ARKK: What's Going on Next?
$ARK Innovation ETF(ARKK)$ thoughts: The modern day risk on barometer closed above subtly 45 to end last week, and is now above the 50-day moving average. If a character change is underway, this moving average has good record of offering price support.
I plan to participate actively in ARKK as price consistently trades above 45. This is my favored 'melt-up' trade. Any closes below 45 terminate the trade attempt. Meaningful exposure to the idea will be marked with a breakout above 52. I expect the initial positioning to generate a few paper cuts before establishing full trade size.
If price fails to sustain above 45 I will not be interested, and will monitor broader market risk signals (short term trend, breadth and momentum) that favor the odds of a decline. For now the risk off signals remains absent.
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https://x.com/tomthetrader1/status/1809979542364381345
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