INK Canadian Insider Index pauses ahead of Fed

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Hot off a 1.4% move the week prior, the INK CIN climbed as high as 1172.88 intraday last week, but ultimately ran out of steam and settled at 1169.49 for a loss of 2.74 points.

MACD slipped 1.3 to -1.6. RSI cooled off to 71. Of note, RSI appears to be sitting comfortably at an elevated +65 level which it has now occupied the past 4 weeks.

Support rests at 1150 and 1160. Resistance is at 1170 and 1176 (upper Bollinger band).

The Index outperformed gold (-0.52%) and silver (-2.9%) but underperformed surging crude oil (+7.36%), copper (up 2.39%), as well as the SPDR S&P 500 ETF (SPY*US) (up 0.18%). Gold and silver did not move up and in fact, took a step back as oil whizzed higher, and US Markets enjoyed a big bounce on Friday after news of a strong November US payroll number increase. Next week should be especially interesting since there is a two-day FOMC meeting on December 10th and 11th, and as always, words spoken by the Fed bear a strong influence on US markets as well as gold, silver, and commodities.

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).