INK Canadian Insider Index grinds higher ahead of Fed

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index moved up a modest 5.6 points to finish at 1101.30 and remains locked in a tight trading range.

MACD climbed 0.86 points to 1.76. RSI climbed 14% or 6 points to 48.9 and continues on a slow upward grind.

Support remains at 1085 and 1080. Resistance is at 1106 (50-day moving average) and 1120.

The INK Canadian Insider Index trailed gold (+0.75%), the SPDR S&P 500 ETF (SPY*US) which moved up 1.22%, copper (+1.5%), silver (+1.98%), and crude oil which jumped 5.18%. The Index has held the key 1080 level this month as the bulls hoped, and we are starting to see increases in the prices of commodities across the board ahead of the Federal Reserve meeting this week. Are we starting to see assets anticipating a reflation? Stay tuned.

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