Traders,

One hallmark of a successful chess player is their ability to think multiple moves ahead. They anticipate the actions of their opponent and pre-plan countermoves. Traders can learn something from this.

Anticipating what the market might do next and planning your response can be immensely helpful.

Here’s a perfect example. The awakening in growth stocks accelerated this week, with the Nasdaq, ARKK, and the like exploding higher. Their daily trends will be forming higher pivot highs on increasing momentum. A pause or pullback will develop at some point – and it may have started by the time you’re reading this. These usually take on one of three forms: a retracement, a flag, or a high base.

Regardless of which one forms, bulls will view it as a continuation pattern that offers a lower-risk entry than when prices were overbought.

If you found yourself underexposed for this week’s rip, prepare to buy the next dip.

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Chart of the Day: Ark Innovation ETF (ARKK)

At Thursday’s highs, ARKK was up 54% from the lows seen just beforehand. That’s an INSANE move in five weeks.

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