INK Canadian Insider Index holds up with copper as oil plunges 32%

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 took a breather and pulled back 6.67 points or 0.8% to close at 844.66.

MACD pulled back 11.72 points to 9.7. RSI retreated slightly, by 1.26 points, to 50.86. in the last two weeks, it has remained in a very tight range.

Support moves up to 810 (20-day moving average) and 800. Resistance is at 850 and 870-872.

As far as performance goes, the INK Canadian Insider Index trailed gold (2.17%), silver (-0.21%), and copper (-0.32%) but beat crude plunging crude oil (-32.32%) and the SPDR S&P 500 ETF (SPY*US) (-1.28%).

Oil suffered a steep plunge; though it did rebound over $10 from its $6/barrel lows. And here I highlight that copper held very strongly again despite the chaotic market activity, this time in oil. It will be interesting to see if oil will start to recover over the next couple of weeks as my proprietary Alpha signals suggest. Indeed, an oil recovery would be a nice tailwind for markets and reflation.

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