Cathie Wood’s Ark Investment Management on Monday sold yet more shares in Tesla Inc (NASDAQ: TSLA), booking profit in the electric vehicle stock since early September when shares of the company began an upward march.
Since Nov. 5, the $471 level has been resistance for the SPDR S&P 500 ETF Trust (NYSE: SPY). Each time the shares reached that zone, they ran into a wall of sellers. This put a top on the price.
But that may be changing, as SPY appears to be setting up for a potential break out.
Cathie Wood’s Ark Investment Management on Friday loaded up another 18,000 shares — worth about $823,320 — in the U.S. listed Chinese electric vehicle maker Xpeng Inc (NYSE: XPEV).
Some traders love trading ranges. And the SPDR S&P 500 ETF Trust (NYSE: SPY) may be forming one.
A stock is in a trading range when there is clear resistance at the top of the range and clears support at the bottom. Traders profit by selling close to the top and buying close to the bottom.