INK Canadian Insider Index jumps 2.3% as commodities soar
Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The INK CIN made it three wins in three weeks, powering 25.5 points or 2.3% higher to close at 1125.17. The Index has now reached its highest level in two months.
MACD continued its recent climb, adding 2.2 points to 5.7. Our short-term momentum indicator RSI rocketed 38% or 18.5 points to finish the week at a robust 67.86.
Support is at 1097 (lower Bollinger band) and 1112 (50-day moving average). Resistance moves up to 1125 and 1135.
Last week, the US Federal Reserve held interest rates but signaled future rate cuts, something I forecast many months ago. And fueled by the Fed, the INK Canadian Insider Index's sharp rally could not overtake hot commodities Copper 2.9%, Gold 4.1%, Silver 3.3% and Oil 9.3% but did best US Markets 2.1%. Over the next few weeks, I am forecasting a continued melt up in markets and commodities with a dash of speculative frenzy among microcaps.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII).