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Junk Bond ETF (JNK) hits its Fibonacci 61% retracement level again and looks to be heading lower, as it breaks support of the rising wedge pattern above.
The two peaks in JNK this year, which took place in May and July, also ended up being times when SPY took a little breather as well.
Sometimes Junk Bonds can send key message about the stock market, per important rallies and declines, will this be another one? Is the weakness in Junk bonds of late any kind of message to respect or just noise???
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