I saw some of this yesterday, HYG is an arbitrage assets the algos/computers follow as a risk on signal that causes them to buy, that's why it's part of the SPY Arbitrage. I talked about it quite a bit yesterday, this is getting to be a nasty little signal. There may be some quick new positions/add-to positions coming.
When the 2-3 p.m. time approaches, it's not price that's important as it's released from the pin, but the short term signals.
Take a look so far at the largest credit class, High Yield Corporate... This is one of those finds that means something and gets some adrenaline pumping.
HYG 1 min
The 5 min was getting nasty yesterday, it's added quite a bit today to the leading negative divegrence.
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