.SPX: What's Going on Next?
$S&P 500(.SPX)$ If a melt-up is underway, I believe small caps will outperform due to a mean reversion effect, like an elastic band. Cathie Wood's $ARK Innovation ETF(ARKK)$ has been named the 'wealth destroyer'
The ETF has been consolidating sideways for nearly two years. While it may take some time for ARKK to break out, there are two key levels to watch for a change in character. The first is 45, which would move the price above the 50-day moving average, a level that has provided strong support. The second, more critical level is 52. Sustained prices above 52 would signal a visible breakout.
For me, this ETF serves as a modern-day risk barometer.
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