INK Canadian Insider Index deflates after US election
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Following the Nov 8th US elections which anointed outspoken reality-TV kingpin and real estate mogul Donald Trump as the president-elect, the Index moved inverse to the huge rally in the US markets and followed the sell-off in gold, as it tumbled 31 points or nearly 3% to 1087.65.
The Index's short-term momentum indicator RSI dropped 9 points or 20% to 34.35, making a significant multi-month low. RSI hasn't been this low since back on Jan 21st when it hit 31.29.
The Index's MACD indicator fell 3 more points, making it a 5-point loss over the past two weeks and now reads -3.53.
The Index's support levels are at 1080 and 1057 (its 200-day moving average), while 1100 and 1110 provide resistance. What's more, as we've illustrated - the Index has now begun to form a rounded dome resistance pattern which will require a great deal of force to defeat or break out of.
The Index has now been in a strong tailspin for a couple of weeks and has shown indications of technical weakness for even longer. Bulls hope this recent steep decline will bring about a capitulation, a final bottom upon which the Index can build a new uptrend. We don't want to look too far ahead but we have seen examples of the Index sharply selling off before giving rise to a new uptrend both in January (a 'W'-shaped rebound) and again in June (a 'V'-shaped rebound). For now, we'll be watching to see how strong of a rebound the Index can generate from these panic-driven, oversold levels.
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