Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. Last week, the Index turned on the jets and powered 71.56 points higher or 6.8% to close at 1122.36.
A six-month high Friday (click for larger)
Our short-term momentum indicator, RSI, erupted over 50% to 61.61. MACD our long-term momentum indicator shot up 14.82 points to 4.89. And the sharp fall in readings we noted indeed gave way to a major reversal last week.
Support is now 1100 and 1110. Resistance is at 1130 and 1150.
As far as performance goes, the INK Canadian Insider Index beat gold (3.82%), copper (3.49%), platinum (6.01%) and crude oil 3.77% but lagged the soaring SPDR S&P 500 ETF (SPY) (7.23%) and erupting silver (8.53%).
Markets and commodities are telling us my melt-up prediction over the next few months remains firmly in play. Watch for other risk-on areas like biotech to join the party just as Bitcoin has recently done.
The INK Canadian Insider Index is used by the Horizons Cdn Insider Index (HII).
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