Chart of the Day: $HYG under pressure

$85.50 is the key neckline support for $HYG as it bounces off the top boundary of wedge pattern. The neckline can be seen with multiple previous SSR levels. The downward bias is reinforced by the current SSR level for which price action is firmly pinned under.

With an earnings recession in progress and oil demand in question, it is inevitable to see some stress emerging in the junk bond segment which has a fairly high representation of US shale players.