— Chris Kimble (@KimbleCharting) April 8, 2022
Today’s Chart of the Day was shared by Chris Kimble (@KimbleCharting). It’s a weekly candlestick chart of the High Yield Bond ETF, $JNK, over the past 8 years. Risk-on areas of the market have been notably weak lately, casting a bearish shadow on the stock market and the economy. Transports, Semiconductors, Homebuilders, Banks…and now High Yield Bonds. Chris points out that $JNK just logged its lowest weekly close in nearly two years. Meanwhile, defensive areas like Utilities, Staples, Health Care, and Energy are all showing strength. This sort of action is indicative of a risk-off environment where caution is warranted.