INK Canadian Insider Index treads water

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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 Index spun its wheels and traded in a close range last week as it chopped up and down. By week's end, the Index had scarcely regained ground on the 24 points it lost 2 weeks ago and rose just 1.4 points to close at 1105.13.

Our short term momentum indicator RSI had a minor bounce and increased 2.5 points, but it remains under the key 50-point level.

The Index's MACD signal weakened further, dropping another 1.5 points to close at -5.3.

The Index's support remains in the 1100/1083 area. Its next major support is at 1038. 1120 and 1140 remain formidable overhead resistance.

While the 1100 support level is holding, the bulls' concern is that the combination of weak momentum alongside a lack of any substantial bounce after the Index's recent correction could bring a further decline.

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