ARKK has become the bell weather for small cap growth so it is a good ETF to track if you have small cap growth names in your portfolio. There has been some recovery in the growth space, but the ARKK charts shows us that growth names are not out of the woods yet. ARKK is still struggling to break above the ema cloud and has not broken the downward trend line . The up trend will not resume until price breaks above the neutral (tan box). In light of this caution in warranted before jumping heavily into the small cap growth space. The best approach is to scale into positions if you want to enter.