Like a pint of lager left in the sun for an hour, the fizz is beginning dissipate from the once-frothy corners of US equity markets.

Cast your mind back to the midst of the pandemic, and a few themes dominated the US stock market. There was, of course, the pandemic winners and losers, but separately from those obvious Covid-related plays renewable energy stocks and IPOs also had a spectacular year. The former seemingly on the hope that the Biden administration would splash the cash on green energy infrastructure; the latter because, well, bored retail investors at home could get behind stocks that doubled or tripled on the first day of trading.

Yet what go up, must come down.

This Thursday morning, the good folk at Bespoke Investment Group sent over these charts, showing four ETFs that profited from investor hype around these trends. And it looks like it’s squeaky bum time, with all four funds — which include two renewable-energy-themed funds, an IPO fund and, of course, ARK’s flagship technology fund -- rapidly approaching, or breaching, their 200-day moving average:

Now, you might protest against the fact we’re referencing graphs that use the 200 DMA as a signal. But let’s be clear here about technical analysis: it’s useful because other people use it. And given the retail interest in these ETFs, it’s as good a tool as any for measuring which way the wind might blow.

Here’s what Bespoke have to say:

Watch out below!