HYG Fails to Hold Support Lines

The daily closing chart below shows that corporate high yield ETF HYG has failed to hold falling support line (blue) and the 20-day ema (dashed).  After rallying and regaining support, HYG was turned back at resistance (red line).

In addition, in the upper part of the chart, the RSI (14) breakout is failing after being turned back at 50, while MACD is forming a bearish cross-over.

Please see previous posts on HYG including this one.

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 no position (long or short) in corporate high yield bond funds at the time this article was written. This position may change depending on future price action.

Base Chart Provided Courtesy of StockCharts.com.  Analysis and Annotation by JunkBond Recycling.com (all rights reserved)