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, as SPDR® Bloomberg High Yield Bond ETF (NYSE:JNK) broke below its 30-week moving average.
Since falling below this important MA line, JNK has continued to decline, sending amessage to stocks.JNK Weekly Chart
A small counter-trend rally took place, where it kissed the underside of its 38% retracement level, and the MA line, where a failed breakout took place.
which currently comes into play as support. If this support breaks, it could send markets yet another bearish message.