Tech About To Slam On The Breaks And Reverse Based On This ETF

By Gareth Soloway of In the Money Stocks

President & Chief Market Strategist at IntheMoneyStocks • Jun 24, 2021 at 1:23 PM EDT

The Ark Innovation ETF (ARKK) is nearing major resistance with overbought signals everywhere.

The technology trade is all the rage again, seeing the NASDAQ 100 (QQQ) hit new all-time highs. However, one ETF may spell caution as it is surging into major resistance. The Ark Innovation ETF (ARKK) is up almost 30% in just the last two months. However, ARKK is nearing major resistance with overbought signals everywhere. Cathie Wood’s ARK Innovation ETF has major resistance at $128.50. This will likely be a level for a move back lower and will likely mean that tech shares pull back as well. I am looking to short the ARKK if it hits that level today or tomorrow for a swing trade pull back.

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