4/14/20 MARKET CLOSE: HY CREDIT & BANKS

Both credit and banks were positive today with major negative forward guidance from JPM.

HYG: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Above the Zero Line

Block Volume: Chasing Evident (BTD late stage)

GEX: Heavy Negative

HYG Summary: Nothing new big picture today. Sticking to the script. No man's land at the moment. Needs over 85.00 to reset MSL.

JNK: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish

Internals: Getting very extended

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: Turned up a little

Block Volume: Slightly Positive

GEX: Heavy Negative


XLF Summary: If Banks want to make a price run then they can run up to next set of resistances and those are in the chart above. Long term, no change in my opinion RE banks - they are in trouble with defaults.


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