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Red hot ARK Innovation ETF was up nearly 500% over the past year, illustrated in this chart from Marketsmith.com & Investors Business Daily.

It has cooled off a little over the past 8-weeks, as it declined nearly 40%.

This decline has it testing its 1-year rising channel as well as its 200-day moving average at the same time.

With the trend being up, this is a bullish dual test of support. Until proven differently, this should be a good entry point, following the 40% decline.

If the ARK ETF (ARKK) would happen to break dual support, it could take on water rather quickly.

What this red hot ETF does at dual support will send an important message to several high-flying stocks that it owns!