While some would argue a bullish case for junk bond ETFs, the charts for JNK reveal something different in the eyes of some technicians.
“We cannot find anything constructive about this longer-term chart of JNK, above. The downtrend is in control and prices look to be headed to $30 or lower — the next round number and what could offer possible support. Our advice? Don’t fight the tape,” according to TheStreet.com.
SPDR Barclays High Yield Bond ETF
Tom Lydon’s clients own shares of JNK.