Numerous articles were written around 6/23, reporting that record outflows from high yield funds had taken place (see article here) 

Did these outflows/panic take place at support or a key moving average?  See below…


The majority of the high yields in the above 6-pack tested their 200-EMA lines and now are back above them.  Notice that last summer the high yields tested the 200-EMA (GREEN ARROWS) and then what happened?  A quality rally in the high yields took place and the broad market did the same thing.

The price action of the high yields is a positive one for them and represents a GREAT ENTRY POINT.  If investos use the 200-EMA as their stop loss…the downside risk is just a little over 1%! 

How The Recent Decline In Stocks Looks "Eerily" Like Major Bear Markets Of The Past