4/15/20 MARKET CLOSE Update: HY CREDIT & BANKS

High Yield and Banks were rejected from their levels today...

HYG: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (exhaustion)

Internals: Above the Zero Line but falling

Block Volume: Chasing Evident AGAIN (BTD late stage got whacked)

GEX: Heavy Negative

HYG Summary: Negative today and was rejected from the distribution zone. Looks like the buyers (Hi NY Fed how are you?)...may be the only people who want this as their was chaser volume AND price got kicked out the zone. NY FED now buyer of last resort on this stuff (aka bag holder)? ...tbd...

JNK: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (exhausted and could be done)

Internals: Rolling over

Block Volume: Positive (but not able to keep it up)

GEX: Slightly Negative


JNK Summary: Big FVG to fill still and there is really declining momentum. This should be on the watch list over the next few days/week as this is another NY FED purchase program buy. I am really starting to think they are the only buyers left in these HY ETF garbage dumpsters.

BKLN: Chart with Detailed Levels

Market Structure: Still overall Bearish

Momentum: Bullish (serious resistance overhead)

Internals: Turning Over

Block Volume: CHASERS as well today

GEX: Heavy Negative


BKLN Summary: Same story different day. Huge negative imbalance overhead and GEX. $23 is major resistance. Got rejected out of the distribution zone and yet there was attempt to recover it. This is on my monitor list too out of sheer curiosity if nothing else moving forward. This is the JUNKIEST of the JUNK BAG and yet it has a steady bid...once everyone has sold it to the FED and the debt it holds is worthless and all defaults do they just terminate it? tbd...

XLF: Chart with Detailed Levels

Market Structure: Still overall Very Bearish

Momentum: Bearish (unconfirmed but down day tomorrow should do it)

Internals: Turned down

Block Volume: Attempted Block Buying (but didn't work)

GEX: Heavy Negative


XLF Summary: Banks got slapped around again today - fresh out of the distribution zone. Support is a ways down below. Could take another stab at the zone again, but it could just keep migrating down to the next price support levels. I am hearing all kinds of horror stories on the front lines about the bank loan books, et al right now...even Fed's Bostic said today he is being told May/June could have massive defaults coming. I hope for the best with this sector but fear the worst.


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