Junk Bonds and S&P Testing Critical Breakout Levels!

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by Kimble Charting

Junk Bonds and the S&P 500 are both facing key breakout tests at the same time. What each does at these key price points could well determine if the S&P 500 will have the strength to retest last years all-time highs.

This chart looks at Junk Bond ETf (JNK) and the S&P 500 over the past few months. The rally off the December lows has each testing popular Fibonacci retracement levels and resistance tests at the same time.

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The bullish case for stocks would receive short-term positive news if both break above these important price zones.

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The one thing the bullish case wants to avoid? Both creating reversal patterns as the Fib levels are being tested.What both do here should send important short-term messages to the bullish case for stocks.





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