As the daily and weekly charts below show, corporate high yield bond ETF HYG ended the week at support on both daily and weekly closing price charts.
HYG recently broke back above these lines, which have provided support since about mid-2009 (except for a few brief periods of price weakness). The price decline down to these lines occurred after a steep and unsustainable short-term support line broke (last chart below).
The daily charts also shows that HYG is testing momentum (RSI) support.
Will longer-term support hold and will HYG continue moving up from here after this short-term "correction"? No need to speculate, we shall see soon enough . . . .
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| Click Chart to Enlarge |
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| Click Chart to Enlarge |
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Not Investment Advice | Important Disclaimer:
The content in this article, including the identification and discussion of any specific security (e.g., bond fund), is NOT meant to be and should NOT be construed and/or used as investment advice. This article is for general information and educational purposes only. Please read the Disclaimers for junkbondrecycling.com in their entirety. The U.S. Securities and Exchange Commission website has guidance on selecting an investment adviser.
Financial Disclosure:
The author/publisher has positions in several corporate high yield bond mutual funds at the time this article was written
Financial Disclosure:
The author/publisher has positions in several corporate high yield bond mutual funds at the time this article was written
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