INK Canadian Insider Index soars 15.2%, beats US market, metals, & oil

Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the INK Canadian Insider Index surged an impressive 111.89 points or 15.2% to close at 843.25. With last week's gain, the Index has rebounded 38.5% off its March lows.

MACD shot up 11 points to close at 32.68. RSI rose 14.38 points to 50.71.

Support is at 750 and (20-day moving average) and 800. Resistance is at 850 and 870.

As far as performance goes, the INK Canadian Insider Index beat some pretty big gainers in the SPDR S&P 500 ETF (SPY*US) (12.09%), gold (6.51%), silver (10.76%), as well as our leading inflationary indicator, copper (3%). As well, the INK CIN soundly beat oil which retreated 19.69% after its nearly 32% gain the week prior.

The INK CIN faces strong resistance at 870 but should it be able to break through that wall, there is a potential target in the form of a gap fill at 923.

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