INK Canadian Insider Index rallies 3.6% as commodities prepare for melt-up

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. After several weeks of strong downward momentum, the Index again faced some pressure last week but held strong above 920. By week's end, it shot up 33.36 points or 3.6% to 956.72.

MACD bolted 3.86 points higher to -1.45. RSI rose 9.75 points to 58.28, breaking a recent downtrend in the process.

Support is at 900 and 920. Resistance is at 960 and 980.

As far as performance goes, the INK Canadian Insider Index beat gold (+0.54%), silver (+1.59%), and copper (+2.59%) but trailed the SPDR S&P 500 ETF (SPY*US) (4.06%) and crude oil (5.61%).

With markets and copper remaining strong, a continued commodities and market melt-up appears to be in the cards, something most investors would have considered improbable just a few short months ago. Will the INK CIN make a run for the 1000 mark as gold makes a run at $1800? Stay tuned.

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