4/13/20 MARKET CLOSE: HY CREDIT & BANKS

High Yield and Banks will be in the focus this week as we start to get bank earnings.

HYG: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Turning Over

Block Volume: Chasing Evident (BTD late stage)

GEX: Heavy Negative

HYG Summary: Nothing new big picture today. Sticking to the script. Red day but later coming buyers stepping in. Heavy negative resistance overhead and heavy negative GEX.

JNK: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Turning Over

Block Volume: MAJOR Positive (appears to be chasers BTD crowd)

GEX: Slightly Negative


JNK Summary: Big FVG to fill - now or later? BTD chaser crowd loving this...why not get 20% gains and 5% yield...that's investment nirvana. Have to keep watching it daily for updates. Nothing changed big picture today.

BKLN: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (serious resistance overhead)

Internals: Turning Over

Block Volume: Negative

GEX: Heavy

Negative


BKLN Summary: Same story different day. Huge negative imbalance overhead and GEX. $23 is major resistance.

XLF: Chart with Detailed Levels

Market Structure: Still overall Very Bearish

Momentum: Bullish (room to go higher)

Internals: Turning Over

Block Volume: Slightly Positive

GEX: Heavy Negative


XLF Summary: Banks got clocked today which is no surprise. Lots of overhead resistance above price. GEX still markedly negative. COVID-19 not resolved. Defaults are everywhere. Has to get over $28 to fix the flip or this is whack a mole on/after every short squeeze up day.


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