A quick look at yesterday: ETFMG Alternative Harvest ETF spiked to $five yesterday and consolidated before initiating a fresh rally to $4.92. This comes following Friday's session in which it closed at $4.69.
At the same time, United States NY Empire State Manufacturing Index (Oct) came out at -9.1, while a consensus of analysts was expecting -4.
ETFMG Alternative Harvest ETF made an initial breakout above its 21 day Simple Moving Average at $4.93, a potential indicator of a newly emerging bullish phase. On the other hand, note that ETFMG Alternative Harvest ETF could be slowing down soon; it is getting close to the resistance line and is now at $5, only 9 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems ETFMG Alternative Harvest ETF might continue pointing upwards in the short term.
Other markets are also showing gains as ARK Innovation ETF is trading around $36.38 after ending yesterday's session at $34 (up 7.03% today). Amazon skyrockets 6.45% yesterday and closed at $106.9.
Meanwhile, a flat day for iShares Trust – iShares iBonds Dec 2021 Term Treasury ETF, closing at $25.35.
Also worthy of note, United States Crude Oil Inventories expected to decline to 1.55 million while its preceding data was 9.88 million, data will be available tomorrow at 14:30 UTC.
Furthermore, the market is looking at United States Building Permits (Sep) scheduled to come out tomorrow at 12:30 UTC.
ETFMG Alternative Harvest ETF reached a significant high of $15.38 around 11 months ago but has lost 69.51% since then.