Corporate High Yield Bond ETF (HYG) Ends Week Near Long-Term Support

Corporate High Yield Bond ETF HYG ended this past week at or near weekly support (solid green line) as shown on the chart below.

After a rough and tumble couple of weeks, is HYG due for a significant rally going into the holidays?  We shall see.  

HYG has been above this line since mid-2009.  In 2011, a couple of sharp rallies have occurred off this support line.  If HYG breaks below this line, much lower prices are possible.

Click Chart to Enlarge

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