performance with its 4th gain in 5 weeks, outrunning the SPDR S&P 500 ETF (SPY*US) (up 1.08%), as well outgunning the price of copper (up 0.51%), gold and silver (both up 0.62%) and crude oil (down 4.51%). With oil taking a big hit and gold and silver looking ready to rally, will the Index be able to maintain its torrid pace? I look forward to watching these trends play out in what promises to be a memorable final month of 2019.

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

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