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When it comes to “what have you done for me lately” Junk bond ETF JNK doesn’t have much to brag about! Since early May, JNK is lagging SPY by almost 15%. I look at the S&P 500 as the general and junk bonds as the troops and you want the “troops to follow the general!”
From a pattern perspective, it would appear very important that JNK NOT break support line (2) or further selling and weakness could creep into this lagging asset!