High Yield, How About JNK?

Since High Yield Credit is a risk on asset, there's not much higher yield than junk or JNK.

Here's the correlation between JNK and the S&P-500

 SPX (green) vs JNK (red) 60 min chart

 SPX vs JNK daily chart-there's pretty good correlation there as they are both risk assets.

So what about the underlying trade in JNK?

 The 3 min chart, from confirmation to a negative divergence to a leading negative divergence.

 The 5 min, very much the same, there's a clear change of character in the underlying trade, just as in the averages.

The big picture-60 min