INK Canadian Insider Index Gains 1%, beats oil, US markets, and gold

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index jumped 12 points, or 1%, to 1108.90.

MACD retreated 1.22 points to -0.51. RSI edged 2.97 points, or 5%, higher to 62.18.

Support is now at 1089 (20-day moving average) and 1080. Resistance is at 1110 and 1129 (upper Bollinger band).

As far as performance goes, the INK Canadian Insider Index beat crude oil -3.09%), the SPDR S&P 500 ETF (SPY*US) (-0.43%), and gold (-0.06%). The index lagged copper (+2%) as well as silver (+1.11%). Stealthy platinum ruled the week among all metals with a 4.3% gain and it is a key metal to watch going forward.

It was very bullish to see the INK CIN break through 1100. Not surprisingly, bulls would like to see a few consecutive closes above that level before eyeing much higher targets. With elections coming up, both markets and metals will be more volatile. Continued strength in copper keeps me on the bull side of the equation and looking for a melt-up in commodities.

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