INK Canadian Insider Index adds 1.6% as silver sizzles and copper dazzles

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index gained 15.15 points and rose 1.6% to close at 971.87.

MACD jumped 2.48 points higher to 1.01. RSI rose 2.76 points to 61.04. Should it move much higher then RSI breaks a strong resistance area that has held it in check most of the last few months.

Support is at 900 and 918.65 (50-day moving average). Resistance moves up to 973 and 980.

As far as performance goes, the INK Canadian Insider Index beat crude oil (-0.25%) and gold (+0.66%) but trailed the SPDR S&P 500 ETF (SPY*US) (+1.72%), silver (+3.99%), and copper (+5.42%).

What an amazing week for copper. Indeed, copper, the leading indicator of economic strength, inflation, and speculation has been a rock star (literally) and underpinned the entire V-shaped market and commodities recovery from March (as I have noted on many occasions). INK subscribers, please log into your account to read my outlook from here. Canadian Insider Club and Ultra members can read the full version of my post in INK Chat.

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

Find out more about Hedgehog Trader at GoHHT.com.