HYG Moves Up Off Support After Straddling It Last Week

As shown on the daily closing price chart below, corporate high yield bond ETF, HYG, has moved a bit up off rising support (dashed green line) today.  

This support line appears to have been regained after a short-term correction that began after HYG hit resistance (solid red line) that lead to HYG testing a breakout/falling support line (solid green line), which it did successfully.

Click Chart To Enalrge

Last week's price action and various technicals (mainly observed in MUTFs we track and analyze) lead us to dump our short position (SJB) on Monday (3/23), and re-establish a long position in corporate high yield bond mutual funds on Wednesday (3/25).

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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 owns several corporate high yield bond mutual funds at the time this article was written. This position may change depending on future price action.