INK Canadian Insider Index waits for post-election direction

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index had a quiet week adding 2 points to close at 1095.72.

MACD climbed 5.6 points to 0.88. RSI edged up 6% or 2.5 points to 42.9.

Support remains at 1085 and 1080. Resistance is at 1100 and 1120.

The INK Canadian Insider Index outpaced the SPDR S&P 500 ETF (SPY*US) which was down 0.44%, the price of gold (-0.48%) and was about even with crude oil (-0.11%) and silver (-0.18%).

The Index trailed Copper which rose a robust 1.48% and as we have noted in the past, Copper strength is usually a good portent for economic expansion and correlates well with The Index. That said, we do have our Canadian Federal election tomorrow and it will be interesting to see the effect the result has on markets overall. We do note seasonal strength for markets tends to kick in near the end of October, so further weakness or sideways action as the market digests the election result is possible. Ideally, INK CIN bulls would like major support at 1080 to hold through the end of the month.

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