Today’s Chart of the Day was shared by Victor Riesco (@Global_Trader). It's a daily candlestick chart of the High Yield Bond ETF, $JNK, over the past year. High Yield or 'Junk' Bonds have been acting as a leading indicator for Stocks all year. Victor points out that while Treasuries have violated their June lows, $JNK is refusing to do the same. This is a glimmer of hope for the bulls, but the line in the sand is clear. If it eventually breaks support (around $90), it would be a big red flag for the broader market. Either way, this will be an important one to watch this week.
Chart of the Day - Monday, September 19th, 2022
September 19, 2022
