INK Canadian Insider Index rallies alongside US markets, rebounds 4%

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK CIN enjoyed a strong bounce from its lower Bollinger band at 1175 as it sailed 17.33 points or 1.4% higher to close at 1192.61.

MACD rose 3.38 points to -0.79. RSI jumped 14.79 points or 39% to 52.81. We note that RSI did not go sub-30 as it has on past major bottoms. With momentum indicators still sloping down, this may be a bounce ahead of more of a decline or simply more sideways consolidation. Next week will, of course, be key, along with the support levels noted below.

Support moves up to 1175 and 1160. Resistance rises to 1210 and 1200.

As performance goes, the INK CIN was about even with Copper (1.43%) and outpaced crude oil (-2.4%) as well as Silver (-1.78%) and Gold (-0.91%). The surging SPDR S&P 500 ETF (SPY*US) (3.25%) outperformed the Index.

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