HYG Clue

We often see, one of the first levers the market turns to when it needs support or an end of day ramp is High Yield Corp. Credit. HYG was flat earlier this week or lagging, yesterday , while not very impressive, it improved enough to support the 1-day oversold condition bounce we had expected from Monday's oversold internals.

This is one of the first places I look to see if there;'s intentions on ramping the market higher. So far I don't see much at all to suggest that. I'll show HYG when I get a chance, but it is one of the dead give-aways and it's not flashing any screaming warning signs that a knee jerk move or anything more serious is being set up. If anything, the charts there are in line with HYG making a new primary trend lower low.