ARKK Capsizing?
Cathy Wood has garnered plenty of attention in 2022, most likely for the wrong reasons. The ARKK fund is almost 70% off the most recent 52-week highs and more since its peak near 160 in February 2021. This year with just one week left it has advanced on a WEEKLY basis just 15 times, awful even in a very soft overall environment. They say if you turn a bearish chart upside down it would be a thing of beauty. Below is basically an inverse chart of ARKK and as poorly as it has behaved I was surprised to see it has not recorded more than a 3-week winning streak since May. That could change next week and a move above the round 70 number could be interpreted as a break above a cup with handle pivot of 69.26 from a big reversal the week ending 11/11. Investors may be tentative this time around as one can see the softness of volume during the most current 3 week win streak. Perhaps it is just a beachball held underwater potential breakout upcoming?