$FFTY Breakout / Re-Test?

AMEX:FFTY   Innovator IBD 50 ETF
FFTY The Innovator IBD 50 ETF – This ETF is sponsored by Investor’s Business Daily (IBD) It holds high beta / high growth names mostly mid and small caps. I like it for its holdings, very similar to ARKK except that the holdings in FFTY rotate a little more than $ARKK. Like ARKK , this is a good barometer of risk-on / risk-off in the market.

Here is what I see on the chart (most is notated on the chart). Break above both the resistance area and move over the 30 Week SMA. That happened yesterday and looks to be re-testing today. I like all that volume this had on Monday, not sure the volume count but the most single day volume since 2019. Tuesday’s volume was also more than double the average volume. The pullback today is on par with normal volume levels, most likely profit taking by some of Mondays’ buyers and maybe a few underwater buyers from yesterday.

The price is above the shorter-term MA’s, and we have a recent MACD cross. All in all, I will be looking for a reversal from today’s down day for an entry. I like this set-up because I can put a stop loss under one or all of the moving averages with a clearly defined risk.

Thanks for looking. Ideas, not investing/ trading advice.

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