INK Canadian Insider Index rises 2.5 points, nears breakout

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The Index had a fairly quiet week but drifted 2.5 points higher by week's end to close at 1149.39.

MACD remained fairly firm and dipped 1.68 points to 57.90. MACD rose 1.49 to 2.35 and now is clearly on a MACD buy signal.

Support is now at 1139 and 1121 (its lower Bollinger band). Overhead resistance is at 1150 and at 1160.64 (200-day moving average).

Copper, a key metal we're watching closely for its potential to predict economic expansion and inflation, rose 1.78% last week and shot up 2% on Friday alone. That bested both the INK CIN, up 0.2%, and the S&P 500 which rose 0.55%. Copper's continued ascent is very bullish for the INK CIN, commodities, and markets overall and supports my melt up forecast at this early stage. At this point, I am looking for the INK CIN to break out above 1150 in the next 10 trading days and for commodities and risk-on sectors to do the same.

The INK Canadian Insider Index is used by the Horizons Cdn Insider Index ETF (HII), a 2017 and 2018 Fundata Fundgrade A+ (R) award winner.