INK Canadian Insider Index Notches 5 Point Gain, as US Markets Dip

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index.The INK Canadian Insider Index started the week with a successful test of 1100 before bounding as high as 1121.71 intraday. The Index finished the week at 1114.99 for a gain of 5.15 points.

MACD improved 3.38 to 1.38, while RSI rose 20% or 7.7 points to 42.9.

Support rests at 1100 and 1093. Notably, the Index has now bounced off the 1100-1102 area 4 times in two weeks, suggesting it now has a strong base in place. Resistance is at 1122 and 1130 (and just above that, its 50-dma sits at 1131.8).

The INK CIN did well to hold its own last week, as the S&P 500 SPDR Trust (US*SPY) fell 0.78%. Interestingly, copper fell 1.31%, while oil rose 2% and Van Eck Vectors Gold Miners ETF (GDX*US) rose 2.2%. The Index deleted two gold stocks from its holdings and added a pair of copper stocks on Friday at the close, so gold and copper will be interesting to watch going forward.

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.