How will the week end for ARK Innovation ETF? Yesterday we saw a strong rally across the market, especially in technology which had been hardest hit over the last few weeks.
ARK Innovation ETF has seen its ups and downs, mostly downs lately, so yesterday’s price action was exciting for many that track the Cathie Wood ETF.
Taking a step back we see that the the GoNoGo Trend is still a “NoGo”, having fallen from the highs of February. The GoNoGo Oscillator has also been below the zero line indicating bearish momentum and the volume has been heavy. The rally this week puts ARKK at an interesting juncture. There is some resistance at these levels, and the GoNoGo Oscillator is testing the zero line from below. If the NoGo trend is healthy, we know that there will likely be resistance at the zero line. If that is the case, and the oscillator is rejected here, then expect price to roll over and head lower. Of course, if the rally is strong enough to cause the GoNoGo Oscillator into positive territory, the NoGo trend would be threatened.