INK Canadian Insider Index weakens ahead of US election

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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 began by bouncing up and off its 20-day moving average toward the 1140 level, only to see its progress halt short of 1137.

The Index quickly rolled over and knifed straight through its 50 and 20 day moving averages, ending the week down 14 points or about 1.3%.

The Index's short-term momentum indicator RSI dropped 9 points or 17% to 42.77.

The Index's MACD indicator fell nearly 2 points and finds itself in negative territory at -0.58. Not surprisingly, the fast blue line has crossed, marginally, down under the slower moving red line, giving the Index a technical sell signal. 

The Index's support levels are at 1100 and 1089, while 1137 and 1140 offer strong overhead resistance.

The Index definitely finds itself on the defensive as the week ahead looms. That said, stocks perform poorly amid uncertainty and markets around the world are showing signs of weakness ahead of the Nov 8th US presidential election. It may pay to wait a bit beyond the election for the trend of the Index and markets overall to become more clear.

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