Cathie Wood’s flagship ARK Innovation ETF (NYSEARCA:ARKK) suffered another bearish signal on Monday, as the exchange traded fund dipped below its 200-day moving average for the first time since Nov. 13, 2023.
ARKK now trades in negative territory over a 5-year timespan and only eight of the 30 holdings in the ETF are currently higher on the year. Meanwhile, investors are also pulling funds from innovation-focused ETF, as market participants in 2024 have retracted $1.4B from ARKK.
ARKK’s selloff on Monday now has the fund trading at its lowest point since Feb. 6. Moreover, ARKK trades at $45.31 a share and if the ETF breaks below $44.63 (just a 1.5% downward move away), the ETF will then be sitting at lows not observed since late November of 2023.
ARRK has traded for the better part of two years between $34 and $54. It is now lower by 71.6% from its record high of $159.70 per share, which was reached in February of 2021.
Additionally, ARKK is not the only actively managed fund by Wood that hovers below its 200-day moving average. ARK Autonomous Technology & Robotics ETF (ARKQ), ARK Genomic Revolution ETF (ARKG) and ARK Space Exploration & Innovation ETF (ARKX) each sit below the key technical level as well.
While not below the 200-day moving average, Wood’s other ETFs, ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF), do trade below their 50-day moving averages.
Year-to-date ARK Invest ETF price action:
- ARKK -13.5% YTD.
- ARKW +2.1% YTD.
- ARKQ -9.8% YTD.
- ARKG -23.2% YTD.
- ARKF +1.7% YTD.
- ARKXX -6.9% YTD.