The ARKK is Taking on Water

I am still short ARKK via a long SARK play. And as you can see below on the updated daily chart Cathie Wood's growth stock buffet is at risk of support trend and the key $38 level. 

Given the Nasdaq rally in Q1, the ARKK weakness is all the more concerning to the bull case. 

Going forward, I continue to look for another meaningful leg down in ARKK which will pressure Ms. Wood's holdings en masse. A back end of 2023 recession looks more likely, and I doubt rates come down as quickly as some expect given sticky high inflation. 

The market has been slow as molasses to catch onto this scenario. But once it does, the readjustment should be fast and furious.