INK Canadian Insider Index gains 3.4% in 3 weeks

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index added 4.7 points or 0.4% to close at 1157.83.

MACD flipped negative to -1.44. RSI dipped nearly 3 points to 75.05 and remains elevated (60 to high 70s range) as it has been since early January.

Support is at 1139 (20-day moving average) and 1144. Overhead resistance mentioned last week remains in two clusters at 1160-1170 and 1180-1188. 1185 is key as it marks the Index's 200-day moving average. A move to that level would leave the Index with a lot of blue sky above.

Copper has had an impressive start to 2019, climbing nearly 20% from below $2.60. However, copper has been unable to break above $3 per pound over the past 10 days, and if it cannot make further headway fairly soon, it could be setting up for a breather/retracement. If this were the case, we might easily see the INK CIN and the broad market follow suit.

I think a retracement in the Index and copper this month (whether it happens early on, or towards the Ides of March) would be healthy and would set the stage for another move higher into April and beyond. As our week opens, onlookers will be interested to see if the INK CIN Index can continue its winning streak and move up through heavy resistance.

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII), a 2017 and 2018 Fundata Fundgrade A+ (R) award winner.