INK Canadian Insider Index tumbles but outperforms the S&P 500

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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, with downward momentum already in control, the Index got sucked down alongside the weakness in US and world markets. The INK CIN Index slid 42.55 points for a 3.5% loss. The INK CIN finished the week at 1175.72 and has fallen 5.9% in the last two weeks alone.

Momentum indicators were thumped for the second week in a row. MACD fell nearly 7 points to -9.3. RSI sunk 7.5 points or 27% to 20.7.

Support now moves to 1150 and 1175 and this is a strong area of support where the Index based from May to early September 2017, before shooting way up. Resistance is now at 1200 and 1215.

The INK Canadian Insider Index has undergone a heavy capitulation over the last few weeks. One positive takeaway is the Index fared better than the SPDR S&P 500 ETF Trust (SPY*US) which fell 4.12% (and it would have been 5.5% if not for a fortuitous rebound Friday). Additionally, the positive tailwinds we cited last week for the Index are still in place. Gold, silver and miners all held up very well and in fact, surged in the face of the major market meltdown. And copper which impressed by rising 1.38% during this market correction remains bullishly-positioned. In fact, copper warehouse levels dropped again last week, and my view is we are in the early stages of a rotation into commodities. Looking forward, we expect both some basing and, ultimately, a rebound from the oversold INK CIN since it finds itself sitting upon a major support it enjoyed during the middle of 2017.

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