Under the surface, we are seeing breakdowns in high-beta stocks that had formerly been upside leadership for the market, even as the major indices hold up above initial support. A correction has been in place for high-flying stocks since mid-October, which has resulted in a one-month return of -11.7% for the ARK Innovation ETF (ARKK) , a high-growth technology stock proxy. We view the sell-off in ARKK as a risk-off indication for the broader market. The correction in ARKK looks poised to deepen over the next few weeks, at least. Intermediate-term momentum recently shifted to the downside per the weekly MACD, and the weekly stochastics have room to move into oversold territory. Next support on the chart is near $67, where the February high and the 200-day MA converge. The daily chart sugges

See Full Page