INK Canadian Insider Index rebounds 1.4% along with metals, US markets

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Thank you for joining us in a weekly technical look at the mid-cap oriented INK Canadian Insider (CIN) Index. The INK CIN Index began to bounce back from heavily oversold conditions along with world markets. The Index gained 14.25 points and closed strongly, less than a point off the week's highs, at 1092.81.


MACD shot up 4.4 points at 1.54. Our short-term momentum indicator RSI surged 15.16 points or 55% to 42.49. As we noted last week, when RSI did not make a new low along with price, this non-confirmation often portends a big bounce or trend change, and, once again, this proved a great tell.

Support is at 1074 and 1040. Resistance is at 1100 and 1115.

The INK Canadian Insider Index climbed 1.4%, besting copper (-0.47%) and oil (+0.92%) but lagging Gold miners (+6%), US Markets (+4.5%), silver (+3.19%), and gold (+2.67%), all of which went on a tear.

Last week, we noted that silver's impressive relative strength versus plummeting indices and other metals might hint at a broad market turnaround (as well as silver's own). Fortunately, that too proved another successful read of what was to come.

I think laggard copper will join the rally party over the next week or so, and that we'll see the INK CIN continue to move higher alongside it. Now, for those who are speculators, I think silver is the metal that is set up to perform best over the next few weeks.

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

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