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The charts, graphs and comments in my Trading Blog represent my technical analysis and observations of a variety of world markets...
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N.B.
* The content in my articles is time-sensitive. Each one shows the date and time (New York ET) that I publish them. By the time you read them, market conditions may be quite different than that which is described in my posts, and upon which my analyses are based at that time.
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Dots

* If the dots don't connect, gather more dots until they do...or, just follow the $$$...

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Friday, March 11, 2022

HYG: High Yield Corporate Bond ETF Nears A Tipping Point

Depicted on the following monthly chart of the High Yield Corporate Bond ETF (HYG) are a long-term downtrending channel, several horizontal support and resistance levels, and a large sideways "CHAOS ZONE."

HYG's current push downward is accelerating and is fast approaching a confluence of price and channel median support around 80.00.

It has been trapped, for the most part, in a volatile and whippy "CHAOS ZONE" in between 80.00 and 90.00 since mid-2009.

A drop and hold below 80.00 on accelerating selling (depicted on the Balance of Power indicator and is now at an extreme level) could see it retest 75.00 or 70.00, or plunge even lower, in short order.

For further clues on possible direction, check out the following information.

The article below contains relevant and important details on HYG and the credit markets, and their potential impacts on equity markets...definitely worth a read.