INK Canadian Insider Index gains 4.7% as precious metals slip

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 rallied 39.79 points or 4.7 points to close at 884.85 for a gain of 4.7%.

MACD rose 1.51 points to 11.21. RSI bolted higher, climbing 4.87 points to 55.73 (at one point reaching a multi-week high of 61.8).

Support is at 846.78 (20-day moving average) and 800. Resistance is at 913 and 900.

As far as performance goes, the INK Canadian Insider Index beat gold (-2%), silver (-2.13%), copper (-1.07%), and the SPDR S&P 500 ETF (SPY*US) (0.06%). But none could match high-beta oil which surged 16.77%.

After Berkshire Hathaway suffered some substantial losses, billionaire Warren Buffet's comments about not finding much of interest to buy in the markets are likely to weigh on stocks this week. So it will be interesting to watch how things play out in both markets and commodities.

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